The threat of an immediate election has passed, but there are still those who believe we are on track for three elections on June 11th - European, local and general. Indeed it is accepted among all parties that any more tales of shady finances in Fianna Fail would be one too many for the PDs. This week's revelations were almost the last straw for the junior partner.
On Tuesday morning observers were talking of the beginning of the end for the Government. Twenty-four hours later the heat had gone out of the situation. Why? Because the Taoiseach, Bertie Ahern, on Prime Time had eased matters, because the Opposition had decided against a motion of no confidence and because as the threat of a quick election became greater, and was hyped by Government sources, the Opposition drew back. No one was ready to go to the country, so the frightening momentum had to be stopped.
Some in the Opposition immediately saw the dangers of a no confidence motion. Another such motion would be ruled out for the next six months, curtailing their options. If passed, an election would be held, but as happened with the Beef Tribunal all those years ago, the Flood and Moriarty tribunals would be suspended and possible revelations damaging to the Government might never surface. If it failed, it would cement the FF/PD partnership. Also the Opposition, like everyone else, wants the European and local elections out of the way before a general election.
Everything is all right, not great but all right - for the time being. As Tanaiste Mary Harney says, no one knows what's coming down the tracks and tribunals have a way of firing scuds and destabilising everything. There are two of them in operation now.