Greece will issue unusually short-term debt on Tuesday in the hope of raising enough money to make a key bond repayment days later.
It will issue €2.1 billion in four-week treasury bills and €1 billion in 13-week bills.
This is according to a statement today from the Greek Public Debt Management Agency.
Greece is not expected to get its next batch of international rescue loans by November 16, when it has to roll over €5 billion in three-month treasury bills.
Greek authorities hope the bill auction will be oversubscribed, allowing the government to raise enough money to cover the November 16 expenses. The auction would be the shortest term loan since bailed-out Greece was shut out of long term debt markets in 2010.
Meanwhile, a European Union official had said he expects a crucial report on Greece's budget reforms and debt sustainability to be delivered by Monday.
Finance ministers from the 17 euro countries in the euro zone are due to meet in Brussels on Monday.
Greek officials have said that the country will run out of money November 16, and a new bailout disbursement is needed so the country will not default.
That can not be approved without a report from the troika of international lenders - the International Monetary Fund, the European Central Bank, and the European Commission, the EU's executive arm.
The parliaments of several euro zone countries will also have to approve the disbursement, meaning a second finance ministers' meeting will be needed, the official said.
"There will be no default," the official said. He spoke on condition of anonymity because of EU rules.
