The Daily Mirror has the full transcript but here is an excerpt
BUSH: Yo, Blair – how are you doing?
BLAIR: I’m just…
BUSH: You’re leaving?
BLAIR: No, no, no not yet. On this trade thingy. This is a reference to discussions on agreeing a new international trade deal through the World Trade Organisation.
BUSH: You see, the thing is what they need to do is to get Syria, to get Hizbollah to stop doing this sh*t and it’s over. Bush is presumably complaining Russia should tell Syria to order Hizbollah to stop shelling Israel from Lebanon – the cause of the conflict.
BLAIR: Because I think this is all part of the same thing.
BLAIR: What does he think? He thinks if Lebanon turns out fine, if we get a solution in Israel and Palestine, Iraq goes in the right way… The discussion turns to wider issues but we are left puzzling what as the two leaders’ earlier conversation is inaudible.
BUSH: Yeah, yeah, he is sweet. This is a sarcastic reference to Syrian leader Bashar Assad, who the two leaders largely blame for the chaos in the Middle East.
BLAIR: He is honey. And that’s what the whole thing is about. It’s the same with Iraq. Blair is also being sarcastic about Assad. But we are left to guess at the link Blair sees between Lebanon and Iraq.
BUSH: I felt like telling Kofi to call, to get on the phone to Bashar and make something happen. Bush is tempted to ask Secretary General Annan to pile the pressure on Assad.
BUSH: No, just going to make it up. I’m not going to talk too damn long, like the rest of them. Some of them talk too long. Bush is annoyed at the long-windedness of his fellow leaders.
BUSH: Gotta go home. Got something to do tonight. How about you? Where are you going? Home? We have to keep this thing moving. I have to leave at 2:15. They want me out of here to free up their security forces. The Russians are obviously not that delighted at having so many world leaders on their turf.
BUSH: We’re not blaming Israel and we’re not blaming the Lebanese government. Bush knows the Lebanese government does not support the shelling of Israel but is too weak to stop Hizbollah operating from within the south of the country.
More controversially, he is refusing to blame Israel, even though the French and Russians have accused it of acting disproportionately in its response to the Hizbollah attacks on Israel over the last six days.
BLAIR: Is this…? This isn’t live, is it?
Finally! Blair has spotted the mic and realised the entire conversation has embarrassingly been relayed live around the world.