Eurogroup, Greece fail to reach consensus in talks on debt crisis

Eurogroup President Jeroen Dijsselbloem (L) looks at Greek Finance Minister Yanis Varoufakis (R) during an extraordinary euro zone Finance Ministers meeting to discuss Athens' plans to reverse austerity measures agreed as part of its bailout, in Brussels February 11, 2015. [Photo/Agencies]

On the contrary, the new Greek government doesn't want an extension of the 240-billion-euro ($271 billion) bailout program, which will expire in late February, because the government has promised to Greek voters to end the program and give up the fiscal austerity policy under the bailout.

Athens is seeking to replace the bailout with a bridging agreement to cover the country's funding needs until autumn, while the government is negotiating a final deal with creditors on further debt relief.

"I am certain that our European partners will respond to our proposals and we will achieve a mutually beneficial compromise," Greek Prime Minister Alexis Tsipras said earlier Wednesday.

European lenders seem still adamant that Greece should stick to current financial reforms and the drive to improve its fiscal conditions in order to gain further support from the Eurogroup.

Dijsselbloem said on his entry into Wednesday's meeting that it's crucial for Greece to continue reforms which have brought the country a primary surplus and economic growth.

"I will express my hope that they stick to the reform path. They have returned to growth last year with primary surplus," he stressed.