The treaty, political class infallibility, and Noonan’s budget threat

The statement by the Minister for Finance that a no vote in the referendum on the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union will force him to introduce a harsher budget than is his present intention is little more than an attempt to bully the electorate to deliver the “right decision”.

However, it also suggests that the Government believes that, as a result of its economic policy, it will be forced to seek a second bailout. No wonder Mr Noonan has adopted the persona of schoolyard bully.

While Mr Noonan’s threat may be the most blatant, he is far from being alone in the schoolyard.