European stocks close: most stocks closed lower on concerns over the Greek debt problem

Most stock indices closed lower on concerns over the Greek debt problem. Prime Minister Alexis Tsipras said on Wednesday that Athens was "close" to a deal with its creditors. But some top European officials and International Monetary Fund Managing Director Christine Lagarde denied that there is a progress in debt talks between Greece and its creditors.

"I would not say that we already have reached substantial results," Lagarde said in an interview.

The European Central Bank (ECB) released its Financial Stability Review on Thursday. The central bank said that if debt talks between Greece and its creditors last for a long time, it could raise the yields on debt of other countries from the Eurozone.

European Central Bank (ECB) Vice President Vitor Constancio pointed out on Thursday that a default of the Greek government and the solvency of Greek banks are not connected automatically. He noted that Greece will not leave the Eurozone if it does not repay its loans.

The European Commission released its economic sentiment index for the Eurozone on Thursday. The index remained unchanged at 103.8 in May, beating expectations for a decline to 103.5.

April's figure was revised up from 103.7.

The consumer confidence index dropped to -5.5 in May from -4.6 in April due to faltering optimism about the level of future unemployment, the future general economic situation and the future savings.

The industrial confidence index increased to -3.0 in May from -3.2 the previous month, in line with expectations, due to optimistic production expectations.

The services sentiment index climbed to 7.8 in May from 7.0 in April due to optimistic demand expectations and the better assessment of the past business situation.

The construction confidence index rose to -25.0 in May from -25.5 in April due to the better assessment of the level of order books.

The business climate index was down to 0.28 in May, missing forecasts of a rise to 0.35.

The Office for National Statistics (ONS) released its revised gross domestic product (GDP) data on Thursday. The revised U.K. GDP expanded at 0.3% in the first quarter, missing expectations for a 0.4 gain, after a 0.5% rise in the fourth quarter. It was the slowest pace since the fourth quarter of 2012.

On a yearly basis, the revised U.K. GDP rose 2.4% in the first quarter, missing forecasts of a 2.5% increase, after a 3.0% gain in the fourth quarter.

The service sector climbed 0.5% in the first quarter, the construction sector dropped 1.6%, and the production sector was down 0.1%, while agriculture sector decreased 0.2%.

Indexes on the close:

Name Price Change Change %

FTSE 100 7,040.92 +7.59 +0.11 %

DAX 11,677.57 -93.56 -0.79 %

CAC 40 5,137.83 -44.70 -0.86 %