A meeting which President Nicos Anastasiades convened to brief parliamentary party leaders on the negotiations that led on Saturday morning to a bailout agreement has concluded.

Political parties have scheduled meetings on Sunday to discuss the latest developments on the economic front and take their decisions, before the House plenary meets in the afternoon.

Cyprus is on a border line, deputy president of the ruling Democratic Rally (DISY) party Averof Neofytou said on Saturday night, after the meeting as he appealed for prudence.

He said the EU had taken “a wrong political decision” on a haircut of deposits in Greece and in Cyprus, adding that on two different occasions during the negotiations President Anastasiades said no and walked out of the meeting and the “unbearable pressure he was under by European leaders and the head of the IMF.”

Neofytou explained that the President took a specific decision but stressed in no uncertain terms to his European partners that this was subject to a decision by the House of Representatives.

Replying to questions, he said he did not think there were “many scenario”, pointing out that “we have to decide with prudence and in concert, and put everything on the scales, taking into consideration the possible repercussions of a rejection of the Eurogroup decision.”

Asked if the President owes an apology to the people, Neofytou said Anastasiades had always said that the approach of some European leaders and of the IMF is not a policy in the right direction and this would be evident in the reaction of the markets.

Andros Kyprianou, General Secretary of the main opposition party AKEL, described as “violation of the Republic’s sovereignty” the terms Cyprus’ international lenders are trying to impose.

He also said that during the meeting he tried to put forward the idea of a brief postponement of Sunday’s House plenary to allow further consultations but unfortunately there is no room for such a postponement.

“It appears that we have before us a proposal which says, you either take it all or nothing,” Kyprianou noted, adding that on Sunday the party Political Bureau and the Central Committee will meet to discuss developments. The parties, he said, will take their decisions and each one will assume its responsibilities.

Marios Garogian, president of the coalition Democratic Party (DIKO), said “there are harsh dilemmas and there must be harsh decisions too,” adding that “what is happening in a small EU country is unprecedented.”

“Things are incredibly difficult. These issues do not concern the economy alone, for use there are also some other ramifications, in the sense that arguments or alternative options Cyprus had put forward were rejected with a lot of praise,” he said, pointing out that there must be alternative approaches or even other scenaria.

Asked to say whether government officials were lying when in the past few days they were adamant there would be no haircut on deposits, Garogian recalled that everybody shared this view and nobody wanted a haircut and the President went to Brussels having in mind this position.

He said DIKO parliamentary group and the party Executive Bureau will meet on Sunday to decide on the course of action the party will take.

The deputy president of the Socialist EDEK party Marinos Sizopoulos, in his remarks, said “unfortunately our worst fears are being confirmed, that the intentions of some of our EU partners do not fall within the framework of European solidarity to support sincerely the recovery and the viability of the Cypriot economy.”

“On the contrary, it has become very obvious that their objective is to lead our economy to burnout, in order to apparently, at the end of the day, control fully the management of our natural gas reserves or impose an unacceptable solution to the Cyprus issue,” he added.

EDEK, he continued, believes that, unfortunately, “there are no sincere intentions on the part of our European partners and in addition to that, they raise unreasonable demands, which escalate in a negative direction.”

The deputy General Secretary of the Environmentalist Movement Adonis Yiangou described the Eurogroup decision as “incredibly unfair”, saying that the Movement’s initial reaction is that it will not be able to give its consent to such measures.

However, he did point to Sunday’s meeting of the party Central Committee for a final position.

“We believe this decision is incredibly unfair for Cyprus and we are indeed against it. Under the present circumstances we cannot consent to these measures,” he said.

Excluded from the international capital markets, Cyprus applied for financial assistance in June 2012 after its two largest banks sought state support, following write downs of Greek bonds amounting to €4.5 billion, as a result of the Greek sovereign debt haircut.

The Cypriot financial assistance package is estimated at 17.5 billion, of which 10 billion will be provided by the ESM and the IMF. The one-off tax levy is estimated to yield €5.8 billion, while the remaining amount will emerge from a privatization programme, a capital gains tax increase and a 2.5% increase in the Cypriot corporate tax, currently at 10%.

The one-off levy on bank deposits provides for 6.75% on deposits less than one hundred thousand euro and 9,9% on deposits over this amount.

The government said the situation is serious but not tragic and there is no reason to panic. The Finance Minister explained that “we have chosen the least painful solution”.

A Eurogroup statement, issued after the lengthy negotiations, welcomed the Cypriot authorities` commitment to take further measures mobilising internal resources, in order to limit the size of the financial assistance linked to the adjustment programme. These include the introduction of an upfront one-off stability levy applicable to resident and non-resident depositors. Further measures concern the increase of the withholding tax on capital income, a restructuring and recapitalisation of banks, an increase of the statutory corporate income tax rate and a bail-in of junior bondholders