Nah, $3bn (actually, it's more like $3.5bn) is the total notional amount of Greek sov CDS outstanding. It doesn't matter because it's small(ish), in the grand scheme of things, and has been flagged well in advance.
An Austrian bank already announced they needed 1 billion due to losses. http://www.businessweek.com/news/20...-bank-injection-after-isda-triggers-greek-cds Apparently there is another 107 billion in greek bonds that are guaranteed by the republic for which nobody has accounted for on any statements. http://www.zerohedge.com/news/greek-€107-billion-contingent-liability-gorilla-exposed It's going to get very very ugly all over again so don't get caught with your pants down, it may take some time but if you understand how inefficient the market (to the downside) is you can just be patient and wait for the next blow up because it's coming. You'll never hear CNBC or anyone else mention it because the banks are going to be too busy dumping their stock on John Q Public. The problem for the banks is, John Q Public has taken his ball and went home and isn't' going to get F'd this time. It's going to be very very bad.