Stock indices traded lower on concerns over Greece's debt. Greece will run out of cash if the Greek government will not sign an agreement with its creditors to receive new tranche of loans. Greece is due to repay the IMF loan of 760 million euro on May 12. The Greek Finance Minister Yanis Varoufakis is to meet U.S. President Barack Obama in Washington later in the day.

The ratings agency Standard & Poor's (S&P) lower Greece's credit rating to 'CCC+' from 'B-'.

The European Central Bank (ECB) kept its interest rate unchanged at 0.05% on Wednesday. The ECB President Mario Draghi said at a press conference that there are signs that quantitative easing by the central bank has been effective. He pointed out the need to complete the full asset-buying programme.

Current figures:

Name Price Change Change %

FTSE 100 7,089.09 -7.69 -0.11 %

DAX 12,148.67 -82.67 -0.68 %

CAC 40 5,246.11 -8.24 -0.16 %