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Iran Switches From Us Dollar To Euro
| Good [+1]Toggle ReplyLink» basdini replied on Tue Dec 19, 2006 @ 8:16am |
 Coolness: 145325 | Iran is to shift its foreign currency reserves from dollars to euros and use the euro for oil deals in response to US-led pressure on its economy.
In a widely expected move, Tehran said it would use the euro for all future commercial transactions overseas. The US, which accuses Tehran of supporting terrorism and trying to obtain nuclear weapons, has sought to limit the flow of dollars into Iran. It wants the United Nations Security Council to impose sanctions on Iran. Dollar squeeze Analysts said Tehran had been steadily shifting its foreign-held assets out of dollars since 2003 and that Monday's announcement was unlikely to affect the value of the dollar, which has weakened significantly in recent months. There will be no reliance on dollars Gholam-Hussein Elham, Iranian spokesman An Iranian spokesman said all its foreign exchange transactions would be conducted in euros and its national budget would also be calculated in euros as well as its own currency. "There will be no reliance on dollars," said Gholam-Hussein Elham. "This change is already being made in the currency reserves abroad." The currency move will apply to oil sales although it is expected that Iran, the world's fourth largest oil producer, will still accept oil payments in dollars. Nuclear trigger Washington has sought to exert financial pressure on Iran, which it accuses of flouting international law by trying to acquire nuclear weapons. Tehran denies this, saying its nuclear research is for purely geared towards civilian uses. Most international banks have stopped dollar transactions with Iran and some firms have ceased trading with Iran altogether in anticipation of possible future sanctions. The dollar slipped slightly against the euro in New York trading although analysts said they did not expect the reaction to be too severe. "It is something they have been saying they are going to do for quite a long time now, so I wouldn't expect any market reaction," said Ian Stannard, an economist with BNP Paribas. The BBC's Tehran correspondent Frances Harrison said Iranian businessmen were complaining about delays in securing letters of credit and saw current conditions as a prelude to the imposition of sanctions. Tehran has urged Iranian businesses to open letters of credit in euros in the future. |
| I'm feeling surly right now.. | |
| Good [+1]Toggle ReplyLink» Morphine replied on Tue Dec 19, 2006 @ 9:19am |
 Coolness: 51095 | they HAVE been saying they were going to do it for a while...iran was supposed to open its own oil-trading stock market, or oil bourse, in march of this year but the plan was stalled.. this is the wiki entry about it:
Background The three current oil markers are all US dollar denominated: North America's West Texas Intermediate crude (WTI), North Sea Brent Crude, and the UAE Dubai Crude. The two major oil bourses are the New York Mercantile Exchange (NYME) in New York City and the International Petroleum Exchange (IPE) in London. The proposed Iranian bourse would establish a fourth oil marker, denominated by the euro. [edit] Timeline The Iranian oil bourse, first reported in 2005, was to have a planned opening date of March 20, 2006 [2], which is the Iranian New Year, Nauroz. According to an April 2005 report, the Tehran Stock Exchange (TSE), the Wimpole Consortium and a private staff fund for retired petroleum workers will together form the consortium developing the exchange [3]. In January 2006, Chris Cook of the Wimpole Consortium referred to delays in the process due to the election to the presidency of Mahmoud Ahmadinejad and subsequent difficulty in appointing a new oil minister acceptable both to the president and parliament [4]. In March 2006, the Petroleum Minister of Iran, Kazem Vaziri Hamaneh, announced that due to "technical glitches", the Bourse launch was postponed, with no new date set. [5]. However, as of April 26 Iran had restarted its move to open the oil market, and Kazem announced the bourse was set to open the first week of May [6]. In May 2006, Minister of Economic Affairs and Finance Davud Danesh-Jafari said the Oil Ministry has a two-month deadline for presenting the Articles of Association of the Iranian Oil Bourse. Danesh-Jafari said that the Euro had not yet been finalized as the legal tender of transactions in the oil bourse, and the final decision about that depends upon the Oil Ministry’s proposed IOB Articles of Association [7] During the first phase of its implementation, the Iranian Oil Bourse plans to offer financial derivatives relating to crude oil. In July 2006, a building has been purchased and the projected opening date is September 2006. [8] On September 15, Oil Minister Kazem Vaziri-Hamaneh stated that all preparatory requirements had been arranged for launching the oil stock market in the country.[9] In December 2006 Bloomberg cited two Iranian newspapers reporting Iran's Minister of Economy Davoud Danesh-Ja'fariIran as wanting to cut US dollar based transactions to a minimum.[10] Iran-Kyrgyzstan Joint Economic Commission will credit 50 Million Euros to Kyrgyzstan for primarily industrial joint projects, showing a strong commitment to large Euro dealing. ----------------------------------------- |
| Good [+1]Toggle ReplyLink» Trey replied on Wed Dec 20, 2006 @ 8:22am |
 Coolness: 102890 | I posted about the Iran Oil bourse a long time ago. Can't find the thread though. And i forgot what it was about, problably something to do with Irak war. |
| Good [+1]Toggle ReplyLink» Morphine replied on Wed Dec 20, 2006 @ 10:50am |
| Coolness: 51095 | |
| Good [+1]Toggle ReplyLink» nothingnopenope replied on Wed Dec 20, 2006 @ 3:32pm |
 Coolness: 201350 | Any country that threatens to wipe another country off the face of the planet (in this case, Iran vs. Israel), should not be allowed to have nuclear capability. Even Bush doesn't threaten to wipe whole countries or races off the planet.
