ROME: European stocks were broadly lower on Friday, as renewed concerns over a potential Greek default weighed after the International Monetary Fund chose to leave negotiations.
During European morning trade, the EURO STOXX 50 dipped 0.74%, France’s CAC 40 lost 0.71%, while Germany’s DAX 30 tumbled 0.94%.
European equities were hit when the IMF pulled out of Greek debt talks on Thursday after it accused Athens of failing to compromise over labour market and pension reforms.
The IMF said its team of negotiators had quit talks in Brussels after reaching a stalemate and would be returning to Washington.
Greek Prime Minister Alexis Tsipras was scheduled to resume talks in Brussels with European commission President Jean-Claude Juncker on Friday. However, such a meeting is now in doubt.
A government spokesman said Greece’s negotiating team is “ready” to intensify efforts to wrap up a deal “even in the next 24 hours.”
Financial stocks were broadly lower, as French lenders BNP Paribas (PARIS:BNPP) and Societe Generale (PARIS:SOGN) declined 0.57% and 0.44%, while Germany’s Commerzbank (XETRA:CBKG) and Deutsche Bank (XETRA:DBKGn) slid 0.26% and 0.30%.
