(Reuters) - Talks between Greece and private bondholders in Athens on a debt swap scheme ended without a deal on Tuesday and consultations are expected to continue, a banker involved in the talks told Reuters.

Greece wants to wrap up talks on a 130-billion-euro bailout and the debt swap included in it by the end of January before the country heads to elections on Feb 19.

Greece got a proposal (from the private creditors) and will study it. It was not rejected but the deal cannot be finalized today, the banker said.

Banks represented by the Institute of International Finance (IIF) agreed in October to write down the notional value of their Greek bond holdings by 50 percent in exchange for new paper as part of the bailout to save Greece from default.

The writedown is designed to help cut Greece's debt ratio to 120 percent of GDP by 2020 from over 160 percent this year.

Major elements of the plan such as the coupon and discount rate, which determine the cost for banks, have yet to be agreed on though a source said some progress had been made on Monday.