The heavy lifting in the eurozone bond markets has started. Athens paved the way for one of the country's most important capital-raising exercises with a further effort to convince investors of its commitment to fiscal tightening. A fresh set of budget consolidation measures, the third since January, met with positive noises from the currency bloc's members, helping the eurozone's peripheral rate markets to stabilise. The spread between Greece's 10-yr bonds and German Bunds is 75-100 basis points narrower than at the beginning of February, putting Athens in a better position to commence efforts to refinance €20bn of debt falling due in coming weeks.
欧元区债券市场已开始了一场艰苦卓绝的努力。希腊政府通过说服投资者它将坚守财政紧缩的承诺，为该国最重要的一项融资行动铺平了道路。该政府宣布了最新的一系列缩减预算措施——自1月份以来的第三次——得到了欧元区成员国的积极回应，令欧元区利率市场得以回稳。希腊10年期国债与德国国债之间的息差，较2月初水平收窄了75至100个基点，这将帮助希腊对未来几周到期的200亿欧元债务进行再融资。