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National Emergency with Respect to the Stabilization of Iraq to Continue for Full Year


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Media Note

Office of the Spokesperson

Washington, DC

June 30, 2011

The United States has completed its evaluation of Iraq's ongoing efforts to finalize the full and effective transition to a post-Development Fund for Iraq mechanism by June 30, 2011. Recognizing positive developments in this regard, including progress in resolving outstanding debts and claims arising from actions of the previous regime, and in accordance with the President’s May 17, 2011 Notice on the Continuation of the National Emergency with Respect to the Stabilization of Iraq, the President has determined to continue these arrangements for the full twelve month period ending on May 20, 2012. As a result, the prohibitions contained in Executive Order 13303 of May 22, 2003, as amended by Executive Order 13364 of November 29, 2004, on any attachment, judgment, decree, lien, execution, garnishment, or other judicial process with respect to the Development Fund for Iraq, the accounts, assets, and property held by the Central Bank of Iraq, and Iraqi petroleum-related products, which are in addition to the sovereign immunity accorded Iraq under otherwise applicable law, will remain in effect until May 20, 2012. Iraq has made significant strides in resolving its outstanding international liabilities and continues to work towards returning Iraq to the international standing it held prior to the Saddam Hussein regime.

http://www.state.gov/r/pa/prs/ps/2011/06/167387.htm

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Any thoughts!!!!? They have extended the dfi!!!

Media Note Office of the Spokesperson Washington, DC June 30, 2011

The United States has completed its evaluation of Iraq's ongoing efforts to finalize the full and effective transition to a post-Development Fund for Iraq mechanism by June 30, 2011. Recognizing positive developments in this regard, including progress in resolving outstanding debts and claims arising from actions of the previous regime, and in accordance with the President’s May 17, 2011 Notice on the Continuation of the National Emergency with Respect to the Stabilization of Iraq, the President has determined to continue these arrangements for the full twelve month period ending on May 20, 2012. As a result, the prohibitions contained in Executive Order 13303 of May 22, 2003, as amended by Executive Order 13364 of November 29, 2004, on any attachment, judgment, decree, lien, execution, garnishment, or other judicial process with respect to the Development Fund for Iraq, the accounts, assets, and property held by the Central Bank of Iraq, and Iraqi petroleum-related products, which are in addition to the sovereign immunity accorded Iraq under otherwise applicable law, will remain in effect until May 20, 2012. Iraq has made significant strides in resolving its outstanding international liabilities and continues to work towards returning Iraq to the international standing it held prior to the Saddam Hussein regime.

http://www.state.gov/r/pa/prs/ps/2011/06/167387.htm

Edited by Munsch
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Thanks for the post, to me it's just giving them additional protection which was to be expected, they weren't going to make Iraq vulnerable to creditors at this point given what we have invested in them! It doesn't mean that they still aren't going to implement the change to their currency soon. Go RV!! :D

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Here is the Link

National Emergency with Respect to the Stabilization of Iraq to Continue for Full Year

Media Note

Office of the Spokesperson

Washington, DC

June 30, 2011

The United States has completed its evaluation of Iraq's ongoing efforts to finalize the full and effective transition to a post-Development Fund for Iraq mechanism by June 30, 2011. Recognizing positive developments in this regard, including progress in resolving outstanding debts and claims arising from actions of the previous regime, and in accordance with the President’s May 17, 2011 Notice on the Continuation of the National Emergency with Respect to the Stabilization of Iraq, the President has determined to continue these arrangements for the full twelve month period ending on May 20, 2012. As a result, the prohibitions contained in Executive Order 13303 of May 22, 2003, as amended by Executive Order 13364 of November 29, 2004, on any attachment, judgment, decree, lien, execution, garnishment, or other judicial process with respect to the Development Fund for Iraq, the accounts, assets, and property held by the Central Bank of Iraq, and Iraqi petroleum-related products, which are in addition to the sovereign immunity accorded Iraq under otherwise applicable law, will remain in effect until May 20, 2012. Iraq has made significant strides in resolving its outstanding international liabilities and continues to work towards returning Iraq to the international standing it held prior to the Saddam Hussein regime.

