Greek Finance Minister Yanis Varoufakis describes the Greek financial crisis as a European-wide problem which should be settled via European institutions. He said he would participate in a Eurogroup meeting on Thursday.

Greece will not ink with creditors an agreement which presumes unachievable financial obligations, the country’s Finance Minister Yanis Varoufakis said in a TV interview on Sunday.

"The point is that we will not agree with an unachievable fiscal plan," the minister stated.

He also commented on the current differences over the target budget surplus. The target surplus of 1.2-1.5 percent was possible in March, but now it is impossible, he said.

The minister underscored that technically it is easy to hold negotiations, however political decisions are also important.

"A compromise between the two parties is technically easy to achieve, but political will is highly needed to make the compromise sustainable," Varoufakis said.

He said that Greece has already agreed to numerous compromises.

Varoufakis describes the Greek financial crisis as a European-wide problem which should be settled via European institutions. He said he would participate in a Eurogroup meeting on Thursday.

The minister again rebuffed the recent claims that he was banned from the negotiations saying they are "undermining of government’s negotiation efforts."

Varoufakis also answered a question on the possibility of snap elections saying: "It would be a terrible mistake if we hold elections or a referendum, because we have just been elected by our people."

Greece's total debt is currently estimated at $350 billion, with $270 billion owed to its top three major creditors — the European Union, the European Central Bank and the IMF.

The new round of talks between Greece and the troika starts on Sunday. During the negotiations, Greece will present a set of financial measures. They are supposed to save €4 billion for the country’s budget while the creditors are demanding austerity measures of €5.8 billion.