Would a reprofiling—an extension of the maturity of debt to give the Greeks some breathing-space—qualify?

那债务重置，即延长到期债务的期限让希腊有得以喘息的机会，是否算得上“信用事件”？

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The terms used—“restructuring” or “reprofiling”—are fancy words for saying the money will not be paid back in full or on time.

“重组”或者“重置”这样的词只是个好听点的说法，意思就是说借出去的钱不能全部拿回来或者按时拿回来。

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These two concerns point to a modest “reprofiling”, which temporarily defers Greece’s debt payments but does not come close to restoring its solvency.

这两大内忧要求实行“有限度的重组”，这将暂时延缓希腊偿还债务的期限，但与重建其债务偿还能力相去甚远。

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Who would win and who would lose if a reprofiling of Greek debt were treated as a credit event?

ECONOMIST: How the credit-default market will judge a deal on Greece

Should there be a dispute in the CDS market over a Greek reprofiling, it would be resolved by the International Swap Dealers Association (ISDA), a voluntary body which governs the market.

ECONOMIST: How the credit-default market will judge a deal on Greece

And while there are surely some legal loopholes to play with (which have been a big part of my assumption that things would work out), the key is that any changes, restructuring, reprofiling, etc. must be done right.

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