"Unfortunately, we have come to the conclusion that at this stage circumstances do not permit the reaching of an agreement during the Finnish Presidency", Finnish Foreign Minister Erkki Tuomioja told reporters on Monday.

Thus, the five-month negotiation marathon to reach a settlement on the decades-long problem has ended in total failure.

The Finnish FM made his remarks after separate meetings with Turkish FM Abdullah Gul and Greek Cypriot FM George Lillikas, talks which took place on the sidelines of the EU-Mediterranean foreign ministers meeting in Tampere, Finland.

Tuomioja added that no date had been set for new talks on the issue and the EU would need to decide on the implications for Turkey's membership bid.

Earlier this month, Finland said that it had given up plans to hold a meeting with Turkey and the Turkish and Greek Cypriots.

"There is no chance for a meeting in Helsinki," a spokesperson for Tuomioja announced on Nov. 2.

The EU has insisted that Turkey must open its ports and airports to traffic from EU member Greek Cyprus by the end of the year, or else accession talks with Ankara might be suspended.

Despite huge pressure from the EU, Ankara still refuses to open its ports to Greek Cypriot traffic unless economic sanctions imposed on Turkish Cyprus are lifted.