Leonidas Fragkiadakis holds a bachelor's degree in economics from Cambridge University and a master's degree from the prestigious Wharton School of the University of Pennsylvania.

As the European Central Bank cut the hopes that it could allow Greece to issue new government bonds in order to secure funding for the coming weeks, now all expectations are focused on the Eurogroup meeting on Monday.

The ECB's quantitative easing (QE) programme will provide the euro zone member states with liquidity to the amount of 1.1 trillion euro. Greece, however, will not obtain anything until it comes to an agreement with its lenders.

The terms has appeared over the past three weeks on various economic websites and on Twitter. It is a combination of "Grexit" and "incident" and is a short expression for "Greece’s exit from the euro zone because of an incident".

The Greek government continues to insist that it is not in talks with the representatives of the lenders.

It is estimated that, from the beginning of December to the present day, deposit outflows from the Greek banking system have amounted to at least 23 billion euro, their levels reaching their lowest value in 10 years.

The problems are very serious and they are due to Varoufakis’ theory, according to which Greece wants no credit, having failed to secure debt restructuring prior to that, as stated by political analyst Sakis Moumtzis in an interview for GRReporter.