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Topic - Brian Cowen
Ireland's parliament was dissolved Tuesday for a long-awaited Feb. 25 election as Prime Minister Brian Cowen exited the political stage defending his management of the nation's plunge toward bankruptcy.
Irish Prime Minister Brian Cowen announced Sunday he won't resign despite intense criticism of his management of the country's European-record deficit and its international bailout.
Political infighting engulfed Ireland on Tuesday, threatening to trigger a quick election and delay a massive EU-IMF bailout. Rebels from Prime Minister Brian Cowen's own party pressed to oust him and opposition leaders demanded an election before Christmas.
Ireland's banks will be pruned down, merged or sold as part of a massive EU-IMF bailout taking shape, the government said Monday as a shellshocked nation came to grips with its failure to protect and revive its banks.
The European Union's promised bailout set off a political crisis in Ireland on Monday while it did little to calm market fears that Portugal — and possibly Spain — will be the next to need assistance.
Worries about the European debt crisis boiled over in world markets Tuesday, this time triggered by the prospect of debt-strapped Ireland becoming the second country to need a bailout.
He has also promised to create 100,000 new jobs in five years, and to make holders of senior bonds in Ireland's nationalized banks shoulder some of the losses.
Mr. Cowen declared a formal end to his government two months after he was forced to negotiate a $92 billion loan package from the European Union and International Monetary Fund, a measure he had insisted Ireland did not need.