The latest draft of the fiscal compact - which we reveal here - includes a new clause compelling countries to ratify the pact or face losing lines of bailout cash as a penalty.
The clause comes in the preamble to the treaty, which now says that lines of bailout money from the European Stability Mechanism will be conditional on ratification of the treaty by the contracting parties.
The measure would apply added pressure to those eurozone states reliant on bailouts and under domestic pressure to hold referendums, and above all Ireland, where such a referendum would be close-fought.
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COMMENTS
I would love to see the Irish either unilaterally via the Government or by means of a national referendum reject the document and see what the EU would then do. My guess is that the bailout would still contiunue as the alternative, Ireland defaulting, would cause too much havoc. Go on Ireland, call the bastards' bluff. They are spineless and gutless and will cave in - exactly the same if the Greeks cannot negotiate an acceptable debt "haircut". There's nobody in the EU Commission with the balls to stand uyp for their principals as they have none.
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