February 21, 2013 / 12:36 PM / 5 years ago

Irish fin min-Cyprus situation biggest current EU worry

LONDON, Feb 21 (Reuters) - Ireland’s Finance Minister Michael Noonan said his concerns about the euro zone would remain until the problems facing Cyprus are resolved, in particular the issue of how bank depositors would be treated.

Cyprus needs 17 billion euros ($23 billion) from the euro zone to recapitalise its banks and to finance the government over the next three years, with the likely speed and terms of the widely expected bailout hinging on Sunday’s presidential election outcome.

Noonan, whose country currently holds the EU Presidency, said the situation was his primary euro zone concern at present.

“I am worried about the nature of the deal and how depositors will be treated,” he said at a Bloomberg event on Thursday, also noting the high level of Russian involvement in Cyprus.

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