Finance Minister Yuval Steinitz's office responded to reports Sunday that Egypt canceled its gas deal with Israel by saying he views it "with great worry," both from a diplomatic and economic standpoint.

The move, Steinitz's office added, is a "dangerous precedent that darkens the peace treaties and the atmosphere of peace between Israel and Egypt." In response, Israel must make an extra effort to overcome any obstacles to getting Israel's own gas fields flowing this year as opposed to its scheduled operational start in 2013, a statement added.

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