European stocks close: stocks closed lower as the uncertainty over the Greek debt talks still weighed on markets

Stock indices closed lower as the uncertainty over the Greek debt talks still weighed on markets. The Greek government has provided a new budget proposal to its creditors on Tuesday. Greece hopes to reach a new agreement with its creditors to unlock €7.2 billion new loans.

Greece is running out of cash. It bundled its IMF loans repayments in June. The deadline is June 30. Athens have to repay €1.6 billion IMF loans in June.

German Finance Minister Wolfgang Schaeuble said in Berlin on Tuesday that Greece's creditors were doing everything to keep Greece in the Eurozone. He added that it is now on Greece to deliver reforms.

German Chancellor Angela Merkel said on Monday that time was running out for an agreement to be reached.

The European Central Bank (ECB) Governing Council Member Christian Noyer said on Monday that if Greece had to leave the Eurozone, it would not cause a problem for the Eurozone.

Reuters reported on Monday that Greece's creditors have suggested extending the Greek bailout programme until the end of March 2016, but disagreements over the conditions are risks to this plan.

Meanwhile, the economic data from Eurozone was positive. Eurozone's final gross domestic product (GDP) rose 0.4% in first quarter, after a 0.3% gain in the fourth quarter.

On a yearly basis, Eurozone's final gross domestic product (GDP) increased 1.0% in first quarter, after a 0.9% rise in the fourth quarter.

Household spending gained 0.5% in the first quarter, while government expenditure was up 0.6%.

Exports declined to 0.6% in the first quarter, while imports rose to 1.2%.

The U.K. Office for National Statistics (ONS) released trade data for the U.K. on Tuesday. The U.K. trade deficit in goods narrowed to £8.56 billion in April from £10.7 billion in March. March's figure was revised down from a deficit of £10.12 billion.

The decline in the trade deficit was driven by a drop in imports. Imports dropped by 4.8% in April, while exports of goods rose 2.8%.

Sales to non-European Union countries jumped 4.7% in April.

Exports to the European Union countries increased 0.5% in April, while imports plunged 4.1%.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,753.8 -36.24 -0.53 %

DAX 11,001.29 -63.63 -0.58 %

CAC 40 4,850.22 -7.44 -0.15 %