IRELAND caved into EU pressure today and voted by a 60 per cent majority for the fiscal pact which will align the 17 nations economies even closer.
Ireland will now be the fourth country in the European Union to ratify strict new rules to rein in budget spending and set the groundwork for future bailout mechanisms in the eurozone.
The news will come as a relief to Brussels with eurocrats welcoming the glimmer of hope in the midst of economic gloom.
Twenty-five of the EU’s 27 member states have signed a landmark treaty to co-ordinate their budget policies and impose penalties on rule-breakers – the “fiscal compact”.
Rejecting the pact – which sets debt and deficit reduction targets with penalties for breaches – would have blocked Ireland from any further emergency EU funding following its 85bn euro (£68bn) bailout from the EU and IMF.
But while most European political parties welcomed a “responsible” vote backing the pact, UK Independence Party MEP and deputy leader Paul Nuttall, in Dublin Castle for the count, said: “A very sad day for the Irish people, deluded by Yes side promises of investment and cowered by economic threats.
“It is cumulative Yes votes to EU treaties which have led Ireland to its current dire economic circumstances.
“Today’s result cements its status as an economic vassal state. I hope in a few years, Irish people who love freedom and want prosperity for their country will remember the Yes campaign’s promises of jobs and investment with contempt, then once again seek their self-governance from their new masters in Berlin and Brussels.“
Full article: IRELAND CAVES IN AND BACKS EU FISCAL PACT (Express.co.uk)