Greek party leaders said they would continue coalition talks on Tuesday after their latest efforts ended without major breakthrough on Monday.

The latest round of Greek party leaders' talks on the formation of a coalition government to lead the country after the inconclusive May 6 parliamentary elections, chaired by Greek President Karolos Papoulias, ended with no agreement on Monday evening, according to the party leaders.

In a last-ditch bid to reach consensus on forming a national unity administration, Papoulias proposed a government of a limited term made up of technocrats, socialist PASOK party leader Evangelos Venizelos revealed to Greek television channels following the meeting.

He added that according to the proposal, such an administration that will be tasked to avoid a Greek default and keep the country within the eurozone, should enjoy wide support of parliamentary forces.

"We support this idea as an emergency solution," he said, adding that he is not optimistic about the outcome of the talks that will continue Tuesday noon at the presidential mansion.

In his comments following Monday's meeting, Antonis Samaras, head of conservative New Democracy party that topped the May 6 elections, expressed willingness to "examine an emergency solution."

But, the third party leader who participated in the meeting, Fotis Kouvelis, chief of the small Democratic Left party that ranked last in the polls, and is regarded over the past week as a most likely partner in any pro-European administration, voiced objections to a government of technocrats.

"This proposal is a defeat of politics," he told media after Monday's consultations, insisting on the formation of a national unity government with a clear political character that should be backed by the Radical Left Coalition SYRIZA as well.

SYRIZA leader Alexis Tsipras had refused the president's invitation to join Monday's meeting, stating that there was no reason after Sunday's talks showed diametrically different views among party leaders over the economic policies Greece should follow in the future.

Ranking second in the May 6 elections boosted by the votes of people frustrated with two-year harsh austerity measures amid the debt crisis, SYRIZA has said that will not back any administration that will continue on this course, asking for a sweep review of the agreements.

Greek media reported on Monday evening that Tsipras will participate though in Tuesday's consultations that could include all leaders of parties represented in the new parliament, with the exception of the neo-fascist Chryssi Avgi (Golden Dawn).

Under the Greek Constitution, there is no specific time frame for the president's efforts to clinch an agreement on a coalition administration. If deliberations collapse, Papoulias is expected to ask the head of the Supreme Court to form a caretaker government to lead the country to a fresh round of elections in June.