Time is running out for Greek politicians to reach agreement on backing an economic adjustment programme to deal with its debt crisis, the European Commission's top economics official said.

"We expect that the efforts towards a cross-party agreement to support the EU-IMF programme will continue. An agreement has to be found soon. Time is running out," EU Economic and Monetary Affairs Commissioner Olli Rehn said in an emailed statement.

"It is essential for the recovery of the Greek economy that all Greek parties, including the opposition parties, adopt a constructive attitude and support the EU-IMF programme and its implementation," Rehn said.

His comments came after Greek Prime Minister George Papandreou failed to convince opposition leaders on Friday to support tougher austerity measures to free up EU/IMF aid needed to avert a debt default.

"The magnitude of the challenge is a test to the Greek society as a whole, and therefore requires a contribution by all parties and all citizens," Rehn said.-Reuters