Greek Deal Only Delays a Possible Grexit Until 2016: Expert

The markets rally following the approval of a debt deal between Greece and its creditors might be short lived, according to one expert. 'Whereas a short term rally in risk assets, in periphery debt, in European equities is understandable, I’m not quite sure the market’s thinking this fully through,’ said Michael Ingram, Markets Commentator at BGC Partners. ‘I am fully of the opinion that we are going to be revisiting a Grexit scenario in 2016, once this program, actually once again proves to be unworkable.’ Ingram does expect the Greek parliament to approve the agreement on Wednesday, but said the government will increasingly have to rely on votes from the opposition. He expects to ultimately see a fragmentation of the Syriza party, as well as another round of elections before the end of the year.