This would be hugely unpopular in Germany, but should be liked by the peripheral countries as their debts would be carried by others. Yet would Ireland continue willingly with the process of being sublimated into the EU after current experiences? Cameron used to talk of referendums in Britain, but is now using the coalition as his excuse for ignoring his earlier promises.
This is where the Conservative backbenchers come in. If they refuse to support the ESM Treaty change without a referendum, as John Redwood says ( see http://www.johnredwoodsdiary.com/2010/12/09/the-mood-of-parliament/), politics could start to get interesting again.
Why should British taxpayers get involved with rescuing eurozone countries, as we are doing in Ireland, is the question? The pressures to get involved in the Euro are growing, and Cameron is, if anything, encouraging them.
If the backbenchers are going to pick an issue to stand their ground, this is surely it.
See – http://the-tap.blogspot.com/2010/12/all-euro-eyes-are-on-germany.html
Irish Times – shows the kind of discussions going on, and the hope that all governments will agree to EMS without the need for referendums.