Greek bailout voting likely to pass

Today the Hellenic parliament is scheduled to vote on the second set of 'bailout negotiation measures'. 

"It is expected that the vote will comfortably pass but only due to the support of pro-European opposition parties", says Nordea Bank. 

Talking to Syriza officials on the eve of the vote, Tsipras said he aimed to seal the bailout accord, and that could offer Greece up to 86 billion euros in new loans to support its tottering finances and avert the threat of a forced exit from the euro.

However while the 32 who voted NO are expected to maintain this position, there is hope that the 6 that abstained will vote YES. Such an eventuality would give the government around 130 seats. This would give a more comfortable position when it comes to surpassing the 120 vote level, a level below which the government's mandate to govern could be called into question.

The reforms to be passed today will focus on the modernising of the justice system and the adoption of the EU's Bank Recovery and Resolution Directive. 

One area that has been left out of these reforms is an increase to the tax rate paid by farmers. The deputy agriculture minister has said that this legislation could be passed in August or September following creditor negotiations.