DUBLIN (AP) — Bailed-out Ireland announced Tuesday it will stage a referendum on the European fiscal treaty on May 31, a vote whose outcome could help boost international confidence in the country — or block it from accessing further aid.

The campaign will pit a government that describes the treaty as a path to renewed prosperity against socialist opponents who forecast it will doom Ireland’s 4.5 million people to perpetual austerity.

Foreign Minister Eamon Gilmore said the government was confident of winning majority public support for the pact, which proposes tighter spending and deficit rules for the 17-nation eurozone. Rejection would block Ireland’s access to future European bailout funds once its current credit line runs out next year.

Gilmore, speaking after a Cabinet meeting that determined the referendum date, said the treaty was designed to promote “long-term stability, recovery, growth and jobs” and would encourage investors to lend again to Ireland at acceptable rates.

He said a yes vote on May 31 would boost “the influence we’ve been rebuilding with investors, job creators and with our European partners.”

Prime Minister Enda Kenny, in China on a mission to build trade links, said foreign investors needed to know that Ireland would never again find itself “in a position in the future where a government runs riot with people’s finances.”

But hard- left lawmakers leading the anti-referendum campaign accused the government of colluding with a European establishment to try to force several more years of spending cuts, tax hikes and banking losses on taxpayers.

Socialist Party leader Joe Higgins said the treaty would trap Ireland in a state of “permanent austerity.” He said the treaty’s tighter deficit requirements would make Ireland impose (euro) 5.7 billion ($7.4 billion) more in cuts and tax hikes after 2015. Ireland has already absorbed five austerity budgets since 2008.

Higgins said the government should demand renegotiation of the treaty clause permitting future EU bailout funds to be provided only to those members who ratify it. He said this “ blackmail clause” was being wielded by the pro- treaty side as “ a weapon to try and force the public to vote yes.”

Ireland, with its neutralityfocused constitution, is the only euro member subjecting the fiscal treaty to a national vote.