Talks on a Greek debt swap deal are making progress but there is no guarantee they will lead to a voluntary deal with a high level of participation by private bondholders, a senior troika official said on Friday as EU, IMF and ECB inspectors wrapped up a one-week visit to Athens.

Greece is scrambling to put together a new bailout plan with the International Monetary Fund, the European Union and banks that involves a complex debt-cutting deal before major bond redemptions come due in the first quarter of next year.

The ongoing (debt swap) discussions are constructive, they are useful, but at this point it is too early to say what will be the result, said the senior troika official who declined to be named.

A deal with private investors who hold some 206 billion euros of Greek bonds is key to slashing the country's debt mountain.

But agreement has been held up by wrangling over issues including the credit status and interest coupons on the new bonds to legal guarantees to be offered by the official sector.

The official said talks were aimed at reaching a voluntary accord and avoiding a disorderly default but added there was no guarantee of success. He said Greece could not take further international aid for granted and must take swift action on reform.

(Reporting by Ingrid Melander; editing by James Mackenzie)

International Monetary Fund