By Jonathan Davies

The standoff between Greece and Europe "is fast becoming the biggest risk to the global economy", the Chancellor George Osborne has warned.

Mr Osborne's comments come following talks with his Greek counterpart, Yanis Varoufakis. He said Mr Varoufakis and the rest of the Greek government needs to "act responsibly" in his negotiations over the country's massive debt.

Earlier today, the Greek finance minister has said talks over its massive debt must benefit Europe and has ruled out another bailout.

In talks with his French counterpart, Michel Sapin, Greece's economist-turned-finance minister, Yanis Varoufakis, said a new deal was needed in months.

Greece's current bailout package is due to run out imminently and reports have suggested that Greece would need another bailout to avoid an economic crash.

The talks follow the Greek election last week which saw the left-wing, anti-austerity Syriza part take control of the country. The party has pledged not to pay its debt relating to its €240bn bailout package from the European Commission, European Central Bank and International Monetary Fund (IMF).

Quashing rumours of another bailout package, Mr Varoufakis said: "It's not that we don't need the money, we're desperate because of certain commitments and liabilities that we have.

"We have resembled drug addicts craving the next dose. What this government is all about is ending the addiction."

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