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.
歐元區債券市場已開始了一場艱苦卓絕的努力。希臘政府通過說服投資者它將堅守財政緊縮的承諾，爲該國最重要的一項融資行動鋪平了道路。該政府宣佈了最新的一系列縮減預算措施——自1月份以來的第三次——得到了歐元區成員國的積極回應，令歐元區利率市場得以回穩。希臘10年期國債與德國國債之間的息差，較2月初水準收窄了75至100個基點，這將幫助希臘對未來幾周到期的200億歐元債務進行再融資。