SUNDAY'S Greek ballot - the fifth general election in six years in the country - saw Syriza win the most seats, but slightly short of an overall majority. The party therefore needs to form another coalition - the third government in less than 10 months - and a deal already appears to have been concluded with the Independent Greeks.

While Syriza did better than pre-ballot polls anticipated, this does not necessarily spell the end of political instability in Greece in coming months. This is because Alexis Tsipras, who will have a second spell as prime minister, faces significant intra-party tension within Syriza as he now implements the new 86 billion euro (S$136.6 billion) bailout deal, including potentially major changes to the welfare, pensions, health and tax systems.

And this continued political angst comes at a time when the financial system remains weak, with continuation of capital controls, despite the surprise news last month that the economy grew in the second quarter of the year. Notwithstanding the security of July's bailout deal, the disbursement of the majority of these funds remains dependent upon future implementation of a tough reform agenda. Thus, fresh funds will not be released unless there is progress - in the form of over 100 new laws by the end of the year - to be reviewed by Greece's international creditors.