債權人抓緊籌備希臘違約應急預案
Eurozone bonds suffered one of their most volatile days since Greece’s left-wing government was elected five months ago, as mounting fears that Athens would not agree a bailout deal at tomorrow’s high-stakes finance minsters’ meeting sparked talk of an emergency weekend EU summit.
歐元區債券經歷了自5個月前希臘左翼政府當選以來最動盪的交易日之一。人們越來越擔心雅典方面在明日事關重大的財長會議上不會同意紓困協議，這引發了有關週末召開歐盟緊急峯會的討論。In a speech televised live from parliament, Alexis Tsipras, Greece’s prime minister, angrily denounced a compromise plan presented by his country’s bailout monitors as “humiliating for our people” and accused the International Monetary Fund of “criminal responsibility” for the country’s economic woes.
在電視直播的議會演講中，希臘總理亞歷克西斯•齊普拉斯(Alexis Tsipras)憤怒地譴責該國紓困監督者所提出的妥協方案“侮辱了我們的人民”，還指責國際貨幣基金組織(IMF)對希臘經濟困境負有“刑事責任”。
The strident language, coupled with published remarks by Yanis Varoufakis, the Greek finance minister, that he did not plan to bring new proposals to the finance ministers’ meeting, has sped up preparations for a possible Greek default, according to eurozone officials.
據歐元區官員稱，此番尖銳評論，加上希臘財長亞尼斯•瓦魯法基斯(Yanis Varoufakis)的公開言論（他沒有計劃帶着新方案去參加財長會議），加快了各方對希臘可能違約的準備。
German chancellor Angela Merkel said in Berlin that she “unfortunately” saw no sign of an easing in the deadlock between Athens and its creditors. Other officials from Greece’s creditors said contingency plans for a failure in bailout talks, including at the possible summit of eurozone heads of government on Sunday, were almost finalised. They included capital controls to prevent a meltdown of Greece’s financial sector.
德國總理安格拉•默克爾(Angela Merkel)在柏林表示，她“很遺憾”看到雅典及其債權人的僵局沒有任何緩解跡象。希臘債權人的其他官員稱，紓困談判失敗的應急計劃（包括週日可能召開歐元區政府首腦峯會）已接近完成。應急措施包括爲阻止希臘金融行業癱瘓而實行資本管制。In a sign that the breakdown was beginning to infect the eurozone more broadly, investors initially dumped bonds from several “peripheral” eurozone countries — though the sell-off later went into reverse. Greece’s bond that falls due in 2017 saw its yield rise above 29 per cent for the first time this year, and the Athens stock market dropped by close to 5 per cent.
跡象顯示，談判破裂已經開始更廣泛地影響整個歐元區，最初投資者拋售一些歐元區“外圍”國家的債券——不過拋售隨後出現了逆轉。2017年到期的希臘國債收益率今年以來首次升至29%以上，雅典股市下跌近5%。The sharp movements in bond markets overshadowed equities, with the Euro Stoxx 50 Volatility index, a measure of implied volatility, at its highest level since early January. This barometer of market fear is putting pressure on equity prices, with eurozone benchmarks well off their peaks for the year.
債券市場的劇烈波動超過了股市波動——衡量隱含波動的歐元區斯托克50波動指數(Euro Stoxx 50 Volatility index)達到自今年1月初以來的最高水平。這一衡量市場擔憂的“晴雨表”正對股票價格形成壓力，歐元區各國股指均遠低於今年峯值。The sides are far apart on what would constitute acceptable reforms that would release 7.2bn in bailout funds and avoid default. A default could occur in less than two weeks when a 1.5bn loan repayment to the IMF falls due.
談判各方圍繞哪些內容將構成可接受的改革，從而向希臘發放72億歐元紓困資金、使之避免違約存在極大分歧。違約可能在不到兩週後發生，屆時希臘需要償還IMF的一筆15億歐元款項將到期。Greece has rejected suggestions by creditors that it cut public sector pensions and increase taxes to find about 2bn in savings annually. Creditors have insisted they are open to ideas but so far Athens has not responded with plans the creditors believe are credible.
希臘拒絕了債權人提出的建議，後者要求希臘削減公共部門養老金並增加稅收，以實現每年約20億歐元的節省。債權人堅稱，他們對各種構想抱着開放心態，但是雅典方面迄今拿不出債權人認爲可信的方案。Mr Tsipras has privately told interlocutors he ultimately wants a deal.
齊普拉斯私下告知中介，他最終還是希望達成協議的。
