European stocks close: stocks closed higher as the European Central Bank raised the amount of emergency funding (ELA) to Greek banks by €900 million

Stock indices closed higher as the European Central Bank (ECB) raised the amount of emergency funding (ELA) to Greek banks by €900 million for one week. The amount the Greek central bank can lend its banks totals around €89.5 billion.

The Greek parliament has approved reforms demanded by Greece's creditors in return for the third bailout programme on Wednesday.

European Commission President Jean-Claude Juncker said on Thursday that European Union finance ministers agreed to provide a €7 billion bridge loan to Greece until the third Greek bailout programme will be set up. The bridge loan would come from the European Financial Stabilization Mechanism.

Greece could use the bridge loan to repay ECB and IMF loans.

Meanwhile, the economic data from the Eurozone showed some weakness. Eurozone's final consumer price index was flat in June, in line with the previous estimate, after a 0.2% increase in May.

On a yearly basis, Eurozone's final consumer price inflation fell to 0.2% in June from 0.3% in May, in line with the previous estimate.

Eurozone's consumer price inflation excluding food, energy, alcohol and tobacco declined to an annual rate of 0.8% in June from 0.9% in May, in line with the previous estimate.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,796.45 +42.70 +0.63 %

DAX 11,716.76 +177.10 +1.53 %

CAC 40 5,121.5 +74.26 +1.47 %