Michael McGrath (Cork South Central, Fianna Fail)

I thank the Minister for his response. The purpose of the question was to establish whether there are particular items that the Minister has placed on the agenda for this week's visit by the troika. Does he wish to renegotiate issues in the current deal? The Minister has gone on record previously as saying he believes this to be a bad deal for Ireland. The issues that were changed during the first and second quarterly reviews were quite modest, to say the least, and certainly did not reduce the cost of the deal. The agreement to introduce a jobs initiative, the reversal of the minimum wage, an agreement to undertake a comprehensive spending review, and the decision not to transfer any further loans to NAMA are really changes around the edges of the deal. There is nothing there that reduces the cost or burden to the State as regards the EU-IMF deal.

There is an opportunity this week and if the Minister still believes it is a bad deal, what elements of it is he still seeking to renegotiate and change? It would be helpful to have some clarity on these issues. The Minister might consider providing us with an update on the interest rate reduction and whether he expects any movement on it before the autumn.

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