The Tánaiste has warned that Ireland will need a second bailout if we don’t pass the EU Fiscal treaty on May 31st.

Eamon Gilmore’s comments follow similar remarks by the Jobs Minister Richard Bruton, who reiterated that we won’t have access to the new EU bailout fund if we don’t vote in favour of the treaty.

Micheál Martin, leader of Fianna Fáil, said yesterday that he was almost certain that Ireland would need another bailout after the current programme runs out at the end of next year.

His comments were echoed by his finance spokesperson, who said that the European Stability Mechanism (ESM) could be our only option if it proves to be too expensive to return to the markets.

The Government’s main argument in its pursuit for ratification of the treaty is that we will not be allowed to avail of the new €700bn fund if we opt out of the treaty.

However, those advocating a NO vote are insisting the treaty will only introduce more austerity and hand over Ireland’s economic sovereignty forever.

The NO campaigners are accusing their counterparts of  ”using scare-tactics” and trying to “bribe” voters with the ESM.