Joonas Laks, who is on the board of the party, said the party would try to pay off its debts within a year at the latest. He said the Greens have a firm plan to run for local elections next year and want to focus on political issues.

"We have consistently paid off our debts. We have been able to raise €100,000 over the last 12 months so it is not quite right for us to be declared bankrupt," Laks told ERR.

In the face of mounting debts, the Party Financing Surveillance Committee (ERJK) recommended the party file for bankruptcy last week saying the party's assets had been negative since 2010. The ERJK had already issued a €500 precept for non-payment of long-term debts, which the committee said constituted illicit donations; the party's total debts are reported at €46,000.

Züleyxa Izmailova, the party's chairman, said the party had debts because they lost the security deposit of €62,500 for the Riigikogu elections, which the state will not return to non-elected parties.

The Greens won 1.8 percent of the vote at the general election, failing to meet the 5 percent threshold needed to gain financial support from the government. The party lost its deposit in addition to not winning any seats.

On Wednesday, Izmailova said that bankruptcy is not an option for her party.

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