- Alexis Tsipras, Greek Prime Minister
Athens took another crucial step towards a bailout after parliament approved a second set of reforms that was demanded by Greece's creditors. The passage of the measures means that talks on an 86 billion euros bailout can begin. The reforms include changes to Greek banking system and an overhaul of the judiciary system. The bill was widely expected to be passed as it was supported by the main opposition parties, but Prime Minister Alexis Tsipras also managed to contain further defections from Syriza, and stay on in his post. Ex- Finance Minister Yanis Varoufakis voted for the bills, saying that the reforms to the Greek legal system and banking sector were necessary. Earlier on Wednesday, the European Central Bank approved another 900 million euro in emergency liquidity assistance (ELA) for Greek banks. Yet, lenders are still subject to strict capital controls.
Meanwhile, Spain's unemployment rate declined in the second quarter, albeit the indicator still remains at an unhealthy high level. The jobless rate in the Euro zone's fourth largest economy dropped to 22.4% in the three months through June 30, down from 22.4% in the preceding quarter, the second highest unemployment rate in the Euro area. The Spanish jobless rate hit an all-time high of 26.94% in the first quarter of 2013.
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