The European Commission, the bloc's executive, warned Saturday that there are "only hard choices" left for Cyprus, insisting that a solution be found by the end of the weekend, dpa reported.
"It is essential that an agreement is reached by the Eurogroup on Sunday evening in Brussels on a financial assistance programme for Cyprus," Economy Commissioner Olli Rehn said, adding that it would then need to be "swiftly implemented."
"The events of recent days have led to a situation where there are no longer any optimal solutions available. Today, there are only hard choices left," Rehn said, adding that EU support could "help to minimize the economic damage and protect the most vulnerable."
"It is clear that the near future for Cyprus will be very difficult," he said, pledging that the EU "help to rebuild the Cypriot economy."