LONDON – The recovery across the 19-country eurozone economy appears to be firming despite fears over a Greek debt default and exit from the euro.
Financial information company Markit says its purchasing managers index for the eurozone — a broad gauge of business sentiment — rose to a 49-month high of 54.1 in June from the previous month's 53.6. Anything above 50 indicates expansion.
Markit also says Tuesday that the upturn took the second-quarter average to its highest level for four years and points to quarterly economic growth of 0.4 percent.
Markit chief economist Chris Williamson says the eurozone is "weathering the Greek storm relatively well."
Following a summit of eurozone leaders Monday, hopes are high that a deal with Greece will emerge in the coming days to prevent a default.