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VIrginia Mayo/AP

In full: the deal struck by 26 of the 27 EU members

The full text of the deal adopted by euro members, and by at least six – and potentially nine – of the other 10 EU members.

Updated, 14.21

The following is the full text of the statement by the eurozone heads of government, released this lunchtime in Brussels.

The European Union and the euro area have done much over the past 18 months to improve economic governance and adopt new measures in response to the sovereign debt crisis. However, market tensions in the euro area have increased, and we need to step up our efforts to address the current challenges. Today we agreed to move towards a stronger economic union. This implies action in two directions:

- a new fiscal compact and strengthened economic policy coordination;

- the development of our stabilisation tools to face short term challenges.

A reinforced architecture for Economic and Monetary Union

1. The stability and integrity of the Economic and Monetary Union and of the European Union as a whole require the swift and vigorous implementation of the measures already agreed as well as further qualitative moves towards a genuine “fiscal stability union” in the euro area.

Alongside the single currency, a strong economic pillar is indispensable. It will rest on an enhanced governance to foster fiscal discipline and deeper integration in the internal market as well as stronger growth, enhanced competitiveness and social cohesion. To achieve this objective, we will build on and enhance what has been achieved in the past 18 months: the enhanced Stability and Growth Pact, the implementation of the European Semester starting this month, the new macro-economic imbalances procedure, and the Euro Plus Pact.

2. With this overriding objective in mind, and fully determined to overcome together the current difficulties, we agreed today on a new “fiscal compact” and on significantly stronger coordination of economic policies in areas of common interest.

3. This will require a new deal between euro area Member States to be enshrined in common, ambitious rules that translate their strong political commitment into a new legal framework.

A new fiscal compact

We commit to establishing a new fiscal rule, containing the following elements:

  • General government budgets shall be balanced or in surplus; this principle shall be deemed respected if, as a rule, the annual structural deficit does not exceed 0.5% of nominal GDP.
  • Such a rule will also be introduced in Member States’ national legal systems at constitutional or equivalent level. The rule will contain an automatic correction mechanism that shall be triggered in the event of deviation. It will be defined by each Member State on the basis of principles proposed by the Commission. We recognise the jurisdiction of the Court of Justice to verify the transposition of this rule at national level.
  • Member States shall converge towards their specific reference level, according to a calendar proposed by the Commission.
  • Member States in Excessive Deficit Procedure shall submit to the Commission and the Council for endorsement, an economic partnership programme detailing the necessary structural reforms to ensure an effectively durable correction of excessive deficits. The implementation of the programme, and the yearly budgetary plans consistent with it, will be monitored by the Commission and the Council.
  • A mechanism will be put in place for the ex ante reporting by Member States of their national debt issuance plans.

5.  The rules governing the Excessive Deficit Procedure (Article 126 of the TFEU) will be reinforced for euro area Member States. As soon as a Member State is recognised to be in breach of the 3% ceiling by the Commission, there will be automatic consequences unless a qualified majority of euro area Member States is opposed. Steps and sanctions proposed or recommended by the Commission will be adopted unless a qualified majority of the euro area Member States is opposed. The specification of the debt criterion in terms of a numerical benchmark for debt reduction (1/20 rule) for Member States with a government debt in excess of 60% needs to be enshrined in the new provisions.

6.  We will examine swiftly the new rules proposed by the Commission on 23 November 2011 on (i) the monitoring and assessment of draft budgetary plans and the correction of excessive deficit in euro area Member States and (ii) the strengthening of economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability in the euro area. We call on the Council and the European Parliament to rapidly examine these regulations so that they will be in force for the next budget cycle. Under this new legal framework, the Commission will in particular examine the key parameters of the fiscal stance in the draft budgetary plans and will, if needed, adopt an opinion on these plans. If the Commission identifies particularly serious non-compliance with the Stability and Growth Pact, it will request a revised draft budgetary plan.

7.  For the longer term, we will continue to work on how to further deepen fiscal integration so as to better reflect our degree of interdependence. These issues will be part of the report of the President of the European Council in cooperation with the President of the Commission and the President of the Eurogroup in March 2012. They will also report on the relations between the EU and the euro area.

