Syria Switches To Euro Amid Confrontation With U.S.

[Gold9472]

Syria switches to euro amid confrontation with US

http://today.reuters.com/news/newsarticle.aspx?type=politicsNews&storyid=2006-02-13T153028Z_01_L13432231_RTRUKOC_0_US-SYRIA-US-FOREX.xml&rpc=22

(Gold9472: Uh Oh.)

Mon Feb 13, 2006 10:31 AM ET

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.

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.

The United States has been at the forefront of international pressure on Syria for its alleged role in the assassination of former Lebanese Prime Minister Rafik al-Hariri a year ago. Damascus denies involvement in the killing.

"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.

[beltman713]

And so it begins...

[Gold9472]

And so it begins...

Ruh Roh...

[somebigguy]

And so it begins is correct. The bottom starts falling out here.

[Gold9472]

Remember... Syria and Iran have built a "Common Front (http://www.yourbbsucks.com/forum/showthread.php?t=574)" against the United States. If you attack one, you face both.

[beltman713]

Ruh Roh...
Scooby, this is scarier than mama cass in a thong.

[Gold9472]

Scooby, this is scarier than mama cass in a thong.

Rooby Rack?

[Gold9472]

Scarier even then that episode when Scooby and the Gang met up with that car that talks... putt putt... putt putt... vrooooom... what the hell was his name?

[Gold9472]

Syria moves away from dollar, adopts euro

http://www.upi.com/InternationalIntelligence/view.php?StoryID=20060213-013206-2660r

DAMASCUS, Syria, Feb. 13 (UPI) -- Syria surprised world financial markets when it announced Monday that it would stop dealing in U.S. dollars, replacing them with the euro in all official institutions.

"All the ministries and public companies must from now on adopt the euro instead of the dollar for paying back sums owed by state institutions to foreign parties," said a statement endorsed by Prime Minister Mohammed Naji Otri, printed in the Syrian Ath-Thawra daily.

The announcement is one of the first policy changes by Otri, coming just after President Bashar Assad reshuffled his Cabinet Sunday.

Elaph, a London-based Arabic language e-newspaper, called the change "an unexpected move."

"Dr. Dureid Dergham, chairman of the Commercial Bank of Syria said that this procedure was crucial and necessary in light of the American threats on Syria," according to Elaph.

Syrian governmental sources said this decision is an attempt "to keep the Syrian economy away from the mercy of the American dollar, especially since American laws stipulate that any conversion into dollars must go through the American banking system."

Pressure has tightened on Damascus following U.S. accusations that it was behind the murder of former Lebananse premier Rafiq Hariri and was aiding the insurgency in Iraq, charges Syria rejects.

[Gold9472]

Syria bids farewell to dollar
Syrian government orders switch from US dollar to euro for all transactions amid sanctions threat.

http://www.middle-east-online.com/english/?id=15739

DAMASCUS - Syria has ordered state institutions to use the euro instead of the US dollar for all transactions in case Washington intensifies sanctions on Damascus, a state-owned daily reported Monday.

"All the ministries and public companies must from now on adopt the euro instead of the dollar for paying back sums owed by state institutions to foreign parties," said a statement endorsed by Prime Minister Mohammed Naji Otri, printed in Ath-Thawra daily.

"The euro will also replace the dollar for import-export contracts," it added.

The measure comes as pressure tightens on Damascus amid US accusations, fiercely denied by Syria, that it was behind the murder of former Lebananse premier Rafiq Hariri and was aiding the insurgency in Iraq.

"This decision is important and necessary at a moment when the Americans are threatening Syria in a way that could complicate banking operations between Syria and European countries," said Doreid Dargham, head of Syria's state-owned Syrian Commercial Bank.

"It is a preventative measure as at the moment there are no such difficulties," he said, quoted in Ath-Thawra.

Since May 2004, Syria has been under US sanctions that mean it cannot import American products other than food and medication.

[Gold9472]

It will be interesting to see what affect this will have on the dollar.

As of today... 1 Euro = 1.1961 U.S. dollars

[krsjuan87]

the beggining of the end

[Gold9472]

1 Euro = 1.1899 U.S. dollars

[Gold9472]

1 Euro = 1.1908 U.S. dollars

[Gold9472]

1 Euro = 1.1908 U.S. dollars