Definition of Grexit
What does the term "Grexit" mean? What does the term "Grexit" refer to?
The term "Grexit" refers to the potential exit of Greece from the European Union. "Grexit" is formed by combining the words "Greek" and "Exit" and was coined by Citigroup's Chief Analysts, Willem H. Buiter and Ebrahim Rahbari, in February of 2012.

Many people in Greece feel that the "Troika", led, in large part, by Germany, has looked to impose unnecessarily harsh conditions on their country in order to embarrass and humiliate them. Those who support the "Troika", however, argue that harsh austerity measures and other reforms are necessary in order to restore Greece to some semblance of solid financial footing, and that Greece's past irresponsible ways (overspending, lax tax collection, etc) have now come home to roost.
Many argue that a "Grexit" is a relatively sure thing and that continued bailout loans will just prolong the inevitable, and that a "Grexit", coupled with an orderly default, would be the best thing for Greece. Others argue that keeping Greece in the European Union is crucial to the long-term viability of the Eurozone.
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