Oh yeah, and recently they had as day about how the Holocaust was a hoax, with guest speakers such as former KKK leader David Duke. They need another government coup, one that gets the religious nuts OUT. |
| Good [+1]Toggle ReplyLink» neoform replied on Wed Dec 20, 2006 @ 3:38pm |
 Coolness: 339790 | Originally Posted By SCOTTYP
Even Bush doesn't threaten to wipe whole countries or races off the planet. Instead he just threatens to air strike the shit out of countries in the middle east killing hundreds of thousands.. then tortures anyone that looks like a terrorist (all brown-ish people). |
| I'm feeling anal right now.. | |
| Good [+1]Toggle ReplyLink» nothingnopenope replied on Thu Dec 21, 2006 @ 1:09am |
| Coolness: 201350 | There are plenty of terrorists who aren't brown, that's a pretty bad generalization. |
| Good [+1]Toggle ReplyLink» basdini replied on Thu Dec 21, 2006 @ 7:39am |
| Coolness: 145325 | there really isn't any place for 'morality' in the grand game of Realpolitik for international relations survival and power are the only things that count... |
| I'm feeling surly right now.. | |
| Good [+1]Toggle ReplyLink» moondancer replied on Thu Dec 21, 2006 @ 9:40am |
 Coolness: 92390 | [ news.bbc.co.uk ]
Students complain the international community is not paying enough attention to the worsening human rights situation in Iran because of the obsession with the nuclear issue. "The Islamic Republic has managed to focus the international community's attention on Iran's nuclear case and the possibility of an Israeli attack. That has diverted attention from the human rights situation in Iran," says Mr Nesbati. He believes it is possible that one day Iranian officials will solve the nuclear crisis but "in the mean time they will have crushed all their internal critics". - I think that last quote is a very good point Update » moondancer wrote on Thu Dec 21, 2006 @ 9:58am although I do think that's something they have mostly to acheive by themselves. A coup brought on by the international community would probably be seen as an invasion. Even so early after the coup in Thailand it seems clear that it is blowing over denizens of times better than what happened/is happening in Haiti. |
| I'm feeling long gone right now.. | |
| Good [+1]Toggle ReplyLink» basdini replied on Thu Dec 21, 2006 @ 3:39pm |
| Coolness: 145325 | speaking of coups...thats what we should have done with iraq...it would have been so much simpler... |
| I'm feeling surly right now.. | |
| Good [+1]Toggle ReplyLink» nothingnopenope replied on Thu Dec 21, 2006 @ 5:20pm |
| Coolness: 201350 | Iran needs an internal coup, like what happened in 1979, but with non religious-crazy leaders. There are plenty of disenfranchised students there right now. |
| Good [+1]Toggle ReplyLink» Morphine replied on Thu Dec 21, 2006 @ 8:00pm |
| Coolness: 51095 | the shit thing is these disenfranchised iranian students dont have a virtually unlimited supply of money and the iranian version of the gestapo at their disposal....... |
| Good [+1]Toggle ReplyLink» neoform replied on Thu Dec 21, 2006 @ 9:00pm |
| Coolness: 339790 | Originally Posted By SCOTTYP
There are plenty of terrorists who aren't brown, that's a pretty bad generalization. That's the point, the US sees anyone who's muslim as being a terrorist. you make Iran look like the bad guys, but the US instigates a lot of it. |
| I'm feeling anal right now.. | |
| Good [+1]Toggle ReplyLink» basdini replied on Fri Dec 22, 2006 @ 12:06am |
| Coolness: 145325 | on top of everything the global war on terrorism (or for liberation, depends who you ask i guess) is being fought by al quaida who are sunni Wahabist (sp?) iran is mostly (85%) shite who have nothing to do with the Wahabists ideology, ithink they hate each other, in fact i think the only major terrorist group that is shite is Hezbolla... |
| I'm feeling surly right now.. | |
Iran Switches From Us Dollar To Euro
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