European stocks close: stocks closed mixed on news that the Eurogroup approved the third Greek bailout programme on Friday

Stock indices closed mixed on news that the Eurogroup approved the third Greek bailout programme on Friday. The programme totals €86 billion. The Greece could get €26 billion in the first tranche from the third bailout programme. €13 billion will be used to cover the debt repayment and an additional €10 billion will be used to bolster capitalisation levels of Greek banks. The Greek government will get €3 billion for the implementation of fiscal and structural reforms.

German Chancellor Angela Merkel said in an interview on ZDF television Sunday that she is confident that the International Monetary Fund (IMF) will take part in a new bailout for Greece. Merkel noted that the Greek burden could be eased by extending the maturities on its debt and reducing interest rates.

Meanwhile, the economic data from the Eurozone was positive. Eurozone's unadjusted trade surplus jumped to €26.4 billion in June from €18.8 billion in May.

Exports rose at an annual rate of 12.0% in June, while imports increased at 7.0%.

The German Bundesbank released its monthly economic report on Monday. The central bank said that Germany's economy is expected to expand in the second half of the year, supported by rising consumption and growing exports.

The country's economy is expected to benefit from real income rises, the Eurozone's recovery, a weaker euro and foreign demand, according to the report.

The Bundesbank pointed out that Greek economy will gradually recover, supported by the bailout programme, tourism income and investments.

Germany's central bank expressed concerns over the economic growth in China.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,550.3 -0.44 -0.01 %

DAX 10,940.33 -44.81 -0.41 %

CAC 40 6,550.3 -0.44 -0.01 %