Greek Prime Minister Alexis Tsipras will be back in parliament today, attempting to cajole his MPs to vote in favour of a second package of bailout measures aimed at unlocking an aid programme worth as much as €86bn (£60bn).
Given the support he's received from lawmakers so far, it's unlikely he'll have much trouble getting the measures through. That will pave the way for negotiations on the new loan to begin on Thursday.
Last night a Greek spokesperson said the country expects to have tied up talks by 20 August, leaving it with a three-year support package.
An encouraging sign came yesterday in the form of ratings giant Standard & Poor's upgrading Greece's credit rating from CCC- to CCC+ and changing its outlook from "negative" to "stable".
The company said that while the threat of a Greek exit from the euro was still high, it had fallen to less than 50 per cent.
Although critics warning Tsipras' decision to accept new austerity measures after Greece's "no" vote in the referendum may leave him in a precarious position, others have suggested the reform measures should pass with ease.
"While several MPs from the ruling coalition parties might be expected to abstain or vote against the bill, Tsipras looks set to secure sufficient support from his own camp to deflect calls for his resignation," said Chris Scicluna, head of economics at Daiwa Capital Markets.
"Following this evening’s vote, the government and its creditors will then aim swiftly to conclude the agreement on the [aid] programme to enable further disbursement of funds by 20 August, when more than €3bn is due again to be repaid to the European Central Bank."
European markets were down this morning, driven lower after Apple missed expectations in results posted last night.
The FTSE 100 was down 64 points or 0.8 per cent in early trading, while the Cac 40 fell 26 points or 0.5 per cent and the Dax fell 70 points or 0.6 per cent.