Merklande herds the Grexit, but Madame Frexit is being difficult

The euro debt crisis has spawned its own vocabulary. Right at the outset we had the PIIGS (Portugal, Italy, Ireland, Greece and Spain) being herded by Merkozy. Then came Merlande or Merkellande (dubbed for German Chancellor Angela Merkel and French President Fraancois Hollande)… But what will come after the Grexit?

BREXIT – A referendum on whether the U.K. should remain a member of the European Union is scheduled to take place before the end of 2017. The decision to hold this referendum was announced soon after Prime Minister David Cameron was re-elected in the 2015 general election.

SPEXIT – Spain looks on, carefully watching the situation in Greece wondering whether it really wants to be rescued along the same lines. After the Grexit, we may hear more about Spain quitting the euro as they are too big to rescue, and are fed up with austerity.

FREXIT – Marine Le Pen says a Greek exit from the euro is inevitable and France won’t be far behind, if its up to her, anyway. “We’ve won a few months’ respite, but the problem will come back,” said Le Pen about Greece. “I’ll be Madame Frexit if the European Union doesn’t give us back our money, legislative, territorial and budget sovereignty.”

Ahead of the June 25-26 European Council, she said: “You are now asking the Greeks to have another go at this terrible austerity,” she said. “This is basically a debt slavery that you are imposing on them, against the will of these people.”

She wants an organized breakup of the common currency with France and Germany sitting around the table to dismantle the monetary union before it turns Sweet 16.