By Steve Robson PUBLISHED: 11:16 EST, 23 March 2013 | UPDATED: 15:30 EST, 23 March 2013 Cyprus has agreed a one-off levy on deposits over 100,000 euros in a dramatic U-turn today as it raced to satisfy lenders and seal an 11th-hour bailout deal to avert financial collapse. According to reports, Cyprus has agreed with EU/IMF lenders a 20 per cent levy on deposits over 100,000 euros (£85,335) at leading lender Bank of Cyprus. A four per cent levy on deposits of the same amount will be made at other lenders, a senior Cypriot official said. Scroll down for video
@highlight
20 per cent levy on deposits over 100,000 euros agreed with lenders
@highlight
Finance Minister says 'significant progress' has been made towards bailout
@highlight
Island is racing to satisfy EU/IMF lenders and avert financial collapse
@highlight
Head of Eurogroup says meeting to be held at 6pm on Sunday in Brussels
Finance minister who is also president of the @placeholder - the 17