Grexit is combination of two words, “Greek” and “Exit” which refer to probable withdraw of Greece from Eurozone in order to deal with Greek government debt crisis in year 2012 to 2015. The term Grexit was introduced by Citigroups Global Chief Economist Willem H. Buiter and Citigroups Economist Ebrahem Rahbari on 6th February 2012.
The term Grexit 1st came into use in 2012 and have been restored at each bailout made accessible to Greece since then. During the year 2015 and 2016, term Grexit was widely discussed by many pundits, politicians and Greek citizens. Opponents of Grexit argued that it will lower extremely the standard of living of people that will lead to civil unrest.
Supporters of Grexit believed that it is the only solution to deal with country debt crisis. They believed that Grexit would increase tourism from European countries and would encourage foreign investment to Greece. The Greece government rejected the idea of Grexit and receive many rounds of bailout loans from Eurozone in addition to applying strictness actions.
The financial and economic uncertainty in Greece improved curiously since the last day of crisis. Due to strict economic measures, Greece government overcome its financial crisis. In year 2018, Greece government publicized that country has effectively left the preceding of its bailout program. Wind-up the bailout program allowed Greece to start selling 10 year bonds. This is milestone in Greece economical history which let the country to improve standard of living by raising money and continue to recover economic power.