A 55-year-old man doused himself with gasoline and then set himself on fire on Friday outside a Piraeus bank branch in the northern Greek city of Thessaloniki.

While carrying out the horrifying act, the unnamed man was heard to shout out that he was in debt. Police immediately used fire extinguishers to put out the blaze. He was later hospitalized with chest burns.

According to police, this is not the first time the man tried to harm himself in such a way. He had set himself on fire and suffered burns 15 months ago, after complaining he could not pay back the debts from his failed business, AP reported.

Surviving on international rescue loans, Greece is in its third year of recession. Due to extreme cost-cutting measures, the country is facing a host of business failures and record unemployment.

In May last year, Greece was given €110billion of bailout loans. But the debt-plagued country now needs another €109billion in order to get itself out of the economic crisis.

Meanwhile, UK chancellor George Osborne has appealed to European leaders to expand the powers of the eurozone bailout fund before time runs out.

Shocking Photos of Greek Man Setting Himself on Fire
A man pours a flammable liquid on his body to set himself on fire outside a Piraeus bank branch in Thessaloniki in northern Greece September 16, 2011. The 55-year old man had entered the bank and asked for a renegotiation of his overdue loan payments on his home and business, according to police, which he could not pay, but was refused by the bank. REUTERS/Nodas Stylianidis
Shocking Photos of Greek Man Setting Himself on Fire
A man sets himself on fire outside a bank branch in Thessaloniki in northern Greece September 16, 2011. The 55-year old man had entered the bank and asked for a renegotiation of his overdue loan payments on his home and business, according to police, which he could not pay, but was refused by the bank. REUTERS/Nodas Stylianidis
Shocking Photos of Greek Man Setting Himself on Fire
A man sets himself on fire outside a bank branch in Thessaloniki in northern Greece September 16, 2011. The 55-year old man had entered the bank and asked for a renegotiation of his overdue loan payments on his home and business, according to police, which he could not pay, but was refused by the bank. REUTERS/Nodas Stylianidis
Shocking Photos of Greek Man Setting Himself on Fire
A policeman tries to extinguish a fire on a man after set himself ablaze outside a bank branch in Thessaloniki in northern Greece September 16, 2011. The 55-year old man had entered the bank and asked for a renegotiation of his overdue loan payments on his home and business, according to police, which he could not pay, but was refused by the bank. REUTERS/Nodas Stylianidis
Shocking Photos of Greek Man Setting Himself on Fire
A policeman tries to extinguish a fire on a man after he set himself ablaze outside a bank branch in Thessaloniki in northern Greece September 16, 2011. The 55-year old man had entered the bank and asked for a renegotiation of his overdue loan payments on his home and business, according to police, which he could not pay, but was refused by the bank. REUTERS/Nodas Stylianidis
Shocking Photos of Greek Man Setting Himself on Fire
A combination photograph shows a man setting himself on fire outside a bank branch in Thessaloniki in northern Greece September 16, 2011. The 55-year old man had entered the bank and asked for a renegotiation of his overdue loan payments on his home and business, according to police, which he could not pay, but was refused by the bank. REUTERS/Nodas Stylianidis
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