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German Business Confidence Fell in May on Greek Concern
German business confidence fell more than economists forecast in May as speculation that Greece might leave the euro area clouded the economic outlook. The Munich-based Ifo institute said today its business climate index, based on a survey of 7,000 executives, dropped to 106.9 from 109.9 in April. Economists forecast a decline to 109.4, according to the median of 37 estimates in a Bloomberg News survey. Uncertainty about Greece’s future in the euro region increased after elections this month failed to produce a government and saw support grow for parties opposed to austerity measures. A second ballot will be held ... (full story)
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