Iran removes $75bn from Europe to stop its assets being frozen

[Sapiens]

http://www.dailymail.co.uk/news/worl...velopment.html

Iran has withdrawn around $75billion from Europe to stop its assets being frozen under new sanctions aimed at its nuclear programme.

As Gordon Brown promised harsher sanctions against the regime, there were claims it was already moving money from Europe to Asia or converting it into gold.

[sadsack]

Re: Iran removes $75bn from Europe to stop its assets being frozen

If it happened today GMT, then that "essplains" the spike in spot Au and Ag . . .

[idianov]

Re: Iran removes $75bn from Europe to stop its assets being frozen

It may also explain the huge rise in short Euro bond yields and flattening of the Euro yield curve. Perhaps Iran sold a helluva Euro bonds... :rolleyes:

[GRG55]

Re: Iran removes $75bn from Europe to stop its assets being frozen

http://www.dailymail.co.uk/news/worl...velopment.html

Can you still buy Iranian oil with Euros? Or only Yen now? :rolleyes:

If not, that was a short lived experiment.
What a shame it had to end so soon, given it was only a few short weeks ago the Iranians were announcing this...

Iran Ends Oil Transactions In U.S. Dollars

OPEC's Second-Largest Producer Now Pegs Petroleum To Euros And Yen

TEHRAN, Iran, April 30, 2008
(AP) Iran, OPEC's second-largest producer, has completely stopped conducting oil transactions in U.S. dollars, a top Oil Ministry official said...

...The dollar has totally been removed from Iran's oil transactions," Oil Ministry official Hojjatollah Ghanimifard told state-run television Wednesday...

..."In Europe, Iran's oil is sold in euros, but both euros and yen are paid for Iranian crude in Asia," said Ghanimifard...
http://www.cbsnews.com/stories/2008/...n4057490.shtml

[krakknisse]

Re: Iran removes $75bn from Europe to stop its assets being frozen

Lot's of Iran stories out now. My take: Iran is not going to back down sufficiently enough for the West. The west is eventually either going to look foolish, or attack. Iran is not North Korea, and the West is in economic decline (permanently or temporarily).

Independent: Bush threatens Iran with military action

George Bush has warned Iran that military action is still "on the table" if it fails to respond to tightening diplomatic pressure to abandon its nuclear weapons programme.
The EU is planning to announce the freezing of all overseas assets of the main bank in Iran. Sanctions are also to be tightened on gas and oil exports by Iran.
But the US President's remarks on the last leg of his "farewell tour" of Europe raised fears at Westminster that Mr Bush is determined to take action against Iran before he leaves office in January if the sanctions fail to force Tehran to abandon its nuclear weapons ambitions.
Standing alongside the President after more than an hour of talks in Downing Street, Gordon Brown surprised EU council officials by announcing that the EU intends to intensify its sanctions on Iran, including freezing the billions of euros in overseas assets of the Melli Bank of Iran.
But Mr Bush left no doubt that the US is holding military action in reserve. Thanking Mr Brown for keeping together the European alliance "so that we can solve this problem diplomatically", Mr Bush said: "That is my first choice. The Iranians must understand that all options are on the table, however."

Yesterday, Independent: Iran set to reject ultimatum on nuclear programme

Iran is showing no signs of backing down after warnings by the Western powers of more sanctions if it rejects a package of incentives to give up sensitive nuclear activities. On Saturday, Iran again ruled out suspending uranium enrichment despite the offer by six leading powers of help in developing a civilian nuclear programme if it stopped activities the United States and others suspect are designed to make bombs.
... "The deadlock is still there," one Iranian political analyst who declined to be named said after Mr Solana's visit.
...An influential MP, Alaeddin Boroujerdi, said halting enrichment was a "red line" and would not be accepted. Mr Solana said he expected a reply soon from Iran, which says its nuclear programme is only for the generation of electricity, but Mr Boroujerdi said Tehran was in no hurry.
"They will never accept the proposal as it is," one Western diplomat said. "As usual they are playing for time."
The US says it wants a diplomatic solution to the standoff but has not ruled out military action as a last resort. "A rejection of this package would lead to further isolation of Iran and would lead to further international sanctions," said a senior US State Department official.
A top British official said before Mr Solana's trip to Tehran: "If they were to reject this initiative, then we would expect there to be further EU sanctions imposed before the end of July." ...

Independent, June 14th: Western powers exploit rifts in Iran with nuclear ultimatum

The package, which is also endorsed by the US, is a reworked version of European proposals put forward in 2006 and rejected by Iran. It includes the promise of guaranteed fuel supplies for a civilian nuclear programme, although Britain and the US remain opposed to Tehran's key demand for a domestic fuel cycle.
The West hopes that publication of the initiative will feed into a debate on tactics within the Iranian leadership at a time when the rift between so-called "pragmatic" conservatives and hardliners has been brought into sharp focus by parliamentary elections. The Iranians now recognise that the West is serious about pursuing sanctions, the British official said. "They are in an economic mess ... they're feeling the pinch."