Tough challenge for Tsipras government tomorrow

Greek Prime Minister Alexis Tsipras has introduced next set of measures in the parliament, which needs to be passed by tomorrow to ensure Greece remains in the negotiation process to secure a third bailout from European creditors worth around € 86 billion.

Tsipras government passed first set of measures last Wednesday that earned the government a bridge financing from European partners, which was used to clear dues with European Central Bank (ECB), Bank of Greece (BOG) and international Monetary Fund (IMF).

Last vote to pass reforms came at heavy cost for the Tsipras government. Current Government is a coalition one, where Syriza has about 149 seats and 13 for the rest.

In last voting 39 members of the government either abstained or voted against, which has made the current government a minority one and Prime Minister Alexis Tsipras had to rely on opposition to pass the measures.

An election could really be brewing later this year, if voting on the next measures show further cracks in Tsipras government.

Euro is unlikely to take much heed from it, however mood might improve for European assets if Tsipras is able to close the hole in this voting.