Shane Ross (Dublin South, Independent)

The relative merits of the markets in this argument will probably belong in another place. A few minutes ago, the euro dropped in value to $1.29, a 12 month low. The value of shares is falling throughout Europe today, while Italian bond yields are rising. Whatever the merits for Ireland in the deal agreed at the European Council, the European and global markets are giving it the thumbs down and saying it is a disaster. Standard & Poor's, for example, is about to downgrade various European banks and may also downgrade the sovereign debt of certain European nations.

What benefit has Ireland obtained from the deal the Taoiseach brought back? It does not appear beneficial as it threatens the two principal dynamic areas of the Irish economy, namely, the International Financial Services Centre, IFSC, and the multinational sector. The spat which occurred on Thursday and Friday at the European Council when Britain pulled out of the deal has been well publicised.

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