Bailout Bill Passed But Crisis Is Far From Over

The vote for the bailout package has taken place in a toxic atmosphere.

Although the bill has passed Greece and its politicians are bitterly divided.

The Prime Minister, Alexis Tsipras, says he does not even believe in the deal and he claims he was "blackmailed" into agreeing to the measures in Brussels.

None of this, of course, bodes well for Greece's future economic direction.

It is very difficult at this stage to say what exactly will happen next because there are so many places where the agreement could fall apart.

For instance, difficulties in implementing reforms and the level of debt could mean that Greece fails in its Herculean task and heads towards the eurozone exit door anyway.

Many economists agree with the IMF analysis that the size of Greece's debt could crush the country's chances of growth if some form of debt relief (a haircut) is not introduced - but politically that is poison for the electorates of the other eurozone nations.

Why should Greece not cough up when other indebted nations have to service their debts in full?

But without some radical rethinking it is difficult to believe that a solution has been found.

The Greek crisis has run for five years. It is far from over yet.