First came the real-estate collapse, which caused the banks to tumble. That in turn led the economy to teeter and the national budget to plummet toward insolvency, requiring a huge foreign bailout on the weekend. So it is almost inevitable that, at the end of it all, the Irish government is about to fall.
In a sharp indication of the political consequences of the euro crisis, Ireland’s cascade of bad fortune has just reached the highest office in the land.
Amid calls for his immediate resignation from at least two MPs in his own Fianna Fail party and the withdrawal of support from coalition partners the Green Party, Prime Minister Brian Cowen was forced on Monday to announce the pending dissolution of his government.