I hope Karl does not mind a link to his post back here on the mother ship. Karl’s post does a very nice job explaining that the Treaty does not imply additional austerity beyond what Ireland is committed to under the revised Stability and Growth Pact. This fact does not seem to be getting through.
The basic conclusion (emphasis in original):
. . . Yes campaigners have failed to highlight that the treaty does not, in fact, imply additional austerity in the coming years relative to what would occur if there was a No vote, even if the EU did decide to fund Ireland via EFSF or some other vehicle. The fiscal parameters laid down in the treaty are all part of the existing EU fiscal framework that Ireland is already operating within and would continue to operate within after a No vote.