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Cyprus bailout: Cyprus seeks 11th-hour deal to avert financial collapse

Published on Mar 24, 2013 10:28 AM

NICOSIA (REUTERS) - Cypriot President Nicos Anastasiades flies to Brussels on Sunday to seek an 11th-hour reprieve from financial meltdown, with a bailout from the European Union and the island's place in Europe's single currency bloc hanging in the balance.

Facing a Monday deadline to avert a collapse of the Cypriot banking system, talks in Nicosia to seal a bailout from the EU and International Monetary Fund broke up late on Saturday without result.

"Negotiations are at a very delicate phase," the Cypriot government said in a statement.

"The situation is very difficult and the deadlines are very tight," it said. President Anastasiades will arrive in Brussels in the mid-morning to continue the talks, it said.

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