Greek debt becomes biggest risk to global economy

Britain's Chancellor George Osborne on Monday warned a eurozone stand-off over Greece's debt was becoming the biggest risk to the global economy.

Greece's new finance minister Yanis Varoufakis met with Osborne on Monday in London to renegotiate Greece's huge debt obligations.

Before the meeting, Osborne said he welcomed the in-person discussion with Varoufakis about the stability of the European economy.

Osborne insisted the meeting was 'constructive' but made mention in a Twitter post that a eurozone stand-off over the Greek debt was becoming the biggest risk to the global economy.

He added: "I urge the Greek finance minister to act responsibly, but it's also important that the eurozone has a better plan for jobs and growth."

"It is a rising threat to the British economy. And we have got to make sure that in Europe, as in Britain, we choose competence over chaos," said Osborne.

Varoufakis' visit to London was part of a European capital city tour. Before talks with Osborne, Varoufakis met with French finance minister Michel Sapin for similar talks on Sunday. Varoufakis will next travel to Rome.

Sapin said France would not offer Greece a write-off of its debt, but added France wished to reduce the weight and reimbursement of this debt.

Radical left SYRIZA party leader, Alexis Tsipras, was sworn in last Monday as Greece's 186th prime minister to head a coalition government after winning national elections.

Tsipras planned to renegotiate Greece's bailout, restructure sovereign debt to make it sustainable, and implement measures to restore economic growth.