So the majority party gets booted out because of the backlash against the IMF austerity deal that’s hurting the people, and the new right-wing ruling coalition has decided to keep the deal exactly the way it is. The new prime minister is a Dan Quayle-like empty suit whose only government experience was running the tourism bureau, and the new finance minister is (surprise!) a pro-business, anti-tax absolutist who is much loved by bankers.

“I wouldn’t see anything there that would scare the markets, scare Europe, scare the IMF or change anything very substantially going forward,” said Eoin Fahy, chief economist, Kleinwort Benson Investors.

Indeed. It’s the voters who should be scared.

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