22 July, AtoZForex.com, Vilnius – The Greek parliament is due to vote today on a second set of reforms demanded by its creditors. All for the purpose of receiving a third bailout package, while “No” could mean the end.
The third program for Greece, worth 86 billion euros is expected to be granted after Greece’s judicial and banking system reforms will be passed by the Greek parliament.
In the first parliamentary vote last week on the prior actions, including a sales-tax hike, approximately a quarter of Syriza lawmakers rebelled, and this time the Greek Prime Minister Tsipras is facing a growing rebellion within his left-wing Syriza party over the additional measures.
Tsipras coming into power with an anti-austerity pledge, has been accused of betraying his party and the Greek people. Defending his role in the bailout deal, Tsipras told that he is “fully aware that I took the responsibility of a difficult compromise. A compromise, however, which keeps us alive to continue to fight.”
On the eve of the first voting, Tsipras backed his decision to bend to creditors’ demands for the bailout by pointing out the lack of alternatives. “Up until today I’ve seen reactions, I’ve read heroic statements but I haven’t heard any alternative proposal,” The Greek prime minister said, to what he called the “blackmailing dilemma of July 12.”
Not everything is bad
In a more positive note, on Tuesday, Tsipras appeared more authoritative and energized in his speech to colleagues, calling for an overhaul pointing that Greece needed to work on government policies to address corruption and “vested interests” to change “the political system,” and support the weakest social groups making an “effort to attract direct investment into the country to offset the recessionary trends in the economy.”
Moreover, Standard and Poor’s rating agency has upgraded Greece’s sovereign credit rating to CCC+ from CCC- on Tuesday with a stable outlook. S&P added that the possibility of Greece leaving the Eurozone had “declined to less than 50 percent within our forecast horizon to 2018.”