Greece might have barely scraped by and avoided a default on payment of ECB bonds due August 20, after the Eurogroup approved the 3rd 86bln Euro rescue plan on Friday, but the real task of implementing the harsh austerity measures in exchange for the cash still lies ahead for the Greek government. Even though PM Alexis Tsipras managed to pass the terms of the 3rd memorandum through parliament, the division within his party SYRIZA is more evident than ever.
The ‘Left Platform’, led by MP Panagiotis Lafazanis seems to be ready to push the limits of the Greek PM, as 32 MPs, including Parliament speaker Zoe Konstantopoulou and former Finance Minister Yanis Varoufakis voted against the measures in a tumultuous session Friday morning. Currently the government is legislating with a minority of 130 MPs, including junior coalition partner ANEL, in a 300 seat chamber.
SYRIZA depends on the support of opposition parties it previously blasted for adopting pro-austerity measures. It is doubtful whether this can continue for long, as main opposition party leader of New Democracy Vangelis Meimarakis made it clear that he will not give ‘carte blanche’ to Tsipras. Here is an infographic showing how the Greek parliament is divided between the ‘Yes’ and ‘No’ on the 3rd memorandum. Will Alexis Tsipras be able to implement the new measures, or will he be forced to call a snap election come September?
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