THE NATIONAL EXECUTIVE Council (NEC) of Siptu has said it will support a yes vote in the Fiscal Treaty referendum if the Government commits to an “off balance sheet stimulus plan to create tens of thousands of jobs”.

The trade union has demanded a new plan after criticising the one-sided austerity approach which underpins the EU fiscal compact treaty.

If the Government commits to doing it, we will go along with the Treaty despite our reservations because it would give us all a fighting chance of emerging from this nightmare.  Otherwise we cannot endorse it.

The NEC has called for a less severe debt brake, as well as other measures to ensure the burden is shared equally. According to Siptu, growth stimulus could be provided through a stimulus plan which would include investment by private pension funds incentivised through exemptions from the pensions levy.

“Ireland is between a rock and a hard place,” said general president Jack O’Connor. “The treaty imposes, what we believe, to be an unnecessarily severe debt brake. However, if we do not ratify it, we will not have access to the ESM fund.”

The electorate will be asked to vote for the treaty’s ratification on 31 May. Earlier this week, a poll revealed that four out of ten voters are still undecided about how they will vote in the referendum.

A copy of the text and information about the vote will be sent to homes around the country early next month.

The Fiscal Compact Referendum: What are we voting on and why?>

Translated: The Fiscal Compact rewritten in layman’s terms>

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