Minister for Finance Michael Noonan has said it was up to the Greek finance minister to come forward with specific proposals on how to break the impasse over the country's future financing needs.
Eurozone finance ministers are in Brussels today for a meeting that will have a major bearing on Greece's fate within the eurozone.
Last week, ministers failed to reach agreement with the new far-left Greek government on whether or not to extend the country's €240bn bailout at the end of this month.
"The ball is back in the Greek court to explain to the rest of us what it is exactly that they're looking for," he said.
He said that Athens' insistence that there be no extension to its current €240 billion bailout had legal implications as well as implications for the funding of Greek banks.
Speaking on his way into the finance ministers' meeting, Mr Noonan said Ireland would accede to a request for an extension of the Greek bailout, something Athens has categorically ruled out.
He said he "wouldn't rule out" a scenario where an extension to the current bailout was agreed, with a new programme for Greece being negotiated "sometime at the beginning of the summer."
Greece has insisted that it wants to end the current bailout programme without an extension, even though that would leave the country short of funds as it faces into a series of large debt redemptions for the IMF and the ECB.
Instead Athens is demanding a bridge loan to tie the country over until the summer, at which point it would seek a replacement of its bailout.
Eurozone finance ministers want Greece to apply for an extension to its bailout before addressing the issue of a formal replacement.
Unless Athens accepts an extension of its bailout today it could be cut off from international financial support within two weeks.
That could trigger a run on its banks, and potentially push Greece out of the euro.
Mr Noonan also dismissed comments by a former IMF mission chief to Ireland that the Government had "blown" a chance to get a better deal on its bank debt four years ago.
Responding to remarks by Ashoka Mody, in an interview with Newstalk radio, that the Government should have pressed harder for a more favourable debt restructuring deal from the EU and IMF when it took office, Mr Noonan said they were in line with a series of statements he had made about Ireland in recent times.
He added: "When he was [in Ireland] and was in a position to do something he didn't do much for us. So his advice now that he's no longer in a position of influence we'll be taking lightly."
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