Dublin puts EU fiscal unity plan to vote
DUBLIN - Ireland went to the polls Thursday in a referendum on the European Union fiscal union treaty, which is tied to financial aid and designed to bolster the troubled 17-nation euro currency bloc.
The European Fiscal Compact creates a 780 billion euro ($967.5 billion) permanent bailout fund called the European Stability Mechanism (ESM) for member countries to draw on in exchange for running a structural deficit of no more than 0.5 per cent.
If a country breaks the rules, it will have penalties slapped on it by the European Court of Justice.
Ireland signed the treaty, which imposes strict limits on debt and budget deficits, in March with most other EU countries.
But Ireland is the only country putting the EU fiscal plan to a referendum.
Surveys in Ireland have indicated that the treaty is expected to be approved.
The Irish government has warned people that failure to approve the EU plan would hamper the country's efforts to get more bailout, when its current $106-billion bailout runs out in 2013.
The result is expected Friday, and the outcome will be closely watched.
If Irish voters reject the referendum, the treaty could still be approved by 12 of the other 16 countries using the euro currency.
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, according to Bloomberg.
Opponents of European austerity such as Nobel laureate economist Paul Krugman are urging the Irish to reject the treaty.
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