Unraveled

``The Hellenic Postbank, a public banking arm of the Greek government, oddly purchased a $1.3 billion worth of credit default swap (CDS) to insure against a default of the Greek government in spring and summer of 2009 (so indirectly, the government bought protection against its own default?), and those CDS was then subsequently sold in December of 2009 to a private firm named IJ Partners for $40 million. Naturally, as the Greek debt crisis is getting progressively worse, the CDS in question is probably worth $27 billion today. The problem is, this IJ Partners is apparently owned by connected parties of none other but George Papandreou.''