Economist group urges No vote in referendum

A group of economists is joining forces to advocate a No vote in the upcoming referendum on the EU fiscal treaty.

They say the Government's threat of no access to funding in the event of a rejection of the EU Stability Treaty is without credibility.

NUI Galway Professor Terrence McDonough has said that there would be several substantial sources of financial support available to Ireland, including the IMF.

He says the Government is not playing its cards very sensibly as Europe can't allow Ireland to collapse.

"A disorderly default by Ireland would be extraordinarily expensive," Mr McDonough told a press conference today.

"Europe would have to bail out Europe's banking system… it is completely unthinkable that Europe would shoot itself in the foot in this way in order to discipline or make an example of the Irish electorate."