Treaty draft would leave Ireland out in the cold

NEGOTIATIONS on the new fiscal treaty makes one wonder if Germany has a death wish for the euro, or at least for some of the eurozone countries.

It has just planted a thinly disguised bomb in the latest draft by insisting that if a country fails to ratify the new treaty by a specific date, that country would not receive money from the new bailout fund, the European Stability Mechanism.

This means Ireland would be cut off from further support irrespective of how well they have observed the rules, met the targets or are on track to be one of the best performers in the new austerity union.