Greece's political parties revealed on Tuesday that they are not willing to accept a reduction in the amount of state funding they receive, but are prepared to accept a chunk of that money going straight toward paying off their large debts.

The issue of party funding was at the center of a debate between MPs who sit on Parliament’s institutions committee.

It was revealed last week that parties owe some 240 billion euros to banks, despite a regular rise in the state funding they receive.

Last year, they were awarded 54 million euros of taxpayers’ money.

PASOK and New Democracy favored a process whereby parties would receive 60 percent of their funding directly with the other 40 percent going toward repaying their loans.