Stronger policy coordination and governance

8.  We agree to make more active use of enhanced cooperation on matters which are essential for the smooth functioning of the euro area, without undermining the internal market.

9.  We are committed to working towards a common economic policy. A procedure will be established to ensure that all major economic policy reforms planned by euro area Member States will be discussed and coordinated at the level of the euro area, with a view to benchmarking best practices.

10.  Euro area governance will be reinforced as agreed at the Euro Summit of 26 October. In particular, regular Euro Summits will be held at least twice a year.

Strengthening the stabilisation tools

11.  Longer term reforms such as the ones set out above must be combined with immediate action to forcefully address current market tensions.

12.  The European Financial Stability Facility (EFSF) leveraging will be rapidly deployed, through the two concrete options agreed upon by the Eurogroup on 29 November. We welcome the readiness of the ECB to act as an agent for the EFSF in its market operations.

13.  We agree on an acceleration of the entry into force of the European Stability Mechanism (ESM) treaty. The Treaty will enter into force as soon as Member States representing 90 % of the capital comitments have ratified it. Our common objective is for the ESM to enter into force in July 2012.

14.  Concerning financial resources, we agree on the following:

  • the EFSF will remain active in financing programmes that have started until mid-2013 as provided for in the Framework Agreement; it will continue to ensure the financing of the ongoing programmes as needed;
  • we will reassess the adequacy of the overall ceiling of the EFSF/ESM of EUR 500 billion (USD 670 billion) in March 2012;
  • during the phasing in of the paid-in capital, we stand ready to accelerate payments of capital in order to maintain a minimum 15% ratio between paid-in capital and the outstanding amount of ESM issuances and to ensure a combined effective lending capacity of EUR 500 billion;
  • euro area and other Member States will consider, and confirm within 10 days, the provision of additional resources for the IMF of up to EUR 200 billion (USD 270 billion), in the form of bilateral loans, to ensure that the IMF has adequate resources to deal with the crisis. We are looking forward to parallel contributions from the international community.

15.  We agree on the following adjustments to the ESM Treaty  to make it more effective:

  • Concerning the involvement of the private sector, we will strictly adhere to the well established IMF principles and practices. This will be unambiguously reflected in the preamble of the treaty. We clearly reaffirm that the decisions taken on 21 July and 26/27 October concerning Greek debt are unique and exceptional; standardised and identical Collective Action Clauses will be included, in such a way as to preserve market liquidity, in the terms and conditions of all new euro government bonds.
  • In order to ensure that the ESM is in a position to take the necessary decisions in all circumstances, voting rules in the ESM will be changed to include an emergency procedure. The mutual agreement rule will be replaced by a qualified majority of 85 % in case the Commission and the ECB conclude that an urgent decision related to financial assistance is needed when the financial and economic sustainability of the euro area is threatened [subject to confirmation by Finnish parliament].

16.  We welcome the measures taken by Italy; we also welcome the commitment of the new Greek government, supported by all parties, to fully implement its programme, as well as the significant progress achieved by Ireland and Portugal in implementing their programmes.

~

Some of the measures described above can be decided through secondary legislation. The euro area Heads of State or Government consider that the other measures should be contained in primary legislation. Considering the absence of unanimity among the EU Member States, they decided to adopt them through an international agreement to be signed in March or at an earlier date. The objective remains to incorporate these provisions into the treaties of the Union as soon as possible.

The Heads of State or Government of Bulgaria, Czech Republic, Denmark, Hungary, Latvia, Lithuania, Poland, Romania and Sweden indicated the possibility to take part in this process after consulting their Parliaments where appropriate.

Read: UK and Hungary veto plans for EU Treaty change after all-night talks

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    Mute BJ
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    Dec 9th 2011, 8:06 AM

    I had dinner with a German friend the other night who said ‘Merkel has done more for German dominance over Europe than Hitler could have ever achieved… All without firing a single bullet.’

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    Mute Tim Henchin
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    Dec 9th 2011, 8:17 AM

    They seem hell bent on provoking people to arms though.

    When you look at the numbers it is hard not to think “Another battle victory on the road to defeat”.

