Transatlantic News Brief: Political Uncertainty as Ireland Moves to Accept Bailout

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by The Streit Council Staff

cowen-imfPolitical Chaos Engulfs Ireland, Threatens Bailout
23 November 2010 – The New York Times
Political infighting engulfed the Republic of Ireland on Tuesday as rebels from Prime Minister Brain Cowen’s Fianna Fail party threatened to oust him and opposition leaders called for elections to be held before Christmas.  The discontent threatens to trigger an early election which could delay a massive bailout the country has requested from the International Monetary Fund (IMF) and the European Union.  One stipulation attached to receiving the funds is that Ireland must put in place a four-year plan to implement unprecedented budget cuts and pass a new budget for 2011, tasks that may be difficult during the current political crisis.  Cowen has acknowledged the need to call for elections, but has sought to delay them for as long as possible.  However, his junior coalition party, the Greens, have said that they will withdraw support once the 2011 budget has passed, which will force Cowen to call elections sooner than he would like.
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Photo Credit: Marion Street.ie

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