Greek bailout on the rocks before it’s begun?

Looking ahead to this week, we think that euro-zone retail sales data for June will reveal a slight slowdown in annual sales growth. On a country level, indicative of their wider economic performances, we suspect that industrial production growth in June gathered pace in Spain, remained fairly steady in Germany and slowed in Italy. Meanwhile, Germany’s trade surplus may have edged down in June, but it will have remained very large by euro-zone standards.