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    Mute Adrian De Cleir
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    Dec 9th 2011, 8:48 AM

    I’d consider myself more of a euroskeptic when it comes to the finance side of this, moreso than anything else.

    But these comparisons to Germany wanting/achieving more power than Hitler are laughable. Its clueless scaremongering, just because your friend is German doesn’t mean they have any more a clue than anyone else.

    Merkel quite simply doesn’t want to foot the bill for the whole of Europe. She has her agenda just like the rest of the member states leaders do.

    If you want to point the finger point it at the ridiculous system of guaranteed bonds where the markets have more control over Europes economy than the people and politicians have themselves.

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    Mute BJ
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    Dec 9th 2011, 8:58 AM

    His comment was followed by laughter but the central message still stands that German influence of our own affairs has been strengthened by the current recession, whatever the primary cause of it.

    Despite being a throwaway comment I hope people start examining the issue and question what has Ireland to gain, and lose, as a result of closer financial integration.

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    Mute Réada Quinn
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    Dec 9th 2011, 9:05 AM

    Go on BJ. Tell the truth. You don’t have a german friend. You just thought that your comment had a certain ring to it…:)

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    Mute BJ
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    Dec 9th 2011, 9:17 AM

    I do have a German friend. His name is Boris. He’s a very serious man who’s very punctual but he’s not much craic to be honest.

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    Mute Eamonn A. Ferry
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    Dec 9th 2011, 9:45 AM

    True

    4
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    Mute Dermot Mc Loughlin
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    Dec 9th 2011, 11:51 AM

    @Adrian De clair.
    So Germany don’t want to foot the bill for the whole of Europe?
    Well I’m not too happy about Ireland footing the bill for contagion or ensuring the German banks get paid for their gambles on our property market

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    Mute Barry O'Brien
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    Dec 9th 2011, 1:14 PM

    @Adrian: that is a stupid comment. Germany are not footing the bill for anything. Do you really think that they are throwing money around and not expecting a return? The Germans will PROFIT from these bailouts. There is interest being charged. WE are the ones footing the bill for the reckless lending of the French and German banks.

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    Mute Adrian De Cleir
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    Dec 9th 2011, 2:07 PM

    @Barry, yes they’re profiting from the bailouts but they would much prefer if every country was prosperous and self sufficient instead of being involved in this bailout carry on in the first place. Its a headache for all of them, both small and big countries. And the headache has been caused by markets/banks/euro etc.

    That was my point.

    Lets not forget, we would probably have defaulted, and not needed a bailout if our books we’re balanced in the first place and didnt rely on investors to keep us afloat. That was the point of my post, it was a response to the Hitler reference, that Merkel has her agenda, as a politician, and its not about having power of Europe (even though BJs friend was only joking, I was sort of referring to all the people that make this assumption) its about her trying to not get her banks and economy in shit.

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    Mute Adrian De Cleir
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    Dec 9th 2011, 2:16 PM

    @Dermot,
    honestly , neither am I , I was attacking the system of banks/bondholders/investors and was just addressing the joke about Germany wanting power thats all. Thats why the first line of my post was about me being a euroskeptic.

    If Id my way, we’d be defaulting and leaving German banks in the lurch, and facing the pain in one clean sweep,but I can guarantee you there are many unemployed/public service people in this country today that would be out on the streets if that happened. PS wages would have to be halfed in alot of cases.

    Id consider myself on the left side of this, but you can’t just ignore the fact that our books aren’t balanced, by a long shot.

    But at least it would be over and done with then. After a year, we’d have a clean slate, and an ok export industry to work off.

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    Mute Dermot Mc Loughlin
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    Dec 9th 2011, 2:49 PM

    @Adrian.
    It’s not all that long ago – 2003 actually that Germany was known as the sick man of Europe, every country made concessions to help them recover and bolster their finances after re-unification, the euro currency was designed to keep every country on an even level but Germany were unchecked, they preferred to keep the euro weak to suit their exports…. and in case you and many like you forget it was Frau Merkel who sparked our bail-out and fanned the flames of recession by suggesting that countries like Ireland will not be able to pay back borrowed money which ultimately forced us out of the markets.

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    Mute Tim Henchin
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    Dec 9th 2011, 8:09 AM

    Cameron and Hungary were right to veto it.

