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Last week on Friday, Greek government was able to pass the third bail-out program of €86 billion but not without heavy damage. 222 members of the parliament, voted in favor of the deal, while 64 voted against it and 11 abstained.
The big damage:
- Ruling Syriza party has 149 members in Greece's 300 members parliament, among which 31 members on Friday chose to vote against the bail-out package and another 11 abstained. With this Current ruling government falls well short of 120 number, which is required by the constitution for continuing as minority government.
Uncertainty -
- In spite of successful agreement over third bail-out package, Greece is facing heightened uncertainty. Possibilities are high that Greek government faces an early election, as early as September. In the meantime Greek Prime Minister Alexis Tsipras has called for confidence vote, failing which government is likely to dissolve.
Euro, which is looking beyond Greece as of now might face challenges if Greek Prime Minster fails the confidence motion.
Euro is currently trading at 1.109 against Dollar.
