Greek Tragedy in January?

CDS costs for a Greek sovreign default are reaching record levels not seen since the depths of the financial crisis a year ago. With a federal budget deficit projection of almost 13%, a default of some sort is quite possible. Germany is trying to take a hard line as they are getting tired of bailing out the EU's poorer members, but they may push things too far and accidentally get more than they bargained for. But with the odds of default still around 25%, default is still not likely, but a lot can happen in the next month, when Greece will float an offering whose details are still entirely unknown.