Will Greece slay the CDS market?

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Thanks Mr Bartholomeusz, interesting article as always (Will Greece slay the CDS market?, March 5).
Couple of points:
1. I'm not sure you can blame Greece for this position. I think the European bureaucrats who have done everything possible to avoid a 'technical default' or the ISDA committee dominated by 10 of the banks that issued the CDSs should be blamed.
2. Bloomberg reported that the DTCCs Deriv/SERV receives 98 per cent of all CDS trades to its warehouse (I assume a stat provided by the DTCC). So although this is OTC - someone knows the net exposures in the market. It's just not public info.
3. What this would mean for other fringe EZ sovereign debt prices, without the LTRO in place, is anyone's guess but I'd suggest yields would be a lot higher.