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The approaching war with Iran

21 January 2006 06:32
by Ed Haas In November 2000, Iraq stopped accepting U.S. dollars for its oil. Counted as a purely political move, Saddam Hussein switched the currency required to purchase Iraqi oil to the euro. Selling oil through the U.N. Oil for Food Program, Iraq converted all of its U.S. dollars in its U.N. account to the euro. Shortly thereafter, Iraq converted $10 billion in its U.N. reserve fund to the euro. By the end of 2000, Iraq had abandoned the U.S. dollar completely. (and thus the invasion of Iraq) In March 2006, Iran will take Iraq’s switch to the petroeuro to new heights by (...)


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