Greek PM survives no confidence vote

The last thing that markets really needed was the current Greek parliament to fold, so the news that George Papandreou's cabinet scraped by with a return of 155 votes to 143 has been well received, as this will make any rescue package that much quicker to implement and time is of the essence here.

The next stage is for this Government to push the austerity package of 28billion euros through by June 28th and this has to be ratified, before the IMF/EU will release the first tranche of 12 billion euros that will stop Greece defaulting on debt repayments due in the next month.

Eurozone ministers will be meeting on July 3rd and if Greece has passed the austerity package into law, they are expected to put together a substantial long term rescue package.

There are a lot or Eurozone watchers out there however, that see this delaying the inevitable and that Greece will default on debt repayments at some stage and will then be technically bankrupt and Banks that are carrying Greek debt will face massive losses.