Ireland has a referendum on whether to ratify the EU fiscal pact today, that will ensure they follow the austerity path, if they decide to go with it and the early indications from exit polls are that the people will return a Yes result. 

A Yes vote, would mean that Ireland accepts the EU fiscal rules, will remain under it's protective wing and still be able to draw on the bailout funds, should the country need to.

If  a negative result is returned, then Ireland will be out in the cold and heading down the Greek road to economic chaos, so it is widely accepted that the austerity medicine will be taken by Ireland and the good economic progress they have made since receiving EU emergency funds, will continue.