Tuesday, February 28, 2012

Ireland to get referendum on Non-Euro/Fiscal Compact Treaty

The link with the news is from Deutsche Welle, here. Doubts had been thrown on this question and it is the second glimmer of hope for today after the German Constitutional Court ruled in favour of their Parliament and against the EU this morning!

The Irish government announced on Tuesday the country would hold a referendum to endorse a new European fiscal pact which most EU member countries agreed in January. The pact aims to implement tighter spending rules particularly for countries that use the euro currency.

Irish Prime Minister Enda Kenny informed Parliament that the government's legal adviser had said the fiscal pact must go to a public vote.

"The Irish people will be asked for the authorization in a referendum to ratify the European Stability Treaty," Kenny told legislators. Kenny said the popular vote would be prepared over the next few weeks and argued that it would be in Ireland's interests to vote in favor of the accord. In January, all the members of the EU except Britain and the Czech Republic approved the pact.

The Fiscal Compact now seems almost certainly doomed due to the worsening economic situation in the Euro Group periphary making its provisions daily closer to something from fantasy land or a primer for revolution.

The second Greek Bailout terms face the Dutch parliament tomorrow and that in Finland later in the week. The 4% fall in sales of durable goods during January and weak December home sales in the USA makes hope from across the Atlantic even harder to discern.



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