Fine Gael has criticised what it says is businessman Declan Ganley's "flawed" approach in calling for a No vote in the fiscal treaty referendum.
In an article in a Sunday newspaper, the businessman, who campaigned against the Lisbon treaty, said it was critical there was no cut in the State's bank debt burden, which he called: "the most exploitative exercise in corporate welfare in the history of the world".
"It is beyond unacceptable that anyone would even consider asking Ireland to pass a treaty that does not cut this bank debt burden," he said.
However, Simon Coveney, Fine Gael director of elections for the referendum, responded: "It is my view that rejecting the treaty would damage our capacity to secure better terms on bank debt, rather than having the opposite effect.
He said the approach proposed by Mr Ganley would result in a "double negative" for Ireland: "weakening our negotiating capacity on other issues and rejecting a stability treaty that is good for Ireland’s future".
"Mr Ganley’s idea that we would choose to reject the Stability Treaty, damaging our own economy in the process, as a negotiating tactic, is flawed thinking."
Mr Ganley told the Sunday Business Post: "Expecting Irish ratification of such a patently bad deal is an insult to the intelligence and common sense of the people of Ireland. We must not entertain saying Yes to this bad law."
A Red C poll in the newspaper also revealed 53 per cent of the electorate plan to vote Yes to the Fiscal Stability Treaty on May 31st, while 31 per cent voting No and 16 per cent still undecided. When undecided voters are excluded, the Yes side leads by 63 per cent to 73 per cent.
Tánaiste Eamon Gilmore gave a cautious welcome to the poll, adding the Government was mindful of the lessons of past elections and would continue to campaign up until polling day.
However, Sinn Féin’s Mary Lou McDonald said it is all to play for in the coming weeks as the electorate was only beginning to engage with the debate.
“Sinn Féin will continue to put forward the case for an alternative to austerity and an alternative to the austerity treaty,” she said. “Four years of austerity has demonstrated one thing, that you cannot cut your way out of a recession. We need investment in jobs and growth.”