希腊纾困再添变数

Eurozone leaders face a new round of brinkmanship over Greece’s €174bn bailout after international lenders failed to bridge differences on how to reduce Athens’ burgeoning debt levels, pushing the country perilously close to defaulting on a €5bn debt payment due next week.

国际债权人未能就如何降低希腊不断增加的债务弥合分歧，使希腊可能在下周到期的一笔50亿欧元债务上违约。欧元区领导人在1740亿欧元的希腊纾困方案上面临新一轮博弈。

Officials had hoped to finalise the new programme, which extends Greece’s rescue two years to 2016, at a meeting of eurozone finance ministers in Brussels on Monday. That would free up a long-delayed €31.3bn aid payment desperately sought by Athens.

官员们曾希望下周一在布鲁塞尔召开的欧元区财长会议上敲定一个新计划，将对希腊的纾困延长两年到2016年。那将释放希腊迫切等待、但一直被耽搁的一笔313亿欧元的援助款。

But according to officials involved in negotiations, international lenders remain far apart on how much debt relief for Greece is needed and who will bear the losses from lower debt repayments.

但参与协商的官员表示，国际债权人在希腊需要免除多少债务、以及谁来为降低还债买单方面分歧仍很大。

“It is absolutely clear that we will need another round after next Monday, said one senior eurozone official involved in the talks. “There are a number of issues that still need to be wrapped up.

参与协商的一位欧元区高级官员说：“非常清晰的是，下周一之后我们将需要新一轮的磋商，因为我们依然有很多问题需要解决。

Although negotiators insisted they are narrowing the differences, time may be running out. One senior official said the European Central Bank, which holds the €5bn in debt due next Friday, is resisting rolling the payment over, putting pressure on all sides to reach a deal quickly.

尽管参与协商的人坚称他们正在缩小分歧，但时间不等人。一位高级官员表示，持有50亿欧元将于下周五到期债券的欧洲央行(ECB)拒绝滚转这笔债务，这给各方带来压力，要求他们快速达成协议。

Officials said the International Monetary Fund and the European Commission, two of three members of the so-called “troika responsible for managing Greece’s bailout, are at odds over the size and the pace of Greece’s debt reduction.

官员们表示，负责管理希腊纾困的“三驾马车中的两个成员：国际货币基金组织(IMF)和欧盟委员会(European Commission)在希腊降低债务的规模和步伐方面存在分歧。

The IMF remains more pessimistic about Greece’s ability to return to economic growth, the amount it will collect in its €50bn privatisation programme, and how much money is needed to recapitalise the country’s teetering banking system.

IMF对希腊恢复经济增长的能力、其从500亿欧元私有化计划中能够募集的金额、以及需要多少资金来调整希腊岌岌可危的银行体系的资本结构更为悲观。

As a result, Brussels and Washington are 5-10 percentage points apart on where Greece’s debt will stand by 2020, the target date in the rescue programme for returning Athens to sustainable debt levels.

其结果是，到纾困计划规定的希腊回归可持续债务水平的最终期限2020年，对于届时希腊的债务水平，欧盟和美国存在着5至10个百分点的分歧。

Further complicating negotiations, officials said the IMF is insisting Greek debt levels are reduced to 120 per cent of gross domestic product by 2020, while the European Commission is urging an easing of the target to about 125 per cent by 2022.

有关官员指出，IMF坚持认为，到2020年，希腊债务水平应该降到GDP的120%，而欧盟委员会则认为应该放宽目标，争取到2022年将希腊的债务水平降到GDP的大约125%。这一分歧让谈判更加复杂化。