“Grexit” (Greece/Greek + exit) was a popular term in 2012, when it was feared that a poor Greek economy would force the nation to exit the euro zone. Greek Prime Minister Antonis Samaras tried to counter that term in May 2013 by coining “Greekovery” (Greek + recovery)/ The story was first reported in Reuters on May 17. 2013, “Greek PM hails ‘Greekovery’ replacing ‘Grexit’,” where Samaras said:
“Most of them now witness not a “Grexit’—an exit from the euro zone—but a ‘Greekovery; - a recovery of the Greek economy.”
Some people have argued about the facts of a “Greek recovery,” while others just don’t like the term “Greekovery.” “Let’s never say ‘Greekovery’ again” was on Twitter on June 10, 2013. The financial blog Zero Hedge wrote on June 12, 2013:
“Wait, Greekovery? That’s a new (if idiotic) one. Is that abbreviated to ‘reek’?”
Greek PM hails “Greekovery” replacing “Grexit” ATHENS | Fri May 17, 2013 2:31pm BST
(Reuters) - Greek Prime Minister Antonis Samaras has hailed kinder words from lenders and revived interest in the country's deeply-discounted bonds and stocks as a "Greekovery" to replace last year's "Grexit" catchphrase.
Although there is little sign of economic recovery, Greece is finally attracting some of the cheap funds that are being pumped out by major central banks and feeding an investment boom on stock and bond markets.
"Most of them now witness not a "Grexit" - an exit from the euro zone - but a "Greekovery" - a recovery of the Greek economy."
@Reuters: Greek PM hails “Greekovery” replacing “Grexit” http://uk.reuters.com/article/2013/05/17/uk-greece-recovery-idUKBRE94G0FU20130517 …
6:40 AM - 17 May 13
Time to Bet on a Greekovery?
By Matthew C. Klein Jun 6, 2013 6:44 PM ET
This may not seem like the best time to invest in Greece. The economy has shrunk by more than one-fifth since 2008 and, if private forecasters surveyed by Bloomberg are correct, will see a cumulative decline of 25 percent over seven years—a catastrophe no rich country has experienced in peacetime since the Great Depression.
On the other hand, as Baron Rothschild put it, the best buying opportunities present themselves “when there is blood in the streets.”
Let’s never say “Greekovery” again. http://reut.rs/13y3gE6
11:50 AM - 10 Jun 13
Crisis And Chaos Return To Greece Following National TV Shutdown
Submitted by Tyler Durden on 06/12/2013 08:24 -0400
A week ago we joked that Greece was rapidly sliding into the “fourth world” (and had the photos to prove it). Well, today Equity Index provider MSCI took our joke and made it into something way too serious when overnight it made Greece the first developed nation ever to be downgraded into “emerging market” status. Not quite fourth world, but that too will come.
Wait, Greekovery? That’s a new (if idiotic) one. Is that abbreviated to “reek”? And in what nation is your GDP crashing to Year 2000 levels indicative of even the faintest “recovery”?
Oh yes, Greece.
International Business Times
‘Greekovery’ (A Rebound In The Greek Economy) Remains Elusive, Despite Hopes, Hard Work And Bluffs
By Alexander C. Kaufman
on June 28 2013 9:53 PM
Sounds like a fool’s errand but recently there have been signals that Greece may indeed be rebounding—and they were on full display at the Plaza. Greek share prices have doubled in the last year, officials from the Athens Stock Exchange boasted. Investors who purchased 30-year Greek government bonds last July have quadrupled their money. The government’s borrowing costs on 10-year bonds fell by 1 percent, the lowest level in three years, in May. Ministers touted the term “Greekovery” and scoffed at “Grexit,” a portmanteau referring to a possible exit from the euro zone.
The National Herald
July 19. 2013
Forget Grexit: the New Catchphrase for Greece is Greekovery
By Barbie Latza Nadeau Newsweek
A year ago “Grexit” was the summer catchphrase among Europeans who had largely written off Greece as the first casualty of the European economic crisis. By the books, Greece’s economy is not much better this year.
Greek Island Of Santorini Is Without Electricity
Submitted by Tyler Durden on 08/13/2013 09:56 -0400
The Greekovery (where a -4.6% GDP collapse is seen as positive) may be televized, but sadly it will not be electrified.
New York City • Banking/Finance/Insurance • Wednesday, August 21, 2013 • Permalink