The stability of the Eurozone and Cyprus lies in the balance as today’s negations seek to prevent the country from crashing out of the Eurozone as debts mount up.

Cyprus has been in negation with European countries including Greece and Russia as it seeks to secure a bailout, with its European future resting on the success of today’s negations.

Over the next two hours the political leaders of Cyprus are set to meet and decide on a proposal set out today, including the decision to sell parts of the Bank of Cyprus to Greece as well as Cypriot assets.

While today's actions will have a significant impact on Cyprus and its European future, German finance minister Wolfgang Schäuble said that the calm reaction in finical markets predicts a positive response, saying: “The financial markets clearly recognise that the euro zone is essentially better prepared for possible turbulence.”

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