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The prospect of Greece leaving the euro and dealing with a devalued drachma prompted many people to start withdrawing their euros from the country's banks. [28] In the nine months to March 2012, deposits in Greek banks had already fallen 13% to € 160,000,000,000.
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.
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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 ...
A eurozone country can benefit from the program if – and for as long as – it is found to suffer from stressed bond yields at excessive levels; but only at the point of time where the country possesses/regains a complete market access – and only if the country still comply with all terms in the signed Memorandum of Understanding (MoU ...
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 ...