"Progress has been made and the discussions are continuing," the IIF said in a brief statement.
Private investors in Greek bonds are discussing with public sector officials several options related to Greece's financing needs and longer-term debt sustainability. The IIF declined to provide more details on timing or the nature of the talks.
An IIF paper a week ago said euro area member states and the IMF needed to act soon to avoid the risk of contagion accelerating. It wants any rescue to include a programme to buy back Greek bonds to cut the country's debt mountain and provide a sustainable long-term platform.
(Reporting by Steve Slater; Editing by David Hulmes)