Greece's public finances for 2014 have been revealed as far worse than initial forecasts predicted.

Greece's budget deficit reached 3.5% of gross domestic product (GDP) in 2014, according to new data form the country's statistical agency, more than double initial forecasts.

The data shows a widening hole in the country's public finances, while public debt reached 177% of GDP.

The previous government predicted a budget deficit of 1.3% of GDP in 2014, while the European Commission had forecast a deficit of 1.6% for the year.

Greeks attribute the surging public debt to years of austerity imposed by the hated troika.

Meanwhile, Greece's state minister Alekos Flambouraris has ruled out speculation that the government was considering holding early elections.

Reports emerged in German newspaper Bild that Greek PM Alexis Tsipras was ready to call an early election in a bid to shore up support for his attitude towards the country's European creditors.

But the state minister rejected the reports, saying there was "no point" holding elections.

"They took place two months ago, we received a specific mandate which we will serve," Flambouraris told Greek TV.

Meanwhile, the European Central Bank (ECB) has sanctioned additional emergency funding for Greece's banks, according to Reuters news agency.

Athens' banks have experienced a wave of capital outflows in recent weeks as the country's left-wing government has struggled to secure the next tranche of its bailout from creditors.

Amid concerns that the Greek government could default on its debt in May, and signs that the wider eurozone economy is picking up steam, Europe's central bank could extend emergency funding to Greek banks.

Greece is currently working on producing further economic reforms as it seeks to secure a bailout extension from its creditors.