* FTSEurofirst 300 down 0.9 pct
* Greece's Athex drops 5.9 pct
* Falls come in thin volumes
* Profit warning hits Zodiac Aerospace shares (Updates with closing prices, late proposal)
By Alistair Smout and Lionel Laurent
LONDON, June 12 (Reuters) - European shares slid on Friday, evaporating gains since Monday as investors shed risky assets following another week when Greece and its international creditors have been unable to reach a debt deal.
Shares were whipsawed in thin volumes as traders tracked updates on the progress of talks.
Although officials from the European Union and Germany played down the International Monetary Fund's decision to leave talks on Thursday, initially supporting markets, Greece then said it would not cross "red lines" despite the pressure.
Shares jolted into negative territory, with few signs of the breakthrough that is needed to avert a default and Greece's possible ejection from the currency bloc.
While the FTSEurofirst 300 rallied slightly off its lows after Greece said it was ready to restart talks shortly before the close, Greek markets had already shut.
"Time is running out for Greece. To clinch a deal at the 18 June Eurogroup meeting of finance ministers, in time for the 30 June expiry of the current bailout deal, the Greek government has to shift its position very soon," Holger Schmieding, chief economist at Berenberg, said in a note.
The FTSEurofirst 300 closed down 0.9 percent at 1,544.25 points, flat for the week despite a strong rally in the last two sessions.
Volumes were light, with little over 80 percent of the 90-day average volume traded.
Greece's ATG index was down 5.9 percent, having rallied over 8 percent on Thursday. It is down 1.5 percent for the week.
While the drop in European shares was in light volumes, it was broad-based, with Germany's DAX down 1.2 percent and France's CAC down 1.4 percent.
The aerospace sector was a drag on markets before next week's Paris Air Show, with Zodiac Aerospace shares down 5.4 percent after a profit warning linked to seat manufacturing delays. Airbus Group was down 1.6 percent after its chief was quoted as confirming 2015 goals.
As a revival in mergers and acquisitions buoys global equities, German ATM maker Wincor Nixdorf fell 1.6 percent after its chief told a German newspaper he was not interested in selling.
UK clothing brand Ted Baker rose 1.2 percent after it reported a rise in first-quarter revenues.
Europe bourses in 2015: link.reuters.com/pap87v
Asset performance in 2015: link.reuters.com/gap87v
Today's European research round-up (Additional reporting by Francesco Canepa; Editing by Toby Chopra)