Welcome to 'Grimbo'

Investment bank analysts have a new word to describe the situation in Greece: "Grimbo."

When the possibility of Greece leaving the euro first became apparent, bank analysts gave it a nickname, "Grexit."

Then, when the country called a sudden bailout referendum for July 5, which led to a resounding "No" vote from the nation, the word "Greferendum" was born.

"Grimbo" - used today in several notes to investors by London analysts - means a period of political and economic limbo.

Citi analysts earlier this week sent out a note saying:

Grexit is not Citi's base case but the risks have risen. If Grexit were to happen, we expect it to be after an extended period of 'Grimbo' (Greece in economic and financial limbo) following a No vote in Sunday's referendum.

Equally, a Yes vote may also lead to an ongoing 'Grimbo' period, albeit less extended. In a negative scenario, a complete nationalisation of banks can't be ruled out. We expect some form of capital controls to persist for the foreseeable future and it is likely that the Athens bourse does not reopen next week.

It's not certain whether "Grimbo" will catch on as much as "Grexit" but they did try.