"I hope we can move rapidly to reach an agreement on the measures to be taken to guarantee a long-term sustainability of the Cypriot economy," Barroso told reporters at a maritime conference in the southern port city of Limassol.

"I believe it is critically important now to come to some level of consensus."

Barroso urged political parties and trade unions to make the "huge effort" required for Cyprus to meet the austerity challenge needed to put the recession-hit economy back on track.

"I know the situation is difficult. The challenges are immense. They require a huge effort from the political system but it is critically important for the future of Cyprus."