The coming hours will decide Cyprus' fate as it struggles to meet the terms of an international financial bailout, a government spokesman has said.
"Any solution involves pain," Christos Stylianides said in the capital Nicosia, without giving details. Parliament will debate plans to raise the 5.8bn euros (£4.9bn; $7.5bn) needed to qualify for the 10bn-euro bailout, having rejected an earlier deal. Without it, the cash supply to the euro member's struggling banks may be cut.
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.
German Chancellor Angela Merkel has warned that Cyprus' eurozone partners are running out of patience with its efforts to secure the bailout.
Cypriot President Nicos Anastasiades held talks on Friday with representatives of the bailout "troika", which is made up of the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF). Leading Cypriot bankers have urged parliament to accept a levy on bank deposits, as originally proposed under the bailout, but with smaller depositors exempted. Cypriot Finance Minister Michael Sarris said a levy "of some sorts" remains "on the table" despite widespread fury among both ordinary savers and large-scale foreign investors, many of them Russian. In another development, Greek Finance Minister Yannis Stournaras announced that a Greek banking group had begun acquiring the Greek units of Cypriot banks. The measure would safeguard all the deposits of Greek citizens in Cypriot banks.