Talks between Greece and its European creditors have collapsed amid disagreement over the future of German-backed austerity. The Greek Syriza party was elected on a promise to roll back the devastating austerity measures in Greece’s international bailout. At talks in Brussels, Greek negotiators rejected a deal to extend the terms of the current bailout. Greek Finance Minister Yanis Varoufakis said he had tried to negotiate.

Yanis Varoufakis: “We were offering to refrain from effectively implementing our own program, the program that we were elected to implement, for a period of six months. And all we were getting back was a nebulous promise of some flexibility that was never specified. Under those circumstances, ladies and gentlemen, it proved impossible for the Greek government, despite our infinite goodwill, to sign the offered communiqué. And so the discussions continue.”

The breakdown has raised fears Greece may be on the verge of leaving the eurozone. The talks in Brussels came after some 20,000 people rallied in Athens to support Syriza’s stance against austerity.