Greek withdrawal from the eurozone  A Greek withdrawal from the eurozone was a hypothetical scenario under which Greece would withdraw from the Eurozone to deal with the now expired Greek government-debt crisis. This conjecture has been referred to as "Grexit", a portmanteau combining the English words "Greek" and "exit", and which has been expressed in Greek as ελλέξοδος, (from "Ελλάς" + "έξοδος"). The term "Graccident" (accidental Grexit) was coined for the case that Greece exited the EU and the euro unintentionally. These terms first came into use in 2012 and have been revitalised at each of the bailouts made available to Greece since then. Proponents of the proposal argue that leaving the euro and reintroducing the drachma would dramatically boost exports and tourism, while discouraging expensive imports, which would give the Greek economy the possibility to recover and stand on its own feet. Opponents argue that the proposal would impose excessive hardship on the Greek people, as the short-term effects would be a significant consumption and wealth reduction for the Greek population. This may cause civil unrest in Greece and harm the reputation of the eurozone. Additionally, it could cause Greece to align more with non-EU states. The term 'Grexit' was coined by the Citigroup economist Ebrahim Rahbari and was introduced by Rahbari and Citigroup's Global Chief Economist Willem H. Buiter on 6 February 2012. On 27 January 2015, two days after an early election of the Greek parliament, Alexis Tsipras, leader of the new Syriza ("Coalition of the Radical Left") party, formed a new government. He appointed Yanis Varoufakis as Minister of Finance, a particularly important post in view of the government debt crisis. During 2015 and 2016, the chance of a Grexit or even a 'Graccident' (accidental Grexit) in the near future was widely discussed. After the announcement of the bailout referendum on 27 June 2015 speculation rose. That day BBC News reported that "default appears inevitable", though it later removed the online statement. On 29 June 2015 it was announced that Greek banks would remain closed all week, cash withdrawals from banks would be limited to €60 per day, and international money transfers would be limited to urgent pre-approved commercial transfers. The International Monetary Fund (IMF) admitted that its forecast about Greek economy was too optimistic: in 2010 it described Greece's first bailout programme as a holding operation that gave the eurozone time to build a firewall to protect other vulnerable members, but in 2012 the unemployment rate of Greece became about 25 percent, compared to IMF's projection of about 15 percent.