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Greek Economic Sentiment Improves Slightly On New Government

Economic sentiment in Greece improved marginally in November after the appointment of an interim government helped consumer confidence inch away from record lows, but pessimism remained in all sectors of the economy, a think-tank said Monday.
The Foundation for Economic and Industrial Research, also known as IOBE, said its monthly economic climate index in November rose to 68.6 from 67.5 in October, ending a three month slide.
“The stabilisation of the political situation with the formation of a new government is likely to lead to some improvement [in sentiment] due to a feeling of temporary relief,” it said in the report.
“Under current conditions, however, and worsening international climate, a cohesive policy is needed that will lift part of uncertainty that has grown.”
After weeks of political turmoil, Greece΄s Socialists, main opposition party New Democracy and small nationalist party Laos joined forces to form an interim government in mid November mandated to oversee the ratification and implementation of the country΄s latest bailout.
IOBE΄s economic climate index combines consumer confidence with sub-indexes of business expectations in industry, construction, retail trade and services.
In November, business expectations across all other sectors deteriorated, IOBE added.
(source: Dow Jones)

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