The increasingly likely move by Athens ['æθinz](雅典)to ask bondholders for a voluntary ['vɔləntəri] debt restructuring [ri:'strʌktʃəriŋ] would amount to(总计, 等于)a default(违约), Standard & Poor’s warned on Monday as it cut Greece’s credit rating two notches [nɔtʃ](等级、刻度).标准普尔(Standard & Poor's)周一将希腊信用评级下调了两级，并发出警告称，希腊政府日益可能采取的要求债券持有人自愿进行债务重组的举动将构成违约。

　　The rating agency said demands from countries such as Germany that Athens should extend the debt payment maturities [mə'tjuəriti] (成熟到期)on bail-out ['beilˌaut](纾困、应急措施) loans would probably lead to similar demands on private creditors. “Such private-sector burden sharing would likely constitute ['kɔnstitju:t](构成组成)a distressed exchange(廉价交易) . . . for which we assign a rating(评定) of selective default,” S&P said.该信用评级机构表示，德国等国家要求希腊延长纾困贷款的债务偿还期限，很可能会导致对私人债权人的类似要求。“这种要求私人部门分担负担的行为，可能构成廉价交易 ……对此我们给出选择性违约的评级，”标普表示。

　　The downgrade to B, six notches into junk territory, comes after European politicians acknowledged publicly that Greece’s 110bn rescue package was insufficient and more help would be needed.此次降级发生在欧洲政界人士公开承认1100亿欧元的希腊纾困方案不够、需要更多援助之后。希腊的评级被降至B级，跌入垃圾级范围已有6级。

　　Jean-Claude Trichet, European Central Bank president, said on Monday he had “nothing to add or withdraw” from the line taken by the chairman of the weekend’s eurozone meeting who said Greece needed “a further adjustment programme”.欧洲央行(ECB)行长让-克洛德•特里谢(Jean-Claude Trichet)周一表示，对于周末欧元区会议的主席有关希腊需要“进一步调整计划”的表态，他没有“什么要添加或删减的”。

　　But the ECB is strongly opposed to a debt restructuring and does not see an extension of maturities – referred to as a debt reprofiling by some politicians – as feasible or effective.但欧洲央行强烈反对债务重组，也不认为延长债务到期期限——某些政界人士称之为“债务重新布局”——是可行或有效的。

　　Investors are confused by the terms used by policymakers to describe restructuring. Eurozone ministers at the weekend excluded the option of restructuring. But German and Greek officials have said “voluntary restructuring” is envisaged. Such a move would see bondholders paid back but at a later date, something S&P says would amount to selective default.投资者被政策制定者们用来描述债务重组的词语搞得一头雾水。欧元区部长们在周末排除了重组这一选择。但德国与希腊官员称，他们在设想“自愿重组”的做法。自愿重组后债券持有人仍将得到债务偿还，只是偿还时间将推迟——标普认为这将构成选择性违约。