The Cypriot economy is in a fragile state, says its biggest bank, so the country needs European emergency support to avoid bankruptcy. Cypriot President Nicos Anastasiades met with party leaders on Thursday to discuss a 10 billion euro bailout following the Cypriot parliament’s rejection of a tax on savings - a condition for receiving the bailout. The cabinet convened the same day to work on this issue. After a phone call, eurozone leaders showed willingness to negotiate new conditions with Cyprus leaders.

An employee of Laiki bank reacts outside the Cypriot parliament during an anti-bailout rally, Nicosia, Thursday (Photo: AP)

The European Central Bank recently extended until Monday the deadline for Cyprus to raise 5.8 billion euros to get the 10 billion euro support. Otherwise, the Bank says it will cut off emergency support to Cyprus’s banks, letting them collapse and perhaps forcing the country to leave the Eurozone.