Index: gcc/cgraph.h
===================================================================
--- gcc/cgraph.h	(revision 163636)
+++ gcc/cgraph.h	(working copy)
@@ -503,6 +503,8 @@ struct GTY((chain_next ("%h.next"), chai
      During WPA output it is used to mark nodes that are present in
      multiple partitions.  */
   unsigned in_other_partition : 1;
+  /* True when variable is constant and its value is known.  */
+  unsigned int const_value_known : 1;
 };
 
 /* Every top level asm statement is put into a cgraph_asm_node.  */
@@ -726,6 +728,7 @@ void varpool_empty_needed_queue (void);
 bool varpool_extra_name_alias (tree, tree);
 const char * varpool_node_name (struct varpool_node *node);
 void varpool_reset_queue (void);
+bool varpool_decide_const_value_known (struct varpool_node *node);
 
 /* Walk all reachable static variables.  */
 #define FOR_EACH_STATIC_VARIABLE(node) \
Index: gcc/tree-ssa-ccp.c
===================================================================
--- gcc/tree-ssa-ccp.c	(revision 163636)
+++ gcc/tree-ssa-ccp.c	(working copy)
@@ -1348,7 +1348,8 @@ fold_const_aggregate_ref (tree t)
 	case VAR_DECL:
 	  if (!TREE_READONLY (base)
 	      || TREE_CODE (TREE_TYPE (base)) != ARRAY_TYPE
-	      || !targetm.binds_local_p (base))
+	      || ((TREE_STATIC (base) || DECL_EXTERNAL (base))
+		  && !varpool_get_node (base)->const_value_known))
 	    return NULL_TREE;
 
 	  ctor = DECL_INITIAL (base);
@@ -1435,7 +1436,8 @@ fold_const_aggregate_ref (tree t)
 	case VAR_DECL:
 	  if (!TREE_READONLY (base)
 	      || TREE_CODE (TREE_TYPE (base)) != RECORD_TYPE
-	      || !targetm.binds_local_p (base))
+	      || ((TREE_STATIC (base) || DECL_EXTERNAL (base))
+		  && !varpool_get_node (base)->const_value_known))
 	    return NULL_TREE;
 
 	  ctor = DECL_INITIAL (base);
@@ -1509,7 +1511,8 @@ fold_const_aggregate_ref (tree t)
 
 	  if (!TREE_READONLY (base)
 	      || TREE_CODE (TREE_TYPE (base)) != ARRAY_TYPE
-	      || !targetm.binds_local_p (base))
+	      || ((TREE_STATIC (base) || DECL_EXTERNAL (base))
+		  && !varpool_get_node (base)->const_value_known))
 	    return NULL_TREE;
 
