Central Bank: the European financial crisis has cast a shadow on Iraq's economy

[trooper]

Central Bank: the European financial crisis has cast a shadow on Iraq's economy

Translated by Iraqdirectory.com - [11/2/2011]

Iraqi Central Bank said that the European financial crisis has cast a shadow on the national economy at a time when parliamentary sources confirmed the growing levels of unemployment and its emergence as a phenomenon experienced by government institutions. The Central Bank of Iraq stressed that the national economy affected by the financial crisis witnessed by the countries of Europe.

Mudher Mohammed Saleh told the Kurdish news agency (Rn) that "the financial crisis in Europe affected the circulation of hard currency in Iraq because it caused the deterioration of market prices of oil."

He added that "the Iraqi Central Bank is working to provide fast processors to avoid financial crises that have emerged in the EU during the recent period and the deterioration of the value of the euro against the dollar."

He explained that "the national economy is affected by the financial crisis in the European Union and the incoming links because of Iraq and the financial dealings in the sale of crude oil to European markets."

He said the Iraqi Central Bank to address the economic problems require the expansion of activities in the country and tax reforms in a wide range of administrative transactions of the General Authority for Taxes of the Ministry of Finance.

The National Oil intends to increase Iraq's oil exports during the next six years to 12 million barrels per day after obtaining the approval of the world's oil (OPEC).

The «crisis summit» meetings confirmed the fourth session, held in Brussels on the twenty-sixth of this month, Europe's leaders to address the debt crisis that threatens the world financial disaster, not least financial crisis suffered in 2008.

It calls for investors to resolve and clear-cut crisis deals with 4-axis major, the package is sufficient to resolve the crisis Greece's debt and increase capital stabilization fund, the European financial so that he can buy a bond debt of heavily indebted, such as Greece, Italy, Spain, and enough money to meet their future needs, in addition to the capitalization of banks and make adjustments the euro area financial mechanisms to allow them to legally deal with the critical financial crisis. But indications are that Europe is still far from that.

A draft statement showed of EU leaders, who held a summit until late in the evening of the twenty-sixth of this month in Brussels, that the Government of the Union may provide guarantees to banks that apply for funding to avoid a credit crunch and to help them continue lending to the economy.

The draft statement, which describes the result of the agreement, is expected in the Summit of Heads of States and European governments «must be guarantees for the obligations of banks to provide more direct support to banks in access to finance forward when appropriate». In the meantime, confirmed former Rep. Alaa Al-Saadoun, the phenomenon of unemployment and have serious adverse consequences if not treated quickly, calling for all ministries to develop a plan in this regard.

Al- Saadoun said in a statement received by the independent press (Iba) The unemployment rate is increasing annually due to the number of graduates large who join for their peers who went years getting a degree without being able to work accordingly, pointing out that all the previous procedures in this regard were not feasible as adopted For the allocation of grades only.

Al-Sadoun showed that this procedure work on creating disguised unemployment in official circles it is impossible to absorb all the graduates in this way, adding that what is needed today for the treatment of this phenomenon is to build strategic projects large and important, such as investment gas field crutch as it provides thousands of jobs as well as encourage the private sector private credit by providing conditions that encourage investment, then open the door of the financing of projects for young people through soft loans, according to a mechanism agreed between all parties.

She said there are inoperative projects as the port of Faw is possible to accommodate thousands of engineers and competencies which abound in Iraq, expressing the belief that this is better than importing workers from abroad instead of resorting to the people of the country who are more deserving than others to contribute in building their country.

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[Anti This Anti That]

It appears that the elite, and banker robber barons have the RV in danger of taking place any time soon, if at all in the near future. Don't mean to be negative, but it does appear as if the RV is in danger due to all these nations on the verge of economic collapse. JMO

[redsand]

[YoGoDianr]

Yahoo!

No RV

Sucks!!!

[RICK C]

AFTER READING THIS-" Al- Saadoun said in a statement received by the independent press (Iba) The unemployment rate is increasing annually due to the number of graduates large who join for their peers who went years getting a degree without being able to work accordingly, pointing out that all the previous procedures in this regard were not feasible as adopted For the allocation of grades only.

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And knowing that must have cost their family a lot of money to attend those college's , I can 't see them wanting to do the common LABORERS JOBS and I believe that covers more than 3/4 of the job market in Iraq.

just a thought. shadow

[wpsmit]

Maybe we can send them some of our "undocumented foreign visitors" to do those jobs