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When eurozone leaders agreed to a second aid programme for Greece last March, they stressed that financial help was conditional on Athens doing its homework. Six months later, the government has delivered. Yet, a stand-off between its currency union partners and the International Monetary Fund over the sustainability of the programme has left Athens waiting for the €44bn loan it was promised.
今年3月，当欧元区领导人同意对希腊实施第二轮援助计划时，他们强调，金融援助的条件是希腊政府要做好自己的功课。6个月后，希腊政府履行了承诺。然而其货币联盟合作伙伴与国际货币基金组织(IMF)围绕该计划可持续性出现的僵局，让希腊人一直等待着被许诺的440亿欧元贷款。
The delay will do no good and a lot of harm to the Greek economy. More than half of the payment is destined to recapitalise the banking sector, which is currently kept on life-support by the European Central Bank. While the banks remain on death row, Greek businesses will be constrained in their ability to invest and help the economy out of a deepening recession.
这种拖延对希腊经济毫无裨益，而且会造成巨大损害。超过一半的援助贷款旨在用于银行业的资本重组，目前，希腊银行业由欧洲央行(ECB)施以急救。希腊银行仍被关在死囚区，同时希腊企业的投资、以及帮助该国经济摆脱日益加剧的衰退的能力，也将受到限制。
The political consequences of this week’s logjam are just as toxic. Official lenders are humiliating the government led by Antonis Samaras, the prime minister, who used much of his electoral capital to pass the programme of fiscal consolidation that creditors had requested. Unless the aid disbursement is approved soon, the wafer-thin majority Mr Samaras enjoys in parliament risks being further eroded. Adding to Greece’s political instability is certainly not in the eurozone’s interest.
上周出现的僵局也将造成有害的政治影响。官方贷款者正在让希腊总理安东尼斯·萨马拉斯(Antonis Samaras)领导的政府蒙羞，他利用大量选举资本通过了债权人所要求的财政整固计划。除非援助资金的发放很快获得批准，否则萨马拉斯在议会获得的微弱多数支持可能会进一步遭到侵蚀。加剧希腊的政治不稳定肯定不符合欧元区利益。
Of course, ensuring that Athens is paid rapidly will not help put Greece’s national debt on a sustainable path. This is why the IMF is right to insist that the eurozone acknowledges the need for a new restructuring. Athens’ liabilities are projected to reach 192 per cent of national income in 2023. And since 70 per cent of Greek debt is in the hands of eurozone institutions, any meaningful reduction will require them to share some of the pain. That is the reality.
当然，确保迅速向希腊发放援助资金，将不会有助于让希腊的国家债务走上一条可持续道路。这就是为何IMF坚持要欧元区承认有必要推出新的重组计划是正确的。2023年，预计希腊负债与国民收入之比将达到192%。由于70%的希腊债务掌握在欧元区机构手中，任何实质性削减都需要它们承担一部分痛苦。现实就是如此。
The exact mechanics of this new restructuring should, as much as possible, take account of the political constraints facing creditor countries. Solutions such as extending the maturity structure of existing debt or further cutting the interest rate charged may be easier to sell to the electorate than outright cancellations. However, the priority must be to ensure that no more restructurings are needed. All options – including write-offs – should be on the table.
新的重组计划的具体安排，应尽可能多地考虑到债权国所面临的政治局限。与直接勾销债务相比，延长现有债务的期限结构或者进一步调降贷款利率等解决方法，可能更容易让选民买账。然而，优先任务必须是确保希腊不再需要更多重组计划。所有选择——包括债务核销——应摆到桌面上来。
So far, markets have been lenient about this latest display of eurozone inertia. But as the Greek saga has shown repeatedly, it is much easier to lose the confidence of investors than to restore it. When political leaders meet again on Monday to discuss Greece’s future, they should act decisively to resolve the stand-off.
