Olli Rehn - EU Monetary Affairs Commissioner is likely to ask Greece to push for further austerity moves so as to reign in the deficit 'monster', a day before as governments in European Union design a possible rescue package for the debt-laden nation.

Rehn will meet Greek Prime Minister George Papandreou amidst talk of euro-area officials devising a plan to grant Greece about €25 billion.

German Chancellor Angela Merkel and Luxembourg Prime Minister Jean-Claude Juncker said that Greece shouldn't live in the illusion that taxpayers elsewhere would come to its rescue and that Greece needs put its house in order, first. Papandreou's fiscal strategy would face its litmus test the country readies a sale of as much as €5 billion 10-year notes.

Petros Christodoulou - head of Greece's government debt agency, will lead the sale by early March. The issue is not just critical to Greece's financial stability, but for the entire region as the country needs to sell €53 billion of debt in 2010. According to fund managers, Greece must offer a hefty premium of over 7 percent, the biggest premium over benchmark German debt since 1998.