Cypriot President Nicos Anastasiades threatened to resign

Early reports coming out of Brussels suggest that the Cypriot President Nicos Anastasiades threatened to resign because there are so many sticking points in talks.

"I make you one proposal - you say no. I propose you another proposal and you say no - what more do you want? Do you want me to resign? Then just say it," state broadcaster RIK quoted Anastasiades as saying.

All Cyprus banks, including the two biggest ones – The Bank of Cyprus and the Popular Bank of Cyprus – have introduced sharp limits on ATM withdrawals, which shall not exceed 100 euros a day.

The measure aims to prevent massive withdrawals of funds from the client’s accounts. Late last week the government promised that all the lending institutions which closed on March 16 would reopen on Tuesday.

In Brussels, meanwhile, Cypriot President Nicos Anastasiades is taking part in an ongoing meeting by the Eurogroup deciding on the fate of the government’s 5.8 billion euro anti-crisis plan whose approval would open the door to a 10 billion euro bailout Cyprus needs to avoid a default.

The Eurogroup meeting has been delayed by around two hours and delegates are preparing for what could be a long night.