经济学人下载:欧洲债务危机

Europe's debt crisis
欧洲债务危机

World's worst menu
世上最烂账单

Greece has no good options left
希腊没有好牌可打

May 26th 2011 | Berlin | from the print edition

VIENNA’S glories are largely faded but its name is being mentioned with increasing frequency by the euro area’s policymakers. The “Vienna initiative” was a plan, drawn up in 2009, that halted the rot of financial contagion spreading through central and eastern Europe. Foreign banks pledged not to cut their exposures to the region and run. It is now being discussed as a possible model for resolving Greece’s sovereign-debt crisis.

维也纳的荣耀已经基本上消磨殆尽，但是它的名字却在近期被欧元区的决策者们屡次提起。“维也纳倡议”是一项于2009年制定的计划，这个计划的目的在于阻止金融危机向欧洲中部及东部蔓延。外资银行承诺不会减少在该地区的风险敞口并就此撤离该地区。现在，这一计划可能成为解决希腊主权债务危机的方法。

The need to come up with a new plan for Greece is mounting. On May 20th Fitch, a ratings agency, cut the country’s debt rating by another three notches. Yields on Greek ten-year bonds this week reached 16.8%, more than twice what they were a year ago. With the markets shying away, the country will not be able to borrow afresh next year, as had originally been hoped when the country was first bailed out in May 2010. The IMF’s latest review is due out in June; it is likely to praise Greece for its progress so far but also to fret about how next year’s numbers add up.

对于希腊来说，一个全新的计划亟待上马。5月20日，惠誉国际信用评级有限公司（Fitch）将希腊的债务评级再次降低三级。本周希腊十年期国债的收益率达到16.8%，比起一年前提高了两倍有余。随着市场回避，希腊在下一年也不能重新借款，这使得2010年5月希腊首次被金融保释时的最初的希望灰飞烟灭。国际货币金融组织（IMF）最新的报告于六月新鲜出炉，这份报告很可能称赞希腊目前的进展情况，同时也会对明年数字的累加表示忧虑。