The risk of an imminent Greek disaster appears to have eased after the Greek parliament passed the crucial medium-term fiscal bill last week. But European policymakers’ inability to deal with the crisis quickly and decisively is hitting the rest of the periphery.  With doubts remaining over whether some peripheral economies will hit their fiscal targets and fears that the official debt figures may be painting an overly flattering picture, we still think that the likes of Ireland and Portugal may need a second bail-out next year. Spain and perhaps Italy could also come under severe pressure to seek financial assistance, further adding to concerns about the future viability of the euro-zone.