Ireland to Hold Referendum on EU Fiscal Compact

Irish Prime Minister Enda Kenny just said it: Ireland will hold a referendum on EU fiscal treaty.

The vote wouldn't be until Summer though... plently of time for a "Kissinger intervention."

To give this vote some ugly context:

  • Growth is better - Irish GDP is expected to grow at just less than 1% this year.
  • Banking system is in shambles - still getting IMF support; government increasing deficit to support recapitalization.
  • Private sector debts remain massive - The aggregate indebtedness of Ireland – the sum of all household, company, government and bank debts – stood at 663% of GDP in Q1 2011 - that's double Greece's ratios.