Greek Foreign Minister Yanis Varoufakis is playing down the breakdown of talks with the country's European creditors.

Varoufakis said Tuesday that "we know in Europe how to deliberate in such a way as to create a very good solution, an honorable solution out of initial disagreement."

His comments come a day after a meeting of the 19 finance ministers of the eurozone over how to make Greece's debts sustainable broke down in seeming-acrimony after barely more than three hours.

European creditors issued Greece with an ultimatum, saying it must accept a key condition in bailout talks by Friday or face having to meet its debt commitments on its own.

Many in the financial markets think that scenario would leave Greece little option but to leave the euro.