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.Comment: 3 pages, 2 figures, Lattice2002(matrixel). Parallel session talk by
L. Lellouch at the 20th International Symposium on Lattice Field Theory
(Lattice 2002), Boston, Massachusetts, 24-29 June 200