Yes vote would strengthen State's position, says Creighton

Wed, May 30, 2012, 01:00

YES CAMPAIGN:MINISTER OF State Lucinda Creighton said a Yes vote on Thursday would “undoubtedly” strengthen the Government’s hand in its European campaign to ease the burden of Ireland’s banking debt.

In Brussels yesterday for EU meetings, Ms Creighton said Ireland had to put itself in a prime position to benefit from any move to give the European Stability Mechanism new powers to directly rescue stricken banks.

Although Spanish premier Mariano Rajoy insists his country will not need an EU-IMF bailout, he has pressed EU leaders to change the ESM’s mandate. This is being resisted by Germany but any such move would have advantages for Ireland as the cost of bank rescues executed in this way would not go on to the national debt of the country concerned.

“I think it’s clear there’s going to be movement, probably in the autumn in relation to the ESM,” Ms Creighton told reporters.

“We need to be in front of the queue to take advantage of that.”

With less than 48 hours to go to polling day, there was a long discussion of the referendum campaign at yesterday’s weekly Cabinet meeting.

Tánaiste Eamon Gilmore updated his ministerial colleagues on the progress in the campaign in the past week.

The Taoiseach’s spokesman said Mr Kenny gave the Cabinet “a clear signal that the campaign was not over until the last box was sealed”.

Mr Gilmore urged people to vote Yes for what he said was “a stable euro, investor confidence in Ireland, and access to emergency funding if required”.

A number of single parents challenged him during a canvass in Clontarf yesterday to protest against budget cuts.