German business morale is down again for a 2nd straight month in June according to a survey. Concerns about the Greek debt crisis has been affecting them negatively. The survey which is called the Ifo business climate index was conducted by Ifo Institute for Economic Research. It is based on a monthly survey of some 7,000 firms, it dropped to 107.4 in June from 108.5 in May.
Greece needs cash to save them from defaulting their loan from the IMF next week. Fears about the risk of a default have prompted savers to withdraw billions from Greek banks, forcing the European Central Bank to increase emergency liquidity assistance to keep them afloat.
German economic growth slowed to 0.3% in the first quarter, with no improvement is sight.
source: https://www.cesifo-group.de/ifoHome/facts/Survey-Results/Business-Climate.html
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