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  • strict warning: Declaration of views_handler_argument::init() should be compatible with views_handler::init(&$view, $options) in /home/asymptot/public_html/modules/views/handlers/views_handler_argument.inc on line 745.
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  • strict warning: Declaration of views_handler_filter::options_submit() should be compatible with views_handler::options_submit($form, &$form_state) in /home/asymptot/public_html/modules/views/handlers/views_handler_filter.inc on line 589.
  • strict warning: Declaration of views_handler_filter_node_status::operator_form() should be compatible with views_handler_filter::operator_form(&$form, &$form_state) in /home/asymptot/public_html/modules/views/modules/node/views_handler_filter_node_status.inc on line 14.
  • strict warning: Non-static method view::load() should not be called statically in /home/asymptot/public_html/modules/views/views.module on line 879.
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  • strict warning: Non-static method view::load() should not be called statically in /home/asymptot/public_html/modules/views/views.module on line 879.

Strength of various categories of online commerce

The chart below is painting a picture of the relative strength of the various categories of online commerce in Ireland. It was based on an examination of the top 250 most trafficked websites where visitors’ primary purpose was to purchase products or services. Just look at the relative strength of the ‘marketplace‘ category which is comprised of websites that facilitate individuals buying and selling to each other:

European Commission keeping pressure on Germany and others to show flexibility in support for Ireland and Greece

The European Union's executive arm is keeping pressure on Germany and others to show flexibility in support for Ireland and Greece, ahead of crucial negotiations on the euro zone's future in coming days.

With leaders of the 17 nations that use the euro set to meet in Brussels next Friday to hammer out the basis of a "comprehensive package" of reform measures, Olli Rehn, the European Union Commissioner for Monetary and Economic Affairs, said Ireland and Greece must not be financially overburdened.

"I see a danger that we might overburden both countries with overly strict credit conditions," Mr. Rehn told Germany's Handelsblatt newspaper, distributed ahead of publication Monday.

He added that Greece's timeline to repay aid loans should be extended to seven years from 3½, the paper said.

Mr. Rehn has consistently called for the EU to consider easing the terms of the loans to Greece and Ireland, reiterating last week that the near-6% interest rates the Irish government must pay on its €67.5 billion ($94.4 billion) package should be debated.

A spokeswoman for Mr. Rehn had no immediate comment on the commissioner's remarks.

IMF Statement on Ireland

(9 February 2011) The Government has met initial targets set out by the International Monetary Fund (IMF) under the conditions of the bailout plan agreed last year. In an  interim review of the progress of the implementation of the programme, the IMF said targets had been met despite continuing pressure on the financial system and political uncertainty. The interim review was carried out when the IMF mission visited Dublin during between January 12th and 21st. The review is part of the conditions of the bailout the Government sought from the IMF and EU.

Anglo Irish Bank expects to report a loss of €17.6 billion for 2010, setting a new record in Irish corporate history

(9 February 2011) The spectacular figure exceeds the €12.8 billion Anglo lost during the 15 months to the end of December 2009 and compares with the €31.75 billion that was Ireland’s total tax take during 2010. During the year the State pumped an extra €17 billion into the now nationalised bank. The bank issued unaudited figures for its 2010 performance yesterday that showed its customer deposits dropped by almost 60 per cent, to €11.1 billion, from the €27.2 billion that was on deposit at the beginning of the year.

Ireland’s Reparations Burden

The Irish “rescue package” finalized over the weekend is a disaster. You can say one thing for the European Commission, the ECB and the German government: they never miss an opportunity to make things worse.

Deal done - Irish Bailout 85 bn euros, Interest Rate Set At 5.8%

The Government today agreed in principle to the provision of €85 billion of financial support to Ireland by Member States of the European Union through the European Financial Stability Fund (EFSF) and the European Financial Stability Mechanism; bilateral loans from the UK, Sweden and Denmark; and the International Monetary Fund’s (IMF) Extended Fund Facility (EFF) on the basis of specified conditions.

The State’s contribution to the €85 billion facility will be €17½ billion, which will come from the National Pension Reserve Fund (NPRF) and other domestic cash resources. This means that the extent of the external assistance will be reduced to €67½ billion.

The purpose of the external financial support is to return our economy to sustainable growth and to ensure that we have a properly functioning healthy banking system.

The external support will be broken down as follows: €22½ billion from the European Financial Stability Mechanism (EFSM); €22½ billion from the International Monetary Fund (IMF); and €22½ billion from the European Financial Stability Fund (EFSF) and bilateral loans. The bilateral loans will be subject to the same conditionality as provided by the programme.

EU Said to Push for Liquidity Exams in 2011 Bank Stress Tests

The European Commission is pushing to include tests on bank liquidity in next year’s round of European stress tests in the wake of Ireland’s financial turmoil, according to two people familiar with the discussions. The possible changes follow concerns that the last round of tests, made public in July, didn’t show that banks could withstand funding crises, said the people, who declined to be identified because the talks are private.

This year’s Europe-wide stress tests focused on the levels of capital banks had to absorb losses and didn’t measure the risks posed by a lack of liquidity. Regulators will gather data for the tests at the start of next year, under the guidance of the European Banking Authority, the European Central Bank and the European Commission. “You need a clear view of what will be liquid and what won’t be and there are too many variables,” Simon Gleeson, financial regulatory lawyer at Clifford Chance LLP, said in a telephone interview in London today. “That’s why it hasn’t been done yet -- it’s very easy to call for but very difficult to do in practice.”

Ireland is in talks with the European Union and the International Monetary Fund on an 85 billion-euro ($113.5 billion) aid package as the authorities seek to avoid the nation’s financial crisis spreading to Portugal and Spain. Ireland’s financial system imploded after banks racked up losses when a decade-long real-estate boom ended.

Ireland has accepted an EU and IMF bailout thought to be worth up to £77 billion after emergency telephone conference talks

Ireland has finally been forced to take an economic bail-out from the European Union in a deal designed to save the euro. After a humiliating week of denying it needed help, the Dublin government succumbed to pressure from other euro zone countries and asked for a “very big” loan.

Irish debt crisis - Eurogroup: last night's statement

THE EUROGROUP welcomes the significant efforts of Ireland to deal with the challenges it faces in the budgetary, competitiveness and financial sector areas. The Eurogroup welcomes in particular the announcement by the Irish authorities that their four-year budgetary strategy will be frontloaded by €6 billion in 2011 on a total consolidation effort of €15 billion. We have full confidence that the four-year strategy to be announced by the end of the month will be thorough and detailed and will firmly anchor the 2014 target date for the correction of the excessive deficit. This strategy will also ensure that the public debt ratio will be put on a firm downward path.

... and it continues ....

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