Syria switches to the Euro due to US sanctions

[Jcrowley]

Syria switches to the Euro due to US sanctions
Source say country intends to switch foreign currency surplus from dollars to euros, in order to pay external debts and combat US economic sanctions
Roee Nahmias
Published: 
11.01.06, 11:48

A Syrian source told the London-based Al-Hayat newspaper that Syria has begun taking a number of significant steps to deal with US sanctions barring trade between the two countries.
 
According to the report, Syria has decided to exchange its foreign currency surplus - some USD 20 million - to Euros, and use the sum to pay off external debts.
 
Furthermore, Euros were used as the currency in recent agreements with a number of countries, aimed at addressing the country's external debt of some USD 3 billion.
 
http://www.ynetnews.com/articles/0,7340,L-3322316,00.html

[Skink]

1. What's next an Iranian oil Boarse?

[Pale Blue Dot]

2. This may be the biggest news of the week. No hyperbole intended.

And it will go largely unnoticed.

This, in all seriousness, may be the real end to the American way of life. Mark it down on your calenders.

[Lyric]

3. Absolutely agreed.

Saddam Hussein only made one threat that meant real danger for the United States, and that was to stop selling oil for dollars in favor of Euros.

If the Euro becomes the world's benchmark currency for oil, we're going to get smashed by a Depression that'll make the 1930's look like a big family picnic.

[muriel_volestrangler]

8. Oh please, this is insignificant

Did you think the American way of life ended in June? Because this happened then:

On Thursday, June 8, Russia became the latest in the list of countries that shifted a part of its Central Bank reserves from the dollar. Sergei Ignatyev, chairman of the Central Bank, said that only 50 percent of its reserves are now held in dollars, with 40 percent in euros and the rest in pounds sterling. Earlier it was believed that just 25-30 percent of Russia’s reserves were held in euros, with virtually all the rest held in dollars.

Russia’s gold and foreign currency reserves have grown rapidly over the last few years in tandem with high oil and gas prices. As MosNews has reported earlier, Russia currently has the world’s fourth-largest reserves, after China, Japan and Taiwan, and it looks to overcome Taiwan by the end of the year, with reserves growing by $5-6 billion monthly.
...
Moscow’s move was unsurprising. Russia’s $71.5billion Stabilization fund, which accumulates windfall oil revenues, is due to be converted from rubles to 45 percent dollars, 45 percent euros and 10 percent sterling. The day-to-day movements of the ruble are monitored against a basket of 0.6 dollars and 0.4 euros. About 39 percent of Russia’s goods imports came from the eurozone in 2005, against just 4 percent from the US.

http://www.mosnews.com/money/2006/06/09/dollarshift.shtml

Syria's foreign currency holdings of $20 million, and debt of $3 billion, are chicken feed compare to the foreign exchange countries like Russia and China deal with. The GDP of Syria is $25 billion using real exchange rates. That's less than Wyoming's state GDP. This is not big news.

[underpants]

13. Oh jesus christ!

I don't think this is going to go unnoticed. Holy crap! that last guy to do that was Saddam and we all know what happened there-48hours became about 4.

If W doesn't drop bombs on Syria then we know for a fact that there is no military option available due to Iraq.

[truthisfreedom]

4. this has never happened, except when Saddam threatened to do it and bush

invaded as a result.

either we are going to be invading Syria or bush has lost control completely in the mideast and we're headed for a precipitous drop in world status.

what a flying f*ckwad. i detest bush.

[RUMMYisFROSTED]

5. $20 mil?

Flea shit.

B's and T's will shake the world.

[drb]

6. For more details....

http://informationclearinghouse.info/article15440.htm

Bottom line: Buy silver and gold - NOW!!

[RUMMYisFROSTED]

7. M-3.

It's baaaaaack!

[Crayson]

9. Surplus 20 million.... debt 3 billion

I think nobody will give a damn about those 20 millions.

I mean, I have neighbours with bigger bank accounts just across the street.

You can win more money in any lotery!!
^_^

[wholetruth00]

10. Saddam was about to switch to EU. Looked what happened to him.

[dipsydoodle]

11. He'd already switched to the euro

back in 2000. Cost him a bundle to do so but he then made vast profits when the dollar subsequently sunk against the euro.

Here's an old link for you : http://observer.guardian.co.uk/iraq/story/0,12239,896344,00.html

[w4rma]

12. The U.S. will be switching to Euros at this rate. Thanks to the GOP leadership. (nt)

[goforit]

14. LOL!!!.... So true. Were becoming the pesos of the world!

[Demeter]

15. And So It Begins

Congratulations, George! You've killed the Imperial America you wanted to push around so badly.

Now we just have to pray that nobody worse than you fills the gap.

[Odin2005]

16. Syria is nothing, I'm far more worried about the Iranian oil bourse.

$20 million is chump change, and they have little in the way of oil.