Greece is expected to ask eurozone finance ministers to ease conditions on its bailout at a meeting in Luxembourg.
Ministers are also expected to discuss bailouts for Spain and Cyprus.
Independent auditors will detail the size of debts held by Spanish banks ahead of an expected formal request by Madrid for eurozone money.
The meeting comes days before a full summit of eurozone leaders who are under pressure to take action to cut government borrowing costs.
Greece's new finance minister Vassilis Rapanos faces a difficult task. The ruling coalition's mandate to make further spending cuts is very week following two divisive elections in a matter of weeks.
But, according to the head of the Euro Working Group, Thomas Wieser, the faster-than-expected fall in national wealth now makes it impossible for Greece to meet the conditions of its bailout without making deeper cuts.
Eurozone ministers face a stark choice of either sticking to the fiscal targets and needing additional cuts, or changing the deadlines and needing extra money.
Extending the term of Greece's loans would reduce the country's monthly payments and give economic reforms such as the lower minimum wage and more liberal work practices more time to generate the economic growth necessary to repay the country's huge debts.
Spain, which is due to raise between one and two billion euros on the debt markets on Thursday, saw its implied cost of borrowing or yield on ten year debt rise to a record 7.3% on Monday.
Italian bond yields also hit euro era highs.
The constitutions of the European Union's existing bailout fund, the European Financial Stability Facility (EFSF), and the new European Stability Mechanism (ESM) fund, which is due to come into force next month, allow both to lend money to governments.
In an interview with the Financial Times, Benoit Coere, a senior policy maker of the European Central Bank said: "Certainly it's a mystery why the EFSF was allowed almost a year ago to undertake secondary market interventions and governments have not yet chosen to use that possibility."
Providing a cheaper alternative to commercial bond markets would reduce the cost of financing government borrowing and countries such as Spain and Italy to meet strict targets on reducing total national debt.
Italian leader Mario Monti openly backs the strategy. Finland opposes it. The German chancellor Angela Merkel has not rejected the idea but says the policy is only theoretical at the moment.
In the longer term, eurozone leaders are moving towards a system of more integrated government finances and bank regulation which could prevent future sovereign debt or banking crises.
But, at this week's meeting of leaders from the world's 20 biggest economies, there seemed to be consensus that eurozone politicians will have to put in place interim measures such as a bond-buying scheme soon to prevent the current crisis from deepening.
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