Ireland and the euro: Kenny's heroes? WHEN the Irish go to the polls in a few weeks" time to vote on the European Union's fiscal compact, they may be deciding their economic future. Enda Kenny, the prime minister, announced the surprise referendum on February 28th, saying it was an opportunity to reaffirm Ireland's commitment to the euro. But for the opposition, mainly led by Sinn Fein, which has opposed all moves towards closer European integration, it gives voters a chance to reject the perpetual austerity of the bail-out forced on Ireland by the EU and IMF. Mr Kenny had hoped to avoid a referendum. But because the treaty is outside the EU framework, the attorney-general advised that a vote was constitutionally necessary. The Fine Gael/Labour coalition, only a year in office, has two-thirds of the seats in parliament and should be able to win a referendum. Moreover, the treaty changes are small, and involve enshrining rules on debt and deficit reductions that Ireland has already accepted. But Irish voters have twice rejected European treaty changes (in 2001 and 2008), before accepting them at a second attempt. In contrast to previous referendums, which were problems for the entire EU, Ireland holds no power of veto. The fiscal compact will come into effect when 12 of the 17 euro members ratify it. But a failure to ratify would mean that Ireland could not qualify for future support from the euro-zone bail-out fund. Ireland may need a second rescue when the current EU/IMF programme ends next year. Without backup it could find it hard to borrow in the market. The budget deficit in 2012 is forecast at 8.6% of GDP. A recent poll suggests that the government will scrape the referendum. Much will depend on whether voters see it as a chance to punish the government or, as Mr Kenny prefers, as a ballot on Ireland's euro membership. After previous Irish wobbles, it is no wonder traders reacted this week by marking down the euro.