During the past two decades, the economics lexicon has been ‘sexed up’ with the inclusion of neologisms of portmanteau words linking ‘economics’ with names of world leaders to signify a new style of policies for their respective countries: Reaganomics and Clintonomics for the USA, Rogernomics for New Zealand, Abenomics for Japan and possibly others as well. They have at least managed to throw a glimmer of light on the ‘dismal science’.

As I write, there surfaces a frisson of elation as Greece climbs down from its preposterous demands to the three resolute international financial institutions by submitting its own exhaustive list of proposed reforms in an effort to secure a lifeline offered to it during two weeks of wrangling over two bailouts in the amount of €240 billion (equivalent to circa €20 billion by our standards).

It is not impossible for the whole untidy process to initiate the coining of yet another portmanteau word.

Unfortunately, since both ‘Tsiprasnomics’ and ‘Varoufakisomics’ are hardly pronounceable, economists may well settle for ‘Greconomics’.