SINN FÉIN HAS CALLED the French and Greek election results a “massive blow” to austerity policies in Europe.

“People are sending a clear signal that austerity is not working and that a new approach based on jobs and growth must be found,” TD Mary Lou McDonald said today.

“At a time when the Irish and Eurozone economies desperately need investment in jobs and growth, the Government and their EU counterparts are proposing the very opposite.”

Referring to the Fiscal Compact referendum, McDonald said: “The Austerity Treaty is bad for jobs and for growth. If passed it will hamper any prospect of economic recovery.”

The Sinn Féin TD also accused Tánaiste Eamon Gilmore of making ‘cynical claims’ that the Irish government shares the same growth agenda as the French president-elect. In his campaign, Francois Hollande had pledged to rework the Fiscal Compact treaty.

While congratulating Hollande on his success over Nicolas Sarkozy in the French presidential election this weekend, Gilmore said that Hollande’s win would have no bearing on holding an Irish referendum on the European Fiscal Compact treaty at the end of this month.

German Chancellor Angela Merkel told the press today that she was looking forward to working with Hollande, but ruled out any further renegotiation of the treaty.

Gilmore: Ireland will hold referendum despite Hollande victory >

Merkel: Fiscal Treaty will not be renegotiated >

Greek election impasse heralds lengthy instability >