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May 5, 2011

Sovereign default predictions again on the rise

Confidence in Greek Finances now linked to confidence in the EU

"Fresh deterioration"

Survey reports from the Foundation for Economic and Industrial Research (IOBE) indicate attitudes in Greece remain negative, and are sliding toward lower levels regarding their personal and nationwide economic outlook.

Ekathimerini on Greek expectations in the economy:

"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 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 improved, the survey reports."

The Economic Times on the survey report from the IOBE:

"The economic sentiment index is at last year's levels, implying that one year after the (country's) recourse to the European support mechanism, consumer and business expectations have not improved," IOBE said.

"The percentage of Greek consumers who think their economic situation will worsen, slightly or markedly, rose to 77 from 69 percent," IOBE said, adding that 93 percent expected unemployment to rise in the coming 12 months. "

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