Quote:
Ireland is voting on whether to ratify the European fiscal pact, which sets strict rules on the budget deficits countries are allowed to run up.
Rejecting it would bar Ireland from emergency EU funding when its current bailout package expires in 2013
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http://www.bbc.co.uk/news/world-europe-18261922
Quote:
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The pact, signed by all EU members except the Czech Republic and the UK, allows EU member states to co-ordinate their budget policies and impose penalties on rule-breakers. It commits all ratifying members to achieve budget deficits of less than 0.5% of economic output. Last year, Ireland's deficit reached 13.1%.
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I'm probably missing something here but are the Eurocrats living in cloud cuckoo land?