Rumors of a third financial rescue plan for Greece, which is believed to amount to 30 billion to 50 billion euros, are circulating but European Union (EU) officials deny any discussions taking place.

Spanish economic minister Luis de Guindos said at an event in Pamplona that the Greek bailout would entail more flexible conditions for Greece that leans on EU support to keep afloat.

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However, Simone Boitelle, spokesperson for Jeroen Dijsselbloem, Eurozone finance minister's group chairman, said in agreement with senior officials that there were no bailout talks.

Even Greek Prime Minister Alexis Tsipras refuted such claims on a television address.

Currently, Greece faces critical funding issues, in spite of the initially approved four-month extension of its present bailout that it compromised with Eurozone officials last month.

While the extension warded off a collapse in the financial industry, Greece is still wrought with falling revenues and a possible zero cash scenario by the end of the month, or sooner.

"The Greek government has been exploring solutions ... to ensure there won't be a single problem with repaying the IMF loan, or its funding obligations in March," government spokesman Gabriel Sakellaridis told Greek radio.

Greece has to repay the IMF loan of 1.5 billion euro in March and its appeal for 1.9 billion euros from the European Central Bank from the purchase of Greek bonds will not be granted until Greece has completed its pledged reforms.

As another counter measure to its debt problems, Greece seeks the approval of lenders to issue more short-term treasury bills, having hit the 15 billion euros ceiling set by its creditors.

However, Eurozone officials are adamant that the limit cannot be breached.

Dutch Finance Minister Dijsselbloem offered an alternative to Financial Times, saying Greece creditors could give out the 7.2 billion euro-balance from the current bailout package, given Greece begins its reform program.

"There are elements that you can start doing today. If you do that, then somewhere in March, maybe there can be a first disbursement. But that would require progress and not just intentions," said Dijsselbloem.

TagsGreece, bailout, EU, European Union, debt deal, loan extension