Greece's new radical left wing finance minister arrived for a crunch Downing Street meeting with George Osborne this morning wearing a leather jacket and a casual blue shirt without a tie. Following his meeting with economics professor Yanis Varoufakis, Osborne warned that a euro zone stand-off over Greek debt is becoming the biggest risk to the global economy. He insisted that the meeting  was 'constructive' but described Greek debt as a 'rising threat to the British economy' and called on Europe to 'choose competence over chaos' Scroll down for video . Threat: George Osborne has warned that a euro zone stand-off over Greek debt is becoming the biggest risk to the global economy after meeting Greece's new finance minister Yanis Varoufakis in London today . Varoufakis (right), an economics professor who studied at Essex University, arrived for the meeting in a blue, open-necked shirt and leather jacket, in contrast with the traditional suit, collar and tie worn by Osborne (left) The once-over: It's unclear what the Chancellor is saying but could he be passing comment on Varoufakis's outfit . The Chancellor also publicly urged the anti-austerity finance minister to 'act responsibly' following the meeting, which comes as part of Varoufakis' whistle-stop European tour, in which he is meeting counterparts in an attempt to build support across the EU for a new debt reduction deal for Greece. Varoufakis, who studied at Essex University, yesterday secured backing from France for his country's bid to renegotiate its debt. His meeting with Osborne today was intended to convince Britain to make a similar declaration of support for repayment plans outlined by Greece's new left wing ruling party Syriza. Following this morning's meeting, Osborne said: 'We had a constructive discussion, and it is clear that the stand-off between Greece and the euro zone is the greatest risk to the global economy.' '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,' he added. Handshake: The pair exchanged a warm welcome on the doorstep of number 11 . Welcome to Downing Street: The Greek finance minister's distinctive leather jacket was not the usual attire for a high profile diplomatic meeting . 'I urge the Greek finance minister to act responsibly but it's also important that the euro zone has a better plan for jobs and growth,' Osborne went on to say. The election of Syriza last week sent shockwaves through Europe. Alexis Tsipras, leader of the radical left-wing party heading the new coalition, immediately demanded a renegotiation of Greece' £179 billion international bailout deal . Varoufakis opted for a casual look to meet the British Chancellor at Downing Street today, arriving in a leather jacket before changing into a suit jacket, albeit without a tie. Tsipras has also opted for a decidedly casual look since becoming Greece's youngest ever Prime Minister, joking that he won't be seen wearing a tie until Greece's debt repayment is renegotiated. Discussion: Following this morning's meeting (pictured), Osborne said: 'We had a constructive discussion, and it is clear that the stand-off between Greece and the euro zone is the greatest risk to the global economy' Relaxed: Varoufakis opted for a casual look to meet the British Chancellor at Downing Street today, arriving in a leather jacket before changing into a suit jacket, albeit without a tie . Varoufakis secured backing from France for his country's bid to renegotiate its debt during discussions in Paris yesterday, where he began a whistle-stop tour, meeting European counterparts. But German chancellor Angela Merkel has made it clear she will not allow Greece's debts to be cancelled, insisting substantial cuts have already been made. Before the meeting this morning, Osborne said: 'I welcome this opportunity, so soon after the Greek election, to discuss face to face with Yanis Varoufakis the stability of the European economy and how to boost its growth.' Following Syriza shock election last week Tsipras immediately demanded a renegotiation of Greece's international bailout deal . David Cameron initially responded to Syriza's rise to power by warning it would increase 'economic uncertainty across Europe' but later offered the new leader UK help on tax collection. Varoufakis, who studied at the University of Essex, has ruled out a new wave of bail-out support, insisting his government was focused on ending the 'addiction' that has seen Greece 'craving the next dose'. Anger: Following Syriza's shock election victory last week, new Prime Minister Alexis Tsipras (pictured) immediately demanded a renegotiation of Greece's international bailout deal . New era: Syriza supporters gathered in central Athens cheered after the party won the election last week . Though Britain is not part of the euro, Varoufakis sought to build rapport with Osborne with face-to-face talks. Downing Street said Britain's position is one of continuity - and that Greece should honor the terms of its bailout. Tsipras today struck a more conciliatory tone, meanwhile. He says the Greek people expect him to carry out tough negotiations with eurozone creditors, but 'within a European framework.' Tsipras ruled out suggestions that his government may reach out to Russia for a loan, saying his government's primary objective is to conclude a deal with Greece's European partners and 'all those who have loaned