On 25 February, general elections took place after the lower house of parliament (Dail) was dissolved on 1 February, as the ruling Fianna Fail party had lost support among the population in the wake of the fiscal and banking crisis. The centre-right Fine Gael won 76 out of the 166 seats in parliament and thus emerged as the undisputed winner of the elections. The current ruling party, Fianna Fail, suffered its worst result since the party's inception, as its seats in parliament dropped from 78 to 20. Although recounts are still taking place throughout the country, as of 28 February, it is unlikely that Fine Gael will achieve an outright majority (83 seats) and talks to form a coalition government with the Labour Party (37 seats) have already begun. Fine Gael leader, Enda Kenny, is the most likely candidate for the new Prime Minister, replacing Fianna Fail's Brian Cowen. The inauguration is scheduled for 9 March. The Irish general elections represent a rather market-friendly outcome, as neither Fine Gael nor Labour Party are willing to restructure the senior bank debt worth approximately EUR 15 billion. Despite previous threats to redistribute the debt burden, Enda Kenny assured the public that it would only do so ?as part of a European-wide framework?. Nevertheless, both Fine Gael and Labour Party are set to renegotiate a lower interest rate on the joint EU-IMF bailout package.
Fine Gael poised to lead the next government
February 28, 2011
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Ireland Economic News
October 11, 2016
Industrial production contracted 13.4% from the previous month in seasonally-adjusted terms in August, contrasting the revised 7.9% expansion in July (previously reported: +3.7% month-on-month).
October 10, 2016
In September, the KBC Bank Ireland/ESRI Consumer Sentiment Index dropped from 102.7 points in August to 102.0 points.
October 6, 2016
The Investec Services Purchasing Managers’ Index (PMI) nosedived from 59.7 in August to 56.2 in September, the lowest reading since February 2014.
October 3, 2016
The Investec Manufacturing Purchasing Managers’ Index (PMI) edged down from 51.7 in August to 51.3 in September.
September 21, 2016
The Irish national accounts data continues to be affected by distortions and volatility.