ESM(European Stability Mechanism) 欧洲稳定机制

The ESM is the eurozone's rescue fund. It can provide countries in financial difficulty with up to €500 billion ($560bn). Greece has requested an ESM bailout to cover all its financial needs for two years.


Eurozone 欧元区

The group of 19 EU countries that share a common currency - the euro. Has so far weathered the financial crisis and kept Greece within the currency, but there are serious fears about the future of the currency should Greece exit.


Exposure 面临风险

Almost all the eurozone countries have lent money to Greece, leaving them "exposed" if Greece can't pay. The Eurozone's largest economies, Germany and France, are owed the most but countries with smaller or less robust economies, such as Slovenia and Spain, would likely suffer more.


Haircut 债务减值

A reduction in the value of a troubled borrower's debts. In 2011, Greece's private lenders received a massive 50% haircut of what they were owed, reducing Greece's debt by €100bn ($110bn). Greece pushed for a second debt haircut this year but has failed to reach an agreement with its creditors.


Paperology 文件学

The exchange of documents between Greece and its EU negotiating partners has gone on for so long with no breakthrough that it has been given its own name - "paperology".


Troika 三巨头

A Russian word meaning a group of three, used by Greek journalists and then others to describe the EU, ECB, and IMF - the trinity of institutions responsible for monitoring Greece's austerity measures. Greece's new prime minister, Alexis Tsipras, vowed in February that he would no longer acknowledge the "Troika" as an entity.