Greeks rein in their optimism

While Greek consumers and enterprises still foresee an economic rebound, their expectations have cooled somewhat, as considerable uncertainties concerning the course of the economy remain, particularly as regards when the country emerges from its bailout program this summer.

The Purchasing Managers Index (PMI) compiled by Markit showed a decline in expectations in the manufacturing sector in April, for a second month in a row, to their lowest point since last November. The Economic Sentiment Index that the Foundation for Economic and Industrial Research (IOBE) compiles pointed to an improvement last month, but the foundation's analysts attribute that to seasonal factors such as the start of the tourism season.

The PMI reading fell to 52.9 points in April from 55 points in March, managing to stay above the 50-point mark between growth and contraction. Manufacturing...