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.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!