EUR-USD is trading at slightly lower levels this morning at just above 1.09. The fact that the euro was unable to benefit might well have been due to the fact that a yes vote could have been expected as the opposition had already signalled that it would accept the demands.



Moreover it is obvious that the vote of the Greek parliament was no more than a first step towards the solution and that there are still many obstacles to overcome.



One example is the bridge financing, these measures are urgently required as otherwise Greece would default on ECB bonds on Monday which would result in the ECB completely withdrawing the emergency loans from the Greek banks via the ELA. In that case a Grexit would be unavoidable.



Vladis Dombrovskis, Vice President of the EU Commission, announced yesterday at the official EU press conference that the EFSM was to provide the required funds.



"That is problematical for two reasons. First of all many non-Eurozone countries are opposed to this step, but all EU countries are involved in the EFSM, as the bonds are secured by the EU budget. Secondly, the EFSM should not be activated again", says Commerzbank.