Brussels, February 17 (RHC)-- 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, but failed to get more than "a nebulous promise of some flexibility that was never specified." The Greek finance minister said that the discussions will 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.