Investors enjoying the afterglow of a putative deal that will keep Greece in the euro zone for now might not want to get too comfortable.
Even after conquering seemingly insurmountable odds to strike a bargain with European authorities, the debt-plagued nation's biggest challenges await.
Overcoming the political fallout from forced austerity and trying to generate the kind of economic growth that will make the deal's conditions sustainable present the very real possibility that a Greek exit, or "Grexit," from the euro zone remains an inevitability.
"The likelihood of short-term Grexit remains significant given the strong conditionality contained in the proposal," Citigroup analysts said in a note. (Tweet This)
Market participants weren't thinking that way Monday. Every major global index was on the rise, with most European equity markets posting gains approaching 2 percent and U.S. stocks gaining 1 percent or more.