Not ratifying treaty 'detrimental' to re-entering markets


ESM treaty

If Ireland is prevented from ratifying the European Stability Mechanism Treaty on July 9th as proposed, this could “impact very detrimentally” on Ireland’s re-entry to the financial markets.

A senior Department of Finance official, Jim O’Brien, has said in an affidavit that it would also affect Ireland’s capacity to raise the funding necessary to run the State to 2014.

In the High Court yesterday, Shane Murphy SC, for the Government, urged Ms Justice Mary Laffoy not to grant Donegal South West TD Thomas Pringle (Ind) an injunction restraining the Government from ratification.

Mr Pringle will seek that injunction if the judge refers to the European Court of Justice key issues contending that this treaty breaches EU treaties, EU law and the Constitution.