Officials in Cyprus met throughout the day Wednesday to try to craft a new funding plan to avoid a debt default for the Mediterranean island nation.
Cypriot leaders were faced with no obvious way to raise $7.5 billion the country's international lenders are demanding before they will approve $13 billion in rescue funds. On Tuesday, the country's parliament overwhelmingly rejected a tax on bank deposits that angered savers.
The Nicosia government said the country's banks, closed all week, would remain shut until next Tuesday, to prevent a run on accounts.
Europe is pressuring Cyprus to offer new solutions to the island nation's debt crisis after parliament rejected the deposit tax plan.