A core recovered on the Iberian margin off southern Portugal can be correlated with Greenland ice cores using oxygen isotope variability in planktonic foraminifera which closely matches the ice core records of temperature over Greenland. Our age model identifies the base of every interstadial between 64,000 and 24,000 years ago and uses the Greenland Ice Core Project (GRIP) timescale. The oxygen isotope signal in benthic foraminifera (on this GRIP-based timescale) is quite different from the planktonic record and resembles the temperature record over Antarctica when this is synchronized with Greenland using the record of methane in the atmospheric air in the polar ice cores. We interpret the benthic record as indicating significant fluctuations in ice volume during millennial events, and we suggest that Antarctic temperature changed as a function of ice volume.