This week Ireland's government released its four-year austerity plan to rein in its billion-dollar budget deficit. The country released the plan to receive a bailout loan from the European Union and the International Monetary Fund. But some say the measures are not enough and its growth forecasts were too optimistic.

The next few weeks will be critical for Prime Minister Brian Cowen and his government as they attempt to pass the budget.

Reuters broke down what the markets should watch for from the struggling country.

• The budget - The vote for the budget, which will increase personal tax levels, decrease minimum wage, reduce wellfare benefits, and cut public sector staff, is scheduled for Dec. 7 despite a push by the opposition to move the vote earlier. There are some doubts as to even if Cowen's government can survive until the Dec. 7 vote.
• Early elections - No one knows when elections will take place to dissolve the current government. The Green party wants them in January 2011 while others want them sooner. Either way there is no question that Cowen's term as prime minister will soon be over.
• Social unrest - A major protest is scheduled for Saturday in Dublin. But the demonstrations are expected to be peaceful. Since austerity measures were first introduced last year, only a few small clashes have occurred between police and demonstrators.
• Corporation tax, relations with the EU - Germany is pressuring Ireland to raise its 12.5 percent corporation tax rate. But Irish officials argue raising the rate would negatively impact the country's chances of recovery. It's unclear what preconditions Ireland had to meet to receive the EU and IMF bailout.

Read more from Reuters here.