Greece votes 'Yes'
REUTERS/Christian Hartmann
Tsipras can now begin working with Greece's European creditors to get an actual bailout, and actual funding, back to the Greek economy, which has basically been shuttered in the last 2 and a half weeks.
This package, which was agreed to in the pre-dawn hours of Monday following weekend-long negotiations in Brussels, is viewed as inferior to what Greece walked away from back on June 26 when Tsipras called a referendum on the package.
(On Wednesday, former Greek finance minister Yanis Varoufakis walked through a step-by-step breakdown of why the package is terrible.)
Greece will now be required to implement a series of reforms, target specific budget surpluses, and submit to oversight from its creditors.
Of course, this package being passed in Greek parliament still seems up in the air, particularly since the IMF - which Greece's European partners are counting on as part of the deal - has in recent days indicated that it believes Greece's current debt burden is unsustainable, technically making the fund ineligible to contribute.
The package Greek parliament approved on Wednesday night does not include debt relief, which the IMF's report indicated will likely be needed in Greece, and was also the major sticking point between Greece and its creditors over the last 6 months of negotiations.
And so while Greece is far from out of the woods, a few things are likely to happen in the next few days and weeks.
The European Central Bank is likely to either raise its emergency liquidity assistance (ELA) to Greece, or through other means provide Greece's banking system with fresh liquidity.
REUTERS/Alexandros Avramidis
The Athens Stock Exchange, which has also been closed, is likely to get on the path to re-opening, and Greece will begin to work towards the 50 billion euro privatization that the draft agreement calls for.
As we've reported, this fund seems like a massive challenge for the Greek government.
Earlier on Wednesday as parliament's debate was getting underway, protests broke out in Athens, and so it's clear that for at least some - if not many, Greece did vote against a similar bailout package 10 days ago - this deal is not acceptable.
And so while Greece has taken a first step towards securing its third big European bailout in 5 years, there is a still a long way to go.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas