European shares head for one of their worst weeks of the year after Greece delays its debt payment - overshadowing a new round of positive data from the euro zone. Kirsty Basset reports.
Worries over Greece saw European shares readying for the worst week of 2015. The pan-European FTSEurofirst 300 index was down 0.7 per cent in early trading - and down 4.6 per cent since the start of the week. Investors are bracing themselves for more debt drama over Greece, as the country delayed a 300 million euro payment to the IMF, opting instead to bundle all its June payments together. It's the first time in five years Greece has postponed a bailout repayment. FXPro's Angus Campbell. SOUNDBITE (English) ANGUS CAMPBELL, SENIOR ANALYST AT FXPRO, SAYING: "1.6 billion bundled into one at the end of this month, that's going to be a very tall order for Greece to meet that payment. And really what it's trying to do is buy more bargaining time." Greece's Athex General Composite index was down 3.1 percent as a standoff continued with international lenders over its cash-for-reforms deal. Ipek Ozkardeskaya from London Capital Group. SOUNDBITE (English) IPEK OZKARDESKAYA, MARKET ANALYST, LONDON CAPITAL GROUP, SAYING: "I don't think Tsipras is anywhere close to sealing a deal on this so we are actually getting closer to a Greek default." Good news in economic data though for one of Greece's largest creditors. German industrial orders rose more than expected in April, surging 1.4 per cent on the month. Separately, the Bundesbank lifted its 2015 growth outlook in Europe's largest economy, from 1 per cent, to 1.7 per cent.