If, as the speculation was suggesting at the time of writing, he pulls out of government with Fianna Fail, the PDs will be left looking isolated, friendless and potentially without any coalition options once the votes are counted later this month.

One thing is certain: despite all the controversy surrounding Bertie Ahern's finances, in three weeks' time there will still be a Fianna Fail. The same cannot be said with any certainty about the PDs.

To be fair to McDowell, he and his party seem to be caught between the proverbial rock and a hard place. If the reports are accurate about them having received crucial additional information about the Taoiseach's finances, the PDs risk being tainted by association if they do not take a firm stand on the issue. But if they leave government, the party runs the risk of being rendered irrelevant in this month's general election.

Coalescing with Fianna Fail after the general election would be surely ruled out, unless Bertie Ahern falls on his sword over the next couple of weeks.

And the putative Rainbow coalition is unlikely to launch any lifeboats to save a drowning PD party.

Of course, it is possible that after the election is over the Rainbow could need the PDs to form a government and don't be under illusions that, in such a scenario, Fine Gael, Labour and the Greens would do the necessary deal with the PDs.

But up until the votes are counted, the Rainbow parties will all be at pains to rule out any possibility of going into government with the PDs. With the PDs saying 'No' to Fianna Fail and the Rainbow saying likewise to the PDs, it will be very, very difficult then for Michael McDowell to convince voters that his party has any chance of being in government, and without that cachet, what can the PDs offer voters? Don't forget also that a few months ago, in this newspaper, Michael McDowell categorically ruled out going into government with Fine Gael and Labour or the "slump coalition" as he dubbed it. All its eggs are in the Fianna Fail basket.

The other problem for the PDs is that no matter what they did last night or might do today, it's going to look like too little, too late. In 1992, the party enjoyed a really good general election, winning 10 seats, after pulling out of coalition with Albert Reynolds. Then, they were able to present themselves as the wronged party that was willing to walk away from power two years early on a matter of principle.

But this time around the PDs have been in government for 10 years with Bertie Ahern. They stood by him during the controversy over his finances last October. Pulling out of government a decade on, and a week after the Dail has been dissolved, is not going to win them many plaudits with the public. It might well be regarded as a panic reaction to the party's poor opinion poll rating.

No doubt, Michael McDowell is acutely aware of this and will make the decision to pull out of government only because he feels he has no other option.

The fear must be that if he stays the party will be accused of propping up Fianna Fail and face endless jibes about being the watchdog that doesn't bark, never mind bite.

The collapse of the government would, of course, also be hugely damaging for Fianna Fail after what has been its worst week since the dark days of GUBU. If the PDs do walk, it will only be a matter of hours before the spotlight turns to Bertie Ahern.

If Michael McDowell feels he cannot stay in government with Bertie Ahern, can it be long before questions start to arise about Ahern's leadership? And what was the information that Michael McDowell received that has caused him to drop his earlier line about not setting himself up as a mini-tribunal? How damaging will it be to the Taoiseach?

In the event of the government collapsing, Ahern's line that the tribunal is the only place to deal with these issues would become indisputably untenable.

The people of Ireland elected this government five years ago and, if that same government collapses, the electorate has the right to know why exactly that happened.

Whatever happens over the next three weeks, it's much harder to imagine that Bertie Ahern will still be Taoiseach after 14 June when the new Dail sits than it would have been a week ago. The opinion polls may have Fianna Fail at 37% but who knows what impact further revelations . . . if they turn out to be serious . . . will have on the party's support base? And, if the PDs decide to pull out of government, how then could the Greens or Labour agree to coalesce with Bertie Ahern?

It would be naive to rule out the possibility of a sympathy swing back towards Ahern and Fianna Fail, particularly if it turns out that there is little behind all the hype of the past 24 hours.

But, as of now, Enda Kenny has donned the mantle of favourite to become the country's next Taoiseach . . . who would have believed it?

This has been the most extraordinary week in general election history, but don't rule out the following seven days being even more so.