By Simon Miller

Ireland is on course to vote for the European fiscal pact according to observers this afternoon.

Although the final result will not be known until this evening, early figures show a vote in favour of the fiscal pact by a margin of around 60% to 40%.

The transport minister Lee Varadkar told reporters: "Its a sigh of relief from the government rather than a celebration."

Declan Ganley who led the no-vote and is head of Libertas said he was disappointed by the vote and that now Europe had to repay the trust of the voters.

"The majority of the electorate here halve expressed trust and faith in our partners in Europe to do the right thing by us. This was the only democratic exercise on this particular treaty to be carried out in Europe."

The vote will come as a small bit of relief for the eurozone which continues to take a battering following poor economic data and the continuing pressure from Spanish banks.

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