European Stocks Fall as Greece, Creditors Reject New Proposals

European stocks slid as the prospect of a Greek debt deal receded after the Mediterranean nation and its creditors rejected each other’s revised proposals.

The Stoxx Europe 600 Index slipped 0.4 percent to 397.32 at the close of trading, after earlier losing as much as 0.7 percent. The ASE Index snapped a four-day winning streak, falling 1.8 percent, for the biggest drop among western-European markets. Portugal’s PSI 20 Index slid 1.3 percent, for the second-worst performance.

Greece creditors earlier turned down the latest offer from Prime Minister Alexis Tsipras, instead handing the government new terms for a deal to unlock bailout funds. Tsipras denounced the rejection, before setting off for Brussels to meet the heads of the European Central Bank, International Monetary Fund and European Commission. His government later turned down the counter proposal, saying it differed little from an earlier document that had also been shot down.

Euro-area finance ministers gather in Brussels in an effort to reach a deal before Greece bailout expires and about 1.5 billion euros ($ 1.7 billion) in payments fall due to the IMF on June 30.

Source : Bloomberg

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