New Greek Prime Minister Alexis Tsipras said on Sunday that Athens would not extend its bailout and promised to undo some of the reforms mandated on Greece by international lenders.

The unexpected move places in danger the embattled country's finances and its standing in the European Union, analysts said.

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His defiant speech is in response to the little support for debt relief he got when he toured European capital cities last week.

Tsipras' policy, coupled with weak Chinese trade data, caused a decline in European shareprices, while low-rated bond yields improved on Monday.

In his analysis of the impact of the new PM's defiance, LNG Capital chief credit strategist Gary Jenkins told Reuters "The immediate headline reaction was that this speech would make it much more difficult for Greece to come to an agreement with its European partners and thus the risk of Greece leaving the Eurozone was now higher than ever."

Jenkins reckons Greece upped its chances of exiting EU to 50 percent.

In making the radical statement Tsipras said Greece took the non-negotiable decision to fully stick with its pre-election commitments. He stressed the new government would not compromise its position.

He also demanded a bridge agreement to give Greece and its creditors more space to negotiate a new debt deal by June that with terms more favorable to the Hellenic country.

Tsipras's challenge to the EU and its creditors is "If our (EU) partners are willing, we can agree (on a bridge agreement) tomorrow morning," quotes CTVNews.

In gearing his talk 100 percent toward his domestic listeners, the new PM urged the EU to go back to its founding principles of solidarity, social cohesion, growth and democracy.

In conclusion, Tspiras said, "We declare catergorically, we will not negotiate our history. We will not negotiate this people's pride and dignity."

TagsGreece, bailout, alexis tzipras