Brian Stanley (Laois-Offaly, Sinn Fein)

At a time when Ireland has lost its economic sovereignty, when the majority of our citizens are forced to endure crippling austerity measures, and when billions upon billions are being handed over to pay for the casino capitalism of bankers, bondholders and speculators, we once again find ourselves facing a decision that will have far-reaching implications for the future prosperity of the nation. It is unfortunate that before the campaign has even started, we are already getting threats similar to those we received the time of the Lisbon referendum.

Clearly the Government did not want a referendum and this is reflected in its failure to set a date so that our citizens can make a decision on the fiscal treaty. Its reluctance to allow the Irish people to have their say has not prevented Ministers from attempting to create fear and confusion by claiming that if we do not ratify what is being forced upon us, we will not be able to access bailout funds in the future. The Government is failing to tell people that they by vetoing the Article 136 amendment on which the ESM treaty is based, it can stop Ireland having to institutionalise austerity into law and into the Constitution.

If we accede to the threats and demands of Sarkozy and ratify this treaty, it will result in the final death knell of our economic and fiscal sovereignty. It means Ireland will be restricted in running a structural deficit of no more than 0.5% of GDP which will have disastrous consequences in shackling us to the larger member states and preventing us from implementing an expansionary fiscal policy. If Ireland is to meet the targets set by the Commission by 2015, we will have to endure additional cuts of €5.7 billion. Having a longer timeframe to meet that target would simply mean even greater austerity which would have devastating consequences for the economy and the lives of countless citizens.

It also ironic that we are being asked to sign up to a treaty that will benefit reckless casino capitalists, bondholders, bankers and speculators who are nearly 100% responsible for the crisis in which we find ourselves. It means that from 2014 we will be forced to make an annual payment of €4 billion in principal debt repayments on top of interest payments that will amount to a total of €8 billion.

Somewhat perversely, the people are being asked to sign a treaty that will do nothing to curb the future excesses of the bondholders and speculators who caused the crisis. Let us be clear that, despite the misinformation being peddled by the Government, rejecting the treaty will not force Ireland out of the euro or the European Union. Put simply, the decision we face is whether we should sign up to even greater austerity or continue to suffer under the current reign of the troika. The treaty will impose even greater hardship on citizens through the imposition of even greater austerity measures and cutbacks. In particular, it will shackle us to the most power member states of the European Union such as Germany and France, the self-interests of which will always take precedence over those of small countries such as Ireland.

Let us be clear: the treaty is not about growth and economic stability in Europe, particularly not in Ireland. Rather, it is about making sure a larger chunk of public money will be available to pay the private debts of rogue bankers in Ireland who borrowed recklessly and were lent money recklessly by EU banks. We can veto the Article 136 amendment on which the treaty is based. The Government has the trump card and I urge it to use it.

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