\
grɛ
gzɪt, grɛ
ksɪt\
A portmanteau of "Greek/Greece" and "exit," the term "Grexit," popularized in May/June of 2015, has been applied to the possible exit of Greece from the European-currency zone, popularly known as the "eurozone" (also "Eurozone," "
Euro zone," and "
euro zone") because of its heavy debt to EU creditors like Germany.
Greece's recent "no" vote, which means it's rejecting the
EU's plan to pull Greece out of debt, might be a victory for Greek
sovereignty and democracy, but it's probably going to lead to a Grexit from the eurozone.