Credit Default Swaps Climb for Greece and the Rest of the PIIGS

The IMF/EU bluff continues to show indications of failure.

Credit-default swaps on Greece surged 84.5 basis points to 731, according to CMA DataVision prices, implying an almost 45 percent probability of default over five years. Contracts on Portugal, Spain, Italy and in trouble.

Unless the "nuclear option" of huge money printing is implemented, defaults are likely to happen.