Cypriot bailout talks on brink

Negotiations on a bailout that would prevent Cyprus becoming the first eurozone economy to go bankrupt were tortuous and on the brink last night, with all of the possible outcomes still threatening to bring down the country.

Finance Minister Michael Noonan was adamant that, whatever the outcome, it would not affect Ireland. He insisted the Government would never hit depositors.

“We believe that the €100,000 is absolutely sacrosanct and there is absolutely no circumstance in which we would touch depositors, because they are guaranteed,” he said.