Ireland's governing party may find it difficult to achieve a majority.

Apparently, when Irish eyes are smiling, it is time to call an election. That is what Prime Minister Kenny has done.  The election will be held on February 26.  The polls suggest that the governing coalition (Fine Gael and Labour) it may struggle to secure a majority. 

In some ways, Kenny is making the same bet as Spain's Rajoy.  The economy's strength will provide a lift on Election Day.  It has not worked out so well for Rajoy though Kenny may have greater success.  However, this is most likely to be in a coalition.