Mr. Colm McCarthy:

We now have deal No. 3. The fact there is a third rescue is an indictment of the second one and the fact there was a second is an indictment of the first, particularly if one does not accept the narrative that the Greeks spent the past five years on the beach. I do not accept this narrative. I fully concede the Greek Government should have done more on tax reform. It is still arguing about the independence of the central statistics office. One of the senior officials there was blackguarded by successive Greek Governments. It is still going on and it should not have happened. However, it is not true that the Greeks made no effort at adjustment. They did so in very adverse circumstances. It is difficult to have much sympathy for either set of protagonists.