Richard Boyd Barrett is a political activist with the Ireland-based group People Before Profit. He said Mr. Cowen should go now.

"It is outrageous that they're talking about having an election after they have done the deal with the IMF and tied the country into a four-year austerity plan, which will essentially tie the hands of any incoming government," said Boyd Barrett. "So of course he should step down immediately, we should have an election immediately before any deal is done with the IMF or any budget is delivered."

The government is expected to cut the minimum wage and social welfare spending, among other measures.

Boyd Barrett said those cuts are going to hurt Ireland's most vulnerable citizens. And, he said, they're not the ones who should be paying out.

"I think the Irish people are being misled about the nature of the bailout. They are being told that it's a bailout of the Irish people. In reality it's a bailout of the French banks, the German banks, the British banks, and our own banks. And ordinary people in this country - working people, pensioners, students, the vulnerable in our society - are being asked to pick up the gambling debts of the international financial system in Europe and that's absolutely outrageous and unacceptable."

Ireland is the second euro zone country to receive a bailout in just six months. Earlier this year Greece was awarded a $110 billion loan from the European Union and the IMF. On Tuesday it was approved for a third round of funding, although auditors said more work needs to be done to sort out public finances, including lowering wages and making the healthcare system more efficient.