If the troubled country is unable to refinance its debts, it is proposed that other governments in Europe would provide it with direct loans, as well as loan guarantees, reports the Financial Times.
Any such funding would be attached to the condition that Greece continues to reform its economic system.
But an explicit offer of aid is not expected at this point, as the country has not requested it.
Olli Rehn, the European Union's monetary affairs commissioner, said that Greece could not be allowed to fail.
"If Greece fails and we fail, this will do serious and maybe permanent damage to the credibility of the European Union," he stated.
Earlier this month, Greek prime minister George Papandreou suggested his country may seek help from the International Monetary Fund if it is not forthcoming from its European partners.
By Gary Cooper