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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 ...
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 ...
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On 26 October 2011, leaders of the 17 eurozone countries met in Brussels and agreed on a 50% write-off of Greek sovereign debt held by banks, a fourfold increase (to about €1 trillion) in bail-out funds held under the European Financial Stability Facility, an increased mandatory level of 9% for bank capitalisation within the EU and a set of ...
Though the 16-nation eurozone sensed relief on Wednesday as Greece announced new austerity measures to reduce its spectacularly unsustainable budget deficit, observers who peek under the eurozone ...