Macroeconomics Vocab Boost - 1 Troika

You may be wondering: what is the "Troika" that Yanis Varoufakis, the Finance Minister of Greece keeps talking about?

He says the government will not negotiate over the Greek bailout conditions with the "troika" team from the EU and IMF.

We include a definition for your reference:

The term Troika, which comes from the Russian meaning 'group of three', was increasingly used during the Eurozone crisis to describe: 

The European Commission
International Monetary Fund
European Central Bank

They form a group of international lenders that laid down stringent austerity measures when they provided bailouts, or promises of bailouts for indebted peripheral European states – such as Ireland, Portugal and Greece – in the financial crisis.

Credits from: Financial Times

Photo credits to: ekathimerini.com

Sound familiar right? Hope you like it!