TIME MAGAZINETHE REAL REASON WE ARE AT WAR!Wed Jul 11, 2007 17:06
THE REAL REASON WE ARE AT WAR!
TIME MAGAZINE NOVEMBER 13, 2000 - Page 34
SADDAM TURNS HIS BACK ON GREENBACKS
Europe's dream of promoting the euro as a competitor
to the U.S. dollar may get a boost from SADDAM HUSSEIN.
Iraq says that from now on, it wants payments for its
oil in euros, despite the fact that the battered
European currency unit, which use to be worth quite
a bit more than $1, has dropped to about 82 cents.
Iraq says it will no longer accept dollars for oil
because it does not want to deal "in currency of the
The switch to euros would cost the U.N. a small
fortune in accounting paperwork changes. It would also
reduce the interest earnings and reparations payments
that Iraq is making for damage it caused during the Gulf War,
a shortfall the Iraqis would have to make up.
The move hurts Iraq, the U.N. and the countries receiving
reparations. So why is Saddam doing it? Diplomatic
sources say switching to the euro will favor European
suppliers over U.S. ones in competing for Iraqi contracts,
and the p.r. boost that Baghdad would probably get in
Europe would be another plus.
-By William Dowell/ New York City
Saddam Turns His Back on Greenbacks
By WILLIAM DOWELL/NEW YORK CITY
The Euro And The War On Iraq
By Amir Butler
IRAQ WAR REASON......
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