Greece’s nominal debt stock will matter only once the country re-enters the debt markets and becomes subject to market, not concessional, borrowing terms. In the meantime, Greece must implement the structural reforms needed to restore the country’s long-term growth prospects and thus to strengthen its capacity to repay its creditors without a large nominal debt reduction.
事实上，希腊有可能将在未来多年仰仗来自官方资源的优惠融资生存——这些融资的条件是改革而不是债务比率。希腊名义债务存量只有在它重返债务市场并面临市场而非优惠借贷条件时才有意义。与此同时，希腊必须实施结构改革才能重塑长期增长前景，从而强化其在没有获得大量名义债务减免的情况下偿付债权人的能力。