- Jeroen Dijsselbloem, Head of Eurogroup
The number of registered unemployed in Spain continued to decline in June, falling by 94,700 after a considerable decline of almost 118,000 in May. The Bank of Spain has upgraded its 2015 growth forecast, referring to domestic demand as the key driver for economic growth. The Spanish economy is expected to grow 3.1% this year, above the initially estimated 2.8%. However, the central bank's estimate of 2.7% for 2016 remains intact. In the meantime, an International Monetary Fund analysis revealed that Greece needs at least another 36 billion euros over the course of next three years from Euro zone member states as well as easier terms on existing debt to keep the country afloat. The IMF also said that without some reduction in Greece's staggering debt load, the country has little hope of an economic recovery. It also showed state deposits in the banking system had fallen to less than 1 billion euros at the end of May, before Athens closed banks and imposed capital controls. Meanwhile, the Greek finance minister, Yanis Varoufakis, said that he would step down immediately if Greeks voted "yes". If Greeks were to vote "yes", it would signal their readiness to accept the bailout with austerity conditions that the government has been pushing against. As a result, a "yes" vote could lead not only to Varoufakis's resignation, but also the withdrawal of other government members from Syriza including the Greek Prime Minister Alexis Tsipras.
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