A Cypriot delegation led by President Nicos Anastasiades has arrived in Brussels for last-minute talks with European Union politicians to avert a banking system collapse.
The delegation arrived at a military base just outside Brussels in a private jet sent by the EU Commission.
The group headed to the EU Council building for talks with leaders of the European Union, the European Central Bank and International Monetary Fund.
IMF Managing Director Christine Lagarde was seen at the Sofitel Hotel, where the Cypriot delegation is expected to stay, and will join the talks.
A meeting of eurozone finance ministers is scheduled for later this afternoon.
Cyprus' overgrown banking sector has been crippled by exposure to crisis-hit Greece.
The EU says the country must raise €5.8bn on its own before it can receive a €10bn bailout.
Without a deal by the end of Monday, the ECB says it will cut off emergency funds to Cypriot banks, spelling certain collapse and potentially pushing the country out of the eurozone.
It was reported last night that Cyprus is considering imposing a one-off tax of 20% on deposits over €100,000 at the country's largest bank, Bank of Cyprus.
German Finance Minister Wolfgang Schaeuble underlined that time was of the essence.
"Cyprus will go down a tough path - either way. But that's not the consequence of European stubbornness, but of a business model that no longer works," he said.
"Negotiations are at a very delicate phase," the Cypriot government said earlier in a statement.
"The situation is very difficult and the deadlines are very tight."
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