Cypriot President Nicos Anastasiades' office said he "fully respects" the decision and that he had had a "constructive" phone call with Russian leader Vladimir Putin, amid reports Cyprus was seeking alternative financing.
The eurozone has told debt-hit Cyprus to revise a controversial levy on bank deposits to allow small savers to escape the tax, part of a larger bailout deal, amid a public outcry and fears of a bank run.
Cypriot President Nicos Anastasiades will on Monday attempt to persuade lawmakers to back an EU bailout deal that slaps a levy on bank savings, amid fears of a run on accounts if he fails.
Data published on Monday confirmed recession in the eurozone's weakest economies last year, breathing new life into a heated debate on whether aggressive austerity measures may come at the cost of economic growth.
Eurozone finance ministers meet Monday against the backdrop of a weak economy and increased political uncertainty after inconclusive polls in Italy, the group's third largest economy.
Western countries will seek to turn the screw further on Iran at a meeting of UN atomic agency board of governors from Monday following the watchdog's latest damning report on Tehran's nuclear programme.
EU foreign ministers gather in Cyprus some 100 kilometres from the Syrian coast Friday to explore how to best assist its opposition while defusing a humanitarian crisis looming in Europe's backyard.