Don't know your Drachma from your Troika? Here we explain some of the Greek debt crisis jargon you may have read, but not recognised.

搞不清Drachma和Troika的意思？我們為大家解讀一些希臘債務危機中的專業詞匯，你可能見過這些詞，但不見得都認識。

Austerity 緊縮

Europe-wide economic policy of reducing government spending to reduce deficit or borrowing. Austerity measures were implemented in Greece as a condition of bailout loans, but rejected by its new anti-austerity government in January.

歐洲范圍內實行的經濟政策，主要是通過縮減政府開支減少赤字或借貸。希臘獲得援助貸款的前提就是實施緊縮政策，但是今年1月新組建的政府反對緊縮，拒絕執行。

Drachma 德拉克馬

Greek currency before it was replaced by euro in 2001. The word translates as "handful". One of the world's earliest currencies, and the oldest in Europe, the drachma dates back as far as 1,100BC. It could soon make a hasty comeback.

2001年歐元通行之前希臘的貨幣。這個詞的意思是“少量”。德拉克馬是世界上最早出現的貨幣，也是歐洲最古老的貨幣，可以追溯到公元前1100年。或許過不了多久，這個貨幣就要回歸了呢。

Grexit 希臘退出歐元區

Short for "Greek exit" from the Eurozone. First coined by financial analysts in 2024 and now a real and looming possibility. Not to be confused with "Brexit" - the possibility of Britain leaving the EU.

這個詞是“希臘退出歐元區”的縮寫形式，2024年由金融分析人士首創，現在倒真真切切近在眼前了。可不要跟Brexit搞混了哦，后者是指英國可能脫離歐盟。

Greferendum 希臘公投

Another handy portmanteau - short for "Greek referendum". The outcome of Greece's debt crisis now rests in the hands of its people after Greece announced it would hold a referendum on 5 July on the terms of its debts.

這是又一個容易看穿的合成詞，是“希臘公投”的縮寫形式。希臘債務危機的最后走向現在掌握在全體希臘人民的手中，希臘政府宣布將于7月5日舉行公投來決定債務解決條款。

ECB(European Central Bank) 歐洲央行

The ECB is the central bank of the eurozone and is responsible for setting the currency's monetary policy. It is owed about 6% of Greece's overall debt.

歐洲央行是歐元區的中央銀行，負責制定歐元的貨幣政策。希臘的債務總額中有6%是欠歐洲央行的。

ELA(Emergency Liquidity Assistance) 緊急流動性援助

Emergency cash, in effect, loaned to Greece by the ECB to make sure Greek banks stay afloat while the country negotiates with its creditors.

應急資金，目前正在實施，由歐洲央行借給希臘以確保該國政府與債權方商討債務方案時，希臘銀行能夠保持資金流動。

ESM(European Stability Mechanism) 歐洲穩定機制

The ESM is the eurozone's rescue fund. It can provide countries in financial difficulty with up to €500 billion ($560bn). Greece has requested an ESM bailout to cover all its financial needs for two years.

歐洲穩定機制使歐元區的援助基金，能夠為遇到財政困難的國家提供高達5000億歐元（約合5600億美元）的援助資金。希臘已經要求歐洲穩定機制為其連續兩年提供所需的全部金融支持資金。

Eurozone 歐元區

The group of 19 EU countries that share a common currency - the euro. Has so far weathered the financial crisis and kept Greece within the currency, but there are serious fears about the future of the currency should Greece exit.

歐盟19個共用統一貨幣——歐元的國家。歐元區目前也算平安度過了金融危機，希臘也還留在這個集體里。不過，加入希臘真的脫離歐元區的話，歐元的未來也頗值得擔憂。

Exposure 面臨風險

Almost all the eurozone countries have lent money to Greece, leaving them "exposed" if Greece can't pay. The Eurozone's largest economies, Germany and France, are owed the most but countries with smaller or less robust economies, such as Slovenia and Spain, would likely suffer more.

幾乎所有的歐元區國家都給希臘借過錢，如果希臘無法還債，那么這些國家都面臨風險。德國和法國這兩個歐元區最大的經濟體借債額最高，不過，斯洛文尼亞和西班牙這種經濟實力不太強的國家可能會在希臘債務危機中受損更多。

Haircut 債務減值

A reduction in the value of a troubled borrower's debts. In 2011, Greece's private lenders received a massive 50% haircut of what they were owed, reducing Greece's debt by €100bn ($110bn). Greece pushed for a second debt haircut this year but has failed to reach an agreement with its creditors.

對遭遇經濟困境的債務方所欠債務進行減值。2011年，希臘的私有銀行債權方同意對希臘所欠債務減值50%，將希臘的債務減少了1000億歐元。今年，希臘再次要求債務減值，但是沒有跟債權方達成協議。

Paperology 文件學

The exchange of documents between Greece and its EU negotiating partners has gone on for so long with no breakthrough that it has been given its own name - "paperology".

希臘和歐盟談判方之間的文件往來持續了很久但沒有任何進展，這種狀況被叫做“文件學”。

Troika 三巨頭

A Russian word meaning a group of three, used by Greek journalists and then others to describe the EU, ECB, and IMF - the trinity of institutions responsible for monitoring Greece's austerity measures. Greece's new prime minister, Alexis Tsipras, vowed in February that he would no longer acknowledge the "Troika" as an entity.

這是一個俄語詞，指三人小組或者三國集團，希臘記者將歐盟、歐洲央行和國際貨幣基金組織合稱為Troika，因為這三個組織共同負責監督希臘的緊縮政策。希臘新任總理齊普拉斯今年2月表示，他不再承認這三個組織整體是一個實體組織。

Don't know your Drachma from your Troika? Here we explain some of the Greek debt crisis jargon you may have read, but not recognised.

