The Cypriot government is intensifying its efforts to convince as many parliamentary deputies as possible to vote for the bailout measures, as opposition parties have signaled their opposition.

President Nicos Anastasiades is hosting another emergency meeting of Cypriot party leaders at 5 p.m. on Sunday in yet another attempt to secure parliamentary majority for the bill that will be discussed on Monday.

Anastasiades also will make his televised statement to the Cypriot people at 9 p.m. on Sunday.

Leftist AKEL, social democratic EDEK and the Ecologists, as well as the European Party, that had sided with Anastasiades in the presidential runoff three weeks ago have expressed their intention to vote against the bill, which would mean there will be not be enough votes for the government's side.

Nobel laureate Christoforos Pissarides, who heads the newly-formed National Council for the Economy, said there is no other option than taking those measures, otherwise the country's credit system would crumble leading the country to chaos.

"This may be a painful solution but it is the only hope we have tosave the economy of Cyprus," he told Cyprus News Agency on Sunday.