Today was published statistics on the index of business sentiment in Germany, which showed a decline to 107.4 in June, against the forecast of 108.2 and the previous figure at 108.5. The main negative factor for investors has become concern about a possible Greek default. It is worth noting that the value of the index above 100 points indicates optimism in the business community. In case of reaching an agreement on reforms between Greece and creditors, we expect the growth of the index of business confidence in Germany. Our medium-term forecast for the German market remains positive due to the program of quantitative easing in the euro area and the positive impact of price reduction of the euro.