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Greece's foreign debt amounts to €324 billion and exceeds 180% of GDP. The loans, which Greece has received from the International Monetary Fund, have increased by €373 million because of the euro’s weakening against the US dollar, according to Greek Court of Auditors data. In parallel, the national budget and the public debt are drifting away from the original objectives.

The deterioration in Greece’s 2014 financial performance shows the stalemate in the memorandum’s economic policy. It is based solely on the failed reduction of budget expenses and tax increases, demanded by the creditors.

"We will present a complete proposal covering the transition to a new debt management agreement on Wednesday," said Finance Minister Yannis Varoufakis, as reported by Reuters. This will happen at the Eurogroup meeting on 11 February, in Brussels.

Varoufakis attended the meeting of the Ministerial Council, which had to prepare the government’s programme declaration. It will be presented later today in Parliament by Prime Minister Alexis Tsipras.

In an interview on the Italian state television Rai Tre, the finance minister voiced his critical attitude of Germany. He accused it of having scared the other EU member states into towing its own line. Varoufakis also pointed out there was a risk of Europe becoming "something worse than the former Soviet Union."

"Officials of an important Italian institution approached me and told me that they are in solidarity with our country, but they cannot tell the truth as Italy is threatened by bankruptcy and they fear the German consequences. In recent years, the whole of Europe has been shrouded in a cloud of fear. We are at risk of becoming worse than the former Soviet Union," said Varoufakis, with this part of the interview published on the Presa Diretta web page before the airing of the show itself.

He gave a clear sign that Greece needs the support of other EU member states if the current policy line were to be changed.

"What we can do for the rest of Europe and especially for Italy, is to open a small door to the truth. We cannot find the truth on our own, but we can open a door and move so you can support us. In this way, we all can move from the darkness of today’s austerity to the light of a European rational, logical discussion," the minister stressed.

Varoufakis said that the proposals of the new Greek government do not only concern Greece, but other EU countries as well, therefore Germany will have to explain at some point why it keeps rejecting the alternative proposals of its partners.

It is all about ideas and proposals that concern Europe in its entirety, because we, the Greeks, don’t think that we have the right to ask for ourselves anything that will not be in effect for the Italians, the Portuguese or the Irish as well. Sooner or later, Chancellor Merkel will have to sit at the table with us and explain why she does not approve our proposals,” said Varoufakis.

Answering Rai’s question whether he believes that Greece can succeed, the finance minister said that the Greek government was going to suggest a “New Deal” for Europe “like US President Roosevelt had done.” The new deal will be financed by the European Investment Bank, increasing ten times the funds already allocated.

Varoufakis’ entire interview will be aired on Sunday evening on Rai Tre’s Presa Diretta show.