Global markets have dodged a bullet. Greece has voted "yes" to more austerity, paving the way for the disbursement of €12bn ($17bn) in bailout loans and avoiding a messy default.

The vote in the end was relatively comfortable, with 155 Greek lawmakers in favour, including some who previously had vowed to vote against, and 138 against. But investors can't breathe easy yet. Greece still is a source of risk, and the global picture is gloomy.