to our country and to whom our country has obligations.' Tsipras said he was surprised many 'powerful European forces' back his government's call for a policy about-face from austerity to growth-oriented policies. But he condemned creditors' demands for painful budget measures in exchange for the loans, saying 'people need room to breathe.' Who is Yanis Varoufakis? The election in Greece of the radical left-wing Syriza party has seen the economics professor plucked from a life quietly writing 'obscure academic texts' to take the political centre stage as his country's new finance minister with the responsibility for fixing its broken economy. He may be new to political life but has already shown himself to be handy with a soundbite, describing the austerity regime imposed by Greece's creditors as 'fiscal water-boarding'. Why is he in London? Mr Varoufakis is doing the round of European capitals trying to drum up support for his attempts to renegotiate the terms of Greece's £179 billion bailout imposed by the so-called 'troika' of the European Union, the International Monetary Fund and the European Central Bank. His message is the current repayment schedule is simply unaffordable and is stymieing any hopes of a recovery. How has it been going? Not well. When Jeroen Dijsselbloem, head of the eurozone ministers, visited Athens it proved to be a distinctly frosty encounter. Mr Varoufakis said that Greece was not prepared to co-operate any more with this 'rottenly-constructed committee'. A testy Mr Dijesselbloem warned him ignoring previous agreements was 'not the way forward'. Mr Varoufakis did receive a warmer reception in Paris, where the socialist government said it was prepared to help his country find a new settlement with its creditors. Who holds the key to resolving the stand-off? All eyes in Europe are on Chancellor Angela Merkel. Germany is Greece's biggest creditor and - to put it mildly - Mrs Merkel has shown no enthusiasm for any debt forgiveness, arguing that creditors have already taken one 'haircut'. She knows German taxpayers see no reason why they should pick up the tab for the Greeks' bills. Expect some tense negotiations over the coming weeks in what looks like coming down to a war of nerves between Berlin and Athens.
Osborne described Greek debt as a 'rising threat to the British economy'
Urged Europe to 'choose competence over chaos' in Greek debt standoff .
Called on new Greek finance minister Yanis Varoufakis to 'act responsibly'
Varoufakis is carrying out whistle-stop European tour in attempt to build support across the EU for a new debt reduction deal for Greece .
Election of radical left wing Syriza party last week shocked Europe .
Greece's new radical left wing finance minister arrived for a crunch Downing Street meeting with George Osborne this morning wearing a leather jacket and a casual blue shirt without a tie. Following his meeting with economics professor Yanis Varoufakis, Osborne warned that a euro zone stand-off over Greek debt is becoming the biggest risk to the global economy. He insisted that the meeting  was 'constructive' but described Greek debt as a 'rising threat to the British economy' and called on Europe to 'choose competence over chaos' Scroll down for video . Threat: George Osborne has warned that a euro zone stand-off over Greek debt is becoming the biggest risk to the global economy after meeting Greece's new finance minister Yanis Varoufakis in London today . Varoufakis (right), an economics professor who studied at Essex University, arrived for the meeting in a blue, open-necked shirt and leather jacket, in contrast with the traditional suit, collar and tie worn by Osborne (left) The once-over: It's unclear what the Chancellor is saying but could he be passing comment on Varoufakis's outfit . The Chancellor also publicly urged the anti-austerity finance minister to 'act responsibly' following the meeting, which comes as part of Varoufakis' whistle-stop European tour, in which he is meeting counterparts in an attempt to build support across the EU for a new debt reduction deal for Greece. Varoufakis, who studied at Essex University, yesterday secured backing from France for his country's bid to renegotiate its debt. His meeting with Osborne today was intended to convince Britain to make a similar declaration of support for repayment plans outlined by Greece's new left wing ruling party Syriza. Following this morning's meeting, Osborne said: 'We had a constructive discussion, and it is clear that the stand-off between Greece and the euro zone is the greatest risk to the global economy.' '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,' he added. Handshake: The pair exchanged a warm welcome on the doorstep of number 11 . Welcome to Downing Street: The Greek finance minister's distinctive leather jacket was not the usual attire for a high profile diplomatic meeting . 