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No vote may help us get better terms on bank debts

According to Mr Éamon Ó Cuiv in the Dáil, Ireland and other EU members are expected to approve three treaties, including the Fiscal Compact Treaty.

The first is an amendment to the treaties governing the European Communities to add reference to the European Stability Mechanism. It requires unanimous approval by EU members. The other two treaties cannot proceed without the first.

The second treaty is to create the European Stability Mechanism and the third is the Fiscal Compact Treaty, upon which voters will decide. Both of these can proceed if ratified by a majority of EU members. Yet again, Ireland will be voting on behalf of 350m-plus people across Europe.

The Coalition Government decided not to ratify the first treaty until the Fiscal Treaty is ratified by referendum. If voters say no the Government will be forced to reject the other two, unless they are mad.

A no vote would give us leverage to seek better terms on banks’ debts dumped on taxpayers and to revamp the flawed fixes dictated by Chancellor Merkel and the Bundesbank.

John-Paul O’Driscoll





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