Where’s the Greek CΣΣ contagion?

FT Alphaville mentioned on Monday that the CDS market did not appear to be implying much of a contagion-effect for Central and Eastern Europe in connection with troubles in the Hellenic Republic.

And having on Thursday noted the widening spread between Greek government bonds and German bunds, a basic measure of the risk premium investors want in exchange for holding Hellenic debt, we feel the need to repeat the question.