European stocks declined amid investor concern that Greek Finance Minister Yanis Varoufakis won™t reach an agreement on new bailout terms at a meeting with his euro-area counterparts in Brussels.The Stoxx Europe 600 Index fell 0.2 percent to 372.04 at the close of trading, after earlier losing as much as 0.5 percent. The yield on three-year Greek notes jumped 125 basis points to 20.76 percent, while the ASE Index lost 4 percent, the most among 18 western-European markets. Benchmark equity indexes in Spain and Portugal slid at least 1.3 percent.
German Finance Minister Wolfgang Schaeuble late Tuesday damped hopes of a compromise at today™s 5:30 p.m. emergency meeting, saying there are no plans to discuss a new agreement. Still, Greek Prime Minister Alexis Tsipras said there is œno way back for his government, and he wants a new accord that won™t subject his people to more pain.
Greece is seeking support for a 10 billion-euro ($11.3 billion) bridge plan to stave off a funding crunch and buy time to win an easing in austerity terms from creditors. Any deal would require a softening of Germany™s stance.
Source : Bloomberg
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