The Tánaiste and Foreign Affairs Minister has urged the rest of Europe to stand by Cyprus as the island nation battles for its economic survival. It follows reports the rest of the Eurozone may consider ejecting Cyprus from the single currency in order to prevent contagion.

A deadline of Monday looms for Cyprus to work out how to raise around €6 billion in order to avail of a €10 billion Troika bailout.

The Cypriot Finance Minister left Moscow empty-handed earlier after days of begging for Russia to come to the aid of the country.

Eamon Gilmore who is hosting an informal meeting of European Foreign Ministers told reporters the rest of Europe must stand "in solidarity with Cyprus and with the people of Cyprus".

And the Tánaiste says the whole approach of the bloc has been to stay together, work together and "help each other out of the difficulties".

The Cypriot Foreign Minister was not at the meeting in Dublin Castle as politicians in Cyprus continue to try and work on a 'Plan B' before the collapse of the banks next week if the European Central Bank (ECB) goes through with its threat to pull emergency funding.

Two of Cyprus' biggest lenders urged politicians to go back to the plan to tax savings by imposing a levy on deposits of more than 100 thousand euro.

Meanwhile Greece has begun proceedings to absorb the subsidiaries of 3 Cyprus banks which are active in Athens. That would make them eligible for recapitalisation funds from the second bailout of Greece by the EU and IMF.