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Ireland referendum on EU pact to be held on 31 May | Ireland referendum on EU pact to be held on 31 May |
(about 1 hour later) | |
The Republic of Ireland will hold a referendum on the European fiscal treaty on 31 May, Deputy Prime Minister Eamon Gilmore has said. | The Republic of Ireland will hold a referendum on the European fiscal treaty on 31 May, Deputy Prime Minister Eamon Gilmore has said. |
Mr Gilmore told the Irish parliament he was confident that a majority of the public would back the government in supporting the treaty. | Mr Gilmore told the Irish parliament he was confident that a majority of the public would back the government in supporting the treaty. |
The pact introduces tough new deficit rules and spending restrictions for governments. | The pact introduces tough new deficit rules and spending restrictions for governments. |
Only the Czech Republic and the United Kingdom refused to sign up to the pact. | Only the Czech Republic and the United Kingdom refused to sign up to the pact. |
The Irish Republic is expected to be the only European state to hold a referendum on ratification. | The Irish Republic is expected to be the only European state to hold a referendum on ratification. |
In January it received legal advice that the country's constitution made it necessary to ask the public to back the pact. | In January it received legal advice that the country's constitution made it necessary to ask the public to back the pact. |
Ireland has a mixed record on European votes, having required a second vote before ratifying European treaties in both 2001 and 2008. | Ireland has a mixed record on European votes, having required a second vote before ratifying European treaties in both 2001 and 2008. |
But the opposition Fianna Fail party has indicated it will support the government and campaign for a yes vote in May. | But the opposition Fianna Fail party has indicated it will support the government and campaign for a yes vote in May. |
The new pact will come into effect once 12 countries have ratified it. | The new pact will come into effect once 12 countries have ratified it. |
Bailout funds | |
Rejecting the pact would only mean that Ireland would be excluded from the terms of the agreement. | |
It would also mean that Dublin was prevented from accessing loans from the European Stability Mechanism (ESM), the successor to the eurozone's current rescue fund. | |
Ireland is already using rescue funds as part of an EU/IMF bailout that runs until the end of 2013. | Ireland is already using rescue funds as part of an EU/IMF bailout that runs until the end of 2013. |
In November 2010, the Irish government was awarded 85bn euros ($112bn; £71bn) of emergency loans from the International Monetary Fund and European Union, as it struggled to cope with big debts and the high cost of its borrowing. | |
Recent opinion polls in Ireland suggest most people would vote to ratify the agreement. | |
Prime Minister Enda Kenny was not in parliament because he is on a trade mission to China. |