投资者正在希腊被屠宰

Meet the Greekoholics: The investors who are losingbig money in Greece but can't kick the habit.

遇到希腊表演者：这些投资者在希腊损失大量金钱，但还是不能撤离。

Most international investors shunned Greece a longtime ago, scared off by its never-ending debt crisis.But a bunch of brave — or possibly shrewd — fundmanagers have defied the consensus and bet big onthe country, which continues to flirt with defaultand exit from the euro.

大部分国际投资者在很久前就已经放弃希腊了，原因是不见尽头的债务危机。但是，还是有一群勇敢者，也许是精明的基金经理们,无视业内的意见,投入大量资金在这个国家，继续忽略希腊履行协议事实和退出欧元区的可能。

They love it when things are not looking rosy.

他们在事情变得很糟糕时却依然对它情有独钟。

"Some of the best returns in stock markets come from when the things are truly miserable,and turn slightly less bad, so we actually kind of like it when there is negative geopoliticalnews," said Meb Faber, the co-founder of Cambria Investment Management.

坎布里资产管理公司创始人麦博·法伯尔说，"股票市场的最佳翻转发生在它们真正惨不可言，然后稍微好转的时候，所以，当这些负面政治资讯出现时，我们却觉得时机到了。"

There has been a lot of bad news recently. Athens urgently needs the last tranche of its 240billion eur o bailout to avoid running out of money. Its creditors will only release the cash ifGreece agrees to imp lement economic reforms. Four months of talks have made little progress.

最近发生了大量负面资讯。雅典迫切需要它2400亿欧元的一期救助，以避免资金耗尽。只有在希腊同意进行经济改革时 ,它的债权人才会放款。4个月的对话进展甚微。

The Athens stock market has fallen 26% in the past 12 months and Greek government debthas fared ever rse. Yields on 10-year bonds have nearly doubled.

雅典股票市场在过去12个月里已经下跌了26% ,同0稀腊政府债务也越来越槽。十年期债券的收益率几乎翻倍。

Greek bank stocks have been hardest hit, partly because depositors have taken fright at therisk that Greece's international lifeline could be severed.

希腊银行股本是重灾区，部分原因是，在希腊的国际生命线随时会中断的危机中，储户们已经提出现款。

Shares in Piraeus (BPIRY), Alpha Bank (ALBKF) and Eurobank (EGFEY) have plunged by asmuch as 60% this year.

比雷埃夫斯的股票，阿尔法银行的股票和欧洲银行的股票，今年已经下跌了60%。

Investors poured money into Greek banks in 2013 as they set about raising new capital in thewake of the last debt crisis in 2012.

2013年，投资者倾泻资金进入希腊银行，因为它们着手在2012年最后的债务危机之后，紧跟着着手筹集新的资本。

Mark Yusko is one such investor. The founder of Morgan Creek Capital Management says about5% of his portfolio, equivalent to millions of dollars, is invested in Greece. He estimates thathe's lost about 20% on his investment in the banks.

马克·尤思科就是一名这样的投资者。这位摩根凯瑞资本管理公司的创始人说，投资组合的5%，相当于数百万美元，被投入到希腊。他估计，他已经损失了投入银行资金的20%。

Other funds that hold stakes in Greek banks include London-based Majedie Asset Management,and U.S. hedge funds Wellington Management and the Vanguard Group. Based on theirreported holdings at the end of March, they each lost tens of millions of euros in the firstquarter. All three declined to comment.

其他豪赌希腊银行的基金包括，伦敦的马吉德资产管理公司，和美国对冲基金惠灵顿管理公司和先锋集团。根据它们在3月末发布的报告，首季度，它们每家都损失了数千万欧元，所有这三家公司都不愿就这件事发表评论。

Even John Paulson, whose mega bet against subprime mortgages in 2007 transformed himinto a star, is hurting. The value of his stake in Alpha Bank plunged by nearly 40 million euros inthe first three months of the year.

甚至因2007年对次贷的抨击而成为明星的约翰·鲍尔森，也遭受了损失。今年前三个月，他在阿尔法银行的投资损失了差不多4000万欧元。

Cambria Investment Management has nearly $7 million -- or about 9% of its assets -- inGreece. The fund has lost 20% in the 12 months to the end of March.

坎布里资产管理公司在希腊投入了差不多700万美元——或者说相当于它资产的9%。这笔资金直到3月末的12个月内已经损失了20%。

But Cambria's Faber says he is invested in Greece for the long term -- even if the country endsup stumbling out of the eurozone. Exiting the eurozone could even be a good thing for theGreek stock market.

但是，坎布里的法伯尔说，他在希腊进行的是长期投资——即使这个国家最终狼狈的退出欧盟。离开欧盟对希腊股票市场来说，甚至可能是利好。

"It could be that certainty helps it either way; either the EU is willing to step in and keep themin, or they say 'enough is enough'...it's probably the uncertainty that hurts the most," hesaid.

"不论以哪种方式结局，都是有利的;欧洲干预，把希腊留在欧元区，或者他们说‘受不了了'。。。也不见得意味着会损害多数人。"

Others are convinced that Germany and other eurozone countries would not allow Greece todrop out of the euro.

其他人则相信，德国和其他欧盟国家不会让希腊离开欧元区。

"The eurozone is set up that once you are in, you can't get out," said Morgan Creek's Yusko. "Germany cannot afford to let them drop out because then the [euro] would strengthen andthat would hit the German economy."

"欧元区建立的宗旨是，一旦你加入了，你就不能退出，"摩根凯瑞的尤思科说，"德国不能承受希腊退出欧元区的后果，因为如果希腊退出，欧元将会走强，这将严重打击德国经济。"

Then there is geopolitics. European leaders would be reluctant to see Greece cosying up toRussia at a time of high tension over Ukraine.

然后，还有地缘政治。欧洲领导人在乌克兰危机加重时，不希望看到希腊与俄罗斯走近。

"If things get really really ugly, Greece could turn and go to Russia," Yusko said.

尤思科说，"如果事情变得非常糟糕，希腊可能会转而投向俄罗斯。"

There are other investors who believe the flood of bad news from Greece is just a storm in ateacup.

还有其他的投资者相信，希腊如洪水一般的负面资讯只不过是，茶壶里的风暴。

Japonica Partners, one of the biggest holders of Greek government debt, believes the country'sfinances are in much better shape than official statistics indicate.

荣泰资本公司，希腊政府债券的最大持有者之一，相信这个国家的财政状况比官方的统计数据要好得多。

The fund's founder and former Goldman Sachs banker Paul Kazarian said Greece's main problemis the lack of credible accounting.

这个基金的创始人同时又是高盛集团前银行家的保罗·卡莎云说，希腊主要的问题是，缺少可靠的统计数据。

"Nobody knows how much money they have, (but) we believe the debt numbers are vastlybetter," he said.

他说，"没人知道他们有多少钱，(但是)我们相信，真实债务情况要好得多。"