Even if the face value of the Greek debt were not reduced, a maturity extension would still provide massive debt relief – on a present-value basis – to Greece as a euro of debt owed 30 years from now is worth much less today than the same euro owed a year from now. Moreover, a maturity extension resolves rollover risk for the coming decades.
即便希腊债券的面值不打折，展期也能大大缓解其债务负担，因为从现在开始欠30年的1欧元肯定比欠1年的1欧元便宜多了。此外，展期也可以消除未来几十年需要不停滚仓的风险。