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.