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World News See other World News Articles Title: EU plans to do all oil transactions with other states in euros: Iran PressTV... The European Union is going to ditch the US dollar and use its own currency in oil contracts worth 300 billion euros, an Iranian official said, quoting a European commissioner. “Based on the news I recently received and was confirmed by a European commissioner, from now on, the EU is going to ditch the US dollar and just use the euro in the financial transactions of all European oil deals with other countries,” said Iran’s nuclear chief, Ali Akbar Salehi, on Thursday. Speaking to reporters, the head of the Atomic Energy Organization of Iran (AEOI) said the amount of these transactions is more than €300 billion. “Previously, the EU used to pay 85 percent of the money for the oil it purchased from other countries in US dollars, but now with this new mechanism, all the money will be paid in euros,” he said. Once the mechanism takes effect, the US dollar will be isolated as a global currency, and the US will no longer be able to use dollars in the current dominating way, Salehi added. His comments came one day after the EU commission presented its plan to reduce the dollar's overwhelming dominance of the global economy and to strengthen the role of the euro, particularly for energy transactions. European capitals are increasingly frustrated with the global dominance of the dollar as a reserve currency, which hands the United States unparalleled diplomatic and economic power in a globalized world. Governments, banks and multinationals are at the mercy of US authorities, which have the legal power to switch off access to the world economy if any company or country runs afoul of Washington. "In the current context of incertitudes – trade conflicts, extra territorial sanctions by the US – the market participants are looking for alternative," said EU economics affairs commissioner Pierre Moscovici at a news conference in Brussels. PressTV-EU promotes euro to stop dollar dominance The EU commission presented its plan to reduce the dollar's overwhelming dominance of the global economy. The single currency – born on January 1, 1999 – "should reflect the political, economic and financial weight of the eurozone", the single currency bloc of 19 EU countries, said European Commission Vice-President Valdis Dombrovskis. The share of the euro in global holdings of foreign exchange reserves currently stands at around 20 percent, according to the commission. The US dollar, by comparison, is over 60 percent. After a strong start, the international stature of the euro suffered greatly during the eurozone debt crisis as the financial markets lost faith in the single currency. The most frustrating recent example for the EU is Iran, where international companies that choose to trade with or invest despite US sanctions are vulnerable to punishment by Washington if they use the dollar. In order to resolve the issue, Europe has promised to establish the Special Purpose Vehicle (SPV), a mechanism which is supposed to bypass US sanctions against Tehran. PressTV-US using dollar as weapon to pressure Europe: Iran The US government has been using dollar as a weapon to force other countries into supporting its policies, says an Iranian diplomat. SPV to be launched by year-end In his Thursday remarks, Iran’s nuclear chief expressed hope that the SPV will be in place by the end of December. It is not easy to build consensus among 27 members of the European Union, he said, quoting European officials as saying that they are doing their best to finalize the mechanism, and that its development is in its final stages. “Based on the pledges that the Europeans have made, we hope that Europe’s proposed package would become operational by the end of the current year,” Salehi added. PressTV-Iran's patience running out on EU pledges: Salehi Iran's nuclear chief warns the European Union that Tehran's patience is running out on the bloc's lack of delivery on its economic pledges. Salehi’s comments echoed Wednesday remarks by Iranian Foreign Minister Mohammad Javad Zarif who also quoted Europeans as saying that the SPV will be launched very soon. “The Europeans told me in Geneva, and my colleagues in Brussels, that the final arrangements for the SPV have been made,” Zarif said, but at the same time noted that the EU has kept the process confidential for fear of the US which may disrupt the SPV if it is made aware of the details. In a Tuesday report, Al-Monitor quoted European sources as saying that the SPV will be announced in January. “It is likely that it will be used initially to facilitate trade in food and medicine and consumer goods to avoid attracting unwanted scrutiny from the US Treasury Department,” the report said. “The Europeans have indicated that other countries may be welcome to join the SPV or that there may be multiple SPVs for different types of trade,” it added. Poster Comment: [Z Aquarius] I wonder if the US of (A)ipac will start taking EU hostages? Anybody that deals with Iran or has a business out performing a US business 'Huawei' for example. Although I see things really heating up I also see a very weak and scared US of (A)ipac too. John Francis Scully... The US going to become a third world country, with the loss of their dollar transactions, Wall Street will go into a free fall prairedog... Good start, now quit NATO, close all U.S. bases be free to run your own affairs. irisheel... Iran has saved the world from zionist war criminals.zionists have no options left,they can start a world war that they will lose or collapse the us economy...if they choose the later,how will americans afford to continue to prop up the cancerous tumor?if they launch a war on Lebanon ill get the best Christmas present ever GOD willing this time the zionist warship hanit will be sunk along with it hundreds of zionist fish food sailors and we will all be fishing for dead zionist squatters. J.J._Sez's_Israel_is_the_Wife_Beating_Capital_of_the_World... Looks like the Paid Posters from Israel are Pressing the Minus Buttons again, so this is a great thing, cause it will not only Crash The U.S. Dollar it will also Crash the Shekel of Apartheid, Genocide doing Israel. This is very important because The U.S.A. wants to start a War with Russia and use Europe not only as a Human Shield, but as the land it has that War on, and then after that, Europe would be Destroyed while The U.S.A. got to LOOT all of Russia's Natural Resources. Dumping The U.S. Dollar prevents Europeans from having to go through World War Three and wind up as destroyed as Europe as after World War Two. Wise Move Europe you're finally starting to show the Intelligence you should. Go Ahead and Push the Minus Button on me you Paid Posters from Apartheid Israel, you'll be Swimming Back to Eastern Europe Soon. Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: Tatarewicz (#0)
Expect a spike in metals if this happens
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