[Marxism] Iran counterattacks

Eli Stephens elishastephens at hotmail.com
Mon Jun 9 12:04:54 MDT 2008

Europe pays the price for its kowtowing to the American warmongers...

Iran pulls assets out of Europe banks
Mon, 09 Jun 2008 21:27:09

Iran has withdrawn a huge sum of its foreign exchange reserves from European 
banks and has deposited some of it into Asian banks.

"Based on a decision made by a government working group, Iran has switched to 
'genuine' assets like gold and shares... We have decreased our foreign currency 
holdings in international banks," said Iran's Deputy Foreign Minister for 
Economic Affairs, Mohsen Talaei.

"A portion of Iran's foreign exchange reserves, however, was moved to Asian 
banks," he added in his interview with Borna news agency published on Monday.

According to the official, Iran keeps only the minimum currency it needs for its 
accounts to remain open in Europe but manages its accounts in Asia in a way that 
will allow trade transactions to continue.

Iran has abandoned the dollar in oil trading in favor of the yen, citing the 
weakness of US currency for its decision.

Iran has been selling nearly 700,000 barrels of crude oil to Japan on a daily 
basis in yen since mid-2007, Talaei concluded.

The US has imposed sanctions against Iranian banks and continues to persuade 
countries to halt their business relations with Tehran.

While some are of the opinion that sanctions have crippled Iran's economy, the 
refusal of financial institutions in Russia, China and Middle Eastern countries 
have proven such efforts futile.


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