搞不清Drachma和Troika的意思？我們為大家解讀一些希臘債務危機中的專業詞匯，你可能見過這些詞，但不見得都認識。

Austerity 緊縮

Europe-wide economic policy of reducing government spending to reduce deficit or borrowing. Austerity measures were implemented in Greece as a condition of bailout loans, but rejected by its new anti-austerity government in January.

歐洲范圍內實行的經濟政策，主要是通過縮減政府開支減少赤字或借貸。希臘獲得援助貸款的前提就是實施緊縮政策，但是今年1月新組建的政府反對緊縮，拒絕執行。

Drachma 德拉克馬

Greek currency before it was replaced by euro in 2001. The word translates as "handful". One of the world's earliest currencies, and the oldest in Europe, the drachma dates back as far as 1,100BC. It could soon make a hasty comeback.

2001年歐元通行之前希臘的貨幣。這個詞的意思是“少量”。德拉克馬是世界上最早出現的貨幣，也是歐洲最古老的貨幣，可以追溯到公元前1100年。或許過不了多久，這個貨幣就要回歸了呢。

Grexit 希臘退出歐元區

Short for "Greek exit" from the Eurozone. First coined by financial analysts in 2024 and now a real and looming possibility. Not to be confused with "Brexit" - the possibility of Britain leaving the EU.

這個詞是“希臘退出歐元區”的縮寫形式，2024年由金融分析人士首創，現在倒真真切切近在眼前了。可不要跟Brexit搞混了哦，后者是指英國可能脫離歐盟。

Greferendum 希臘公投

Another handy portmanteau - short for "Greek referendum". The outcome of Greece's debt crisis now rests in the hands of its people after Greece announced it would hold a referendum on 5 July on the terms of its debts.

這是又一個容易看穿的合成詞，是“希臘公投”的縮寫形式。希臘債務危機的最后走向現在掌握在全體希臘人民的手中，希臘政府宣布將于7月5日舉行公投來決定債務解決條款。

ECB(European Central Bank) 歐洲央行

The ECB is the central bank of the eurozone and is responsible for setting the currency's monetary policy. It is owed about 6% of Greece's overall debt.

歐洲央行是歐元區的中央銀行，負責制定歐元的貨幣政策。希臘的債務總額中有6%是欠歐洲央行的。

ELA(Emergency Liquidity Assistance) 緊急流動性援助

Emergency cash, in effect, loaned to Greece by the ECB to make sure Greek banks stay afloat while the country negotiates with its creditors.

應急資金，目前正在實施，由歐洲央行借給希臘以確保該國政府與債權方商討債務方案時，希臘銀行能夠保持資金流動。

ESM(European Stability Mechanism) 歐洲穩定機制

The ESM is the eurozone's rescue fund. It can provide countries in financial difficulty with up to €500 billion ($560bn). Greece has requested an ESM bailout to cover all its financial needs for two years.

歐洲穩定機制使歐元區的援助基金，能夠為遇到財政困難的國家提供高達5000億歐元（約合5600億美元）的援助資金。希臘已經要求歐洲穩定機制為其連續兩年提供所需的全部金融支持資金。

Eurozone 歐元區

The group of 19 EU countries that share a common currency - the euro. Has so far weathered the financial crisis and kept Greece within the currency, but there are serious fears about the future of the currency should Greece exit.

歐盟19個共用統一貨幣——歐元的國家。歐元區目前也算平安度過了金融危機，希臘也還留在這個集體里。不過，加入希臘真的脫離歐元區的話，歐元的未來也頗值得擔憂。

Exposure 面臨風險

Almost all the eurozone countries have lent money to Greece, leaving them "exposed" if Greece can't pay. The Eurozone's largest economies, Germany and France, are owed the most but countries with smaller or less robust economies, such as Slovenia and Spain, would likely suffer more.

幾乎所有的歐元區國家都給希臘借過錢，如果希臘無法還債，那么這些國家都面臨風險。德國和法國這兩個歐元區最大的經濟體借債額最高，不過，斯洛文尼亞和西班牙這種經濟實力不太強的國家可能會在希臘債務危機中受損更多。

Haircut 債務減值

A reduction in the value of a troubled borrower's debts. In 2011, Greece's private lenders received a massive 50% haircut of what they were owed, reducing Greece's debt by €100bn ($110bn). Greece pushed for a second debt haircut this year but has failed to reach an agreement with its creditors.

對遭遇經濟困境的債務方所欠債務進行減值。2011年，希臘的私有銀行債權方同意對希臘所欠債務減值50%，將希臘的債務減少了1000億歐元。今年，希臘再次要求債務減值，但是沒有跟債權方達成協議。

Paperology 文件學

The exchange of documents between Greece and its EU negotiating partners has gone on for so long with no breakthrough that it has been given its own name - "paperology".

希臘和歐盟談判方之間的文件往來持續了很久但沒有任何進展，這種狀況被叫做“文件學”。

Troika 三巨頭

A Russian word meaning a group of three, used by Greek journalists and then others to describe the EU, ECB, and IMF - the trinity of institutions responsible for monitoring Greece's austerity measures. Greece's new prime minister, Alexis Tsipras, vowed in February that he would no longer acknowledge the "Troika" as an entity.

這是一個俄語詞，指三人小組或者三國集團，希臘記者將歐盟、歐洲央行和國際貨幣基金組織合稱為Troika，因為這三個組織共同負責監督希臘的緊縮政策。希臘新任總理齊普拉斯今年2月表示，他不再承認這三個組織整體是一個實體組織。