Clare Fine Gael Senator Tony Mulcahy has said that a Yes vote in the Stability Treaty Referendum is the only way to guarantee the country secures access to the ESM, Europe’s new bailout fund.
Senator Mulcahy added: “despite what Sinn Féin and others may claim, the situation has been clarified by the Referendum Commission.”
The Shannon-based Senator continued: “There has been a huge amount of misinformation in recent days on the ESM, Europe’s new €700 billion fund. The ESM is a bit like an insurance policy; we don’t plan to use it, but it’s very important to be able to access it should we need it.”
“The only way to guarantee access to the ESM is to ratify the Stability Treaty. This has been unequivocally clarified by the Referendum Commission – an independent body. It has stated that the granting of financial assistance from the ESM will be conditional on the ratification of the Stability Treaty. Yet despite this extremely clear position, those opposing the Treaty continue to claim other options will be available.
“Sinn Féin, in particular, has been flip flopping all over this issue. Sinn Féin first called on us to veto the ESM, even though this isn’t possible. They’ve claimed that we could get money from the EFSF – Europe’s current bailout fund – even though it is coming to an end in July 2013. They then claimed the IMF would give us money in the future if we need it, but when it was made clear that the IMF would only lend to us in conjunction with the EU, Sinn Féin gave up on that position. Their latest ridiculous claim is that we will be able to access the ESM even if we reject the Treaty.
“All of this flip flopping clearly illustrates that Sinn Féin is deliberately misleading the public on this issue.
“Let’s be clear about this; we will need to borrow about €19 billion in 2014, when our current funding runs out. The Government intends to raise this money on the financial markets, but if that proves difficult the ESM will be available to us – only if we ratify the Stability Treaty. Those opposing the Treaty cannot explain where we would get this €19 billion if we follow their approach. Again, this has been clarified by the Referendum Commission. Sinn Féin should simply check page 10 of the Commission’s leaflet.
“Sinn Féin and other opponents of the Treaty want us to take a leap into the unknown. A Yes vote will bring about stability and certainty; a No vote is a massive gamble, which will shake investor confidence and undermine our economic recovery. Those advocating this approach cannot claim to have the country’s best interests at heart.
“I am encouraging everyone across County Clare to vote Yes on May 31st, as it is the only way to guarantee sources of funding to run this country in the future. A Yes vote will be a key step on our economic recovery as we rebuild a working Ireland,” concluded Senator Mulcahy.
