Athens, Feb 17 (IANS): Talks between Greece and its eurozone creditors over the Greek debt crisis collapsed Monday, after the negotiators failed to reach a consensus on a proposal to extend the international bailout package for Greece.

The breakdown of the talks in Brussels have raised concerns that Greece could be edging closer to a disruptive exit from the eurozone, though eurozone finance ministers said a last-ditch summit could be held Friday, The Guardian reported.

However, the Greek delegation was told in no uncertain terms that the talks would recommence only if the country was willing to extend the bailout package, which carries a list of austerity measures that the new left-wing government in Athens had vowed to pare back.

Effectively presenting Greece with an ultimatum, the Eurogroup of eurozone finance ministers said Athens had until Friday to agree to continue with the current bailout programme under the auspices of the European Union (EU), the European Central Bank (ECB) and the International Monetary Fund (IMF) -- something that Greece has termed "unacceptable".

Greek finance minister, Yanis Varoufakis, had made it clear that his government would not accept prolonging the bailout programme for six months unless the other 18 members of the eurozone agreed to water down the austerity conditions attached to the deal.

Varoufakis insisted that an "honourable agreement" was within reach for Greece, despite voicing strong criticism of the advocates of Greece's current bailout programme.

The Syriza-led coalition government in Athens is convinced that, despite the tough language used by Germany, it can secure more favourable terms by holding out until closer to the Feb 28 deadline when its current 172 billion euro (nearly $196 billion) bailout package expires.

However, it ran the risk of infuriating other eurozone members Monday through its negotiating stance and by leaking the details of a draft agreement while the meeting was going on.

Dutch Finance Minister Jeroen Dijsselbloem, who chairs the Eurogroup, said that there was disappointment about the failure to find a common ground, but insisted that the Greek government had to make the next move by asking to continue the bailout programme.

"The next step has to come from the Greek authorities. They have to make up their mind," he said, adding that the possible meeting of eurozone ministers Friday would be the last chance to strike an agreement on the Greek debt issue.