  We consider an N=2 supersymmetric SU(2) \times U(1) gauge theory with N_f=2
massless flavors and a Fayet-Iliopoulos (FI) term. In the presence of the FI
term, supersymmetry is spontaneously broken at tree level (on the Coulomb
branch), leaving a pseudo-flat direction in the classical potential. This
vacuum degeneracy is removed once quantum corrections are taken into account.
Due to the SU(2) gauge dynamics, the effective potential exhibits a local
minimum at the dyon point, where not only supersymmetry but also U(1)_R
symmetry is broken, while a supersymmetric vacuum would be realized toward
infinity with the runaway behavior of the potential. This local minimum is
found to be parametrically long-lived. Interestingly, from a phenomenological
point of view, in this meta-stable vacuum the massive hypermultiplets inherent
in the theory play the role of the messenger fields in the gauge mediation
scenario, when the Standard Model gauge group is embedded into their flavor
symmetry.
