Monday, 14 May 2012

Nama Wine Lake : launch of “no” on-line poster

Another week draws to a close in the campaign for the 31st May Fiscal Compact referendum with events at home overshadowed by drama elsewhere in Europe. Today an opinion poll suggests a bounce for the “yes” side. The position on here is to advocate a “no” vote and today the online poster is being launched

It’s not designed so as to temporarily vandalise a telephone pole, but it does set out in a 60-second bite why a “no” position is being adopted. It’s about the debt and particularly the bank debt, the €60bn-plus of it that we have so far shouldered, but of which €30bn remains to be discharged in non-sovereign debt. You can read the background to the position on debt here but a “no” vote rocks the boat and changes the tone of negotiations between Ireland and our partners in the EU. Beyond debt, this Compact will permanently take monetary policy off the table for EuroZone countries, as an instrument to cope with crises. And by the way, the only means of cushioning the austerity that we have ALREADY signed up to, is to bulk up our inflation. The referendum is also a great and rare opportunity to give the Government a kick up the pants for some pretty poor performance. And lastly, we can re-run this referendum as often as we want; so come the second half of 2013 and if, God forbid, our prospects are the same or worse than today, then we can simply hold a second referendum. Here’s a review of the past week.

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