Greece and its creditors are well into extra time; so far Athens has scored all the goals, mostly in its own net. Its 2013 budget shows that the country’s continuing economic depression renders every fiscal target unachievable, whether the debt ratio, the primary surplus or privatisation revenues. Political factors at work in both Germany and Greece mean the existing halfhearted “rescue” will probably be extended by up to two years – at a cost of another €30bn in financial aid. But make no mistake. Another Greek debt write-off is coming. It’s just a question of when.
希臘及其債權人已經進入加時賽；目前雅典踢進了所有的球——多數進了自家球網。希臘2013年預算顯示，該國經濟衰退持續，將無法實現任何一項財政目標，不管是債務比率、基本盈餘抑或私有化收入。正在德國和希臘起作用的政治因素意味著，目前半心半意的「救助」可能最高還將延期兩年——代價是再次拿出300億歐元實施金融援助。不過請不要弄錯了。希臘債務即將再次被減記。這只是個時間早晚的問題而已。