World s worst menu

　　世上最爛賬單

　　Greece has no good options left

　　希臘沒有好牌可打

　　VIENNAS glories are largely faded but its name is being mentioned with increasing frequencyby the euro areas policymakers. The Vienna initiative was a plan, drawn up in 2009, thathalted the rot of financial contagion spreading through central and eastern Europe. Foreignbanks pledged not to cut their exposures to the region and run. It is now being discussed as apossible model for resolving Greeces sovereign-debt crisis.

　　維也納的榮耀已經基本上消磨殆盡，但是它的名字卻在近期被歐元區的決策者們屢次提起。 維也納倡議是一項于2009年制定的計劃，這個計劃的目的在于阻止金融危機向歐洲中部及東部蔓延。外資銀行承諾不會減少在該地區的風險敞口并就此撤離該地區。現在，這一計劃可能成為解決希臘主權債務危機的方法。

　　The need to come up with a new plan for Greece is mounting. On May 20th Fitch, a ratingsagency, cut the countrys debt rating by another three notches. Yields on Greek ten-year bondsthis week reached 16.8%, more than twice what they were a year ago. With the markets shyingaway, the country will not be able to borrow afresh next year, as had originally been hopedwhen the country was first bailed out in May 2010. The IMFs latest review is due out in June; itis likely to praise Greece for its progress so far but also to fret about how next years numbersadd up.

　　對于希臘來說，一個全新的計劃亟待上馬。5月 20日，惠譽國際信用評級有限公司將希臘的債務評級再次降低三級。本周希臘十年期國債的收益率達到16.8%，比起一年前提高了兩倍有余。隨著市場回避，希臘在下一年也不能重新借款，這使得2010年5月希臘首次被金融保釋時的最初的希望灰飛煙滅。國際貨幣金融組織最新的報告于六月新鮮出爐，這份報告很可能稱贊希臘目前的進展情況，同時也會對明年數字的累加表示憂慮。

　　The Greek government is playing what few cards itstill has. On May 23rd it announced plans to speedup the sale of state-owned assets, including itstelephone company, post office and ports. Underpressure from its neighbours and the fund it hopesto raise ?50 billion from privatisations.Asset sales are an attractive way of cleaning up thepublic balance-sheet without doing anything thatfurther chokes demand. There are, however, doubtsthat Greece can realise its ambitions, partly becausethe absence of a land registry means that thegovernment may not have clear legal title to all of the things it wants to sell, partly because it isnot clear what price they could fetch, and partly because privatisation arouses politicalopposition at home.

　　希臘政府能打的牌已經所剩無幾。5月23日，希臘政府宣布計劃加速包括電話公司、郵局和港口在內的國有資產的出售。處于鄰國和本國資金的雙重壓力下，希臘政府希望通過私有化募集500億歐元。對于清理公共的資產負債表來說，國有資產出售是一個極具魅力的方式，因為它不會在遠期阻礙需求的增長。然而，仍然有人質疑希臘能不能達成目標，一部分原因是由于希臘沒有地政局，這就意味著政府對于自己所想賣的一些資產不具備清晰的法律權利;另一部分原因是由于希臘并沒有對出售的資產明碼標價;還有一部分原因是由于私有化引起了國內政治反對派的反對。

　　In any case, sell-offs will not happen quickly enough to bridge the financing gap in 2023. Thatleaves Europe facing a range of unpalatable options . No European policymakerseems willing to countenance a serious haircut on Greek debt yet, for fear that it underminesconfidence elsewhere. And no European politician wants to be seen giving more taxpayersmoney to the Greeks without getting something back.

　　無論如何，再快的開始拋售也不能填滿2023年的財政缺口。這讓歐洲面臨一系列令人不快的選擇。歐洲政策制定者們目前似乎都不鼓勵大量削減希臘的債務，他們害怕這回造成其他地方的信心逐漸喪失。同樣的，歐洲政治家們也不想在沒有得到回報的情況下付出更多納稅人的金錢給希臘。

　　Another option is a reprofiling, whereby creditors agree to a voluntary extension of thematurity of their bonds. That would not sort out Greeces financesit might reduce the netpresent value of Greek debt by up to 20-25%but it would keep the country away from themarkets for a while. But the ratings agencies have said that such a soft restructuring, or eventhe buyback and cancellation of outstanding bonds , would count as a default and lead to further cuts in Greeces rating. That makes itunacceptable to the European Central Bank , whose opposition to any form of debtrestructuring borders on the pathological.

