But now there's a new term on the block to sum up the current impasse over reforms:
a "Grimbo" – or Greece in limbo.
The latest buzzword sums up the drawn-out negotiations between the Greek
government and its creditors over its bailout program, which was extended by four
months in February to give the country time to enact reforms. The word was coined
by the same group of Citi economists – led by Chief Economist Willem Buiter –
which thought up the now widely-used "Grexit" term in February 2012, when Greece
leaving the euro zone first became a possibility.
"In our view, a last-minute agreement on a new program (and additional funding)
without capital controls or a government default remains plausible. But it is similarly
plausible that capital controls will be imposed in Greece or a government default takes
place before an agreement is struck or that no agreement will be reached," the
economists said.
If Greece did default on its debts and capital controls were issued, a Grexit would not
necessarily be inevitable, the economists said. But they added that this could lead to a
drawn-out process – a Greek limbo that could, if the gridlock persisted, lead to a
Grexit.
Если Греция объявит дефолт по своим долгам и будет введен контроль над
движением капитала, то Грексит не обязательно станет неизбежным, считают
экономисты. Но они добавили, что это может привести к затянувшемуся
процессу- греческой неопределённости, которая может, если тупик сохранится,
привести к Грекситу.
"Grexit in the next few months is not inconceivable, and it is certainly more likely if
we consider Grimbo durations of a year or more," Buiter and his colleagues remarked.
"Грексит в ближайшие несколько месяцев не является немыслимым, и это,
безусловно, более вероятно, если мы рассмотрим продолжительность Гримбо в
год или более", - отметили Бюйтер и его коллеги.
Neither the ministers involved in the discussions nor analysts are confident any
agreement will be reached, however, raising the prospect that the issue will be kicked
further down the road while Greece's funds run low and bankruptcy approaches.