Dominique Strauss-Kahn, the head of the International Monetary Fund (IMF), will call on the ministers to boost the facility and urge the European Central Bank (ECB) to step up its purchases of bonds to stem the crisis, according to an IMF report obtained by Reuters.

The IMF report and the situation on European debt markets will be discussed at length, a euro zone source said, at the regular Monday meeting of the so-called Eurogroup.

That will be followed by a meeting on Tuesday of ministers from the broader 27-nation European Union, who are expected to formally approve an 85 billion euro aid package for Ireland and discuss the reform of EU budget rules.