Note to Greece: Time is Running Out

The leaders of France and Germany told Greece on Monday time was running out in talks on a broad debt restructuring deal and Athens would only get bailout money from Europe if it lived up to its promise to deliver economic reforms in return.

"We want this accord," French President Nicolas Sarkozy said. "Greece's leaders have made commitments and they must respect them scrupulously ... Europe is a place where everyone has their rights and duties. Time is running out, it needs to be concluded, it needs to be signed."

He and German leader Angela Merkel held a news conference after an annual meeting of top government ministers from both countries where they kept pressure up on Greece to meet reform suggestions set out by the European Commission, European Central Bank and International Monetary Fund, known as "the troika".

"We want Greece to stay in the euro. To say it clearly, this is the opinion of both of us," German Chancellor Merkel said.

"But I also say -- there can be no new Greece programme if agreement is not reached with the Troika ... All those who bear responsibility in Greece must know -- we will not deviate from this position."