Fianna Fáil Leader Micheál Martin TD has said that access to the European Stability Mechanism is critical to Ireland’s recovery and that relying on alternatives would increase costs and the likelihood of another bailout.
He commented, “One of the central issues in this referendum is that the Stability Treaty will help Ireland to access lower cost and more secure funding. The entire purpose of this Treaty and the separate European Stability Mechanism is to provide certainty that Europe has the funds and policies in place to help countries in need. The absence of this certainty helped drive up borrowing costs and forced us into a bailout, so the idea that continuing with the current policies would be fine, is completely wrong.”
Deputy Martin concluded, “On this matter, the reasoning is simple. The alternative to the ESM is to keep going with policies which helped cause the crisis in the first place.”