Micheál Martin (Cork South Central, Fianna Fail)

Does the Taoiseach agree that, in essence, the Council has signally failed to contain the Greek crisis because it has delayed everything it does, and it continues to delay? Since early March many statements have been made but no action has been taken. It is now more than four months since the interest rate on this country's loan was held to be unsustainable by the Council. That was part of an agreement also to change Greece's terms. What happened last evening is a European-wide decision. We were bystanders more or less because of the fear of contagion in terms of Italy and Spain and the alarm that has sent around the euro system.

I asked the Taoiseach about the matter last week. I put it to him that it is important for him to publish the text of the Van Rompuy offer to him at the meeting of 11 March on reducing this country's interest rate in return for a vague statement on co-ordination on tax matters. To date, the Taoiseach has refused to publish the text. It is now being reported generally that this country was not asked to concede its corporation tax in the Van Rompuy compromise offer and neither were we asked to concede on CCCTB. That begs the question of whether we failed to take the opportunity to get an interest rate reduction as far back as March when we could have got it for very little in return and that we have lost four months as a result. Could the Taoiseach confirm that this was the essence of the Van Rompuy formula that was put to him on the evening of that meeting?

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