There seems to be no end to the bad news still awaiting Greece. No sooner had it activated its putative €45bn bail-out from the European Union and the International Monetary Fund than the edifice started to crumble, capped by the country's downgrading yesterday to junk status by Standard & Poor's. That sent yields on two-year Greek paper, already hovering at 14 per cent, into territory bordering on the stratospheric: the yield surged at least another 450 basis points after S&P's pronouncement. Yet this is understandable: investors have started pricing in the next risk on the horizon – the prospect of a very large debt restructuring and a significant haircut.
有關希臘的壞消息似乎沒完沒了。歐盟(EU)和國際貨幣基金組織(IMF)規(guī)模估計為450億歐元的救援計劃剛剛啟動，希臘這座“大廈”就開始崩塌，標準普爾(S&P)昨日將該國主權債務評級降至垃圾級。2年期希臘國債的收益率本已徘徊在14%左右，降級更令其急劇竄升——消息一出，其收益率至少又飆升了450個基點。但這是可以理解的：投資者已開始在價格中對即將出現(xiàn)的另一種風險進行消化，那就是大規(guī)模的債務重組和債務削減。