The bailout talks between Cyprus and other eurozone countries are taking place later today in Brussels. Talks between the parties and officials from the IMF ended late Saturday night without a tangible solution in sight. The creditors have set deadline for Monday and if Cyprus fails to meet the demands of the Troika – EC, ECB and the IMF – it is likely that Cypriot banks will face an imminent collapse. Cyprus has been looking for an alternative to the planned tax levy, rejected by the Cypriot parliament last week. Eurozone officials have insisted that the tax on depositors is Cyprus’s best chance to secure the vital rescue package. The proposed tax levy scared many investors and especially Russians who hold enormous amounts on Cypriot bank accounts. Considering that the tax levy would cut up to 10 per cent from individual accounts, the panic will likely persist. The citizens of the small nation state have been demonstrating the levy, queuing for hours at cash machines and shopping in supermarkets to prepare for the worst.