做空希腊的交易可能不会持续太久。
The short bet against Greece mightn't be around for long.
投资者曾押注希腊将难以、甚至不能偿还债务。基于这种预期的交易曾经相当成功，但欧洲各国出手援助希腊的可能性越来越大，正在颠覆这样的交易。
The increasing possibility that European nations will come to the rescue of Greece is upending what had been a highly successful trade -- betting that Greece would struggle or be unable to pay off its debt.
这种交易有两种成功的下注方式，一是购买信用违约掉期产品，违约风险越高，其价格也越高，二是做空希腊国债，当借款人难于还款的时候，债券价格 就会下降。通过这两种方式，投资者近几个月都赚到了大钱。
The two main winning bets were buying credit default swaps, which rise as the risk of default increases, and shorting Greek bonds, which fall in value when the borrower is in trouble. In both cases, investors made big profits in recent months.
而现在，随着救援希腊的计划逐渐成形，上述交易已经在赔钱，一些投资者正在撤出。一个不利于这种交易的关键因素在于，如果救援计划得以通过，那 么希腊偿清4、5月份到期的国债基本不会有问题。
Now, with a bailout plan for Greece emerging, some investors are moving out of those now money-losing trades. A key factor hurting these trades is that if a plan goes through, there would be little doubt Greece could pay off the bonds it has issued that mature in April and May.
周一，1,000万欧元五年期希腊国债的年度担保成本是341,000欧元，较上周四下降14%。2月4日，这一成本曾达到425,000欧元 的峰值。
On Monday, the annual cost of insuring 10 million euros of Greek government debt for five years was 341,000 euros, down 14% from last Thursday. The cost hit a peak of 425,000 euros on Feb. 4.
伦敦益华证券(Evolution Securities)固定收益研究负责人詹金斯(Gary Jenkins)表示，市场已经出现过一次结清空头头寸的热潮。
'You've already had a scramble to close out the short positions,' said Gary Jenkins, head of fixed-income research at Evolution Securities in London.
由于投资者对希腊的担忧下降，一种做空希腊国债的交易已经出现收缩。在这种交易中，投资者从大银行手中购买针对希腊的信用保险产品，银行在现金 和衍生品交易中起到做市商的作用。银行在事实上是在做多希腊，为了对冲，它们会做空希腊国债，也就是说抛售国债并希望在将来以更低价格买进。
Because investors are less worried about Greece, one of the trades that put pressure on Greek bonds has been scaled back. In that trade, investors bought credit insurance on Greece from big banks, which serve as market makers in cash and derivative trades. The banks were effectively betting in favor of Greece, so to hedge themselves they would sell short Greek bonds, which means they sold bonds hoping to buy them in the future at a lower price.
但信用担保需求下降，意味着银行做空现券国债的理由更少，进而意味着向市场抛售的希腊国债数量减少。
But less demand for credit protection means that banks have fewer reasons to short the cash bonds, which means fewer Greek bonds are being dumped on the market.
如果发生大规模轧空，投资者可能遭遇重挫。所谓轧空，就是当证券价格上涨时，做空该证券的投资者不得不回补仓位以控制损失。可买证券数量缺乏， 可能会促使投资者争先恐后地抢购证券，推高证券的价格，从而使轧空成本更加昂贵。
A dreaded short squeeze could hit investors. That happens when the price of a security rises, forcing investors who are short the security to cover their positions to cap the losses. A shortage of securities can make it more expensive to cover the bet, forcing investors scrambling to get their hands on the security to bid up its price.
投资者并没有担心出现这种情况，因为希腊需要在春季结束前出售约230亿欧元的债券。债券的巨额供应，意味著有市场拥有大量债券可让投资者买来 回补空头。
Investors weren't worried about being squeezed because Greece needed to sell some 23 billion euros of debt by spring. That huge supply of debt meant that investors had plenty of bonds to buy if they needed to cover short bets.
但如果希腊得到援助，那么它将不需要向市场发行那么多债券。希腊的很大一部分国债可能由国家支持的实体购得，这种情况会减少补空所需的对家数 量。
But a bailout of Greece could mean the country won't have to issue as much debt to the bond markets. A good portion of what is issued could be bought by state-backed entities. That would cut down on the debt investors needed to cover the short trade.
做空期限在一到两年的短期希腊国债的投资者，也可能遭遇轧空。如果投资者相信希腊的违约风险已经过去，这种情绪将引发买盘，导致希腊国债价格上 升，进而使回补空头的成本更加高昂。
Another squeeze could come for investors who shorted short-term Greek debt maturing in one and two years. If investors believe that the risk of Greek default is over, that sentiment would lead to buying and a rally in the value of the bonds. That, in turn, would make it more expensive to cover short positions.
与此同时，欧洲官员近几天呼吁加强对主权信用违约掉期市场的监管，也让一些投资者慌了神。
European officials, meanwhile, have unnerved some investors in recent days with calls for tighter regulation of the sovereign credit-default-swap markets.