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Wall Street Journal – Sinn Fein Gains Clout, Irish Polls Show: Sinn Fein’s campaign to reject the European Union’s new fiscal treaty seems set to fail, but it has succeeded in boosting support for a party that has become the … Continue reading
Today – Wednesday, & Tomorrow – Thursday The Government will seek Dail approval of: The Article 136 TFEU amendment to the EU Treaties which authorises the setting up of the permanent Eurozone loan fund, the European Stability Mechanism + A … Continue reading
By Anthony Coughlan Director, National Platform EU Research & Information Centre Related Link: http://www.nationalplatform.org First published online @ http://www.indymedia.ie/article/101936 Reasons to believe that the ESM Treaty as it stands is illegal under EU law and therefore unconstitutional in Ireland: … Continue reading
John Corcoran (ICTA) writes in an email: At 8.25 am yesterday morning Paul Krugman and John Corcoran spoke simultaneously on BBC radio and advised the Irish people to vote No in the Fiscal Treaty Referendum. John spoke on BBC radio … Continue reading
(Note: The following replaces & corrects earlier version of 7/May) TWO TREATIES FOR THE EUROZONE AND AN AMENDMENT TO ONE OF THE EU TREATIES – ALL RELATED TO EACH OTHER! Reply to Dr Gavin Barrett, Senior Lecturer in European Law, … Continue reading
Euro-spawned divergent growth and inflation caused external payments imbalances. Government profligacy did not divide ‘saints’ from ‘sinners’. In the good years Germany was a near-sinner. Its budget deficit exceeded the Eurozone average and was a whisker below the 3% Maastricht … Continue reading
The evidence suggests that Ireland will have continued access to EU funding until we have regained market access regardless of the outcome of the forthcoming referendum as long as we meet the terms of the programme.
– Seamus Coffey, Lecturer in Economics, University College Cork
Q. Where will we get the money if we vote No on 31 May?
A. Where will the Government get the money to pay the €11 billion the ESM Treaty will require from us, with an open-ended treaty commitment to pay further sums thereafter without limit?
Q. But where will we still get the money ?
A. We will get it by holding a referendum on the Article 136 TFEU amendment and the ESM Treaty, as that is constitutionally necessary in order to authorize these proposals as they stand. The 16 other Eurozone States will have to persuade us to vote Yes in such a referendum if they are to establish the kind of Stability Mechanism which the ESM Treaty envisages. They can do this by agreeing to forgive the private bank debt they have insisted should be imposed on Irish taxpayers, plus the Anglo-Irish promissory notes etc. A referendum can also be used to press the Eurozone authorities to agree a growth strategy for the Eurozone instead of the present failed austerity policies.
– Anthony Coughlan, Director, The National Platform EU Research and Information Centre
Consider the case of Ireland, which has been a good soldier in this crisis, imposing ever-harsher austerity in an attempt to win back the favor of the bond markets. According to the prevailing orthodoxy, this should work. In fact, the will to believe is so strong that members of Europe’s policy elite keep proclaiming that Irish austerity has indeed worked, that the Irish economy has begun to recover.
But it hasn’t. And although you’d never know it from much of the press coverage, Irish borrowing costs remain much higher than those of Spain or Italy, let alone Germany.
– Paul Krugman, New York Times