Cypriot President Nicos Anastasiades is on his way to Brussels as his country continues to seek a last-minute deal to avoid possible bankruptcy, BBC News reported.

The trip comes after a day of talks between Cyprus and the EU and IMF. Cyprus needs to raise 5.8bn euros (£5bn) to qualify for a 10bn-euro EU bailout.

The EU's commissioner for economic affairs Olli Rehn said the island had only "hard choices left" and must agree terms on Sunday, March 24.

Cypriot leaders are struggling to agree how to raise the money.

Parliament rejected a bank levy on small and large deposits earlier this week, but a levy limited to large deposits is said to be back in consideration following pressure from Brussels and Berlin.

Cyprus needs the approval of the "troika" - the IMF, European Central Bank and European Commission - in order to present a rescue plan to eurozone ministers in Brussels.

If a deal on an alternative agreement fails, the European Central Bank (ECB) says it will cut off funds to the banks, meaning they would collapse, possibly pushing the country out of the eurozone.