Economist: Treaty vote will not remove necessity for cuts

One of the country's leading economists has said that the country faces years of austerity, regardless of whether or not we vote in favour of the EU fiscal freaty.

Taoiseach Enda Kenny confirmed this week that Ireland is to hold a referendum on the reaty later in the year.

Two new opinion polls out today in the Sunday Business Post and the Sunday Independent show that the majority of people would vote yes.

However, Professor of Finance at Trinity College Dublin Brian Lucey said voting yes or no in this referendum will not change the country's massive debt burden.

"There's no silver bullets (sic)," he said.

"We face a situation whereby whether we stay in our out of the fiscal compact, we need to get the finances back in order.

"Arguing 'no' is actually a good idea because if forces us into a sitution to balance our budget quicker (but) I'm not saying we should do that.

"There is no escaping from austerity."

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