　　另一個方法就是重新評級，債權人以此自愿同意延長債券的到期日。這一方法不會理清希臘的財政狀況，這可能減少希臘債務凈現值的20%到25%，但是它會使得希臘原理市場一段時間。然而，評級機構已經指出：軟重組或者說重新購回或者取消未償還債券稱之為隱性重組)，會被算作不履行義務的表現，并且會造成希臘評級的進一步下降。這使得該方案很難被歐洲中央銀行接受，因為ECB反對任何形式的近乎不理智的債務重組。

　　Hence the interest in a second Vienna initiative, whereby Greeces existing creditors wouldband together and agree to roll over their exposures to Greek debt when they fall due. Thatwould give Greece more time to fix its finances, might keep the ratings agencies at bay, andperhaps even satisfy the ECB. But it would do nothing to reduce Greeces debt burden andwould be hugely difficult to co-ordinate. Bondholders are harder to marshal than bank lenders.And Europe seems unable to get any message straight. At every meeting we say that we haveto get communication right, says a euro-area minister. And then someone talks after themeeting.

　　因此人們對維也納倡議再次燃起了興趣，希臘現有債權人會以此結合起來并同意在希臘債券到期時延緩付款。這會給希臘在恢復財政狀況上以喘息之機，并且可能使評級機構進退兩難，甚至可能讓歐洲中央銀行滿意這一結果。但是這不會減少希臘的債務負擔，同時這一計劃非常難以協調。比起銀行領導來，債券持有人更難匯聚一堂。并且歐洲似乎不能直接得到任何信息。某歐元區部長表示：每次會議我們都說要真誠交流，然后總有人都在會后發言。

　　World s worst menu

　　世上最爛賬單

　　Greece has no good options left

　　希臘沒有好牌可打

　　VIENNAS glories are largely faded but its name is being mentioned with increasing frequencyby the euro areas policymakers. The Vienna initiative was a plan, drawn up in 2009, thathalted the rot of financial contagion spreading through central and eastern Europe. Foreignbanks pledged not to cut their exposures to the region and run. It is now being discussed as apossible model for resolving Greeces sovereign-debt crisis.

　　維也納的榮耀已經基本上消磨殆盡，但是它的名字卻在近期被歐元區的決策者們屢次提起。 維也納倡議是一項于2009年制定的計劃，這個計劃的目的在于阻止金融危機向歐洲中部及東部蔓延。外資銀行承諾不會減少在該地區的風險敞口并就此撤離該地區。現在，這一計劃可能成為解決希臘主權債務危機的方法。

　　The need to come up with a new plan for Greece is mounting. On May 20th Fitch, a ratingsagency, cut the countrys debt rating by another three notches. Yields on Greek ten-year bondsthis week reached 16.8%, more than twice what they were a year ago. With the markets shyingaway, the country will not be able to borrow afresh next year, as had originally been hopedwhen the country was first bailed out in May 2010. The IMFs latest review is due out in June; itis likely to praise Greece for its progress so far but also to fret about how next years numbersadd up.

　　對于希臘來說，一個全新的計劃亟待上馬。5月 20日，惠譽國際信用評級有限公司將希臘的債務評級再次降低三級。本周希臘十年期國債的收益率達到16.8%，比起一年前提高了兩倍有余。隨著市場回避，希臘在下一年也不能重新借款，這使得2010年5月希臘首次被金融保釋時的最初的希望灰飛煙滅。國際貨幣金融組織最新的報告于六月新鮮出爐，這份報告很可能稱贊希臘目前的進展情況，同時也會對明年數字的累加表示憂慮。

　　The Greek government is playing what few cards itstill has. On May 23rd it announced plans to speedup the sale of state-owned assets, including itstelephone company, post office and ports. Underpressure from its neighbours and the fund it hopesto raise ?50 billion from privatisations.Asset sales are an attractive way of cleaning up thepublic balance-sheet without doing anything thatfurther chokes demand. There are, however, doubtsthat Greece can realise its ambitions, partly becausethe absence of a land registry means that thegovernment may not have clear legal title to all of the things it wants to sell, partly because it isnot clear what price they could fetch, and partly because privatisation arouses politicalopposition at home.

