Treaty would mean more cuts, says Funchion

Cllr Kathleen Funchion says she will be voting No in the treaty referendum.

Cllr Kathleen Funchion says she will be voting No in the treaty referendum.

“First of all, it will mean more cuts and more austerity down the road, because of the deficit rule they are putting in place,” the Sinn Fein councillor said. “We will have to have a structural deficit at 0.5% and our debt will only be allowed to be 60% of GDP. But in 2015 when this is introduced, the projection is that our debt will be 120% of GDP if based on current figures. This will mean it has to be reduced by 5% each year, so there will be 3 or 4 billion euro in cuts each year until we get it down to 60%.”

“This treaty also would tie the hands of governments in the future because the only way it could change is with another referendum and agreement with the other EU states,” Cllr Funchion said. “It also gives the European Commission and the European Court of Justice more power, because you can be fined if you are seen to be breaking the rules and other countries can decide to take you to the court.”