If Greece defaults, these bonds would be used as collateral to repay Banks the principal they loaned.
如果希腊不履行责任，那么这些债券将会被作为银行借贷资本的抵押品来偿还银行。
2
That has a side effect: The European Central Bank has made clear it wouldn't accept defaulted bonds as collateral for its lending operations.
这样会产生一个副作用：欧洲央行已明确表示，在它提供贷款时，不会接受违约债券作为抵押。
3
More worrying for Greece even than the rising cost of borrowing is that it may soon find its bonds are not accepted as collateral by the European Central Bank (ECB).