States in the eurozone are willing to help Cyprus, as long as banks in the embattled member state agree to share its debt burden.
That is according to Wolfgang Schaeuble, Germany's finance minister, who has insisted the island needs to act and strike a deal with its partners in the single currency area sooner rather than later to avoid financial meltdown.
At present, the nation is exploring alternative avenues of economic assistance as opposed to accepting a bailout from the eurozone, such as seeking external help from Russia.
However, the European Central Bank warned yesterday (21 March) that it intends to withdraw its help for Cyprus through the Emergency Liquidity Assistance scheme next Monday unless the nation accepts the offer of funding from the European Union/International Monetary Fund.
And, during an interview with the Ta Nea newspaper today, Mr Schaeuble has called on the country's banks to accept partial responsibility for cleaning up the financial system.
By Gary Cooper