Cypriot President Arrives for Urgent Talks in Brussels

The President of Cyprus, Nicos Anastasiades is in Brussels for emergency talks on how to secure EU financing. Photo by EPA/BGNES

Cypriot President Nicos Anastasiades has begun a series of emergency meetings in Brussels in a last-ditch attempt to finalise a bailout.

The trip comes after a day of talks between Cyprus and the EU and IMF ended inconclusively.

The Cypriot President's visit comes ahead of a meeting in Brussels of the Eurogroup on Sunday evening. The finance ministers are expected to consider Cyprus's proposals for a bailout for final approval.

BBC has reported that the rescue plans - as they stand - involve splitting the country's second largest bank, Laiki (Popular), into "good" and "bad" banks.

Cyprus has to raise EUR 5.8 B to qualify for a EUR 10 B bailout.

The European Central Bank has given Cyprus until Monday to raise the bailout money, or it says it will cut off funds to the banks, meaning they would collapse, possibly pushing the country out of the Eurozone.

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