High-level EU meeting seeks last-minute seal on Cyprus deal

The European Union said today a top official will chair a high-level meeting on Cyprus in a last-ditch effort to seal a deal before finance ministers decide whether the island nation gets a €10bn bailout loan to save it from bankruptcy.

Cypriot President Nicos Anastasiades and Finance Minister Michalis Sarris were flying to Brussels this morning.

Spokesman Preben Aaman could not confirm who would participate in the meeting, but said it would be led by European Council President Herman Van Rompuy.

Cyprus has been told it must raise €5.8bn in order to secure the loan from the IMF and other eurozone countries.

The IMF, European Central Bank and European Commission will determine whether any Cypriot plan meets its requirements.

Finance ministers would have to approve the deal this evening.