What Ireland should know before voting on latest EU fiscal treaty

VOTE NO, a photo by Teacher Dude's BBQ on Flickr.

The Irish electorate will soon be called upon to ratify the terms of the country's fiscal treaty. The Irish PM Enda Kenny has said that a YES vote is necessary in order to ensure financial stability.

However, the application of similar terms has brought social chaos to Greece as the real economy continues to collapse, hammered by lack of investment, rising prices and a series of crushing tax hikes.

The official unemployment rate has doubled since the application of austerity measures designed to save Greece and now is 20% and rising. Nearly 50% for those under 24 years old and thousands are being forced to abandon the country in order to find work..

Since 2009 measures designed to reform Greece and stabilise debt have backfired, creating a death spiral that has pushed back living standards by decades.