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Irish economic crisis takes a further twist

The coalition government operating in Ireland has been significantly weakened overnight with news that a key independent deputy will no longer vote with the government. This could not have come at a worse time for the Irish authorities who seemed last week to have some kind of handle on the economic crisis with many believing the worst was possibly over. However, if the government is unable to push through unpopular budget cuts then this could delay any potential recovery and place the country's sovereign debt credit rating in danger.

All of the political parties in Ireland need to be pulling in the same direction to ensure that the economy is given the best chance of recovery. Any infighting within the political arena is almost certain to spill into the business arena and impact upon the short to medium-term performance of the Irish economy. After a difficult week when a number of prominent investment companies have stepped forward with concerns about the Irish economy it seemed to end on a high note with some investors turning more positive. However, today's news of political uncertainty will do nothing to steady the nerves of investors in the Irish economy.

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