Greek Finance Minister Yanis Varoufakis will present to his euro zone peers Greece's plans to end the bailout and a transition to a new deal on its debt. The meeting is due to start at 1630 GMT in Brussels.
Prospects of agreement at the meeting were uncertain and this kept Greek markets on edge.
Yields on Greek government bonds rose throughout the morning, with those on three-year debt
Athens's main ATG <.ATG> equity index fell more than 4 percent, with an index of Greek bank shares <.FTATBNK> down 6.8 percent.
"We have relatively low expectations about a solution being agreed," said Vasileios Gkionakis, UniCredit's Global Head of FX Strategy.
"I think this meeting is all about laying down the plans and explaining where the two sides disagree. And I think it will set the stage for some increased volatility over the next few days."
Late on Tuesday, Greek Prime Minister Alexis Tsipras comfortably won a confidence vote on his plan to cancel the unpopular bailout program.
German Finance Minister Wolfgang Schaeuble said he expected to hear something binding from Greece at the finance ministers' meeting and that if Greece did not want a new aid program, "then that's it".
Greek bond yields have fluctuated throughout the week as prospects of a deal between Greece and its official creditors have waxed and waned.
However, the impact on other markets has been limited.
Portugal, which completed its own bailout program last year, sold 1.25 billion euros of 10-year bonds at record low auction yields on Wednesday.
"The macroeconomic situation, the debt sustainability in Portugal doesn't deserve comparison with Greece," said Jean-Francois Robin, head of rates strategy at Natixis.
A senior official of credit rating agency Standard and Poor's told a German newspaper on Wednesday the risk of contagion to other countries impacted by the euro zone debt crisis appeared to be low.
(Reporting by Sudip Kar-Gupta and Marius Zaharia and Nigel Stephenson; Editing by Janet Lawrence)
