Ireland's Prime Minister Enda Kenny | Thierry Charlier/AFP/Getty Irish PM: We don’t want to be Portugal

Portugal is paying a “horrible” price for its political instability and Ireland should not follow in its path on the way to economic recovery, Ireland's Prime Minister Enda Kenny told voters at a campaign event ahead of February 26 elections.

Speaking to reporters in Dublin on Sunday, the leader of the governing Fine Gael-Labour Party coalition warned against taking risks with Ireland's fragile economy. Its recovery "should not be taken for granted," Kenny said.

The Taioseach used Portugal as an example of how political instability could lead a country into an economic crisis and urged Ireland to support a Fine Gael-Labor Party coalition as a guarantee for political stability and economic recovery.

The choice for voters is simple, Kenny said.

"Stability or chaos, security or strength, prosperity or poverty, recovery or risk?" he said. "I ask the people of Ireland to stay the course.”

Earlier this month, the European Commission approved the Portuguese 2016 budget draft, but urged Lisbon's socialist government of António Costa, who vowed to end the "obsession with austerity" to continue with fiscal reforms started by its conservative predecessors.

Portugal sits heavy on the minds of Irish government officials.

Like Ireland, Portugal was making economic progress. But in recent weeks, interest rates on Portuguese 10-year debt have doubled as international investors have baulked at the policies of the new coalition government, said Michael Noonan, Ireland's finance minister.

"The Portuguese people are now footing the bill,” Noonan said.

Sinn Féin’s Mary Lou McDonald criticized the finance minister and said it's simply wrong to assume that reversing austerity policies will land Ireland in a struggle on a par with Portugal and Greece.

According to the latest poll, support for the center-right Fine Gael party has dropped by 3 percent to 28 percent — its lowest ranking since September. Support for Labour, its coalition partner, currently stands at 8 percent. Left-wing nationalist Sinn Fein was up 3 points to 20 percent, while center-right Fianna Fáil was up 1 point to 18 percent.