A recent round of indirect talks (Oct. 15-26) between Turkish and Greek Cypriots with United Nations Secretary-General Javier Perez de Cuellar serving as a go-between has proved inconclusive.
But for the first time since the island of Cyprus became divided 10 years ago , each side unveiled its bottom line. The lowest common denominator that could serve as a basis for a deal between Rauf Denktash and Spiros Kyprianou, the Turkish- and Greek-Cypriot leaders, is as follows, UN officials say:
* The Turkish Cypriots would return 2.5 percent of the land they seized and remain in control of 29.5 percent of Cyprus.
* 50,000 to 70,000 Greek-Cypriot refugees would be allowed to return to their land of origin in the Turkish-Cypriot area.
* Cyprus would be politically united in a federation that would give both communities a large degree of autonomy. The president would be a Greek Cypriot; the vice-president - with a power of veto in vital areas of government - would be a Turkish Cypriot. In the House of Representatives two-thirds of the Turkish-Cypriot and two-thirds of the Greek-Cypriot votes would be needed to pass laws touching on key issues. This would give the Turkish minority legislative veto power.
* This ''final agreement'' would be carried out in phases and follow a timetable agreed upon by both parties. Turkish-held territory would be returned to the Greek Cypriots while the new central government would be put into place.