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Monday, January 24, 2011

Irish Woes

Ireland stands on the brink of political and economic chaos, and will drag the Euro down with it.

The resignation from the government of the Green Party, over the resignation of Brian Cowen as leader of Fianna Fail (but not as Prime Minister), means that the government will have to bring forward the date of the general election (originally planned for March 11.

However, the finance bill (scheduled to be debated this Friday) has yet to be passed. The bailout agreed with the IMF/EU is contingent on that bill passing. In the event that it does not pass, the bailout deal will unravel and the Euro will be under renewed pressure as Ireland teeters on the brink of being forced to leave the Eurozone.

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