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German business morale brightens in July as Greece situation improves

[BERLIN] Business confidence in Germany improved in July after two monthly drops, a survey showed on Monday, as an agreement between Greece and its creditors for talks on a third bailout lifted the mood at firms in Europe's largest economy.

Ifo's business climate index, based on a monthly survey of some 7,000 firms, rose to 108.0 from 107.4 in June, beating the Reuters consensus for a reading of 107.2.

"The recent easing of the Greece situation contributed to stronger sentiment in the German economy," said Hans-Werner Sinn, president of Ifo think tank.