They wrote that policymakers, using an expanded European bailout fund, could end the Greek panic by offering to swap existing Greek bonds for newly issued bailout-fund debt at a steep discount.

他们撰文指出，救助基金放贷规模扩大后，决策者们可用新发行的救助基金债券以极低的折扣价来置换希腊现有的国债，以此结束希腊债务恐慌。

youdao

There is also talk of simply exchanging the impaired Greek bonds with new bonds issued by the EFSF bailout fund, which would have lower face values.

还有说法是干脆将减值的希腊债券换成EFSF发行的面值低一些的新债券。

youdao

The IMF had been resisting the payments until there was an agreement on a new bailout package until Thursday, amid a general debate with German authorities as to who would fund a new Greek bailout.

FORBES: Greece: PM Papandreou Loses Support As Eurozone Hopes To Avert Contagion

One way the current crisis could nix Greek euro membership is if the bailout fund - the EFSF - refuses to dole out the relevant billions on a date coinciding with the Greek state having to use said billions to repay its debts.

BBC: Watch deposit flight, not the eurocrats

Plans previously rejected by Germany to use the bailout fund to retire Greek debt at a discount have resurfaced.

FORBES: The EU Is Out To Lunch