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

Stock indices closed lower on the Greek debt problem. According to the IMF and Greek officials, Athens plans to bundle its repayment of IMF loans. Greece have to repay of around $1.7 billion IMF loans. Greece had to repay its IMF loans on June 5, 12, 16 and 19.

German government bonds posted their worst weekly loss since 1999.

Meanwhile, the economic data from the Eurozone was better than expected. German seasonal adjusted factory orders jumped 1.4% in April, exceeding expectations for a 0.5% increase, after a 1.1% rise in March. March's figure was revised up from a 0.9% gain.

The increase was driven by a rise in foreign orders. Foreign orders climbed by 5.5% in April, while domestic orders dropped by 3.8%.

New orders from the Eurozone rose 6.8% in April, while orders from other countries increased 4.7%.

The intermediate goods declined by 0.9% in April, capital goods orders were up 2.3%, while consumer goods orders increased 4.5%.

Bundesbank upgraded its growth forecasts for 2015 and 2016 for Germany. The growth is expected to be 1.7% in 2015, up from the previous estimate of 1.0%, and 1.8% in 2016, up from the previous estimate of 1.6%.

According to the French Customs, France's trade deficit narrowed to €3.0 billion in April from €4.41 billion in March. March's figure was revised down from a deficit of €4.58 billion.

Exports rose 1.4% in April, imports declined 2.1%.

The Bank of England (BoE) released its quarterly survey. Consumer inflation expectations for the coming year in the UK rose to 2.2% in May from 1.9% in February. February's reading was the lowest level since late 2001.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,804.6 -54.64 -0.80 %

DAX 11,197.15 -143.45 -1.26 %

CAC 40 4,920.74 -66.39 -1.33 %