A Grexit is finally here. Only it’s not the one that kept many of us up at night for years. Greece isn’t leaving the eurozone; it’s leaving the last of the three major emergency loan programs that allowed it to remain in the eurozone in the first place.
We have Citigroup to thank for the entrance of Grexit into common parlance. In February 2012, analysts there gave it even odds that Greece would leave the eurozone. (We can therefore hold Citigroup accountable for “Brexit,” “Italexit” and all the other ear-grating portmanteaus that have followed.) A little over three years later, the world watched Greek voters reject a joint bailout package from the European Commission, the International Monetary Fund and the European Central Bank – only to have their prime minister, Alexis Tsipras, agree to an even harsher package eight days later. In February 2017, Grexit once again seemed nigh, as the Greek government balked at IMF demands for more pension cuts and tax increases. T