 	  ctor = DECL_INITIAL (base);
Index: gcc/lto-cgraph.c
===================================================================
--- gcc/lto-cgraph.c	(revision 163636)
+++ gcc/lto-cgraph.c	(working copy)
@@ -575,6 +575,7 @@ lto_output_varpool_node (struct lto_simp
   bp_pack_value (&bp, node->force_output, 1);
   bp_pack_value (&bp, node->finalized, 1);
   bp_pack_value (&bp, node->alias, 1);
+  bp_pack_value (&bp, node->const_value_known, 1);
   gcc_assert (!node->alias || !node->extra_name);
   gcc_assert (node->finalized || !node->analyzed);
   gcc_assert (node->needed);
@@ -1106,9 +1112,10 @@ input_varpool_node (struct lto_file_decl
   node->force_output = bp_unpack_value (&bp, 1);
   node->finalized = bp_unpack_value (&bp, 1);
   node->alias = bp_unpack_value (&bp, 1);
+  node->const_value_known = bp_unpack_value (&bp, 1);
   node->analyzed = node->finalized; 
   node->used_from_other_partition = bp_unpack_value (&bp, 1);
   node->in_other_partition = bp_unpack_value (&bp, 1);
   aliases_p = bp_unpack_value (&bp, 1);
   if (node->finalized)
     varpool_mark_needed_node (node);
Index: gcc/tree-ssa-loop-ivcanon.c
===================================================================
--- gcc/tree-ssa-loop-ivcanon.c	(revision 163636)
+++ gcc/tree-ssa-loop-ivcanon.c	(working copy)
@@ -165,9 +165,7 @@ constant_after_peeling (tree op, gimple 
       if ((DECL_P (base)
       	   && TREE_STATIC (base)
 	   && TREE_READONLY (base)
-           && (DECL_INITIAL (base)
-	       || (!DECL_EXTERNAL (base)
-		   && targetm.binds_local_p (base))))
+	   && varpool_get_node (base)->const_value_known)
 	  || CONSTANT_CLASS_P (base))
 	{
 	  /* If so, see if we understand all the indices.  */
Index: gcc/ipa.c
===================================================================
--- gcc/ipa.c	(revision 163636)
+++ gcc/ipa.c	(working copy)
@@ -561,6 +561,7 @@ ipa_discover_readonly_nonaddressable_var
 	    if (dump_file)
 	      fprintf (dump_file, " %s (read-only)", varpool_node_name (vnode));
 	    TREE_READONLY (vnode->decl) = 1;
+	    vnode->const_value_known |= varpool_decide_const_value_known (vnode);
 	  }
       }
   if (dump_file)
@@ -767,6 +768,9 @@ function_and_variable_visibility (bool w
 	      || ! (ADDR_SPACE_GENERIC_P
 		    (TYPE_ADDR_SPACE (TREE_TYPE (vnode->decl))))))
 	DECL_COMMON (vnode->decl) = 0;
+     /* Even extern variables might have initializers known.
+	See, for example testsuite/g++.dg/opt/static3.C  */
+     vnode->const_value_known |= varpool_decide_const_value_known (vnode);
     }
   for (vnode = varpool_nodes_queue; vnode; vnode = vnode->next_needed)
     {
@@ -801,6 +805,7 @@ function_and_variable_visibility (bool w
 	  gcc_assert (in_lto_p || whole_program || !TREE_PUBLIC (vnode->decl));
 	  cgraph_make_decl_local (vnode->decl);
 	}
+     vnode->const_value_known |= varpool_decide_const_value_known (vnode);
      gcc_assert (TREE_STATIC (vnode->decl));
     }
   pointer_set_destroy (aliased_nodes);
Index: gcc/gimple-fold.c
===================================================================
--- gcc/gimple-fold.c	(revision 163636)
+++ gcc/gimple-fold.c	(working copy)
@@ -38,9 +38,9 @@ along with GCC; see the file COPYING3.  
 tree
 get_symbol_constant_value (tree sym)
 {
-  if (TREE_STATIC (sym)
-      && (TREE_READONLY (sym)
-	  || TREE_CODE (sym) == CONST_DECL))
+  if ((TREE_STATIC (sym) || DECL_EXTERNAL (sym))
+      && (TREE_CODE (sym) == CONST_DECL
+	  || varpool_get_node (sym)->const_value_known))
     {
       tree val = DECL_INITIAL (sym);
       if (val)
@@ -65,8 +65,6 @@ get_symbol_constant_value (tree sym)
 	 have zero as the initializer if they may not be
 	 overridden at link or run time.  */
       if (!val
-	  && !DECL_EXTERNAL (sym)
-	  && targetm.binds_local_p (sym)
           && (INTEGRAL_TYPE_P (TREE_TYPE (sym))
 	       || SCALAR_FLOAT_TYPE_P (TREE_TYPE (sym))))
 	return fold_convert (TREE_TYPE (sym), integer_zero_node);
Index: gcc/varpool.c
===================================================================
--- gcc/varpool.c	(revision 163636)
+++ gcc/varpool.c	(working copy)
@@ -357,6 +357,37 @@ decide_is_variable_needed (struct varpoo
   return true;
 }
 
+/* Return if NODE is constant and its initial value is known (so we can do
+   constant folding).  The decision depends on whole program decisions
+   and can not be recomputed at ltrans stage for variables from other
+   partitions.  For this reason the new value should be always combined
+   with the previous knowledge.  */
+
+bool
+varpool_decide_const_value_known (struct varpool_node *node)
+{
+  tree decl = node->decl;
+
+  gcc_assert (TREE_STATIC (decl) || DECL_EXTERNAL (decl));
+  gcc_assert (TREE_CODE (decl) == VAR_DECL);
+  if (!TREE_READONLY (decl))
+    return false;
+  /* Variables declared 'const' without an initializer
+     have zero as the initializer if they may not be
+     overridden at link or run time.  */
+  if (!DECL_INITIAL (decl)
+      && (DECL_EXTERNAL (decl)
+	  || DECL_REPLACEABLE_P (decl)))
+    return false;
+
+  /* Variables declared `const' with an initializer are considered
+     to not be overwritable with different initializer by default. 
+
+     ??? Previously we behaved so for scalar variables but not for array
+     accesses.  */
+  return true;
+}
+
 /* Mark DECL as finalized.  By finalizing the declaration, frontend instruct the
    middle end to output the variable to asm file, if needed or externally
    visible.  */