New political uncertainty hits Greece

Greek Prime Minister Alexis Tsipras is set to resign today after he lost his majority over bailout votes, in which almost 1/3rd of his party members revolted against third bailout package from Euro zone partners. The number of Syriza party members voted in favor of the deal fell below 120 mark, required by constitution to continue ruling as a minority government.

Mr. Tsipras is set to resign to make way for an early election, which brings the country back to uncertain waters pose doubts over Greece's ability to implement proposed reforms in the third bail- out package. Moreover Greece faces additional cost over new election.

According to latest information, a snap election will be held in September 20th.

While pro-Euro party led by Mr. Antonio samaras or even win by Mr. Tsipras will be considered as positive, a win by hard liners such as Mr. lafazanis would be another major setback for Greece as well as Euro.

Euro as of now seems to have shrugged off the development, trading comfortably above 1.12 against Dollar.