Update: Second Independent Irish lawmaker Healy-Rae to back budget, essentially guaranteeing budget passage.
Reuters reports that the Irish Independent MP Lowry says he will support the 2011 budget. Presumably this means that the Irish budget tomorrow should pass, which is likely good news for the euro as it means the eurozone has bought itself a few more months of breathing room. Or not. Who cares anymore. At this point just one more independent vote is needed to pass the Irish budget vote.
Here are the key excerpts from Lowry's statement, who has decided to effectively end his political career, endorsing a decision that is abhorred by well over half the Irish population (via Irish Times).
“The consequences of not passing a budget would be disastrous for
Ireland and its people. It takes experience, political maturity and
courage to make the hard decision and do what is right for our country,”
“Despite some adverse reaction in my constituency to this
decision I feel duty bound to put the country’s interests first.
to pass a budget would lead to further economic failure. If our
Government and political leaders renege on a vital condition of our
agreement with the EU-IMF we will suffer irreparable reputational
damage. Such an abdication of governance would attract ridicule and
scorn throughout Europe and the international financial markets”.
and here is how the vote is shaping up for tomorrow:
The Government currently has a majority of two in the Dáil, including Mr
Lowry and Mr Healy-Rae. If the two Independents abstain on the vote it
could be tied. If they vote against it the budget will face defeat
unless some Opposition TDs abstain or vote for it.