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16 Jul 2015
Greek Parliament passed the bill, now its Europe’s turn – Deutsche Bank
FXStreet (Edinburgh) - Jim Reid, Analyst at Deutsche Bank, assessed the recent vote by the Greek Parliament.
Key Quotes
“Onto Greece now, as largely expected late last night we heard that Greek parliament approved the proposals agreed upon by PM Tsipras and the Creditors”.
“The bill was passed by a majority of 229 votes (out of 300 seats), with 64 against, 6 abstaining and 1 failing to show. More importantly however, of the 149 Syriza MP’s, 32 voted against and 6 abstained resulting in 38 Syriza MPs objecting the proposals, at the top end of the expected range (30-40)”.
“Finance Minister Tsakalotos responded to the vote saying that it ‘was a decision which will be a burden for me for the rest of my life’ and that ‘I don’t know if we did the right thing but I know we did something to which there was no alternative’.
“Several high-profile Syriza MP’s were amongst those to go against the conditions including Varoufakis, Energy Minister Lafazanis and Deputy Labour Minister Stratoulis”.
“Attention now turns to what will likely be a political reshuffle given the Syriza dissenters, with a minority government a possibility”.
“According to Reuters, a conference call between Eurozone Finance Ministers is scheduled for this morning, while parliamentary approval processes are now expected to take place across Europe (yesterday France approved the proposals) including the Bundestag on Friday. The reaction function from the ECB with regards to ELA will now also be closely watched at today’s meeting”.
Key Quotes
“Onto Greece now, as largely expected late last night we heard that Greek parliament approved the proposals agreed upon by PM Tsipras and the Creditors”.
“The bill was passed by a majority of 229 votes (out of 300 seats), with 64 against, 6 abstaining and 1 failing to show. More importantly however, of the 149 Syriza MP’s, 32 voted against and 6 abstained resulting in 38 Syriza MPs objecting the proposals, at the top end of the expected range (30-40)”.
“Finance Minister Tsakalotos responded to the vote saying that it ‘was a decision which will be a burden for me for the rest of my life’ and that ‘I don’t know if we did the right thing but I know we did something to which there was no alternative’.
“Several high-profile Syriza MP’s were amongst those to go against the conditions including Varoufakis, Energy Minister Lafazanis and Deputy Labour Minister Stratoulis”.
“Attention now turns to what will likely be a political reshuffle given the Syriza dissenters, with a minority government a possibility”.
“According to Reuters, a conference call between Eurozone Finance Ministers is scheduled for this morning, while parliamentary approval processes are now expected to take place across Europe (yesterday France approved the proposals) including the Bundestag on Friday. The reaction function from the ECB with regards to ELA will now also be closely watched at today’s meeting”.