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Ireland Votes 'Yes' To Fiscal Stability Treaty

2:13pm UK, Friday June 01, 2012

David Blevins, Ireland correspondent

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Ireland has voted 'yes' in a referendum on Europe's Fiscal Stability Treaty - committing the coalition government to stringent budgetary targets.

Rejection would have prevented Ireland from accessing the European Stability Mechanism - the European Union's 500bn euro bailout fund for struggling members.

Eurozone Crisis

There is every possibility the Republic will need another financial lifeline before it is able to return to international markets.

Those campaigning for a 'no' vote hoped the Irish would follow Greek and French electorates in questioning the wisdom of austerity.

The result may help to steady the markets but Ireland will now be legally bound to balance the books.

EU budget targets will become law in Dublin. They will be committed to limiting their budget deficit to 0.5% of economic output.

The European Court of Justice can fine any signatory to the pact for failing to enact the legislation.

Ireland has been something of a poster boy for economic recovery. The coalition government has managed to reduce the general deficit to 13% but they are not out of the woods.

Unemployment stands at 14% and 40,000 people emigrated last year.

http://news.sky.com/home/business/article/16239634


Added: Jun-1-2012 
By: gemini
In: Regional News
Tags: referendum
Location: Ireland (load item map)
Marked as: approved
Views: 725 | Comments: 15 | Votes: 0 | Favorites: 0 | Shared: 0 | Updates: 0 | Times used in channels: 2
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  • I get headaches when people talk about Politics and Budgets...i just like the simple stuff like beer and boobs.

    Ireland...focus on beer and boobs and you will be just fine.

    That's what we do in Australia...so far its working out.

    Posted Jun-1-2012 By 
    Slayerofslaw (42.36)  

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  • Mmm...Its a bit like your credit card company saying ok your maxed out,and you are gonna take 50yrs to pay us back,but if you dont you cant borrow anymore!!! WTF

    Posted Jun-1-2012 By 
    drivenwell2 (574.52)

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  • bow down and lick the hand that feeds you...dont mind that sting, its just pride leaving your body. :)

    Posted Jun-1-2012 By 
    VikingRapeSquad (1330.90)  

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  • hahahha good luck with that shit ireland. you just signed whatever you had left of control to a group of people a thousand miles away. pfft. suckers.

    Posted Jun-1-2012 By 
    absu69 (2097.94)

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  • WW2 never ended;
    they just changed the tactics.
    The Whole of the World will be owned by the Bankers;
    thanks to those that wish to serve and remain.
    theLAB

    Posted Jun-1-2012 By 
    theLAB (323.50)  

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  • it would not matter if the electorate had voted no. the government would just have reset the referendum and put a yes box on the ballad only. democracy my balls.
    the eu stinks of political and franco/german bullshit

    Posted Jun-1-2012 By 
    mr-shaft (508.30)  

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  • Poor Ireland, bound by that undemocratic Draconian Europe......

    Posted Jun-1-2012 By 
    p8urbyk5 (586.74)  

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  • these politicians just continue to amaze me with the tripe they expect the people to eat.you need a law to be financially responsible?how many of the taxpayers dollars did you blow deciding this and then writing and passing the law,can you say duh?.o now you need a treaty with other countries to determine this?wow,maaan, who's more the fool?the fool or the fool that follows it? is this what we are getting out of our school and education systems? wow,stop spending on those departments,we can stay More..

    Posted Jun-1-2012 By 
    Inkler (30.06)  

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    • @Inkler No, they need a law to ratify a treaty in order to access the European Union baillout fund. Read the article again if you didn't comprehend it the first time!

      Posted Jun-1-2012 By 
      mikedelta12 (361.00)  

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  • it cost 79 quid to sail from the uk to ireland one way
    thats 79 quid too much, the place is a major shit hole

    Posted Jun-1-2012 By 
    BONGOS (101.50)  

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    • @BONGOS - haha, and you don't know how much people in America want to visit Ireland. Many have never been there and they say, "I would love to live in Ireland". I've seen pictures...that's enough. It doesn't look pleasant.
      I mean...one of your Kings gave land to English people for free...if that doesn't tell you how bad it is. Then they hated it and fucking moved back. POS country if you ask me.

      Posted Jun-2-2012 By 
      MatBower (170.40)

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  • hmm, probably a big mistake, but maybe they are buying time

    Posted Jun-2-2012 By 
    MatBower (170.40)

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