German investor confidence dives to lowest level in 14 years: ZEW survey
June 20, 2012, 1:50 pm TWN
FRANKFURT -- German investor confidence plummeted in June, sustaining its steepest fall in nearly 14 years, amid increased concerns over the health of Spain's banking system, a new survey showed on Tuesday.
The ZEW think tank's economic expectations index plunged 27.7 points to minus 16.9 points, "the steepest fall since October 1998," the organization said in a statement.
"The escalation of the situation in the Spanish banking sector contributed to the sharp drop in the indicator," ZEW President Wolfgang Franz explained.
In addition, the poll was carried out before the outcome was known of the Greek elections at the weekend, he pointed out.