Despite the politically uncertain outcome of the election, Irish borrowing costs have so far not really moved on the markets.

The yield on 10 year Irish Government bonds, which reflects the interest rate investors would demand for lending money to the state for 10 years, has actually fallen slightly today. 

A long lag between an election result and the formation of a new government can result in higher borrowing costs as seen recently in Spain.

Investors, so far however, appear unconcerned by the prospect of a hung Dáil.

Meanwhile, the former Greek finance minister has said courageous leadership needs to be shown in Ireland that can simultaneously alleviate the burdens that have been put on the weakest as well as putting forward some harsh policies that may expose them to criticism.

Yanis Varoufakis said it was incumbent on people in Ireland, both on the left and the right, to increase taxes such as the corporation tax.

He said that Spain, Portugal, Greece and Ireland are all very different but they are bound by the common bond of being part of the European zone that imploded.

He said these countries were suffering from conditions imposed on them by the European Central Bank.

Mr Varoufakis said it was time to rise above the old fashioned way of thinking about the left - especially in Europe.