Greece's private creditors said time for a debt-swap deal is running out after talks between financial and government representatives in Athens failed to yield an agreement to cut the country's borrowing load.

“A range of issues were discussed and some key areas remain unresolved,” the Institute of International Finance, which represents banks that hold Greek debt, said in an e-mailed statement today. “Discussions will continue in Athens tomorrow, but time for reaching an agreement is running short.”

Greece believes a final outline on a deal could be reached by the end of next week, a senior finance ministry official said today, with a formal public offer made at the beginning of February. He declined to be identified. The IIF has said its goal is for the swap to implemented by the end of January.