When it does, it must write down the principal value of that debt by at least 50%. The current plan to reduce the present value of privately held bonds by 20% is just a first small step toward this outcome.
而希腊唯一的活路就是实施主权债务违约。一旦采取该行动，它必须将全部债务的本金削减至少50%。而目前试图将私人持有债券现值削减20%的计划只是为实现这一目标而首先迈出的一小步而已。