From the New York Times:

Hellenic Post Bank, a lender controlled by the Greek state, bought about 950 million euros worth of credit default swaps insuring itself against the nation’s sovereign debt, according to documents seen by Kathimerini, a major Greek daily. The newspaper reports seeing documents showing that the bank bought the derivatives when the spread between five-year Greek and German bonds was at 135 basis points, and sold them in December when the spread was at 235 basis points, reaping 35 million in profit from the deal. The management of the bank, which changed when the Socialists took power in elections last autumn, was betting against its own government’s solvency, not long before Greek leaders would vilify hedge funds as “speculators” shorting their bonds and driving up the costs of borrowing.