US is holding hostage some $50 billion of Iraq's money so they can stay in the country.
- added June 9, 2008
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- BretByron
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US issues threat to Iraq's $50 billion foreign reserves in military deal
By Patrick Cockburn
Jun. 6- The US is holding hostage some $50 billion of Iraq's money in the Federal Reserve Bank of New York to pressure the Iraqi government into signing an agreement seen by many Iraqis as prolonging the US occupation indefinitely, according to information leaked to British newspaper The Independent.
US negotiators are using the existence of $20 billion in outstanding court judgments against Iraq in the US, to pressure their Iraqi counterparts into accepting the terms of the military deal, details of which were reported for the first time in the newspaper on June 5.
Iraq's foreign reserves are currently protected by a presidential order giving them immunity from judicial attachment but the US side in the talks has suggested that if the UN mandate, under which the money is held, lapses and is not replaced by the new agreement, then Iraq's funds would lose this immunity. The cost to Iraq of this happening would be the immediate loss of $20 billion. The US is able to threaten Iraq with the loss of 40 percent of its foreign exchange reserves because Iraq's independence is still limited by the legacy of UN sanctions and restrictions imposed on Iraq since Saddam Hussein invaded Kuwait in the 1990s. This means that Iraq is still considered a threat to international security and stability under Chapter Seven of the UN charter. The US negotiators say the price of Iraq escaping Chapter Seven is to sign up to a new "strategic alliance" with the United States.
The threat by the US side underlines the personal commitment of President Bush to pushing the new pact through by July 31. Although it is in reality a treaty between Iraq and the US, Bush is describing it as an alliance so he does not have to submit it for approval to the US Senate.
Iraqi critics of the agreement say that it means Iraq will be a client state in which the US will keep more than 50 military bases. US forces will be able to carry out arrests of Iraqi citizens and conduct military campaigns without consultation with the Iraqi government. US soldiers and contractors will enjoy legal immunity.
Read More Here: http://theglobalreport.org/?section=news&news_secti...
By Patrick Cockburn
Jun. 6- The US is holding hostage some $50 billion of Iraq's money in the Federal Reserve Bank of New York to pressure the Iraqi government into signing an agreement seen by many Iraqis as prolonging the US occupation indefinitely, according to information leaked to British newspaper The Independent.
US negotiators are using the existence of $20 billion in outstanding court judgments against Iraq in the US, to pressure their Iraqi counterparts into accepting the terms of the military deal, details of which were reported for the first time in the newspaper on June 5.
Iraq's foreign reserves are currently protected by a presidential order giving them immunity from judicial attachment but the US side in the talks has suggested that if the UN mandate, under which the money is held, lapses and is not replaced by the new agreement, then Iraq's funds would lose this immunity. The cost to Iraq of this happening would be the immediate loss of $20 billion. The US is able to threaten Iraq with the loss of 40 percent of its foreign exchange reserves because Iraq's independence is still limited by the legacy of UN sanctions and restrictions imposed on Iraq since Saddam Hussein invaded Kuwait in the 1990s. This means that Iraq is still considered a threat to international security and stability under Chapter Seven of the UN charter. The US negotiators say the price of Iraq escaping Chapter Seven is to sign up to a new "strategic alliance" with the United States.
The threat by the US side underlines the personal commitment of President Bush to pushing the new pact through by July 31. Although it is in reality a treaty between Iraq and the US, Bush is describing it as an alliance so he does not have to submit it for approval to the US Senate.
Iraqi critics of the agreement say that it means Iraq will be a client state in which the US will keep more than 50 military bases. US forces will be able to carry out arrests of Iraqi citizens and conduct military campaigns without consultation with the Iraqi government. US soldiers and contractors will enjoy legal immunity.
Read More Here: http://theglobalreport.org/?section=news&news_secti...
3 responses // US is holding hostage some $50 billion of Iraq's money so they can stay in the country.
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Well there's a shock. The US is trying to force Iraq into letting them have control of thier country! Is this the democracy we keep telling the world about that is working so well in our nation? Oh yeah, no wonder our troops are being attacked, we need out of the war not in it for longer, with permanent bases!, Who comes up with this crap, oh wait the oil man BUSH, that's who. I would suggest someone kill him but I am afraid of CHeney being incharge
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be careful dcrc9596...i bet the secret service is on their way to your house right now....they'll probably throw a bag over your head and put you on one of their prison ships...the sad thing is that's actually a realistic possiblility...wtf is this? china...we need to start the revolution before this shite gets more out of hand than it already has...
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Grand larceny.
The next step in the de-evolution of our government.
Next thing you know they will be walking around on their knuckles.
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