Ireland's governing party picks new leader

By the CNN Wire Staff

Fianna Fail elected former Foreign Minister Micheal Martin to replace embattled Irish Prime Minister Brian Cowen.

STORY HIGHLIGHTS

Micheal Martin replaces embattled Brian Cowen
Cowen was unpopular in the wake of Ireland's financial woes
New national elections are expected as soon as next month

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(CNN) -- Ireland's governing party elected former Foreign Minister Micheal Martin to replace embattled Irish Prime Minister Brian Cowen, the party said Wednesday.

Cowen had become a lightning rod for criticism since Ireland applied for international financial assistance last year in the face of crushing government debt. He pushed for an austerity budget to help bring the deficit down.

He announced early elections last week and said he would step down as the leader of his party after the vote in March, but his position proved untenable and Fianna Fail voted for a new leader Wednesday.

New national elections are expected as soon as next month.

CNN's Carol Jordan contributed to this report.