VIX and CDS on Greece

Over the past month Greece was in the news almost every day. It clearly had an impact on the U.S. market. Here is a chart comparing the CDS on Greece to the VIX:

Recently the CDS went up but VIX stayed around 20. Some investors are buying European stocks because they look at VIX and they think the Greek crisis is going to go away. Others are buying volatility, betting that the Greek crisis is not over.