The rumors are swirling that a Greek Default is imminent:

Despite strong denials that the country is heading for a default, rumours have grown that the end game is approaching. Wolfgang Schäuble, the German finance minister, has insisted that a sixth, €8bn (£6.8bn) instalment of aid will not be released unless Greece enacts corrective measures to kickstart its economy and improve competitiveness. Experts from Washington and Brussels will fly into Athens this week to assess whether Greece is sticking to its programme of drastic spending cuts and tax rises, amid fears that its creditors could be ready to pull the plug.

Literally there are talks about seizing Greek assets, by force.

Germany’s EU commissioner Günther Oettinger said Europe should send blue helmets to take control of Greek tax collection and liquidate state assets.

Greece, assuming in response, announced a new property tax, collected through electricity bills:

The tax is €4 per square meter (about $0.50 per sq. feet). The government is projecting this levy will make up for the revenue shortfall due to the sharper than expected contraction in the Greek economy.

The never ending Greek tragedy goes on and on, with bail outs, austerity demands (codespeak to screw the poor and middle class), and votes of no confidence in government officials. All of this raucous is interspersed with violent protests. Now Europe is in talks for a second bail out, about the same as the first one, or $157 billion.

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In an article several months ago in the UK's Telegraph, the sovereign credit default swap market made the news. Until now, not that much was made of the sovereign CDSes; in fact, many didn't even realize the existence, and contagion, of such a market.