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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.
Ireland will be obliged to meet the payment deadlines set out in the treaty document establishing the ESM. Article 9.3 of that treaty will oblige Ireland to ‘irrevocably and unconditionally’ lodge payments within seven days once such payment is called in by the ESM.
The ESM cannot be subject to regulation, its documents, offices and communications are inviolable. In other words, the ESM and those running it, are above the law.
The politicians are not being honest with the people.
There is no guarantee that Ireland will ever get funds from the ESM, however; from the moment this treaty is passed, we will be obliged to pay into the ESM money pool and will have ‘irrevocably and unconditionally’ accepted the consequences.
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