Irish EU Treaty Vote Threatens Chaos

Irish EU treaty vote threatens chaos (Telegraph, Feb. 28, 2012):

Ireland has shocked Europe with plans for a referendum on the EU’s fiscal treaty, a move that risks an unprecedented fragmentation of the eurozone and a major clash with Germany.

Premier Enda Kenny said Dublin was acting on legal advice from Ireland’s attorney-general that “on balance” the fiscal compact requires a vote under the country’s constitution. “It gives the Irish people the opportunity to reaffirm Ireland’s commitment to membership of the euro,” he told ashen-faced members of the Dail.

All three major parties back the treaty but analysts say there is a high risk of rejection by angry voters in the current fractious mood. The compact gives the EU intrusive powers to police the budgets of debtor states, and has been denounced as feudal bondage by Sinn Fein and Ireland’s vociferous eurosceptics. The Irish voted “No” to both the Nice and Lisbon treaties before being made to vote again. Dublin has ruled out a second vote this time.

The Taoiseach’s announcement sent the euro into sharp dive against the dollar, though it rebounded later. Europe’s leaders thought they had tweaked the wording of the text just enough to avoid an Irish vote.

Ireland cannot stop the process since a quorum of 12 states brings the treaty into force, but it would be politically untenable to create a new eurozone structure that left one member in limbo.

German Chancellor Angela Merkel reacted with fury last November when Greece, which on Tuesday night approved €3.2bn of new budget cuts, unexpectedly called a referendum on the terms of its bail-out. Ireland’s move may also rankle, even if deemed less capricious.

The fiscal compact has totemic significance in Berlin and any sign that the package is fraying may harden opposition in the Bundestag to further EMU rescue measures. Mrs Merkel suffered a serious blow on Monday when she had to rely on opposition votes to pass the Greek loan package due to mounting defections in her own ranks. Her coalition base is in revolt over demands from Brussels and the International Monetary Fund for a boost in the EU rescue machinery (ESM) to €750bn (£635bn), the unspoken condition imposed by the rest of the world for unlocking global aid.

Any decision has been postponed until after this week’s EU summit. The new requests would push the German share of the funding to well over €300bn, breaching a €211bn ceiling set by the Bundestag in September.

Ireland will continue to receive loans under its €67bn package from the EU-ECB-IMF “Troika” even if it votes “No” but would be in serious trouble if it needed a second package later. The fiscal compact forbids to use of the ESM bail-out fund for non-signatories.

While Ireland’s vibrant exports have helped pull the economy out of a death spiral, austerity is still biting deeper. Dublin house prices fell another 4pc in January from a month earlier and are down 57pc from the peak. The money supply is imploding, with real M1 deposits falling at a 9.2pc rate over the past six months.

There was further bad news in Spain, where it emerged that relapse into recession and ballooning deficits in the regions had pushed the budget deficit to 8.5pc for last year, far above the 6pc target.

The new government of Mariano Rajoy has concluded that it would be “suicidal” to try to slash the deficit to 4.4pc this year to meet EU demands, fearing that it would drive unemployment to 6m, or more than 25pc. Budget minister Cristobal Montoro warned that it would require €43bn of fiscal cuts to comply, but his request for easier terms met a stony response from Brussels.

Portugal won Troika approval for the next tranche of money under its €78bn loan package, despite the risk of slippage as recession deepens. “We will not ask for more time or money. There will be no such signal coming from this government,” said finance minister Vitor Gaspar.

Mr Gaspar defended his orthodox policies from a chorus of critics who say that draconian fiscal cuts will push the economy into a tailspin and prove self-defeating. “Austerity is needed to prevent an even more savage and uncontrollable austerity,” he said.

The ECB temporarily suspended Greek debt as collateral for bank refinancing, after S&P declared Greece to be in selective default.

