Greek withdrawal from the eurozone

Greek debt crisis

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A Greek withdrawal from the eurozone was a hypothetical scenario, debated mostly in the early to mid 2010s, under which Greece would withdraw from the Eurozone to deal with the Greek government-debt crisis of the time. This conjecture was given the nickname "Grexit", a portmanteau combining the English words 'Greek' and 'exit',[1][2][3] and which has been expressed in Greek as ελλέξοδος (from Ελλάς + έξοδος (Hellas + exodos)).[4] The term "Graccident" (accidental Grexit) was coined for the case that Greece exited the EU and the euro unintentionally. These terms first came into use in 2012 and have been revitalised at each of the bailouts made available to Greece after that.

Proponents of the proposal argued that leaving the euro and reintroducing the drachma would dramatically boost exports and tourism, while discouraging expensive imports, which would give the Greek economy the possibility to recover and stand on its own feet.

Opponents argued that the proposal would impose excessive hardship on the Greek people, the short-term effects would be a significant consumption and wealth reduction for the Greek population. This had the potential to cause civil unrest in Greece and harm the reputation of the eurozone. Additionally, it could cause Greece to align more with non-EU states.

  1. ^ Economist Who Coined ‘Grexit’ Now Says Greece Will Stay in Euro. By Flavia Krause-Jackson. Bloomberg Business, 28 June 2015
  2. ^ A year in a word: Grexit. By Ralph Atkins. Financial Times, 23 December 2012
  3. ^ Buiter, Willem and Ebrahim Rahbari (6 February 2012). "Rising Risks of Greek Euro Area Exit" (PDF). Citigroup. Archived from the original (PDF) on 16 June 2012. Retrieved 17 May 2012.
  4. ^ "Διαστάσεις grexit οπως ελλέξοδος [?]" [Grexit dimensions such as ελλέξοδος]. Pulse (in Greek). 13 February 2012. Retrieved 5 October 2018.[dead link‍] (Title may not be accurate, inferred from URL)