Ireland 'Backs' EU Fiscal Pact

By Oliver Tree | June 01 2012 7:40 AM

Irish voters have backed the European fiscal pact, according to early poll results, securing their country vital access to European Union bail out money.

Sponsorship Link

While counting is still under way, early indications are that 60 percent of voters chose to back the government, indicating uneasy support for the country's austerity program of strict fiscal belt tightening.

If confirmed, the win will prove a welcome reprieve for beleaguered German Chancellor Angela Merkel, as she tries to ratify the continent-wide fiscal pact -- which specifies countries commit to budget deficits of less than 0.5 percent of GDP.