We present a new formulation to multi-view stereo that treats the problem as probabilistic 3D segmentation. Previous work has used the stereo photo-consistency criterion as a detector of the boundary between the 3D scene and the surrounding empty space. Here we show how the same criterion can also provide a foreground/background model that can predict if a 3D location is inside or outside the scene. This model replaces the commonly used naive foreground model based on ballooning which is known to perform poorly in concavities. We demonstrate how the probabilistic visibility is linked to previous work on depth-map fusion and we present a multi-resolution graph-cut implementation using the new ballooning term that is very efficient both in terms of computation time and memory requirements.