We present sound and complete sequent calculi for the modal mu-calculus with converse modalities, aka two-way modal mu-calculus. Notably, we introduce a cyclic proof system wherein proofs can be represented as finite trees with back-edges, i.e., finite graphs. The sequent calculi incorporate ordinal annotations and structural rules for managing them. Soundness is proved with relative ease as is the case for the modal mu-calculus with explicit ordinals. The main ingredients in the proof of completeness are isolating a class of non-wellfounded proofs with sequents of bounded size, called slim proofs, and a counter-model construction that shows slimness suffices to capture all validities. Slim proofs are further transformed into cyclic proofs by means of re-assigning ordinal annotations.
