Who's to blame for "Grexit"?

Not the phenomenon; the word.

"Grexit" has gone from being a word that no-one had heard, to one that people couldn't quite believe they had heard, to one that people can't stop hearing, in a very short space of time.

Google Insights shows the search volume for the word over the last twelve months (the scale is searches, normalised so that the highest month is equal to 100):

As you can see, it was first heard in February, has a local maximum in March, and then rocketed up this month (it is likely to rise even higher in the last third of May). So where did it come from? Who do we have to blame?

It's all Citigroup's fault. On 7 February, Willem Buiter and Ebrahim Rahbari at Citi released a briefing note that read:

We raise our estimate of the likelihood of Greek exit from the eurozone (or ‘Grexit’) to 50 per cent over the next 18 months from earlier estimates of ours which put it at 25-30 per cent.

For the record, on 7 May Citi cranked up its odds of a Grexit to 50-75 per cent. If they are better at making medium-term predictions than they  are at coining words that don't sound like an antidepressant, there is still time to short the Euro.

A replica of the one drachma coin in Athens. Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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PMQs review: Theresa May shows again that Brexit means hard Brexit

The Prime Minister's promise of "an end to free movement" is incompatible with single market membership. 

Theresa May, it is commonly said, has told us nothing about Brexit. At today's PMQs, Jeremy Corbyn ran with this line, demanding that May offer "some clarity". In response, as she has before, May stated what has become her defining aim: "an end to free movement". This vow makes a "hard Brexit" (or "chaotic Brexit" as Corbyn called it) all but inevitable. The EU regards the "four freedoms" (goods, capital, services and people) as indivisible and will not grant the UK an exemption. The risk of empowering eurosceptics elsewhere is too great. Only at the cost of leaving the single market will the UK regain control of immigration.

May sought to open up a dividing line by declaring that "the Labour Party wants to continue with free movement" (it has refused to rule out its continuation). "I want to deliver on the will of the British people, he is trying to frustrate the British people," she said. The problem is determining what the people's will is. Though polls show voters want control of free movement, they also show they want to maintain single market membership. It is not only Boris Johnson who is pro-having cake and pro-eating it. 

Corbyn later revealed that he had been "consulting the great philosophers" as to the meaning of Brexit (a possible explanation for the non-mention of Heathrow, Zac Goldsmith's resignation and May's Goldman Sachs speech). "All I can come up with is Baldrick, who says our cunning plan is to have no plan," he quipped. Without missing a beat, May replied: "I'm interested that [he] chose Baldrick, of course the actor playing Baldrick was a member of the Labour Party, as I recall." (Tony Robinson, a Corbyn critic ("crap leader"), later tweeted that he still is one). "We're going to deliver the best possible deal in goods and services and we're going to deliver an end to free movement," May continued. The problem for her is that the latter aim means that the "best possible deal" may be a long way from the best. 

George Eaton is political editor of the New Statesman.