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A hybrid word derived from the words Greece and exit, Grexit refers to the possibility of Greece leaving the Eurozone.

The term came to life in 2012 as exiting the Eurozone was considered one of Greece’s options to deal with its debt crisis.

It was then believed that by returning to the country’s previous currency, the drachma, Greece would be given a life-line and a viable way to recover from the severe economic crisis.

The exit never materialized as Greece remained part of the Eurozone and was aided with bailout loans.

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