Greek debt crisis live: Tsipras meets rebellious MPs as bailout vote looms - Greece Prime Minister Alexis Tsipras faces revolt after capitulating over the swingeing austerity measures forced on the country by its Eurozone partners.
Chief economist at RBC Global Asset Management, Eric Lascelles, says there is "ample room for error," as Tsipras tries to drive through pension cuts, labor market reforms, VAT tax increases, privatizations, military spending cut, higher corporate taxes, and additional IMF involvement in Greece.
He further added that even if Greece clings on, there is considerable risk that the country stumbles at some later point of time and is not able to recover within the constraints of the Eurozone.
Mark Carney, Bank of England governor, has warned MPs that it will be very hard to implement the Greek bailout deal. Testifying to the Treasury Committee in Westminster, Carney warned that success will need Herculean efforts from all sides.
Carney warns that there are big execution risks and Greece's debts are not sustainable in their current form. He further added that the events of recent months emphasize the Eurozone's "institutional shortcomings."
The UK chancellor is kicking off in Brussels, over the idea that the short-term loans Greece urgently needs could be partially funded with British cash.
The right-wing Independent Greeks party has offered Tsipras some support over the largely contentious deal he brought back from Brussels.
Panos Kammenos, the party's leader, declared that "We will stand by Alexis Tsipras government."
Many Kammenos's MPs have said that the new agreement, as delineated in the overnight meeting in Brussels, is harsher than the original one the coalition had indorsed last weekend and, as such, is unacceptable.