Cypriot leaders and Eurozone bankers are scrambling to come up with a bailout deal ahead of a deadline that will see the island nation's banks collapse.
The original deal, opposed by a large section of the public because it called for a one-time-tax on all savings accounts, was unanimously rejected by the nation's Parliament Thursday.
President Nicos Anastasiades has flown to Brussels for a meeting with Mario Draghi, president of the European Central Bank, and other financial officials, The New York Times said Sunday.
A revised bailout would tax savings accounts with more than 100,000 euros (about $130,000) but it was unclear if that would have the votes in Parliament to pass.
If no deal is made and no extension is offered, European funding essentially propping up Cyprus's two main banks will stop and they will collapse, officials said.
"The situation is very difficult," Anastasiades said in a statement.
It is estimated the banks need about 10 billion euros ($12.9 billion) to recapitalize.