Defaults by the 19th and 20th centuries, peaking with last year's shock failure to pay back the IMF on time.

自19、20世紀起，希臘就有違約的紀錄，去年向IMF倒債後正式進入違約狀態。

Thanks to the current crisis, it's been 18 months since Greece was last able to sell bonds on international capital markets.

有鑒於此，希臘已經有18個月沒在國際資本市場上售出債券。

But if the Prime Minister has his way, investors won't have to wait too much longer for new issuance.

但希臘總理若自有法兒，債券的發行指日可待。

After two elections, a referendum, and fretful negotiations with creditors to secure a new bailout and avoid leaving Europe,

在經歷了兩次大選、一次公投，與債權人談判數回合，確保新一波的金援和留在歐元區的資格後，

Greece is hoping to restart sales for sovereign bonds within the next 18 months.

希臘希望能在接下來的18個月重返國債的市場，

Then again, debt sales in Greece have never really dried up. On Tuesday, Athens sold over 1.6 billion Euros of 6 months T bills to refinance maturing debt

話說回來，希臘債券市場仍然活躍。光是星期二，雅典就售出了總值超過16億歐元的6個月期國庫券，藉以解決越演越烈的債務危機。

at a rate of 2.97%, the exact yield that it sold data since March 2015.

國庫券以2.97%的利率售出，恰好為希臘去年3月以來數據售出的收益。

Buyers of this debt tend to be Greek banks, which are not really buying new debt but renewing positions.

債券的買主大多數為希臘的銀行，所以他們其實不是在買新債券，而是在鞏固銀行的生存地位。

But in the wide degree debt market, there's evidence that other source of buyers have restarted to reappear once again.

但綜觀希臘債券市場，已經有其他來源的買主回鍋。

Last year was, by any measure, a problem for investors in Greece. The Athens' stock exchange was down over a 25% over the year.

就許多方面來說，投資希臘的買主去年遭遇許多困難。雅典的股票市場去年整整下跌25％，

Among Greek bonds may have been one of the better performance in the region. They suffered months of painful volatility.

而雅典的市場已算是希臘國內表現最好的一區。投資人因此連續好幾個月深受股價大幅波動的影響。

Prices for Greek debt due to mature in 2019 drop to 16 cents in the Euro.

希臘2019年到期的債券已下降到每股16分歐元。

And bankers of Morgan Stanley started to talk about the idea that if Greece was forced to exit the Euro, the bonds could be worth as little as 4 cents in the Euro.

摩根史坦利的銀行家認為如果希臘被迫離開歐元區，債券將會挫跌至每股4分歐元。

But prices for those same bonds are now 19 cents in the Euro, which might suggest a cheerful outlook for investors,

但現在同樣的債券仍維持在每股19歐元，如果不是因為雅典債券收益仍然遠高於其他地區的緣故，

if it were not for the fact the yield remains far higher than any other in the region.

目前的情況對投資人來說前景其實相當樂觀。

Aware that the economy is frail and changes demanded by creditors would be highly unpopular.

投資人要當心的是，希臘的經濟體仍然脆弱，而債權主要求的政策改變並不受希臘青睞。

Bond investors are hoping that the ECB would one day include Greek debt in its QE program, but this is by no means a done deal.

債券投資人希望歐洲央行能將希臘債券納入其量化寬鬆政策，但一切仍未定論。

Because of the bond's junk rating, the ECB needs to institute a waiver, which has shown little enthusiasm for doing in recent months.

由於希臘債券信用評級甚低，歐洲央行必須給予希臘信用評級豁免權，才能將其納入量化寬鬆政策，但央行最近尚未有任何作為。

But if you think Greece's future is at the heart of the Eurozone, that could be plenty room for prices to keep on rising.

不過，如果你認為希臘的未來將和歐元區習習相關，那麼希臘債券的價格就有持續上漲的空間。