Greece's private creditors said time for a debt-swap deal isrunning out after talks between financial and governmentrepresentatives in Athens failed to yield an agreement to cut thecountry's borrowing load.

“A range of issues were discussed and some key areas remainunresolved,” the Institute of International Finance, whichrepresents banks that hold Greek debt, said in an e-mailedstatement today. “Discussions will continue in Athens tomorrow, buttime for reaching an agreement is running short.”

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