An algorithm is constructed to derive a small-momentum expansion for t
wo-loop two-point diagrams in all cases where, due to the presence of
physical thresholds, there are singularities at zero external momentum
. The coefficients of this ''zero-threshold'' expansion are calculated
analytically for arbitrary masses. Numerical examples, using diagrams
occurring in the Standard Model, illustrate the convergence of the ex
pansion below the first non-zero threshold.