The European Parliament's president is to be the first European official to visit Athens, a day after announcements by Greece's nascent radical left government on rolling back a series of key budget commitments sent the country's stock market plummeting.

Martin Schultz arrives in Athens Thursday for meetings with government and opposition officials, a day ahead of eurogroup head Jeroen Dijsselbloem. Both visits are being closely watched for indications of how Alexis Tsipras' government intends to proceed in bailout negotiations.

Wednesday's hard line prompted a quick EU warning and sent local investors into panic on the prospect that Greece might be cut off from its financial lifeline.

Ahead of his visit, Schultz wrote in an online article that Tsipras must "reach out for compromise both inside and outside the country."