Greek anti-austerity protest
A woman holds a Greek flag as she takes part in an anti-austerity pro-government demonstration in AthensReuters

Greece has failed to reach an agreement with the rest of the eurozone and other creditors over the terms of its financial bailout.

All sides will resume talks on Monday but time is running out to reach a deal, with the current bailout ending on February 28.

Eurogroup president Jeroen Dijsselbloem described the talks as "constructive" while Greek finance minister Yanis Varoufakis said he hoped the talks would be concluded on Monday, but officials were not able to agree on a joint statement after seven hours of negotiations.

Greece's left wing government has vowed to renegotiate its bailout deal with the so-called troika of the EU, European Central Bank and the International Monetary Fund, saying the terms are too harsh on the Greek people.

"We had an intense discussion, constructive, covering a lot of ground, also making progress, but not enough progress yet to come to joint conclusions," Dijsselbloem said.

"We didn't actually go into detailed proposals, we didn't enter into negotiations on content of the programme or a programme, we simply tried to work next steps over the next couple days. We were unable to do that."

The Greek delegation rejected a proposed draft prepared by the Eurogroup, which said the sides had agreed on "extending" the bailout programme, according to Reuters.

Greece's left wing government won January elections on a pledge to end the current deal, which many Greeks have blamed for rising unemployment and poverty.

However, European leaders have insisted that the bailout terms are not up for negotiation.