Treaty not a safe option but a perilous experiment | Terrence McDonough

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Treaty not a safe option but a perilous experiment | Terrence McDonough

“There will be no disaster in the event of the need for a second bailout. It is the adoption of the budget provisions of the treaty which is a risky and perilous experiment”, says  NUIG professor of economics Terrence McDonough.

He points out that alternative funding options will be available if Ireland votes no, while voting yes, rather than being the safe, conservative course ensuring ‘stability’ as those advocating a yes vote in the Fiscal Compact Treaty Referendum say, will lead to unprecedented situation which could lead to economic disaster.

“Take a country at the bottom of a depression. Force it to run budget cuts and tax increases year after year after year. Force this same policy on its neighbours and trading partners. Run this into the foreseeable future and hope it results in stability, confidence and recovery. This is emphatically not the safe option. This is a dangerous experiment, completely without historical precedent.”

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Donagh is the editor of Irish Left Review. Contact Donagh through email: dublinopinionAtgmail.com