2 thoughts on “Irish EU Treaty Vote Threatens Chaos

  1. Treason is the Word for FG and LB and FF and SF Culprits committed by along with outer EU countries and Cameroon fish Head and Obama the Faker that he is from US as a Fake US Citizen Germany and French are the Irish peoples Enemies filthyCorrupt and Rotten to the Core.PLEASE TAKE THE TIME TO READ PDF DOC VERY IMPORTANT, THE EU ELECTIONS IS ALL A FRUAD
    The Parliamentary Dimension
    The parliamentary dimension of the Presidency of the Council of the European Union, namely Parliaments’ participation in aspects of the Presidency held by member states has been considerably strengthened since the introduction of the Treaty of Lisbon.
    The Treaty of Lisbon has introduced a novel practice of Trio presidencies, namely groupings of three member-states holding in turn the Presidency of the Council, each for one semester, over a period of 18 months, on a basis of a common program.
    The Irish, Lithuanian and Greek presidencies form the current presidency trio from January 2013 until June 2014.
    The Parliamentary Dimension of the Presidency acts in line and according to the Presidency program and in close cooperation with the other Parliaments of the presidency trio.
    With a view to ensuring smooth cooperation among the Parliaments of the trio, the Speaker of the House of Representatives and the Chairman of the Senate of Ireland, the Speaker of the Lithuanian Parliament and the Speaker of the Hellenic Parliament have signed the Declaration of Cooperation among the Houses of the Parliaments of Ireland, Lithuania and Greece in support of the preparation and fulfillment of the parliamentary dimension of the Presidency trio for the period from 1 January 2013 to 30 June 2014.
    During the Presidency, the Hellenic Parliament will host seven major events focusing on challenging issues for the European citizens and the European Union.
    http://www3.lrs.lt/home/pirmininkavimas/TRIO_IE_LT_GR.pdf

