Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Greek Economic Sentiment Dipped in September Amid Talks Impasse

Don't Miss Out —
Follow us on:

Oct. 4 (Bloomberg) -- Greek economic sentiment worsened in September as the government failed to conclude talks with international lenders on 13.5 billion euros ($17.5 billion) of austerity measures for the next two years.

An index measuring short-term economic trends fell to 76.1 from 77 in August, the Athens-based Foundation for Economic & Industrial Research, known as IOBE, said in an e-mailed report today. Consumer confidence fell to minus 75.6 from minus 65.2, its lowest level since May, the foundation said.

Prime Minister Antonis Samaras has spent months trying to reach an agreement on the measures with officials from the European Union and International Monetary Fund, and the political parties supporting his coalition government. The package is key to the release of 31 billion euros under the country’s bailouts, designed primarily to recapitalize Greece’s banks in a bid to boost liquidity in a cash-starved economy.

“The drop in consumer confidence is expected and can be explained by the fact that for at least two months people have been receiving successive, often contradictory messages about the contents of the fiscal package,” IOBE said in the statement.

While sentiment worsened in retail and construction, there were improvements in the services and industry, where the index rose to a 13-month high of 80.9 from 77.1 in August.

To contact the reporter on this story: Marcus Bensasson in Athens at mbensasson@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.