    It is an agreement that makes sense if it was 1999. It is an absolute farce at this stage. It’s just shouting at the bus driver that you are going to report him as a drunk, get him fired, as the Bus flies off the tarmac and over the Cliffs of Moher. It is perfectly right that it not happen again and he be admonished but it not really the most pressing concern at the time.

    Ten years too late. There were terms like some of these in the 90′s but Germany and France ignored them, and the EU was not going to punish them. It’s just another EU agreement.

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    Mute Stephen Downey
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    Dec 9th 2011, 8:11 AM

    It’s a fraudulent agreement. Sovereign nations have restrictions imposed on them concerning their financial affairs, only one day after the ECB offers unlimited cash to banks over the next three years.

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    Mute Tim Henchin
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    Dec 9th 2011, 8:19 AM

    Don’t worry it’ll never be implemented anyway, even if Cameron and the Hungarians agreed to it. Just more EU bull, lies and spin.

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    Mute Réada Quinn
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    Dec 9th 2011, 8:45 AM

    All members had restrictions placed upon them already and they were never adhered to. This is just like writing things again except this time in biro instead of pencil. If a powerful country needs a certain economic climate in order to meet their economic needs they’ll produce the tippex.

    Another fix for the cokehead markets is all this is. Eurozone cannot work. Too many countries with different economic needs.

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    Mute Paul Mallon
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    Dec 9th 2011, 10:25 AM

    Excellently put Réada.

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    Mute Magic Kelly
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    Dec 9th 2011, 10:55 AM

    What’s the craic Réada?

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    Mute Lou Brennan
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    Dec 9th 2011, 9:13 AM

    Referendum Mr Kenny please. What are you going to call this one. ‘The Desperate Treaty’ ?

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    Mute Conor Murphy
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    Dec 9th 2011, 9:23 AM

    There is a mention of bringing this in at a ‘constitutional or equivalent level. ‘
    So maybe

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    Mute Dermot Mc Loughlin
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    Dec 9th 2011, 11:36 AM

    Constitutional or equivalent level is a sham.
    It’s actual wording is to allow those countries whose constitution does not require referendum to nonchalantly write it in, the equivalent is for countries like us with a constitution created to protect our sovereign rights.
    It is worded to prevent a referendum and allow FG simply legislate into law.
    This was most likely the concession Herr Kenny was seeking.

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    Mute Lamb
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    Dec 9th 2011, 8:12 AM

    Lets see today how the markets react. I’m putting my savings into gold if it’s negative.

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    Mute Adam Keane
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    Dec 9th 2011, 9:26 AM

    Yea, and that bubble will burst soon as well

    23
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    Mute Dermot Mc Loughlin
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    Dec 9th 2011, 9:38 AM

    Looks like we’ll be getting a mock referendum on this anschluss.
    I hope people have the sense to reject this and not buy into the lies already been concocted and remember that the EU/Mercozy troika have been less than benevolent to us, they have repeatedly knocked us down and applied the boot when we’re down.

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    Mute Paul Mallon
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    Dec 9th 2011, 10:28 AM

    I think the question is will people have the balls to keep saying no when the pressure is applied after the first rejection.
    The rest of Europe’s citizens want this as much as we do. The media strangely reluctant to point this out, BBC world news is the only major media outlet I’ve seen mention anything like this.

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    Mute Kevin McCarthy
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    Dec 9th 2011, 11:13 AM

    They will scare the crap out of us. Roll on the PR campaign. All the usual media outlets,starting with RTE. Then we vote NO,then they really scare the be jaysus out of us. Then we vote YES. We need to reject this treaty.

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    Mute Paul Mallon
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    Dec 9th 2011, 11:20 AM

    Exactly, then when we vote yes, all the scary scenarios they used to convince us to vote yes will happen anyway.

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    Mute Dermot Mc Loughlin
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    Dec 9th 2011, 11:31 AM

    Lucinda Cretin waffling on with vague disjointed assurances about this is the best interest of the euro and practically laughing when the idea of a referendum was put to her, someone needs to remind this dummy that the direction this country takes will not be decided by her or Enda Kenny but by the people she and the FG machine purports to represent.
    No doubt the FG/Labour spin doctors are in full throttle writing up the horror script of what a no vote will bring or desperately searching for reasons to bypass actual democracy and just implement this mercozy draft.

