BBC News with Nick Kelly
Banks in Cyprus are to stay closed until Tuesday as the government struggles to avert a financial collapse. There are fears of a run on the banks. Reports say a cabinet meeting is deciding how to prevent large amounts of cash leaving the island. Mark Lowen reports.
It’s been a day of frantic talks in Nicosia, Brussels and Moscow as all three parties debate how to pull Cyprus out of this crisis. After the bailout deal was rejected in parliament, the country’s 17bn euro rescue is in turmoil with Cyprus close to bankruptcy. Meanwhile, banks here will remain closed until Tuesday, causing cash machines to run low and some businesses to refuse credit cards.
Within the past few minutes, state television in Cyprus has reported that the Cypriot President Nicos Anastasiades will present alternative plans for securing a bailout for the country’s stricken economy to the leaders of the country’s political parties on Thursday.