Greece’s economic climate shows fresh deterioration
The economic climate index in Greece declined for a second month in succession in April, dropping to 74.2 points from 78.4 points in March, according to a survey conducted by the Foundation for Economic and Industrial Research (IOBE). The new decline is attributed to the deterioration of the climate in industry and retail commerce, while there has been a clear drop in consumer confidence. The index has now returned to last year’s levels, which means that one year after Greece resorted to the 110-billion-euro bailout loan, the expectations of corporations and consumers have not im- proved, the survey reports. Worse, the already negative expectations for unemployment have marginally increased, with the fear of being made redundant remaining strong among most consumers.