Is 'Grexit' risk in near term receding?

After the deal agreed on 13 July to launch negotiations for a third Greek bailout and the Greek parliament's vote on prior actions, the risk of a "Grexit" in the near term has receded. 

However, the situation will remain fluid for several months, if not years, as the implementation of the third programme will be challenging.

More to be worried, the Greek crisis has altered the irreversibility of the monetary union. 

"To avoid a return of the redenomination risk in the future, it might be crucial that the euro area moves toward more integration, along the lines of the "Five Presidents Report"", says Barclays.