Cypriots voted on Sunday, Feb 24 in a runoff to elect a president who must clinch a bailout deal before the island nation plunges into a financial meltdown that would revive the euro zone debt crisis, Reuters reported.

Conservative leader Nicos Anastasiades, who favors hammering out a quick deal with foreign lenders, is tipped to win against Communist-backed rival Stavros Malas, who is more wary of the austerity terms accompanying any rescue.

Financial markets are hoping for an Anastasiades victory to speed up a joint rescue by the European Union and International Monetary Fund before the island runs out of cash and derails fragile confidence returning to the euro zone.

The 66-year-old lawyer took more than 45 percent of the vote in the first round in the Greek-speaking Cypriot south, easily beating 45-year-old geneticist Malas, who took 27 percent.

Polls close at 4.p.m. (British time), with the result expected soon afterwards.

The winner will take the reins of a Mediterranean nation ravaged by its worst economic crisis in four decades, with unemployment at a record high of 15 percent. Pay cuts and tax hikes ahead of a bailout have further soured the national mood.