The EU's economic affairs chief Olli Rehn said there were no good options but "only hard choices left" for the latest casualty of the eurozone crisis.
With banks closed for the last week, the Central Bank of Cyprus imposed a 100-euros per day limit on withdrawals from cash machines at the two biggest banks to avert a run.
Cypriot president Nicos Anastasiades has flown to Brussels for last-minute talks in an attempt to save the Mediterranean island from financial meltdown and possibly becoming the first country to leave the eurozone.
With Cyprus facing a Monday deadline to avert a collapse of its banking system, Mr Anastasiades met the heads of the European Union, the European Central Bank and the International Monetary Fund to try to craft a deal on a 10 billion euro ( billion) bailout after a first attempt collapsed last week.
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It is going to be something like my last dinner with Cyprus made of leftovers. UTC/GMT 2 hours This is the official time zone of Cyprus. Due to this time zone sometimes it feels that in Cyprus tomorrow never comes, as well as “manjana” in Spain.
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