Billionaire investor George Soros has recently announced about the foreseeable departure of Greece from the euro, upon which, Finance Minister Michael Noonan said yesterday that the European leaders think that they can efficiently avoid debt crisis in Ireland and Portugal but the main issue of concern for all is that Greece could trigger problems in larger economies such as Spain.

"The European authorities are more worried about countries like Spain than they are about Ireland and Portugal," Mr. Noonan said on RTE radio. He further added in his statement that "The authorities I have spoken to believe they can prevent contagion spreading to Ireland and Portugal but they have some concerns about the bigger European countries, and they are going to draw the line there. I presume they will bring other policy instruments forward as necessary."

Mr. Soros had earlier said that it's "probably inevitable" to put a mechanism in place to allow weaker euro zone economies to exit the single currency as an economic collapse can easily spread to other countries.

Regarding the situation, the Irish finance minister also said on Sunday that Europe is more concerned about the financial crisis in Greece, which could trigger bigger problems in larger economies such as Spain than Portugal and Ireland.