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While Greek government and Euro zone officials hold talks on Greek bailout program, hard data points that Greece still stands far from recovery.
- Latest PMI repost from Markit economics indicated that business conditions are still deteriorating in Greece's manufacturing sector as new orders continue to drop for consecutive nine months.
- However headline figure came 48, better than April's 46.5, which was lowest in 22 months. Employment is still dropping in the sector. With lack of demand, manufacturers shed stuff for second month in a row.
Greek government is fighting to secure a deal with Euro zone official that will unlock € 7.2 billion of bailout money.
However with current economic conditions it pose serious doubts, how such tiny money can help Greece back on path of Growth, since the country is facing € 1.9 billion of repayment to IMF in June, followed by € 6.7 billion to European Central Bank.
Without further financial assistance Greece might not make out of current economic depression.
