Monday, May 28, 2012

Vote YES on Thursday

Predictions about the effect the referendum on the Fiscal Compact this coming Thursday will have on austerity in Ireland are meaningless.

Those who are trying to convince voters that it will have any bearing at all on household charges, septic tank inspection fees, water rates or anything else of that nature are either dangerously delusional or shockingly dishonest.

What is objectively true is that Germany (Bunds [German government bonds] approaching negative yields), Finland, The Netherlands, Austria (unemployment: 4%) have taken control of their finances and are all in favour of the fiscal compact. They simply want other countries to agree to it so that when stimulus measures are put in place for the EU as a whole there will be no free riders. It's hard to blame them for that.

And they're the countries I want to be aligned with in the EU - not the ones that allow UK and US commentators to put us into awful acronyms like PIIGS.

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