Finance Minister Yanis Varoufakis visited Paris on Sunday (February 1), where he met with his French counterpart Michel Sapin. At the press conference that followed the meeting, Varoufakis said that Greece will forgo further disbursements of aid until negotiating a "new social contract" with its creditors; he aims to conclude the discussions by end-May. He added that Greece is asking for a "breathing space" until the end of February to finalise its detailed proposals on reforms for the handling of the humanitarian crisis and the debt.

Varoufakis said that Greece wants its debt repayments to be tied to economic growth. He wanted a new plan for fiscal stimulus in place by the end of May, with repayment of existing debt tied to the country's ability to restore growth.

On his part, Sapin said that "France is more than prepared to support Greece," adding that Greece’s efforts to renegotiate were "legitimate." The French minister urged a “new contract between Greece and its partners."