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Experts from the European Union, European Central Bank and International Monetary Fund are studying the consequences if Cyprus does not receive a bailout, a German newspaper reported on Saturday.
"Experts from the troika are calculating, especially under pressure from Berlin, the financial consequences of a Cyprus bankruptcy," Bild, the most widely read daily in Europe, said without citing a source.
Greece would be the country most affected by the failure of the main Cypriot banks which have a network of branches on the island where around 10 percent of Greek savings are stocked.
"The banks of the other eurozone countries would, on the other hand, be hardly affected," Bild said.
Cyprus asked for European aid in June, after its two main banks, which were exposed to the crisis in Greece, appealed for government help.
On Monday, eurozone finance ministers meeting in Brussels postponed the decision on aid until after Cyprus' presidential election, whose first round begins on Sunday.
Cyprus' total needs are estimated at more than 17 billion euros ($23 million).
At the troika's request, the east Mediterranean island adopted a series of austerity measures to reduce its expenses representing 7.25 percent of gross domestic product over four years.
Nevertheless, according to a report in Saturday's Frankfurter Allgemeine Zeitung, the financing needs of the island's banks, initially estimated at 10 billion euros, could be in the end considerably lower.
Progress has been slow on a bailout for Cyprus given concerns over its banks and allegations of money laundering due to fears that Russian criminal elements are active in the country.