Ireland backs euro budget rules

Ireland has officially passed the European fiscal treaty that sets strict new budget rules on members of the eurozone. 60.3% of voters who took part in the referendum voted in favour.

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Huge sigh of relief from Irish Government

Stability was the word used on the Yes campaign posters, and it now appears that Ireland has secured stability.

The Irish Government backed that result in today's referendum and warned that a No vote would have triggered an immediate economic crisis.

Had Irish voters rejected the treaty, the country would have been disqualified from approaching the EU or the IMF for further bailouts. The current bailout expires at the end of next year, so the country would have risked going bankrupt.

Although a No vote would not have stopped the fiscal treaty going ahead, it would have sent a worrying message to EU leaders that another country rejects austerity.

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