European stocks close: stocks closed lower on the Greek debt problem

Stock indices closed lower on the Greek debt problem. The Eurogroup meeting is scheduled to be today. It is unlikely that the €7.2 billion tranche of loans will be unlocked at this meeting because there are still differences despite the progress of negotiations.

German Finance Minister Wolfgang Schaeuble said on Monday that a referendum on the Greek bailout in Greece may be helpful. "If the Greek government thinks it should have a referendum, then it should organize a referendum," he noted.

Schaeuble ruled out any deal between Greece and its creditors at today's Eurogroup meeting as "there is not sufficient progress".

Greece must repay the IMF €750 million loan on May 12. Athens said that it has enough money to pay the IMF this week.

European Central Bank Governing Council Member Ewald Nowotny said on Monday that the Greek debt crisis "is much more a political question than an economic question."

The Bank of England (BoE) released its interest rate decision on Monday. The BoE kept its interest rates unchanged at 0.5% and its asset purchase program unchanged at £375 billion. This decision was widely expected.

The interest rate decision was delayed because of last Thursday's parliamentary election in the U.K. The Conservative Party won enough seats to take a majority in parliament.

Low inflation and weak wages weighed on the BoE's interest rate decision.

Analysts expect that the BoE will start to raise its interest rate in early 2016.

Indexes on the close:

Name Price Change Change %

FTSE 100 7,029.85 -16.97 -0.24 %

DAX 11,673.35 -36.38 -0.31 %

CAC 40 5,027.87 -62.52 -1.23 %