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The BBC's Mark Lowen says there is a feeling that Cyprus is "teetering towards the brink of bankruptcy"
Political leaders in Cyprus are meeting for emergency talks after its parliament overwhelmingly rejected an international bailout deal.
Cypriot President Nicos Anastasiades is meeting party leaders to hammer out a Plan B after a one-off tax on savings failed to get the support of any MPs.
Germany says banks in Cyprus may never reopen if a bailout is not agreed.
Cyprus' finance minister is in Moscow to seek help from Russia, which holds multi-billion dollar investments.
Michalis Sarris said after talks with Russian Finance Minister Anton Siluanov: "There were no offers, nothing concrete," but he added, "we're happy with a good beginning."
President Anastasiades is holding the emergency meeting of party leaders and the central bank governor in Nicosia to "examine alternative plans to address the situation that may arise following... the parliamentary vote", his office said.
Analysis
There may have been jubilation among many Cypriots at Tuesday night's parliamentary defeat of the hated banking tax, but now the country faces a tough reality.
The EU bailout has been derailed and Cyprus is edging towards bankruptcy. But talks are also continuing with the EU to find a credible alternative.
The eurozone's third smallest economy has just sent a resounding message of defiance to Brussels. And the impact will spread far beyond this tiny island.
Mr Anastasiades, who was elected to the presidency on 24 February, will also hold a cabinet meeting and talks with the European Union, European Central Bank and International Monetary Fund (IMF).
Bank mergers, a bond issue, and more Russian funding are possible options.
Banks in Cyprus have been shut until at least Thursday to prevent mass withdrawals. The stock exchange remains closed.
The BBC's Mark Lowen, in Nicosia, says Cyprus is a resilient nation and the banks are still giving out cash through machines - although with some limits.
Politicians in Cyprus, eurozone leaders and the IMF want to hammer out a credible Plan B, he says, but until they have, the banks may well remain closed.
On Wednesday, German Chancellor Angela Merkel said she regretted but respected the Cypriot vote.
She said the eurozone had a duty to find a solution for Cyprus, but added that the country's current banking system was "not sustainable".
A European Commission spokesman told AFP it was now up to Cyprus to "offer an alternative scenario... which guarantees debt sustainability".
'Honest discussion'The controversial levy had been proposed as the condition for the 10bn-euro (£8.7bn; $13bn) EU and IMF bailout. Cyprus was expected to raise 5.8bn euros through the one-off tax on bank savings.
The plan was altered on Tuesday to exempt savers with less than 20,000 euros (£17,000), but a 6.75% charge on deposits of 20,000-100,000 euros and a 9.9% charge for those above 100,000 euros remained.
"Start Quote
End QuoteWhat the mess in Cyprus shows is that eurozone governments are a million miles from feeling comfortable about using their taxpayers' money to sort out the problems of banks outside of their home countries"
However, parliament rejected the deal, with 36 MPs voting against it, 19 abstaining and none in favour.
Protesters outside parliament reacted with joy at the decision.
Mr Anastasiades said he "fully respected" the vote.
He said he had spoken to Russian President Vladimir Putin, as Cyprus sought alternative financing.
Mr Sarris met Mr Siluanov to discuss the easing of the terms on a 2.5bn euro loan Moscow gave Cyprus in 2011 - and the possibility of further funding - but no deal was reached on Wednesday.
"We had a very honest discussion, we've underscored how difficult the situation is," Mr Sarris said.
He later met First Deputy Prime Minister Igor Shuvalov but sources said that, again, no agreement had been reached.
Cyprus has attracted money through its lower taxes, with Russians holding between a third and half of all Cypriot deposits.
"Start Quote
End Quote Stephania Stavri Nicosia residentMy husband is paid at the end of each month by cheque. If the situation doesn't change soon, how is he going to deposit his cheque and receive his salary?"
Russian private and corporate deposits are believed to total about $30bn.
Mr Putin had called the bailout deal "unfair, unprofessional and dangerous".
Analysts say Russia may provide more funding in return for interests in Cyprus' offshore energy fields.
One offer of help has come from Cyprus's Orthodox Church, which is a major shareholder in the third-largest domestic lender, the Hellenic Bank.
Archbishop Chrysostomos I said on Wednesday the Church was willing to mortgage its assets to invest in government bonds.
Cyprus' banks were left exposed following the debt crisis in Greece and there are fears Cyprus could go bankrupt if they fail.
German Finance Minister Wolfgang Schaeuble warned Cyprus that its banks might never be able to reopen if it rejected the bailout.
Meanwhile, the UK Ministry of Defence said on Tuesday evening that a plane carrying 1m euros had arrived in Cyprus as a contingency measure to provide military personnel and their families with emergency loans.
The money is to be used for British personnel and their families if cash machines and debit cards stop working.
The UK has more than 3,000 troops stationed on the island, with two main bases - at Dhekelia and Akrotiri.
The UK also has tens of thousands of expats living on the island.
One, Gary Winwood, told the BBC the situation was "dire" and there was great anxiety about the possibility of a collapse of the banks.
"Most of our money is kept in deposits in a savings account so I cannot make withdrawals. The cash machines are supposed to be restocked but are often found empty. We've got enough money to last us until the end of the week," he said.
Russian expat, Natalia Kuleshina, who withdrew all her cash before the banks closed, said people were now afraid about whether salaries would be paid.
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