NICOSIA - - Former Eurogroup President and Prime Minister of Luxembourg Jean-Claude Juncker has said that Cyprus’ financial problems should be addressed with the same care demonstrated in the case of Greece, Ireland and Portugal and expressed the view that a decision on Cyprus must be taken soon.

Juncker considers the case of Cyprus as a systemic one.

In an interview with the international press agency “Agence Europe”, published in Brussels, former Eurogroup President noted that “if a country like Cyprus, as small as it is, faces unresolved problems, then these problems should be addressed with the same care the Greek, Irish and Portuguese problems were addressed”.

He added that if a member of the Eurozone has problems similar to those faced by Cyprus with regard to their type, nature and scale, then it should be considered as a systemic case, and added that a big problem in a member of the Eurozone is a systemic problem due to a high probability of spreading.

Replying to a question, Juncker said that undoubtedly the Greek haircut did not have a positive impact on Cyprus, pointing out that everyone should remember this. “It would be better if we had not fallen into this solution with open arms and eyes closed,” he noted.

Former Eurogroup President said that a solution for Cyprus must be found in March.

Excluded from international capital markets, Cyprus has requested financial assistance from the EU bailout mechanism after its two largest banks sought state aid following massive losses of their Greek bond holdings estimated at €4.5 billion, as a result of the Greek sovereign debt haircut.

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