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    Mute Réada Quinn
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    Dec 9th 2011, 11:37 AM

    Only thing I’m scared of anymore is spiders.

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    Mute Paul Mallon
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    Dec 9th 2011, 11:47 AM

    I’m sure they’ll work spiders in there somewhere :-D

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    Mute Dermot Mc Loughlin
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    Dec 9th 2011, 11:54 AM

    “I’m sure they’ll work spiders in there somewhere”…
    Cheers Paul, that made me laugh a mouthful of coffee across my keyboard :P

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    Mute Jim Walsh
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    Dec 9th 2011, 12:00 PM

    I love the irony of being told the “they will scare the crap out of us” being aimed at the pro-EU people. Given that rest of this thread and similar ones on Journal.ie are all based on “German overlord” references and vague Nazi allusions it would seem that the people who want to scare the crap out of us are those who want us to leave the EU and the Euro.

    Plenty of scaremongering to go around if you ask me.

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    Mute Réada Quinn
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    Dec 9th 2011, 12:16 PM

    Jim first we’re not allowed give out about Israel – now Germany. Don’t think they have a “phobic” word about the Irish being thrown around the german or French websites. Funny that…

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    Mute Paul Mallon
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    Dec 9th 2011, 12:20 PM

    I’m in favour of the EU in principle, but this is all wrong. Using the current crisis as a means to force a united Europe is not in anyone’s best interests. The agreed terms above don’t even attempt to address the problems with the banking system.

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    Mute Dermot Mc Loughlin
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    Dec 9th 2011, 12:24 PM

    Well Jim, at the end of the day a lot of this comes down to concerns of further handover of powers to the very people who oversaw the recession, who forced us into a bailout with penal rates just to prevent contagion and the very ones who will not entertain any notion of relieving the burden imposed upon Irish people.
    I’m nationalistic but not to the point of xenophobia, I’m eurosceptic but not to the point of irrational hatred of all things EU, I’m democratic and see the flaws of people pandering to the whims and dictat of people who were not elected by us and imposing rules and laws upon sovereign states.

    Mr Kenny was elected as leader of this country to uphold the constitution and work in the interest of this state and it’s people, yet he is willing to forge ahead with a draft suggested by the very same people who have stood idly by while we burden the cost of contagion prevention.
    Everyone who posts here will acknowledge the sour taste left after it emerged that Germany had access to our latest in a long line of austere budgets before our own politicians and this is what Enda Kenny will willfully sign into law without mandate, I’m not scaremongering with that, it will be the price we pay as FG jump through hoops to save the euro currency.
    Of course, owing to the mood of the country now I doubt any referendum will be offered or if it is it will be rife with the usual – ‘YES FOR SECURITY, STABILITY AND JOBS” completely omitting the fact that we will secede more sovereignty with very little in return.

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    Mute Sean O'Keeffe
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    Dec 9th 2011, 8:52 AM

    “THERE IS NO MEANS OF AVOIDING THE FINAL COLLAPSE OF A BOOM BROUGHT ABOUT BY CREDIT EXPANSION. THE ALTERNATIVE IS ONLY WHETHER THE CRISIS SHOULD COME SOONER AS A RESULT OF A VOLUNTARY ABANDONMENT OF FURTHER CREDIT EXPANSION, OR LATER AS A FINAL OR TOTAL CATASTROPHE OF THE CURRENCY SYSTEM INVOLVED
    Ludwig von Mises

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    Mute BJ
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    Dec 9th 2011, 8:59 AM

    Did he write that passage with caps-lock on?

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    Mute Sean O'Keeffe
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    Dec 9th 2011, 10:06 AM

    I doubt it, but he was castigated when he forecast the Wall Street crash.

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    Mute Donncha Foley
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    Dec 9th 2011, 8:44 AM

    On a quick read, that all sounds pretty reasonable. Sovereignty is a red herring. If the British want to pretend they still are the empire, let them off. Their main issue was disagreeing with a tax on speculation.

