Varoufakis is currently in talks with the so-called Eurogroup comprising European Central Bank President Mario Draghi and EU finance ministers. The sides are discussing ways to proceed with the Greek bailout program which expires on February 28.
Greece's new government came to power pledging to cancel austerity measures imposed in the country by a troika of creditors comprising the European Union, the European Central Bank and the International Monetary Fund. Athens has so far failed to re-negotiate bailout conditions on its $270-billion debt to the troika.
Varoufakis noted that Greece is not asking its European partners to help find ways to repay the debt, but rather for a few months to come up with necessary reforms that would be supported by Greek people.
The Greek finance minister said also that the country would take no more loans until it had a credible plan to repay its existing debts and had strengthened the economy.