Political chaos engulfs Ireland, threatens bailout

Political chaos threatened to delay the bailout Ireland expected from the IMF and EU last Tuesday. Current Prime Minister Brian Cowen is feeling the pressure from his own party, Fianna Fail, as well as the opposition. There have even been demands to hold new elections before Christmas. The only potential for an election would be in March, which is too long to wait while the economy quickly spirals downward. The EU and IMF have promised 85 billion euros to the bankrupt nation due to failure of the state-backed banking system. This bailout could be on the line if the political waters in Ireland do not calm.