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.
有关希腊的坏消息似乎没完没了。欧盟(EU)和国际货币基金组织(IMF)规模估计为450亿欧元的救援计划刚刚启动，希腊这座“大厦”就开始崩塌，标准普尔(S&P)昨日将该国主权债务评级降至垃圾级。2年期希腊国债的收益率本已徘徊在14%左右，降级更令其急剧窜升——消息一出，其收益率至少又飙升了450个基点。但这是可以理解的：投资者已开始在价格中对即将出现的另一种风险进行消化，那就是大规模的债务重组和债务削减。