Tsipras succeeds to fend-off further rebellion

Greek parliament has passed next set of measures with 230 votes in favor in 300 members' parliament. These reforms include legislation to handle bankruptcy of banks and impose losses on shareholders and debt holders as well as legislations for Judicial reforms to which would smoothen judicial process and lower cost.

• 36 members of current ruling coalition of Syriza party either abstained or voted against the legislation, lower than 39 in last week's voting. Tsipras had to rely on opposition votes. This makes an early election possible in the coming months.
  
  
• An early election might bring back turmoil in Greece as it would pose doubts on implementation of the reforms passed since last week.

Negotiators from IMF, ECB and European council will be arriving this Friday in Athens to begin the process. All the parties are willing to work hard to conclude the deal by August 20^th, when another European Central Bank (ECB) payment is falling due.

In another event, Greece's credit rating is lifted one notch by rating agency standard & Poor's as it is more likely now that Greece will be able to pay off private debt.

Euro is currently trading at 1.095, up 0.25% so far today.