Reading between the lines. This is a big bet with a short term in mind. The hedges only expect payments for a quarter then they'll be gone. That's also why I think the March debt call will start to wind up in May. I plan to go all cash well befor that.

No one argues these days that Greece's debt is any better than junk -- a technical term meaning 10-foot poles define a reasonable margin of safety. The $260 billion in Greek debt held by European banks represents a serious fault line in the financial system and the powers that be have warned the banks to accept 50 percent of the debt's value or be reasonably warned: Soon, they could have no value at all.

So, who steps in? That's right: Hedge funds are suddenly betting the European Union will not allow Greece to default on debt obligations that mature in March and are gobbling up Greek debt, like turkey vultures.

It turns out, The New York Times reports, the turkey vul --, the hedge funds may be doing themselves a disservice. The European Union has demanded Greece negotiate a 50 percent haircut (devaluation) of its debt, to reduce obligations as one step to put Greece back on solid ground.

The more debt the hedge funds take off the table the less an opportunity for Greece to show that is its making any headway on its debt.

In March, the big gamblers assume, Greece will be given a $38 billion rescue fund disbursement by the EU and the International Monetary Fund. Hence, the hedge funds are waiting for taxpayers to hand them the bounty of well-earned cynicism that they chose to ignore. Bully for them.