Greek consumer confidence in tatters

Greece is stuck between a rock and a hard place. The extended negotiations between the government and the representatives of the eurozone and the International Monetary Fund have strangled consumption in Greece, as the delays in the completion of the second review of the country's third bailout are generating uncertainty among households and enterprises. However, when the review is finally wrapped up, as is expected, it will almost certainly come with new fiscal measures that will shrink disposable incomes further. It therefore comes as no surprise that the consumer confidence index recorded by the Foundation for Economic and Industrial Research (IOBE) dropped further last month, to -74.4 points, from -73.3 points in February.

Last month's level, announced by IOBE on Monday, was the lowest since September 2013.

Consumers' projections regarding the state of their...