Gilmore pledges to defend corporation tax rate

Labour leader Eamon Gilmore has denied that a change to the country's corporation tax rate is Ireland’s only bargaining chip when it comes to renegotiating the EU/IMF bailout.

Mr Gilmore said the deal, in its present form, concentrates on protecting the interests of European banks and bondholders, and on reducing the deficit.

Earlier, the former head of the National Treasuary Management Agency, Michael Somers, urged the next government to bare Ireland's teeth at next month's crucial European economic summit where our corporate tax levels are expected to come under fire.

Mr Gilmore has vowed to protect our corporation tax rate and insists the bailout is flawed.

"There is no strategy set out in that deal… which sets out how the Irish economy is going to be allowed to grow, how jobs are doing to be created, how we get back to a position that we can pay our own way," Mr Gilmore said.

"And that has to happen, because if that doesn't happen it (the IMF/EU bailout) is not going to work - not for the Irish economy, not for the European institutions and not for the Eurozone."