Cyprus has made "significant progress" in talks with the EU and IMF to secure a last-ditch deal to prevent the country's financial collapse.
The nation today agreed a 20 per cent tax on deposits over €100,000 at the Bank of Cyprus and four per cent on deposits over €100,000 at other banks.
The island's finance minister, Michael Sarris, reported "significant progress" in talks with international lenders as Cyprus looks to find a rescue package for its stricken banks before Monday's deadline.
Eurozone finance ministers will meet on Sunday evening to discuss a deal to safeguard Cyprus's Eurozone future.
ITV News' Europe Correspondent Emma Murphy:
The European Union's Economic Affairs Commissioner Olli Rehn said progress was being made towards a solution.
Cypriot President Nicos Anastasiades tweeted: "We are undertaking great efforts. I hope we have a solution soon."