European Stocks Drop as Greek Drama Stays in the Spotlight

European stocks slid Friday, with investors wrapping up the week and the month still unclear as to whether Greece will be able to reach a debt deal before a key payment deadline.

The Stoxx Europe 600 fell 1.7% to 399.87, with no sectors finishing higher. The index still logged a 1% gain for May, but notched a weekly loss of 1.9%.

On the country indexes, Germany’s DAX 30 stumbled 2.3% to 11,413.82, bringing its weekly loss to 3.4%. France’s CAC 40 was shoved down 2.5% to 5,007.89, and the U.K.’s FTSE 100 gave up 0.8% to close at 6,984.43 in the daily session.

Hopes were raised this week that Greece was in the backstretch of a deal needed to get its next round of bailout funds, but European officials quashed that talk, saying more work needed to be done. The Greek government says it’s still aiming to reach a deal on Sunday.

Greece has a 1.5 billion-euro ($ 1.6 billion) debt-service payment to the International Monetary Fund due on June 5.

Source : MarketWatch

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