Grexit

The Greek withdrawal from the eurozone is the potential exit of Greece from the eurozone monetary union in the 2010s, primarily for the country to deal with its government-debt crisis. The controversial and much discussed possible exit is often referred to as "Grexit", a portmanteau combining the English words "Greek" and "exit". The term "Graccident" (accidental Grexit) was coined for the case that Greece exited the EU and the euro without intention.

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

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

The term 'Grexit' was coined by the Citigroup economist Ebrahim Rahbari and was introduced by Rahbari and Citigroup's Global Chief Economist Willem H. Buiter on 6 February 2012.

On 27 January 2015, two days after an early election of the Greek parliament, Alexis Tsipras, leader of the new Syriza ("Coalition of the Radical Left") party, formed a new government. He appointed Yanis Varoufakis as Minister of Finance, a particularly important post in view of the government debt crisis. Since then, the chance of a Grexit or even a 'Graccident' (accidental Grexit) in the near future has been widely discussed.

...
Wikipedia