Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The institutions are negotiating in good faith and a number of examples have appeared in the media without contradiction. One of the key requirements for the Greek authorities is that the primary surplus of 4.5%, which was originally required, would no longer be required. That was a huge concession by the European institutions. As colleagues know, a primary surplus is the surplus a country has if it does not have to make any debt repayments and the surplus exists to make the debt sustainable. As I understand it, they have offered a much lower primary surplus, at 1% for 2015 escalating to 3.5% by 2017-2018, but they have moved away from the primary requirement.

I am using that only as an example to suggest that, from what I have read in the media, which was not contradicted by either side, there is a genuine effort by the institutions to reach a middle position. I was talking to colleagues on the telephone last week and it appeared to them, according to their information from Brussels, that we were on the cusp of an agreement.