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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Lucretius who wrote (33047)11/2/2000 8:28:18 AM
From: pater tenebrarum  Read Replies (2) of 436258
 
how to make friends in high places: Saddam shows the way:

European Central Bank council member Mr Ernst Welteke welcomed Iraq's
> > > decision and urged other nations to follow suit. Iraq's Oil Minister
> said
> > > the country planned to price its oil exports in euros from tomorrow. The
> UN
> > > sanctions committee meets today in New York to review the change.
> > >
> > > If it works, Iraq's President Saddam Hussein could be on ECB president
> Mr
> > > Wim Duisenberg's Christmas card list, said Mr Michael Derks,
> international
> > > strategist at Commonwealth Bank of Australia in London. Rising oil
> prices
> > > denominated in dollars have been a major cause of euro zone inflation
> and
> > > are at least partly responsible for recent interest rate rises. Euro
> pricing
> > > would rapidly hold back inflation in all 11 euro zone countries.
> > >
> > > Iraq informed oil customers to start making payments in euros from
> tomorrow.
> > > Baghdad has signalled it could stop oil exports if its request is
> denied.
> > > Baghdad's rejection of dollars, the currency of oil trading, appears
> part of
> > > a campaign against US support for the maintenance of UN Gulf War
> sanctions.
> > >
> > > ireland.com
> > >
> > > In another article iht.com
> > >
> > > "Iraq also wants to convert to euros about $10.6 billion sitting in an
> > > escrow account at BNP Paribas SA in New York. That could potentially
> have a
> > > greater effect on propping up the euro than the coordinated intervention
> of
> > > Sept. 22, when central banks spent billion of dollars in support of the
> > > European single currency. "
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