Greece Votes "Yes" on Reforms to Possibly Receive Bailout

Greece surrendered to Europe's demands, approved austerity measures to possibly receive a bailout and finally "Grexit" out of the Euro.

Greece's parliament recently voted "yes" to the substantial economic reforms in order for the country to get the fresh bailout worth $96 billion to avoid bankruptcy and get a "Grexit" from the euro.

The reforms, however, are completely unpopular. Most Greeks are unhappy about how European leaders are imposing these harsh reforms on their tax system and their pensions.

Prime Minister Alexis Tsiparas rallied against the reforms with his Syriza party. However, they were forced to accept the reforms as the country stumbles down to bankruptcy. 40 of the 149 lawmakers from Tsiparas' Syriza party did not vote with him. This shows another sign of his weakness that threatened the stability of his leadership. This might even lead to a fresh election and ultimately, more economic turmoil.

In a sense, Greece officially surrendered to Europe's demands. However, there is no official agreement as to whether the creditors will come to an accord on the bailout. The International Monetary Fund has made it clear that it won't rescue Greece unless the deal will offer enough debt relief to make the country's obligations sustainable in the long haul. It seems, however, that this debt relief is something that Germany and other Northern European hardliners are not up to do.

Greece financial condition continues to dwindle down the abyss because of the capital controls that palced its economy on lockdown. Officials want to use the resources that are funded by the United Kingdom; however, the British seem to not want their money put on the line. Despite this fact, the vote is still an important first step towards the bailout.

The IMF has contributed in Greece's bailouts in the past, but it will no longer lend money to the country directly. This is because Greece defaulted two IMF debt payments for a span of three weeks. Eurozone nations, European Central Bank, and the IMF have lend Greece $255 billion since 2010. They are no longer willing to lend Greece money, unless the country will get its financial house in line.