'I urge the Greek finance minister to act responsibly but it's also important that the euro zone has a better plan for jobs and growth,' Osborne went on to say. The election of Syriza last week sent shockwaves through Europe. Alexis Tsipras, leader of the radical left-wing party heading the new coalition, immediately demanded a renegotiation of Greece' £179 billion international bailout deal . Varoufakis opted for a casual look to meet the British Chancellor at Downing Street today, arriving in a leather jacket before changing into a suit jacket, albeit without a tie. Tsipras has also opted for a decidedly casual look since becoming Greece's youngest ever Prime Minister, joking that he won't be seen wearing a tie until Greece's debt repayment is renegotiated. Discussion: Following this morning's meeting (pictured), Osborne said: 'We had a constructive discussion, and it is clear that the stand-off between Greece and the euro zone is the greatest risk to the global economy' Relaxed: Varoufakis opted for a casual look to meet the British Chancellor at Downing Street today, arriving in a leather jacket before changing into a suit jacket, albeit without a tie . Varoufakis secured backing from France for his country's bid to renegotiate its debt during discussions in Paris yesterday, where he began a whistle-stop tour, meeting European counterparts. But German chancellor Angela Merkel has made it clear she will not allow Greece's debts to be cancelled, insisting substantial cuts have already been made. Before the meeting this morning, Osborne said: 'I welcome this opportunity, so soon after the Greek election, to discuss face to face with Yanis Varoufakis the stability of the European economy and how to boost its growth.' Following Syriza shock election last week Tsipras immediately demanded a renegotiation of Greece's international bailout deal . David Cameron initially responded to Syriza's rise to power by warning it would increase 'economic uncertainty across Europe' but later offered the new leader UK help on tax collection. Varoufakis, who studied at the University of Essex, has ruled out a new wave of bail-out support, insisting his government was focused on ending the 'addiction' that has seen Greece 'craving the next dose'. Anger: Following Syriza's shock election victory last week, new Prime Minister Alexis Tsipras (pictured) immediately demanded a renegotiation of Greece's international bailout deal . New era: Syriza supporters gathered in central Athens cheered after the party won the election last week . Though Britain is not part of the euro, Varoufakis sought to build rapport with Osborne with face-to-face talks. Downing Street said Britain's position is one of continuity - and that Greece should honor the terms of its bailout. Tsipras today struck a more conciliatory tone, meanwhile. He says the Greek people expect him to carry out tough negotiations with eurozone creditors, but 'within a European framework.' Tsipras ruled out suggestions that his government may reach out to Russia for a loan, saying his government's primary objective is to conclude a deal with Greece's European partners and 'all those who have loaned to our country and to whom our country has obligations.' Tsipras said he was surprised many 'powerful European forces' back his government's call for a policy about-face from austerity to growth-oriented policies. But he condemned creditors' demands for painful budget measures in exchange for the loans, saying 'people need room to breathe.' Who is Yanis Varoufakis? The election in Greece of the radical left-wing Syriza party has seen the economics professor plucked from a life quietly writing 'obscure academic texts' to take the political centre stage as his country's new finance minister with the responsibility for fixing its broken economy. He may be new to political life but has already shown himself to be handy with a soundbite, describing the austerity regime imposed by Greece's creditors as 'fiscal water-boarding'. Why is he in London? Mr Varoufakis is doing the round of European capitals trying to drum up support for his attempts to renegotiate the terms of Greece's £179 billion bailout imposed by the so-called 'troika' of the European Union, the International Monetary Fund and the European Central Bank. His message is the current repayment schedule is simply unaffordable and is stymieing any hopes of a recovery. How has it been going? Not well. When Jeroen Dijsselbloem, head of the eurozone ministers, visited Athens it proved to be a distinctly frosty encounter. Mr Varoufakis said that Greece was not prepared to co-operate any more with this 'rottenly-constructed committee'. A testy Mr Dijesselbloem warned him ignoring previous agreements was 'not the way forward'. Mr Varoufakis did receive a warmer reception in Paris, where the socialist government said it was prepared to help his country find a new settlement with its creditors. Who holds the key to resolving the stand-off? All eyes in Europe are on Chancellor Angela Merkel. Germany is Greece's biggest creditor and - to put it mildly - Mrs Merkel has shown no enthusiasm for any debt forgiveness, arguing that creditors have already taken one 'haircut'. She knows German taxpayers see no reason why they should pick up the tab for the Greeks' bills. Expect some tense negotiations over the coming weeks in what looks like coming down to a war of nerves between Berlin and Athens.
Greece's new radical left wing finance minister debt as a 'rising threat to the British economy' and called on Europe to 'choose competence over finance minister Yanis Varoufakis in London today whistle-stop European tour, in which he is support across the EU for a new debt reduction choose competence over chaos,' he added. Greek finance minister to act responsibly but Syriza shock election last week Tsipras