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"Plan Z" is the name given to a 2012 plan to enable Greece to withdraw from the eurozone in the event of Greek bank collapse. [27] It was drawn up in absolute secrecy by small teams totalling approximately two dozen officials at the EU Commission (Brussels), the European Central Bank (Frankfurt) and the IMF (Washington). [27]
The possibility of a member state leaving the Eurozone was first raised after the onset of the Greek government-debt crisis. The term "Grexit" itself was reportedly [1] first used by Citigroup economists Willem Buiter and Ebrahim Rahbari in a 2012 report about the possibility of Greece leaving the Eurozone. [2]
In mid May 2012, the crisis and impossibility to form a new government after elections and the possible victory by the anti-austerity axis led to new speculations Greece would have to leave the eurozone shortly. [91] [92] [93] This phenomenon became known as "Grexit" and started to govern international market behaviour.
BRUSSELS (AP) -- Greek Prime Minister Alexis Tsipras and skeptical European leaders negotiated past a self-imposed deadline into the early hours of Monday, with talks stuck on how Greece would ...
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The struggling country will vote Sunday on whether to accept painful cutbacks in return for desperately needed financing.
The Greek economy was one of the Eurozone's fastest growing from 2000 to 2007, averaging 4.2% annually, as foreign capital flooded in. [59] This capital inflow coincided with a higher budget deficit. [36] Greece had budget surpluses from 1960 to 1973, but thereafter it had budget deficits.
Grexit is Greece's potential exit from the eurozone, while Brexit is the United Kingdom's potential exit from the European Union.
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