Greek Finance Minister Yanis Varoufakis warned on Saturday that the refusal by Greece's eurozone partners to extend its bailout beyond June 30 would inflict permanent damage to the single currency as a whole.

"The refusal of the Eurogroup today to endorse our request for an extension of this agreement for a few days or a couple of weeks... will certainly damage the credibility for the Eurogroup as a democratic union and I am very much afraid the damage will be permanent," Varoufakis said after a meeting with the eurozone ministers.