Still, the most worrying number yesterday came not from Greece but from Spain: the yield on 10-year Spanish bonds rose nearly 30 basis points to 7.1 per cent – another eurozone-era record. This month’s €100bn bailout for Spain’s banks is proving a red herring. As investors fret that Spain itself may need recourse to the eurozone’s bailout facility, it is clear that the eurozone has bigger problems than who governs – for whatever length of time – in Athens.

无论如何，昨日最令人担忧的数据并非来自希腊，而是来自西班牙：西班牙10年期国债收益率飙升近30个基点，至7.1%，再次创出欧元时代的新高。欧盟本月为西班牙银行提供1000亿欧元纾困，结果证明只是转移了人们的视线。随着投资者担心西班牙政府本身可能需要求助于欧元区纾困机制，欧元区显然面临比谁在希腊主政（无论时间多长）更大的问题。

Several things must now happen. Greece’s new government needs to be created from a muddle of fractious potential coalition allies. Then it has to persuade its creditors to extend and even soften the terms of its second bailout. That involves convincing Germany that it should be cut some slack. If Athens cannot do that, another election appears a certainty within months. But that, for now, is Greece’s problem.

有好几件事现在必须发生。希腊需要从诸多矛盾重重的潜在联盟伙伴中产生新政府。接下来，它不得不说服其债权人延长（甚至放宽）第二轮纾困的条款。这就要求希腊需要说服德国对它施以援手。如果雅典方面无法做到这些，几个月内再次举行选举似乎是没有悬念的。但目前来说，这是希腊的问题。

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