European Commission President Jose Manuel Barroso has warned of the devastating effect that doubts about Greece's financial assistance program may have.

"It would not be rational to put all that money (for the second bailout) if (eurozone nations) believe it is not going to work," Barroso told an audience at the Lisbon Council think tank in Brussels.

"Unfortunately, the message that comes at the same time, is 'ok, (we put this money) but probably it will not work.' This has a devastating effect," the head of the EU executive complained.

"I will receive Papademos on Wednesday with several members of the commission to see how we can implement the program," Barroso announced.

The meeting will take place just a day before all European Union heads of state gather in Brussels with plans to conclude Greece's second bailout program and discuss growth-enhancing measures without stimulus.

"I believe [Greece] can become a much more efficient, competitive economy," Barroso said, adding that "reforms take time."

The meeting, which will run from 3:00 to 5:00 p.m. local time, will focus on Greece's growth potential, commission spokeswoman Pia Ahrenkilde-Hansen told reporters in Brussels today.

EU Economic and Monetary Affairs Commissioner Olli Rehn will also attend the meeting, Ahrenkilde-Hansen said.

Last week, euro-zone finance ministers agreed a second bailout package for Greece worth EUR 130 B in exchange for further austerity and reform measures from Athens, to prevent the country from defaulting on its debts.