The euro was slightly higher against the U.S. dollar on Thursday, after Greek MPs passed a second set of crucial reforms early Thursday, paving the way to the country's third bailout.
Abandoned by party hardliners, Tsipras is reliant on his political opponents to deliver the measures that creditors have demanded, says Bloomberg. Indeed, while the plan was supported by 230 lawmakers in the nation's 300-seat parliament, the main backing was from opposition parties.
Of the ruling Syriza party’s 149 members, 31 voted against
the deal and five abstained.
The prime minister is trying to hold together his ad hoc majority long enough to finalize the 86 billion-euro ($93 billion) bailout program the country needs to stave off financial collapse.
Former Finance Minister Yanis Varoufakis, who rejected the first set of measures, voted “yes” on Thursday.
Last week, 32 lawmakers rejected the first package of measures, six abstained and one was absent.
“Conservative forces within Europe still insist on their plans to
kick Greece out of the euro,” Tsipras told legislators in the early
hours of Thursday.
“We chose a compromise that forces us to implement a program we don’t believe in and we will implement it, because the choices we have are tough.”
However, the law won’t take effect until the start of 2016 and Finance Minister Euclid Tsakalotos told lawmakers that lenders will already have been recapitalized by then. Greek banks are in line for as much as 25 billion euros of new capital under the outline terms of the new bailout program.
EUR/USD reached 1.0956 during late Asian trade, the session high; the pair last traded at 1.0930, higher 0.01%.
EUR/USD was likely to find support at 1.0809, the low of July 21 and resistance at 1.1036, the high of July 15.