  2. The Securitisation of European Debt “The European Economic Treason Treaty “
    By Direct Democracy Ireland
    The EU Council, the EU Commission and the Government have known all along that the total cost of setting up Irish Water PLC was always going to be on our State Books and not off the balance sheets as some would try to have us believe in the mainstream and State ran Media outlets nationwide.
    Initially we had the Fianna Fail/Green Party Coalition Government who in September 2008 forced us into the State Bank “blanket” Guarantee – Then after the General Election of February 2011 the Fine Gael/Labour Coalition Government who in a complete u-turn from what they had promised catastrophically continued where Fianna Fail/Green Party left off with the introduction of the Household Charge, Local Property Tax and Irish Water PLC, so where else was the money required ever going to come from … only from the State Coffers (Funded from the Pension Fund / Property Tax / Car Tax plus International High Interest Loans etc) and all under the guise of being off the Balance Sheet. Is That Fraud? …. so as not to effect or increase our huge National Debt, it’s a total misnomer and a lot of people in Ireland fell for it Hook line and sinker, to the tune of 43% of households allegedly to have paid up.
    EU number crunchers EUROSTAT have done their sums and in a key report have ruled that the detested utility that is Irish Water PLC cannot be classed as a commercial operation, again one can’t help believe that is by total design. The results, originally due out in June were suspiciously delayed to coincide with the Dail summer break. But;
    Direct Democracy Ireland strongly suspects that the EUROSTAT decision will be reversed.
    The question must be asked – When Irish Water is eventually abolished, as the writing’s on the wall would indicate, (as the vast majority of Irish People have not paid, and have no intentions of ever paying three times for water). Which of the European Investment Banks will have possession of the debts it has accumulated, forcing the Irish people to once again bail out yet another failed government escapade holding our €11 Billion worth of Irish State Assets as ransom, also how will our Government handle the issue of Council Staff that were transferred to Irish Water from the 34 City and County Councils back in 2012/13. Will Ireland have any chance of getting our unlawfully removed Water Charge Exemption back?
    The setting up of Irish Water PLC was a Political Decision by the 2011 Fine Gael and Labour Government and not imposed by the Troika as they have us believe under the Memorandum of Understanding for Ireland’s Bailout Programme. The EU/ECB knew of Ireland’s Household Water Charge Exemption.
    So, if by some miracle Irish Water does continue to exist – will it be sold off to the highest bidder? The exact same as any other State Assets to pay off more International/European Bank Debts. One must also ask? By whose design? … The Troika? the European Banks? or by European Private Capital/Hedge Funds?
    At first, there was the European Economic Union (EEC) 1973 i.e. The Nice Treaty.
    Then in February 2003 we had the European Union (EU) i.e. The Lisbon Treaty.
    Then a Treaty establishing the European Stability Mechanism (ESM) 11.07.2011 – The signing of the Treaty paves the way for the ESM to take over from the European Financial Stability Facility and the European Financial Stabilisation Mechanism in July 2013
    So what have we got in August 2015 and for generations to come, we have the Irish State “blanket” Banking Guarantee of September 2008 in effect we have been forced to take on the burden of 43% of all European Debts. We believe that the EU is heavily involved in the ‘Privatisation’ of Ireland its services and its natural resources. This is all part of an effort to harmonise a private corporate structure throughout Europe, all with the unsanctioned approval of our Government, is this Economic Treason?
    So what is it? The EETT? “The European Economic Treason Treaty” that is being robustly implemented by unseen and unelected individuals that are being fully supported by Neo-Liberal policies that are coming from the EU Council, The EU Commission and the ECB spanning across the once Sovereign Nations of Europe. Imagine Greece, Italy, Spain, Portugal and Ireland all holding a Referendum on their continuing membership of the EU?
    Is this the reason why Politicians who work within representative democracies in Ireland and Europe fear Direct Democracy!
    Since the recipient governments had played a role in causing their financial distress, it was … In order to resolve these issue, the German government felt a treaty ….. In March 2013 the Czech Senate voted to impeach Klaus for high treason, in part due …. against the ESM treaty were either inadmissible or unfounded. Ireland.
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    Irish EU Treaty Vote Threatens Chaos
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    – Irish EU treaty vote threatens chaos (Telegraph, Feb. 28, 2012):
    Ireland has shocked Europe with plans for a referendum on the EU’s fiscal treaty, a move that risks an unprecedented fragmentation of the eurozone and a major clash with Germany.
    Premier Enda Kenny said Dublin was acting on legal advice from Ireland’s attorney-general that “on balance” the fiscal compact requires a vote under the country’s constitution. “It gives the Irish people the opportunity to reaffirm Ireland’s commitment to membership of the euro,” he told ashen-faced members of the Dail.
    All three major parties back the treaty but analysts say there is a high risk of rejection by angry voters in the current fractious mood. The compact gives the EU intrusive powers to police the budgets of debtor states, and has been denounced as feudal bondage by Sinn Fein and Ireland’s vociferous eurosceptics. The Irish voted “No” to both the Nice and Lisbon treaties before being made to vote again. Dublin has ruled out a second vote this time.
    The Taoiseach’s announcement sent the euro into sharp dive against the dollar, though it rebounded later. Europe’s leaders thought they had tweaked the wording of the text just enough to avoid an Irish vote.
    Ireland cannot stop the process since a quorum of 12 states brings the treaty into force, but it would be politically untenable to create a new eurozone structure that left one member in limbo.
    German Chancellor Angela Merkel reacted with fury last November when Greece, which on Tuesday night approved €3.2bn of new budget cuts, unexpectedly called a referendum on the terms of its bail-out. Ireland’s move may also rankle, even if deemed less capricious.
    The fiscal compact has totemic significance in Berlin and any sign that the package is fraying may harden opposition in the Bundestag to further EMU rescue measures. Mrs Merkel suffered a serious blow on Monday when she had to rely on opposition votes to pass the Greek loan package due to mounting defections in her own ranks. Her coalition base is in revolt over demands from Brussels and the International Monetary Fund for a boost in the EU rescue machinery (ESM) to €750bn (£635bn), the unspoken condition imposed by the rest of the world for unlocking global aid.
    Any decision has been postponed until after this week’s EU summit. The new requests would push the German share of the funding to well over €300bn, breaching a €211bn ceiling set by the Bundestag in September.
    Ireland will continue to receive loans under its €67bn package from the EU-ECB-IMF “Troika” even if it votes “No” but would be in serious trouble if it needed a second package later. The fiscal compact forbids to use of the ESM bail-out fund for non-signatories.
    While Ireland’s vibrant exports have helped pull the economy out of a death spiral, austerity is still biting deeper. Dublin house prices fell another 4pc in January from a month earlier and are down 57pc from the peak. The money supply is imploding, with real M1 deposits falling at a 9.2pc rate over the past six months.
    There was further bad news in Spain, where it emerged that relapse into recession and ballooning deficits in the regions had pushed the budget deficit to 8.5pc for last year, far above the 6pc target.
    The new government of Mariano Rajoy has concluded that it would be “suicidal” to try to slash the deficit to 4.4pc this year to meet EU demands, fearing that it would drive unemployment to 6m, or more than 25pc. Budget minister Cristobal Montoro warned that it would require €43bn of fiscal cuts to comply, but his request for easier terms met a stony response from Brussels.
    Portugal won Troika approval for the next tranche of money under its €78bn loan package, despite the risk of slippage as recession deepens. “We will not ask for more time or money. There will be no such signal coming from this government,” said finance minister Vitor Gaspar.
    Mr Gaspar defended his orthodox policies from a chorus of critics who say that draconian fiscal cuts will push the economy into a tailspin and prove self-defeating. “Austerity is needed to prevent an even more savage and uncontrollable austerity,” he said.
    The ECB temporarily suspended Greek debt as collateral for bank refinancing, after S&P declared Greece to be in selective default.

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