An agreement with private creditors for a write-down of part of the Greek sovereign debt is "a step away from conclusion," Greek Finance Minister Evangelos Venizelos said on Tuesday.

The minister also expressed confidence that parallel talks between the Greek government and representatives of European Union (EU)/International Monetary Fund (IMF) lenders in Athens on a second bailout loans package will be completed within the week, ahead of a new Eurogroup meeting on Feb. 6.

A swift positive outcome on both processes which are interlinked under the Oct. 26 eurozone summit agreement is vital to stave off a Greek bankruptcy in March, Venizelos said during a press briefing here upon his return from an EU summit in Brussels.

Asked about the possibility of a European Central Bank (ECB) involvement in the voluntary Greek debt restructuring program, known as the Private Sector Involvement (PSI) plan, he said it is up to the ECB to decide.

Greece and negotiators of private banks and hedge funds have held marathon talks for some two months over the terms of a "haircut" on the Greek state bonds owned by the private sector in exchange of new 30-year bonds.

The Oct. 26 framework referred to a 50-percent "haircut," but the eventual losses on the net present value are expected to exceed 70 percent.

Since 2010, Greece has been relying on rescue loans by international creditors in exchange of painful austerity and reform measures to counter the debt crisis.

Venizelos was briefly joined in Tuesday's press briefing by Health Minister Andreas Loverdos, following talks on further reductions in spending on pharmaceuticals to slash deficits.

Loverdos announced that under the reviewed budget, Greece will be spending a maximum 2.8 billion euros (3.7 billion U.S. dollars) annually.

Loverdos also expressed his willingness to strengthen cooperation with Venizelos "for the sake of the country."

It was an indication that he could support the finance minister in the elections for the leadership of the socialist PASOK party, one of the three parties supporting the interim administration of Lucas Papademos since November, local analysts commented.

Former Prime Minister and PASOK President George Papandreou have announced his intention to step down and party elections are scheduled for late March. Venizelos is regarded as a strong candidate to succeed Papandreou as party leader.