Ireland Faces Political Turmoil After Bailout Decision

23 November 2010

Irish Prime Minister Brian Cowen reacts during a press conference at government buildings in Dublin, Ireland, regarding a massive EU-IMF bailout, 22 Nov 2010

Ireland's Prime Minister Brian Cowen is facing outrage over how he has handled Ireland's economic and banking crisis. On Sunday his government requested international funding set to be worth around $100 billion to steer Ireland clear from economic collapse.

Budget reductions are tied to the bailout. This week Mr. Cowen's government is to publish a four-year plan that will cut around $20 billion from the country's deficit. And early next month the 2011 budget is to be unveiled.

The junior party in Mr. Cowen's coalition government said it will withdraw its support for the government once that budget is passed.

Mr. Cowen said he will not call an election until Ireland's finances are in order.

"We believe that there is a clear duty on all members of Dail Eiereann [Irish parliament] to facilitate the passage of these measures in the uniquely serious circumstances in which we find ourselves," said Cowen. "The political and financial stability of the state requires no less. It is my intention at the conclusion of this budgetary process, with the enactment of the necessary legislation in the new year."

But for some politicians in Ireland, that's not soon enough. On Tuesday, four lawmakers from one of Ireland's smaller political parties tabled a motion of no confidence in the Prime Minister.