Greek coalition leaders have postponed negotiations until Tuesday after failing to reach an agreement on crucial austerity measures. France and Germany have called on Greece to approve budget cuts before it's too late.

Greek coalition leaders postponed talks on austerity measures further on Monday after failing to reach an agreement over crucial budget cuts. Greek political leaders will "very probably" meet on Tuesday, a spokeswoman at the Prime Minister's office said, after a marathon weekend of talks proved unsuccessful.

French President Nicolas Sarkozy and German Chancellor Angela Merkel on Monday called upon Greece's leaders to "live up to their responsibilities" and vote in favor of austerity measures if they want to receive a new bailout.

"The Greeks have made commitments, they must scrupulously respect them," Sarkozy said. "There's no choice, time is running out. It's a matter of days. We have to reach a conclusion now."

'Merkozy' warned that time is running out for Greece

A deal on new austerity measures is a prerequisite to receive the 130-billion-euro (roughly $170 billion) bailout from the so-called troika - the European Union, International Monetary Fund (IMF) and European Central Bank (ECB). The latest delay came just hours after EU euro commissioner Olli Rehn said that the negotiations had "already passed the deadline."

Greece under pressure

Sarkozy and Merkel were meeting in Paris for the 14th Franco-German summit in order to discuss a financial transaction tax and the coordination of their respective national economic policies, in addition to the political situation in Athens.

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Is Greece still viable?

Yanis Varoufakis argues that the country has been skirting the edge of a debt crisis since its inception.  

"We want Greece to stay in the eurozone," Merkel said. "To say it clearly, this is the opinion of both of us (France, Germany)."

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

The French and German leaders also agreed that a separate account should be created to house the interest on Greece's debt.

Greecetwo main unions have called a 24-hour general strike for Tuesday to protest the implementation of further austerity measures.

slk/ccp/msh (AP, AFP, dpa)