European Union

Grexit is so 2012. Citigroup introduces 'Grimbo' to crisis lexicon

By Simon Kennedy

Citigroup Inc. economist Ebrahim Rahbari is again trying his hand at etymology.

In February 2012, he coined the term "Grexit" to describe the risk of Greece leaving the euro area. At the time, he and his fellow economists at Citigroup put the probability at 50 percent within the next 18 months and later raised it to 90 percent by 2014.

EU Leaders to Discuss Response to Crisis in Mediterranean Sea at Emergency Summit

EU heads of state or government meet in Brussels to discuss ways to alleviate migration pressures and prevent new Mediterranean migrant tragedies.

The summit follows the European Union (EU) Foreign and Home Affairs ministers' meeting on Monday after which a 10-point plan was announced envisaging measures such as enhancing search and rescue operations.

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