Abstract
We present an exploratory calculation of the standard model Delta S=2 matrix element relevant for indirect CP violation in K -> pi pi decays. The computation is performed with overlap fermions in the quenched approximation at beta=6.0 on a 16^3x32 lattice. The resulting bare matrix element is renormalized non-perturbatively. Our preliminary result is B_K^{NDR}(2 GeV)=0.61(7), where the error does not yet include an estimate of systematic uncertainties.
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