Fiscal COmpact- not a compact case

Irish referendum: taking a punt | Editorial | Comment is free | The Guardian: "Right up there with the Yugo, Zaporozhets and Moskvitch, the EU's fiscal pact must rank as one of the worst vehicles on the road. It's lethal not only for its occupants but other road users, it's got an oil leak and probably no brakes. Would you hitch a ride in one, if it lurched to a halt in front of you? That's the choice facing Irish voters in a referendum today.

The case for not getting in is persuasive. Despite the promises of its driver, it is almost certainly not taking you in the direction you want to go: banks whose debt burden is unmanageable but for which taxpayers still have to pay; weaker economies with higher unemployment; falling revenues. As economic horizons shrink, the periphery feels it first. Look at what is happening to jobs in the centre of the eurozone. French unemployment is at a 12-year high and continues to edge up. The CGT union handed France's new centre-left government a list of 46 companies that were planning to cut production sites, threatening 45,000 jobs."

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