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Cypriot President Nicos Anastasiades and party leaders are due in Brussels for last-ditch talks on how to secure crucial EU funding.
Cyprus has to raise 5.8bn euros (£4.9bn; $7.5bn) before Monday to qualify for a 10bn-euro bailout.
Parliament voted on Friday to restructure the island's banks, set up a "national solidarity fund", and establish capital controls.
But it has yet to vote on other key measures, including a bank levy.
The Cypriot parliament is not expected to reconvene until after European finance ministers meet on Sunday, Reuters news agency reported.
It reported that Cypriot officials were holding talks with the "troika" of the EU, the European Central Bank and the International Monetary Fund on Saturday morning, and that Mr Anastasiades would decide whether to travel to Brussels based on the outcome of the meeting.
The European Central Bank has given Cyprus until Monday to raise the bailout money, or it says it will cut off funds to the banks, meaning they would collapse, possibly pushing the country out of the eurozone.
Analysis
The eurozone is really turning the screw on Cyprus, and it's being led by Germany.
The message is crystal clear - your economic model has to change. They will no longer accept the idea of a national economy within the eurozone that is dependent on its reputation as an offshore tax haven.
There is huge irritation with the way the Cypriots have handled things, and that has led to the imposition of deadlines which mean big decisions need to be taken very quickly.
The cost of cleaning up the Cypriot banking system must be borne by investors in the Cypriot banking system - like it or lump it.
Cyprus now needs to find out what money-raising measures the EU will accept before putting them to a vote, the BBC's Chris Morris reports from Nicosia.
He says Germany is essentially writing the rules for the eurozone, and the message coming from Brussels and Berlin is that the money has to come from the banking sector.
Germany has voiced opposition to another measure approved by the Cypriot parliament on Friday - nationalising some pensions to pay into a solidarity fund along with other assets.
Germany has also made it clear that it will no longer accept an economy within the eurozone that is dominated by its status as an economic tax haven, our correspondent adds.
A bank levy for account holders with deposits of more than 100,000 euros is therefore back on the table.
Leading Cypriot bankers have urged parliament to accept a levy, with small savers exempted.
Russian money
On Tuesday, parliament overwhelmingly rejected a levy that would have made small savers pay 6.75%, while larger investors would have paid 9.9%.
The proposal provoked widespread anger among both ordinary savers and large-scale foreign investors, many of them Russian. Russia is a key investor in Cyprus.
German press commentary
- Frankfurter Allgemeine Zeitung: "The irritation of the Europeans, who want to use taxpayers' money to help the Cypriots get back on their feet, is justified since, unlike a small debtor whose bank account overdraft has been cancelled, Nicosia still seems to believe that it does not have to fear the worst because creditors from London to Moscow and the EU partners would never allow the worst to happen."
- Die Welt: "Dismay in Europe: What Cyprus is selling as a 'plan B' would neither reduce state debt nor encourage important economic reforms. German politicians simply call it 'cheek'."
The government fears a levy would prompt foreign investors to withdraw their money, destroying one of the island's biggest industries.
Cypriot Finance Minister Michael Sarris travelled to Moscow this week to seek Russian support for alternative funding methods, but Russia said it would only act after the EU reached a deal with Cyprus.
Among nine bills approved on Friday, Cyprus's parliament voted to restructure of the banking sector, starting with the country's second largest and most troubled lender, Laiki (Popular) Bank.
Under the restructuring, Cyprus's troubled lenders will be split into so-called good and bad banks, protecting smaller deposits but allowing levies on bigger ones.
There is now speculation that the island's biggest lender, the Bank of Cyprus, will also be restructured.
Parliament also voted for capital controls to prevent large withdrawals from Cyprus.
Banks in Cyprus have been closed since Monday and many businesses are only taking payment in cash.
Anthanasios Orphanides, former governor of the Cyprus Central Bank, told the BBC that Cyprus was a victim of German domestic political pressures ahead of a general election there later this year.
German Chancellor Angela Merkel and her party needed to avoid be accused of using "German taxpayers' money to pay off Russian oligarchs who are doing money laundering in Cyprus", he said - even though "there is no evidence and none has been produced of Russian money laundering in Cyprus".
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