Survey shows unexpected upturn in German business confidence as Greece worries subside

A closely watched survey shows that business confidence in Germany, Europe's biggest economy, has posted an unexpected rise this month as worries over Greece subsided.

The Ifo think tank said Monday that its monthly confidence index was up to 108 points for July from 107.5 in June. Economists had expected a slight decline to 107.2.

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Ifo said that managers' assessment of their current situation and their outlook for the next six months both improved, defying expectations that they would slip.

The institute polls several thousand managers each month on their assessment of the economy.