Free Republic

So after a nervous night, Enda Kenny will be relieved by the 60% margin of victory in the Irish referendum on the fiscal pact. The Taoiseach's measured welcome for the result reflects his knowledge that this is not the end of Ireland's austerity, nor even the beginning of the end, although like Winston Churchill, Mr. Kenny might hope this is at least the end of the beginning. Having delivered the German Chancellor Angela Merkel a rare bit of good news, Dublin will hope Europe's leaders might reward their decision to stay within the fiscal stability pact with a reciprocal degree...

As the Government set the date for the referendum on the EU fiscal stability treaty, a major international financial institute has said that a No vote will damage the country’s ability to borrow. … In Washington, the Institute of International Finance, a powerful banking lobby that negotiated Greece’s €100 billion debt restructuring, said the referendum ranked among the current uncertainties that worried it the most. “Putting it very simply, we worry about what happens if there’s a No vote. That throws the cat among the pigeons a little bit, specifically for Ireland,” institute chief economist Phil Suttle told The Irish...

David Cameron has three weeks to decide whether to bless a new eurozone treaty or use Britain’s veto and place the country in a “very grave position”, a senior observer warned last night. Peter Ludlow, president of the European Strategy Forum think tank, said Germany and France are confident they will secure a deal to save the long‑term future of the euro by the end of this month. That would mean tougher financial rules for members of the eurozone and the use of existing EU institutions to enforce them, a move Mr. Cameron has indicated is a step too far....