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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]
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 ...
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.
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BRUSSELS (AP) - Greece and its European creditors reached Friday a deal over the country's request to extend its bailout that would keep the country from falling out of the euro bloc. An official ...
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In the wake of Greece's debt crisis, the economic union of the European countries that share the euro as their common currency has been tested as never before. Some have suggested that the debacle ...