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    Mute Dermot Mc Loughlin
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    Dec 9th 2011, 9:40 AM

    I hope you enjoy your red herring when the EU tells us how much we’re allowed spend on the 1916 commemoration in a few years.

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    Mute Dermot Mc Loughlin
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    Dec 9th 2011, 11:45 AM

    Take a look at the picture accompanying this thread.
    See them two people grinning at each other?………….. they are laughing at us.

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    Mute Réada Quinn
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    Dec 9th 2011, 6:49 PM

    Scared shitless you mean.

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    Mute Dermot Mc Loughlin
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    Dec 9th 2011, 7:42 PM

    If only Réada.
    The are content that their comrade in the EPP, (Mr Kenny) will put all his effort into dissuading our constitutional right to referendum, all Kenny has done today is reinforce our position as the whipping boys of Europe

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    Mute Réada Quinn
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    Dec 9th 2011, 8:25 PM

    You’re a clever cat. But i still think that they’re all scared shitless. They’ve got it all to lose and they must know the game is up.

    I’m still waiting for the kid to announce the Emperor has no clothes.

    God be with the days when the conspirator theorists were considered mad. Or maybe we’ve all just joined them!

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    Mute Jonathan Dickson
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    Dec 10th 2011, 8:14 PM

    Nor has either of them been elected, nor can any electorate remove them. They answer only to their inflated wage packets and pensions.

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    Mute Aydo
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    Dec 9th 2011, 9:39 AM

    Where can I buy actual gold? Not the fairy gold online.

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    Mute Michael Hegarty
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    Dec 9th 2011, 12:54 PM

    At Major Banks.

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    Mute Paul Mallon
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    Dec 9th 2011, 10:47 AM

    This is a total farce.
    Is it possible to be any more vague? Sounds like a few lads having a chat down the pub.
    what does this mean:

    “We agree to make more active use of enhanced cooperation on matters which are essential for the smooth functioning of the euro area, without undermining the internal market”

    And you’ve got to love this bit, we’ll stick to the IMF principles except when…. (and would these be the same principles maintained that Ireland should burn the bond holders?):

    “Concerning the involvement of the private sector, we will strictly adhere to the well established IMF principles and practices. This will be unambiguously reflected in the preamble of the treaty. We clearly reaffirm that the decisions taken on 21 July and 26/27 October concerning Greek debt are unique and exceptional; standardised and identical Collective Action Clauses will be included, in such a way as to preserve market liquidity, in the terms and conditions of all new euro government bonds.”

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    Mute Lou Brennan
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    Dec 9th 2011, 9:46 AM

    We’ve been downgraded in this latest one to leprechaun status. Word is we’ll all have to wear green so they’ll know how to avoid us.

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    Mute Páid Ó Donnchú
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    Dec 9th 2011, 10:04 AM

    Some of ye have been reading too much British propaganda. Cameron wants the City of London to remain pre-eminent as European financial capital.

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    Mute Tim Henchin
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    Dec 9th 2011, 11:17 AM

    Páid. How is that British Propaganda, he is the British PM, he is hardly going to give constructive ideas on how to transfer his country’s largest revenue driver to Frankfurt and Paris. Of course he wants the Ctiy of London to be the pre-eminent finance capital of the world, in conjunction with New York. He would have to be the greatest moron ever to not want that.

    No doubt the finance industry are toxic, Thatcher broke the British economy to drive them forward and created the social joke that is much of England, rather than following the likes of Finland, Sweden, Germany, Denmark etc etc.

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    Mute Niamh Byrne
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    Dec 9th 2011, 1:37 PM

    @lou hee hee hee (: at least there will be no shortage of jobs for us twice a year…christmas and paddys day.

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    Mute debbie
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    Dec 9th 2011, 8:23 AM

    I sold all mine raging

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    Mute Jonathan Dickson
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    Dec 10th 2011, 8:12 PM

    Germany’s finances are in no great shape. She only looks good against all the other basket cases, but is in no position to ‘rescue’ all the bankrupt countries. There is no easy way out of this mess, and the longer the eu papers over the cracks the worse the inevitable implosion will be.

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    Mute Niall Sheridan
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    Dec 12th 2011, 7:23 PM

    I would vote yes if it had political corruption legislation attached.

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