(Reuters) - Greek Prime Minister Alexis Tsipras on Sunday dismissed his country's European Union and International Monetary Fund bailout and said he would not ask EU leaders for an extension.

But he said it was possible to negotiate a transitional agreement with lenders by the end of the month to tide Greece over until a new debt pact had been reached.

"The bailout failed," he said in his first major speech to parliament as premier. "The new government is not justified in asking for an extension ... because it cannot ask for an extension of mistakes.”

Greece's current bailout expires on Feb. 28 and the EU wants Athens to apply for an extension, including the commitment to reforms. Greece has ruled that out, setting the stage for clashes in the coming week at an EU summit and finance ministers' meeting.

(Reporting by Renee Maltezou Editing by Jeremy Gaunt)