European stocks close: stocks closed higher on manufacturing PMIs from the Eurozone

Stock indices closed lower on concerns over the Greek debt crisis. Greece could run out of cash. It have to repay IMF loans next week.

The European Central Bank (ECB) Vice President Vitor Constancio said on Monday that he believes that the Greek exit from the Eurozone will be avoided.

The European Commission released it economic growth forecast for the Eurozone. Eurozone's economic growth for 2015 was upgraded to 1.5%, up from a previous estimate of 1.3%. Eurozone's economic growth for 2016 remained unchanged at 1.9%.

The European Central Bank's quantitative easing supports the economic growth in the Eurozone, the European Commission noted. It added that lower oil prices, the weak euro and steady global growth also are supporting the European economy.

German economic growth for 2015 was raised to 1.9%, up from a previous estimate of 1.5%. Germany's economic growth for 2016 remained unchanged at 2.0%.

The European Commission downgraded the Greek GDP growth for 2015 to 0.5% from a previous estimate of 2.5% due to the debt crisis. Greece's economic growth for 2016 was lowered at 2.9% from a previous estimate of 3.6%.

French economic growth for 2015 was raised to 1.1%, up from a previous estimate of 1.0%. France's economic growth for 2016 was cut to 1.7% from a previous estimate of 1.8%.

The European Commission upgraded the Italian GDP growth for 2016 to 1.4% from a previous estimate of 1.3% due to the debt crisis. Italy's economic growth for 2015 remained unchanged at 0.6%.

Spanish economic growth for 2015 was raised to 2.8%, up from a previous estimate of 2.3%. Spain's economic growth for 2016 was upgraded to 2.6% from a previous estimate of 2.5%.

Eurozone's producer price index climbed 0.2% in March, missing expectations for a 0.3% increase, after a 0.6% rise in February. February's figure was revised up from 0.5% gain.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,927.58 -58.37 -0.8 %

DAX 11,327.68 -292.17 -2.5 %

CAC 40 4,974.07 -107.90 -2.1 %