Talks between Russia and Cyprus on a financial rescue package have broken down after investors said they weren't interested in the country's offshore gas reserves. It means Cypriot Finance Minister Michael Sarris will fly home empty-handed after two days of crisis talks in Moscow.
Selling off gas reserves would have helped Cyprus raise billions of euros to qualify for loans it desperately needs from the Eurozone.
Cyprus' rescue deal has sent shivers through southern Europe after a key eurozone figure said it would be a model for future bailouts.
The future is uncertain for the people who must live with the consequences of Cyprus' "painful" bailout deal.
The Dutch Finance Minister has said the bank levy 'bail-in' on large depositors "pushes back the risks" from the rest of the eurozone.