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Thorns in the side of the Greek bailout deal

While Greece appears to heralding the successful conclusion of talks on its third 85 billion euro ($94 billion), but analysts say there are pressing challenges ahead for the debt-ridden country whether a deal is finalized or not.

On Tuesday, Greece and its lenders finally agreed on the technical details of a third bailout, a spokesperson for the European Commission confirmed, but a political agreement with other euro zone leaders still needs to be secured for the deal to be finalized.

The Greek parliament is now expected to vote on the bailout deal on Thursday, and the Eurogroup of euro zone finance ministers is scheduled to meet on Friday to examine and approve the deal. Other national parliaments in the euro zone have to approve the deal too.

According to a 29-page "Memorandum Of Understanding" (the MOU is the first stage in the formation of a formal contract) regarding the bailout, which was seen by Reuters, Greece will move rapidly to privatize its ports, regional airport and its power grid operator by October. It also lists a range of measures it must implement in order to obtain the third bailout.

Read MoreGreece bailout agreed 'in principle': European Commission

It is hoped that the rescue package -- reckoned to be around 85 billion euros although the Commission would not confirm the amount yesterday – can be finalized so that Greece can make its 3.2 billion euro debt repayment due to the European Central Bank (ECB) on August 20.

Greek newspaper Ekathimerini reported on Wednesday that the plan could be held up by German lawmakers. German Chancellor Angela Merkel is facing resistance within her party to holding a lower-house vote on Greece early next week for "political and practical reasons," according to two unnamed party officials from her bloc, cited by the newspaper.

Despite the concerns, a German Finance Ministry spokesman said the MOU was a "substantial result," Reuters said.

Athens, Greece
George Tsafos | Lonely Planet Images | Getty Images

With the deal yet to be ratified and time ticking, Dean Turner, economist at UBS Wealth Management, said on Tuesday that the risk of Greece leaving the euro zone – a so-called "Grexit" had not altogether disappeared.

"Whilst an agreement may have been reached and Greece looks increasingly likely to meet the 20th August payment deadline, we are not out of the woods yet," he said in a note Tuesday.

"In spite of Greece reaching a technical agreement in principle, the risk of Grexit has not disappeared altogether. There are a number of challenges ahead, including securing passage through the Greek parliament, and some other European parliaments including Germany," Turner added.

Read MoreAwkward! It's tough being rich in Greece

"Furthermore, other headwinds may emerge in the event of a snap general election and the future debt restructuring talks."

Thorny issues

Ahead of Tuesday's announcement, it was reported that Greece and international lenders had agreed to baseline scenario projections for a primary surplus in 2016 and 2017 as part of broader bailout conditions.

A Greek government official also told Reuters that the two sides had agreed on a wealth fund to handle privatizations, and how to address non-performing loans in its banking sector. Both sides said there were other "minor details" to be ironed out but would not elaborate.

Although many aspects of a rescue deal have been agreed, before Greece can receive any money it has to complete a list of 35 "prior actions," including the introduction of new laws on non-performing loans held by banks and the controversial scrapping tax breaks for farmers, according to a Reuters report.

One issue not mentioned was also the thorny issue of debt sustainability, however. Greece has the highest debt pile in Europe, forecast to reach 180.2 percent of gross domestic product (GDP) in 2015, according to the European Commission.

One of Greece's lenders, the International Monetary Fund (IMF) has said recently that it would not even participate in a third bailout for Greece without debt restructuring but the issue was not mentioned by the Commission on Tuesday. Furthermore, Greek banks require recapitalization and capital controls, introduced to stem deposit withdrawals at the height on the Greek crisis in June, remain in place.

Read MoreWhat's behind the IMF attack on the Greek deal?

As such, many thorny issues in Greece needed to be addressed, one market analyst warned on Wednesday.

"While compromises have been made on the subject of primary surpluses, these are a mere rounding error when set against Greece's debt sustainability, the questions surrounding IMF participation, as well as the ability of the Greek government to actually meet the targets being set, at a time when the latest economic data for July doesn't appear to have been reflected in the bailout agreement," Michael Hewson, chief markets analyst at CMC Markets said Wednesday.

"Greece's economy fell off a cliff in July and while capital controls remain the damage being done to the banks, as well as Greek businesses, remains unquantifiable with respect to the amount of bad loans, as well as the money needed to the recapitalization the banking system."

- By CNBC's Holly Ellyatt, follow her on Twitter @HollyEllyatt. Follow us on Twitter: @CNBCWorld