Micheál Martin (Cork South Central, Fianna Fail)

Putting aside the academic debate on the overspinning of every development in this matter, will the Taoiseach explain to the House how the formal conclusions of the Council meeting should be viewed as progress? The conclusions express confidence that the debts of Ireland and Portugal will be sustainable if the two countries implement their agreed programmes. In contrast, the agreement of March 11 explicitly stated our interest rate would need to be reduced to ensure debt sustainability. If we are saying that a reduced rate is no longer essential in the context of sustainability, then any fair person could see that our position has been weakened. The text as agreed is, therefore, weaker than that issued on 11 March. In the latter, all the Heads of Government agreed to change the terms and, in essence, reduce the interest rate. Last week's text explicitly states that the existing terms will ensure or will suffice for sustainability. Why did we agree to a text last week that is weaker than that released on 11 March?

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