CRISISBOOM

The announcement by Brian Cowen that he was resigning as the leader of the Fianna Fail party, but is going to stay on as Taoiseach (Prime Minister) until the March 11 election, has put the Irish bailout into question.  The November bailout of the Irish economy consisted of a series of different financing packages being combined into a larger total.

The first funds available under the bailout were provided by the raiding of the Irish retirement fund by its bankers.  The next steps were to be funded by the EU and IMF funding sources, once the people of Ireland were legally subjected to the bailout requirements.  The bailout never made it to a full vote before the collapse of the Fianna Fáil party.

This leaves Ireland in the unique position of being able to reclaim its future, by denying its past.  The citizens of Ireland have not accepted the bailout.  The coalition is not expected to be able to put the matter to a vote before the election.

“All we know is we are going to get an election on or before March 11 but that is about it,” said Micheal Marsh, professor of politics at Trinity College Dublin, calling the events of the past week “bizarre.” Read more…