Early reports coming out of Brussels suggest that the Cypriot President Nicos Anastasiades threatened to resign because there are so many sticking points in talks.
The Eurogroup meeting has been delayed by around two hours and delegates are preparing for what could be a long night.
The main problems seem to be the restructuring of the banks and the possibility that Eurogroup members have asked for more money from Cyprus to meet the terms of a €10 billion euro bailout.
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.