European stocks close: stocks closed lower as concerns over the Greek debt problem still weighed on markets

Stock indices closed lower as concerns over the Greek debt problem still weighed on markets. The International Monetary Fund (IMF) offered Athens three more weeks to repay IMF loans.

International Monetary Fund Director Christine Lagarde said in an interview to a German newspaper that a Greek exit from the Eurozone is possible.

The European Central Bank (ECB) released its M3 money supply figures on Friday. M3 money supply rose 5.3% in April from last year, exceeding expectations for a 4.9% gain, after a 4.6 % increase in March.

During three months to April, M3 money supply rose to 4.7% from 4.2% in the January to March period.

The lending for house purchase climbed 0.1% in three months to April, after a 0.2% rise a quarter ago.

Loans to the private sector in the Eurozone were flat in April from the last year, missing expectations for a 0.2% gain, after a 0.1% increase in March.

Destatis released its retail sales for Germany on Friday. German adjusted retail sales rose 1.7% in April, beating forecasts of a 0.8% rise, after a 1.4% decline in March. It was the first rise in three months. March's figure was revised up from a 2.3% decrease.

On a yearly basis, German retail sales climbed 1.0% in April, missing expectations for a 2.5% gain, after a 4.3% rise in March. March's figure was revised up from a 3.5% increase.

Sales of non-food products in Germany increased at an annual rate of 2.4% in April, while sales of food products declined by 2.1%.

French statistical office INSEE released its consumer spending data on Friday. French consumer spending increased 0.1% in April, after a 0.7% fall in March. March's figure was revised down from a 0.6% decrease.

Spending on food was up 0.4% in April, spending on automobiles rose 0.1%, spending on household durables fell 0.2%, while spending on energy declined 0.3%.

Spending on manufactured goods increased 0.3% in April.

On a yearly basis, consumer spending in France climbed 2% in April.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,984.43 -56.49 -0.80 %

DAX 11,413.82 -263.75 -2.26 %

CAC 40 5,007.89 -129.94 -2.53 %