French president Nicolas Sarkozy went into a “fit of rage” over Ireland’s unwillingness to compromise on its corporate tax rate.
Both Sarkozy and German chancellor Angela Merkel are pushing for that rate, which is about half that of most eurozone members, to increase in exchange for an interest rate cut on Ireland’s bailout loans.
But new Irish leader Enda Kenny was unwilling to budge, even after Merkel made clear before the meeting that compromise on corporate tax would be required to get the rate cut done. Greece, on the other hand, seemed willing to follow through on some of Merkel’s demands, and will be getting some sort of rate cut.
Business Insider Emails & Alerts
Site highlights each day to your inbox.