By Jonathan Davies

Greece Finance Minister Yanis Varoufakis said he was willing to do "whatever it takes" to reach an agreement over the re-negotiation of the country's bailout debt, after talks with EU counterparts collapsed.

Mr Varoufakis was speaking after Greece rejected the EU's offer of extending the €240bn (£178bn) bailout package. The Greek Finance Minister described it as "absurd" and "unacceptable".

Dutch Finance Minister Jeroen Dijsselbloem, who chaired the talks, said it is now "up to Greece" to decide if it wants more funding or not.

The recently elected Syriza party vowed now to pay its huge bailout debt as part of its election campaign.

"My strong preference is and still is to get an extension of the programme, and I think it is still feasible," Mr Dijsselbloem said.

Greece's current bailout package ends on 28 February and the country will probably run out of money if a new deal is not reached.

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