Tag Archives: fiscal compact

Germany was a near-sinner… Spain and Ireland were saints

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

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… were Ireland to apply for a second bail-out…

… were Ireland to apply for a second bail-out prior to July 1st 2013, it would be granted if such an application were accompanied by a Memorandum of Understanding negotiated between Ireland, the EU and the IMF – similar to the first bail-out. This funding is not contingent upon the ratification of the Fiscal Treaty.

– Michael Taft, Research Officer with Unite the Union, & Tom McDonnell, policy analyst at TASC.

Source: TheJournal.ie/Progressive-Economy.ie

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The evidence suggests that Ireland will have continued access to EU funding

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.

, Lecturer in Economics, University College Cork

Source: economic-incentives.blogspot.com

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Q. Where will we get the money?

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.

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Consider the case of Ireland

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

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Enda Kenny on house taxes, 1994

It is morally wrong, unjust and unfair to tax a persons home.

– Enda Kenny on house taxes, 1994

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New County Chairman of Sinn Féin: ‘No’ to “Permanent Austerity Treaty”

The new County Chairman of Wexford Sinn Féin has called for a no vote to the so-called “Fiscal Compact” Treaty in the upcoming referendum –   (formally, the intergovernmental Treaty on Stability, Coordination and Governance in the Economic and Monetary Union).  … Continue reading

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