Declan Ganley is accusing the Yes camp of selling the people a 'Titanic' ticket over funding for Ireland.
Supporters of the Treaty have said Ireland needs to approve it on Thursday in order to have the right to access cash from the European Stability Mechanism.
But Mr Ganley said that is not going to solve all our problems.
He said: "There's not going to be enough money in the ESM - as designed - potentially for everybody that's going to want to access it.
"Certainly…a mechanism like that will not function unless bad bank debt has been dealt with first.
"So that the ESM is our trip to utopia is ridiculous - it's a Titanic ticket they're trying to sell us here," he added.
The businessman and Libertas founder said Ireland has until the end of the year to ratify the treaty.
He said Ireland should choose not to approve the treaty in the meantime.
"There is no reason to do it, other than to save the embarrassment of a few Irish politicians. That's not a good enough reason.
"We need to know what the deal is that's going to be cut between France ad Germany - and other member states. Is there going to be a push to introduce a common consolidated corporate tax base, a financial transaction tax base?
"Everyone knows these will be job killers if they were introduced," he added.
Ganley also criticised Tasoiseach Enda Kenny for not debating the treaty.
“Everybody knows Enda couldn’t negotiate himself out of a wet paper bag,” he said.
“He ran away from debating in front of all of you.
“It underlines the fact we need to provide some backbone to this Government by sending a message to the people they’re sitting across the table with.”
Mr Ganley said the Irish people still have their dignity and called on the public to vote No until Europe share the bank debt which he said saved the euro.
“This Government seems to want to completely bet the farm on attracting in enough foreign direct investment,” he added.
“That there’s going to be enough American multinationals that want to come here, that somehow it’s not going to grow itself out of this problem.
“It can’t be done.
“There aren’t enough multinationals on the planet to come here to grow us out of this problem unless we deal with this debt issue.”