This reminds me, but in an immeasurably larger way, of people who pay for home and property insurance every year, then one year are unfortunate enough to have their home and possessions damaged in a storm. Sure enough the insurance company finds a way to wriggle out of its commitment to insure.
So here we have the biggest banksters making massive profits by selling insurance to investors in Greek paper. Then when these investors are told they have to take a 50% to 70% haircut on their investments, the banksters who sold the insurance just happen to make up the official body that decides whether or not this is a credit default.
Of course they declare that this is not a credit default, so the massive loss on Greek debt is not covered by the insurance the banksters sold and the investors paid for to cover the risk involved investing in Greek debt.