　　希臘政府能打的牌已經所剩無幾。5月23日，希臘政府宣布計劃加速包括電話公司、郵局和港口在內的國有資產的出售。處于鄰國和本國資金的雙重壓力下，希臘政府希望通過私有化募集500億歐元。對于清理公共的資產負債表來說，國有資產出售是一個極具魅力的方式，因為它不會在遠期阻礙需求的增長。然而，仍然有人質疑希臘能不能達成目標，一部分原因是由于希臘沒有地政局，這就意味著政府對于自己所想賣的一些資產不具備清晰的法律權利;另一部分原因是由于希臘并沒有對出售的資產明碼標價;還有一部分原因是由于私有化引起了國內政治反對派的反對。

　　In any case, sell-offs will not happen quickly enough to bridge the financing gap in 2023. Thatleaves Europe facing a range of unpalatable options . No European policymakerseems willing to countenance a serious haircut on Greek debt yet, for fear that it underminesconfidence elsewhere. And no European politician wants to be seen giving more taxpayersmoney to the Greeks without getting something back.

　　無論如何，再快的開始拋售也不能填滿2023年的財政缺口。這讓歐洲面臨一系列令人不快的選擇。歐洲政策制定者們目前似乎都不鼓勵大量削減希臘的債務，他們害怕這回造成其他地方的信心逐漸喪失。同樣的，歐洲政治家們也不想在沒有得到回報的情況下付出更多納稅人的金錢給希臘。

　　Another option is a reprofiling, whereby creditors agree to a voluntary extension of thematurity of their bonds. That would not sort out Greeces financesit might reduce the netpresent value of Greek debt by up to 20-25%but it would keep the country away from themarkets for a while. But the ratings agencies have said that such a soft restructuring, or eventhe buyback and cancellation of outstanding bonds , would count as a default and lead to further cuts in Greeces rating. That makes itunacceptable to the European Central Bank , whose opposition to any form of debtrestructuring borders on the pathological.

　　另一個方法就是重新評級，債權人以此自愿同意延長債券的到期日。這一方法不會理清希臘的財政狀況，這可能減少希臘債務凈現值的20%到25%，但是它會使得希臘原理市場一段時間。然而，評級機構已經指出：軟重組或者說重新購回或者取消未償還債券稱之為隱性重組)，會被算作不履行義務的表現，并且會造成希臘評級的進一步下降。這使得該方案很難被歐洲中央銀行接受，因為ECB反對任何形式的近乎不理智的債務重組。

　　Hence the interest in a second Vienna initiative, whereby Greeces existing creditors wouldband together and agree to roll over their exposures to Greek debt when they fall due. Thatwould give Greece more time to fix its finances, might keep the ratings agencies at bay, andperhaps even satisfy the ECB. But it would do nothing to reduce Greeces debt burden andwould be hugely difficult to co-ordinate. Bondholders are harder to marshal than bank lenders.And Europe seems unable to get any message straight. At every meeting we say that we haveto get communication right, says a euro-area minister. And then someone talks after themeeting.

　　因此人們對維也納倡議再次燃起了興趣，希臘現有債權人會以此結合起來并同意在希臘債券到期時延緩付款。這會給希臘在恢復財政狀況上以喘息之機，并且可能使評級機構進退兩難，甚至可能讓歐洲中央銀行滿意這一結果。但是這不會減少希臘的債務負擔，同時這一計劃非常難以協調。比起銀行領導來，債券持有人更難匯聚一堂。并且歐洲似乎不能直接得到任何信息。某歐元區部長表示：每次會議我們都說要真誠交流，然后總有人都在會后發言。