Tuesday, December 19, 2006

Iran goes petro-euro

Just as we predicted a year ago. It was easily predictable by anyone with more than three neurons firing.

Is this the beginning of the end of the U.S.?


Al Jazeera English - Business: "The Iranian central bank is to convert the state's foreign dollar assets into euros and use the euro for foreign transactions.

'The government has ordered the central bank to replace the dollar with the euro to limit the problems of the executive organs in commercial transactions,' Gholam Hossein Elham, a government spokesman, said on Monday.

'We will also employ this change for Iranian assets [in dollars] held abroad.'

Elham said that Iran's budget would in future be calculated in euros.

'Until now the budget has been calculated according to revenues in dollars but this calculation will now change,' he said.

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