ROME: European stock markets dipped into negative territory at the open on Thursday after a key meeting of eurozone finance ministers yielded no agreement on Greece’s reform plans.
The Stoxx Europe 600 index SXXP, -0.16% dropped 0.5% to 395.20, trimming its weekly gain to 2.5%. Stock markets across Europe scored impressive gains earlier in the week, when European officials gave a positive nod to Greece’s latest reform proposal and indicated a deal on the debt-laden country’s reform program could come this week.
However, a Eurogroup meeting of eurozone finance ministers late Wednesday ended after little over an hour as it became clear key differences over pension and other budget cuts remained between the international lenders and Greece’s anti-austerity government. The finance ministers said Greek Prime Minister Alexis Tsipras first has to agree on policy overhauls with the three international lenders overseeing Greece’s bailout.
Tsipras is meeting with the heads of those institutions — the International Monetary Fund, the European Commission and the European Central Bank — Thursday morning with the hope of reaching an agreement. The Eurogroup will also continue their discussion on Greece on Thursday in preparation for the EU summit of European leaders later in the day.
Greece’s Athex Composite Index GD, +0.18% dropped 0.5% to 776.94.
Other markets: Germany’s DAX 30 index DAX, -0.05% dropped 0.4% to 11,421.34, while France’s CAC 40 index PX1, -0.20% fell 0.6% to 5,013.91. The U.K.’s FTSE 100 index UKX, -0.03% traded 0.3% lower at 6,825.31.
