They would have legislated to change the rules of the game so that no matter what happened, the Greek default would not have counted under the law applying to CDS on govnut bonds.
It is all a ponzi game, and govnuts are not going to allow the game to end, yet.
What will put an end to it, at least for a few years, will be really high interest rates which actually reflect the real costs of lending to govnuts and all other borrowers.
