The question is whether the change in coupons – possibly coupled with an extension of maturities – would be enough to stabilize the Greek economy and restore growth. Even with German-level interest rates, Greece would have to run a primary surplus of at least 2% of GDP – still quite large, and far from today’s deficit.
而问题是这项对债券条款的修改——或许还会同时延长债券到期日——足以稳定希腊经济并恢复增长。即便采用了德国的利率，希腊也必须实现想当于GDP2%的年均财政盈余——该要求依旧想当严苛，与该国目前的赤字水平也有相当距离。同时由于债务的票面价值未变，对经济增长预期以及投资的心理激励作用也会逐渐消散。