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Syria-Lebanon-Iran
Syria switches to euro amid confrontation with US
2006-02-13
DAMASCUS (Reuters) - Syria has switched all of the state's foreign currency transactions to euros from dollars amid a political confrontation with the United States, the head of state-owned Commercial Bank of Syria said on Monday. "This is a precaution. We are talking about billions of dollars," Duraid Durgham told Reuters.
That's a lot of gold bars. Wonder if Pencilneck has a deep salt mine somewhere in the Ba'kaa Valley?
The bank, which still dominates the Syrian market although private banks have been allowed to set up in the last few years, has also stopped dealing with dollars in the international foreign exchange flows of private clients. "It looks like a kind of pre-emptive action aimed at making their foreign assets safer, preventing them from getting frozen in case of any conflict," said a Middle East economist who requested anonymity.
"They're cutting and running. Now please don't kill me!"
Posted by:Steve White

#8  Iran of course, not Iraq.

Besoeker, I yield to your greater knowledge of tactics. (Or is it strategy? I have trouble discerning where one ends and the other begins.)
Posted by: trailing wife   2006-02-13 22:57  

#7  sounds like a question of what the survivors calculate their net debt (holdings) in before begging for a new Marshall plan to save their ass. Nothing to worry about
Posted by: Frank G   2006-02-13 22:52  

#6  They are frost proofing TW. Sanctions could include freezing assets. No US dollars, no US banks, no frost bite.
Posted by: Besoeker   2006-02-13 22:43  

#5  Why on earth would we care what currency they use? It's not like Syria is a major economy. And, since the majority of Iraq's customers are in Europe, pricing in Euros is a nice courtesy. Ebbeager Whaving3121, your old nanny was clearly uninformed about international events. Leave the poor dear in peace, and stop bothering her when she has nappies to change and chins to wipe.
Posted by: trailing wife   2006-02-13 22:38  

#4  It was of course Saddam's switch (with Un approval) to sell oil under the OIl for Food program in Euros and not USD that precipitated the illegal invasion and occupation. A policy immediately reversed by the CPA.

Iran is also threatening on March 10th to open an oil bourse selling oil in Euros.

Tweaking Uncle Sam's Beard. It will end in tears as my old nanny used to say.
Posted by: Ebbeager Whaving3121   2006-02-13 19:51  

#3  Real question should be: where are they moving all their foreign bank accounts?

Swiss bank accounts, baby! Works for nazis and baathists!
Posted by: mmurray821   2006-02-13 15:52  

#2  Real question should be: where are they moving all their foreign bank accounts?
Posted by: RWV   2006-02-13 14:41  

#1  "It looks like a kind of pre-emptive action aimed at making their foreign assets safer, preventing them from getting frozen in case of any conflict,"

Buddies will naturally want to cozy up to each other...
Posted by: Bomb-a-rama   2006-02-13 14:33  

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