Analysis - Austerity pressure grows on Irish coalition
"If they are trimming fat off the state, there won't be huge political ramifications, in fact they might get credit for that," said Hugo Brady, senior research fellow at the Centre for European Reform. "But if they cut what is seen as the family silver, or fire sale state assets for less than they are worth, this will make Labour's position more difficult. … If there is a flurry of defaults, all bets are off," said Brady.