The Greek parliament will vote on the measures Wednesday. The government needs to have a majority vote, or 151 of 300, to pass the resolution. Prime Minister Alexis Tsipras will probably have to cross over to pro-European opposition parties to garner the additional votes, with a majority of his own party expected to vote against the measure.
The Greek economy has already contracted 25% in the past five-years as the government tackled with austerity measures designed to diminish the growing public debt.
Greek banks have been shut since June 29 and remain closed until the bailout deal is ratified, which could take another month. With the underlying market closed, the Greece ETF will continue to exhibit large premiums or discounts to its net asset value – GREK is currently trading at a 6.8% discount to NAV. [While Athens Exchange is Closed, the Greece ETF Show Goes On]
Global X FTSE Greece 20 ETF
For more information on Greece, visit our Greece category.
Max Chen contributed to this article.