European stocks close: stocks closed higher on hopes for a deal between Athens and its creditors

Stock indices closed higher on hopes for a deal between Athens and its creditors. The next round of the debt talks has started today in Luxembourg. Greek Finance Minister Yanis Varoufakis said that Athens will not provide a new reform proposal. It is unlikely that a deal will be reached today.

The Bank of Greece said in its annual report on Wednesday that failure to reach a deal with creditors could lead to the exit from the Eurozone and to crisis in Greece.

International Monetary Fund (IMF) Managing Director Christine Lagarde said that Greece will not get extra time to repay its IMF loans.

The Office for National Statistics released its retail sales data for the U.K. on Thursday. Retail sales in the U.K. increased 0.2% in May, exceeding expectations for a flat reading, after a 0.9% gain in April. April's figure was revised down from a 1.2% rise.

The slower growth was driven by lower sales of clothing, which dropped by 1.6% in May. It was the biggest decline since September 2014

Food sales rose 0.6% in May, the biggest rise since December 2014.

On a yearly basis, retail sales in the U.K. climbed 4.6% in May, missing forecasts of 4.8% increase, after a 4.6% rise in April. April's figure was revised down from a 4.2% gain.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,707.88 +27.33 +0.41 %

DAX 11,100.3 +122.29 +1.11 %

CAC 40 4,803.48 +12.86 +0.27 %