Treaty will come at a heavy price for taxpayers

Ireland will have to pay billions into the European Stability Mechanism, ESM fund if the conjoined Compact Treaty is passed. The first instalment will have to be made by July.

The ESM can set the amount for regular payments thereafter and increase the amounts accordingly. See the treaty text.

Where will Ireland raise the money? It will have to come from cuts in social welfare, wages, and on vital services such as health and education and more crippling property and other taxes.