Bloomberg News

Greek November Economic Sentiment Ends Fall With New Government

December 06, 2011

Dec. 5 (Bloomberg) -- Greek economic sentiment rebounded in November, while remaining close to its lowest level in more than two years, as a new government took office.

An index measuring short-term economic trends was 68.6, compared with 67.5 in October, the Athens-based Foundation for Economic & Industrial Research said in an e-mailed report today. The historic low of 67.2 was in March 2009.

Consumer confidence was minus 82.3 percent compared with minus 83.8 percent in October, the foundation said. Sentiment reached a record low in the service sector in November, where it dropped to 56.5 from 62.1 the month before.

Lucas Papademos, a former vice president of the European Central Bank, became Greece’s prime minister in an interim administration charged with implementing decisions linked with a second bailout for Greece agreed at an Oct. 26 European Union summit. His predecessor, George Papandreou, roiled markets and angered Greeks and EU partners with an aborted plan to hold a referendum on the bailout.

--Editors: James Hertling, Andrew Atkinson

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


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