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Thanks for the post, to me it's just giving them additional protection which was to be expected, they weren't going to make Iraq vulnerable to creditors at this point given what we have invested in them! It doesn't mean that they still aren't going to implement the change to their currency soon. Go RV!! :D

That is the way I see it.

EO's may be terminated at any time...

But, the reason this is more sad than anything else, the GOI can now continue to drag their feet.

Regardless, the UN protection is no longer available.

The U.S. has a little bit more leverage in my opinion.

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Here is the Link

National Emergency with Respect to the Stabilization of Iraq to Continue for Full Year

Media Note

Office of the Spokesperson

Washington, DC

June 30, 2011

The United States has completed its evaluation of Iraq's ongoing efforts to finalize the full and effective transition to a post-Development Fund for Iraq mechanism by June 30, 2011. Recognizing positive developments in this regard, including progress in resolving outstanding debts and claims arising from actions of the previous regime, and in accordance with the President’s May 17, 2011 Notice on the Continuation of the National Emergency with Respect to the Stabilization of Iraq, the President has determined to continue these arrangements for the full twelve month period ending on May 20, 2012. As a result, the prohibitions contained in Executive Order 13303 of May 22, 2003, as amended by Executive Order 13364 of November 29, 2004, on any attachment, judgment, decree, lien, execution, garnishment, or other judicial process with respect to the Development Fund for Iraq, the accounts, assets, and property held by the Central Bank of Iraq, and Iraqi petroleum-related products, which are in addition to the sovereign immunity accorded Iraq under otherwise applicable law, will remain in effect until May 20, 2012. Iraq has made significant strides in resolving its outstanding international liabilities and continues to work towards returning Iraq to the international standing it held prior to the Saddam Hussein regime.

Um O.K?!
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But with this added protection for another year...then why would they have rush still? I mean people said something about this Paris club thing? Wouldnt that protect Iraq for another year to make payments to them then? This is so confusing. I think with this coming out, I honestly believe alot of people are about to jump off this ride...like quick.

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There is another post with the same information.

I have read nothing but bad news today. I just wondering where all the good news is that we were to hear?! Not one word of positive reinforcement. All the positive have been rumors and not factual material. I'VE GOT TO HAVE SOME RELIEF!!!!

Bye, everyone have fun.

Nelg

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The way I read this is that it just protects the funds for another year from whom ever wants to pursue claims or judements against IRAQ

And go after some of the DFI funds with a suit ? This is good. Do not panic.

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I would have been shocked if they didn't. I strongly think the DFI is only to protect from creditors at this point and to protect the Iraqi citizens from Maliki and crooked politicians. It will buy time to complete the oil metering as well. They don't need the DFI to manipulate the exchange rate because there isn't as much in the DFI as you have been told. It is less than $10 Billion at any given time. The account is a flow through for auditing... it is NOT a savings account!

All is not lost. This is a good thing!

Edited by drox
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I don't think this will be tied to the release of Ch 7. This is an American Presidential Order to protect the funds that are deposited here. I would still look for something to happen very soon with Ch 7. But, that is just my opinion...

It's almost like the Iraqi gov doesn't want to rv there currency theve had every chance to do it. I just think if someone told me hey I got a way I can turn your $100 dollars into $1,000,000 and all you have to do is say this!!! I would be all over it. Just sayin???

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I would have been shocked if they didn't. I strongly think the DFI is only to protect from creditors at this point and to protect the Iraqi citizens from Maliki and crooked politicians. It will buy time to complete the oil metering as well. They don't need the DFI to manipulate the exchange rate because there isn't as much in the DFI as you have been told. It is less than $10 Billion at any given time. The account is a flow through for auditing... it is NOT a savings account!

All is not lost. This is a good thing!

thanks drox. For your input.

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