The Irish European Fiscal Compact referendum was held on 31 May 2012, it was passed by 60.3% to 39.7%, on a turnout of 50%. When signed by the President of Ireland the referendum bill will amend the Irish constitution to permit Ireland to ratify the Treaty on Stability, Coordination and Government spending.
Merkel's center-right government needs the support of opposition parties to secure a two-thirds majority in Parliament for the legislation to pass.
German Chancellor Angela Merkel is meeting Thursday with opposition leaders to win their backing for the European Union's treaty enshrining fiscal discipline.
With all votes counted, 60.3 percent voted in favour of the Germany-inspired document enshrining balanced budgets into national law while 39.7 percent vote against. Turnout was 50.6 percent
Analysts said the 50 percent turnout was typical for an Irish referendum.
‘No’ campaigners said the outcome would not help ordinary Irish people, who are bearing the brunt of brutal spending cuts.
Ireland received an €85 billion EU-International-Monetary-Fund bail-out in 2010, following a spectacular crash in the property sector. Since then, two successive Irish governments have been slashing public spending and raising taxes to meet deficit-reduction targets. In return for harsh reform, the government has for months been seeking to refinance €30 billion of bank debt
Opinion polls indicate that supporters of the Fiscal Stability Treaty lead by about 18 percentage points even as doubts grow about the viability of the euro region
Without access to European bailout funds, there is no “fairy godmother” willing to unconditionally fund Ireland when the current aid program ends in 2013, Deputy Prime Minister Eamon Gilmore told RTE yesterday.
The fiscal treaty represents the solution of Europe’s ruling elite to this crisis. Through this anti-democratic mechanism, the continent has been transformed into a giant austerity zone. All European Union member states must reduce their structural deficit-to-GDP ratio to 0.5 percent or face takeover by unelected bureaucrats to enforce the diktats of the “troika”—the European Union, European Central Bank and International Monetary Fund.
The Dublin parliament was the only one to put the proposals to a public vote.
‘Yes’ campaigners had argued that a rejection of the pact would hurt Ireland’s chances of attracting a second EU bailout, if required.
The Socialist Equality Parties of Britain and Germany call for a “No” vote in the Republic of Ireland’s May 31 referendum on the European Union’s fiscal treaty.
The referendum takes place under conditions of a historic crisis of European and global capitalism that is reproducing the conditions of mass unemployment, poverty, militarism and war that blighted the first part of the 20th century.