迄今为止，对于欧元区最新表现出的反应迟钝，市场一直相当宽容。但正如希腊危机多次表明的那样，失去投资者的信心要比重新赢得他们的信心容易得多。当政治领导人周一再次开会讨论希腊的未来时，他们应采取果断措施，化解这一僵局。
When eurozone leaders agreed to a second aid programme for Greece last March, they stressed that financial help was conditional on Athens doing its homework. Six months later, the government has delivered. Yet, a stand-off between its currency union partners and the International Monetary Fund over the sustainability of the programme has left Athens waiting for the €44bn loan it was promised.
今年3月，当欧元区领导人同意对希腊实施第二轮援助计划时，他们强调，金融援助的条件是希腊政府要做好自己的功课。6个月后，希腊政府履行了承诺。然而其货币联盟合作伙伴与国际货币基金组织(IMF)围绕该计划可持续性出现的僵局，让希腊人一直等待着被许诺的440亿欧元贷款。
The delay will do no good and a lot of harm to the Greek economy. More than half of the payment is destined to recapitalise the banking sector, which is currently kept on life-support by the European Central Bank. While the banks remain on death row, Greek businesses will be constrained in their ability to invest and help the economy out of a deepening recession.
这种拖延对希腊经济毫无裨益，而且会造成巨大损害。超过一半的援助贷款旨在用于银行业的资本重组，目前，希腊银行业由欧洲央行(ECB)施以急救。希腊银行仍被关在死囚区，同时希腊企业的投资、以及帮助该国经济摆脱日益加剧的衰退的能力，也将受到限制。
The political consequences of this week’s logjam are just as toxic. Official lenders are humiliating the government led by Antonis Samaras, the prime minister, who used much of his electoral capital to pass the programme of fiscal consolidation that creditors had requested. Unless the aid disbursement is approved soon, the wafer-thin majority Mr Samaras enjoys in parliament risks being further eroded. Adding to Greece’s political instability is certainly not in the eurozone’s interest.
上周出现的僵局也将造成有害的政治影响。官方贷款者正在让希腊总理安东尼斯·萨马拉斯(Antonis Samaras)领导的政府蒙羞，他利用大量选举资本通过了债权人所要求的财政整固计划。除非援助资金的发放很快获得批准，否则萨马拉斯在议会获得的微弱多数支持可能会进一步遭到侵蚀。加剧希腊的政治不稳定肯定不符合欧元区利益。
Of course, ensuring that Athens is paid rapidly will not help put Greece’s national debt on a sustainable path. This is why the IMF is right to insist that the eurozone acknowledges the need for a new restructuring. Athens’ liabilities are projected to reach 192 per cent of national income in 2023. And since 70 per cent of Greek debt is in the hands of eurozone institutions, any meaningful reduction will require them to share some of the pain. That is the reality.
当然，确保迅速向希腊发放援助资金，将不会有助于让希腊的国家债务走上一条可持续道路。这就是为何IMF坚持要欧元区承认有必要推出新的重组计划是正确的。2023年，预计希腊负债与国民收入之比将达到192%。由于70%的希腊债务掌握在欧元区机构手中，任何实质性削减都需要它们承担一部分痛苦。现实就是如此。
The exact mechanics of this new restructuring should, as much as possible, take account of the political constraints facing creditor countries. Solutions such as extending the maturity structure of existing debt or further cutting the interest rate charged may be easier to sell to the electorate than outright cancellations. However, the priority must be to ensure that no more restructurings are needed. All options – including write-offs – should be on the table.
新的重组计划的具体安排，应尽可能多地考虑到债权国所面临的政治局限。与直接勾销债务相比，延长现有债务的期限结构或者进一步调降贷款利率等解决方法，可能更容易让选民买账。然而，优先任务必须是确保希腊不再需要更多重组计划。所有选择——包括债务核销——应摆到桌面上来。
So far, markets have been lenient about this latest display of eurozone inertia. But as the Greek saga has shown repeatedly, it is much easier to lose the confidence of investors than to restore it. When political leaders meet again on Monday to discuss Greece’s future, they should act decisively to resolve the stand-off.
迄今为止，对于欧元区最新表现出的反应迟钝，市场一直相当宽容。但正如希腊危机多次表明的那样，失去投资者的信心要比重新赢得他们的信心容易得多。当政治领导人周一再次开会讨论希腊的未来时，他们应采取果断措施，化解这一僵局。
