German economic conditions are holding up despite the Greek crisis

April's rise in the Ifo German Business Climate Indicator (BCI), from 107.9 to 108.6, suggests that economic conditions are holding up despite the Greek crisis and comes as a relief after falls in the ZEW and PMI surveys. (Data released on Friday.) 

But while the index measuring current conditions rose, the expectations component fell for the first time in six months. 

"The Ifo has tended to lag a little behind the PMI equivalent index in past cycles, so if the downturn in the latter is sustained, we would expect the Ifo to follow suit before long." said Capital Economics