The pattern of credences we are inclined to assign to counterfactuals challenges standard accounts of counterfactuals. In response to this prob- lem, the paper develops a semantics of counterfactuals in terms of the epsilon-operator. The proposed semantics stays close to the standard ac- count: the epsilon-operator substitutes the universal quantifier present in standard semantics by arbitrarily binding the open world-variable. Various applications of the suggested semantics are explored including, in particu- lar, an explanation of how the puzzling credences in counterfactuals come about.