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| Europe |
| HAH! - Saudis desert the euro after series of blows |
| 2004-05-15 |
| Via Bros Judd, decisions, decisions on where to put this. Saudi Arabia has abandoned its policy of diversifying foreign reserves into euros, deeming the eurozone unfit to manage a major world reserve currency. Can’t run w/the big dogs until you can piss like them. Muhammad Al-Jasser, the deputy chief of Saudi Arabia’s monetary agency, said the dollar remained the safest bet for central banks in the Middle East, despite America’s trade and budget deficits. "The euro has not yet gained a competitive status against the dollar as a major reserve currency. People are not going to switch to euros until European financial markets become more competitive, deeper, more liquid and diversified," he said. fat chance, mutated monarchy for 1000 years, refuse to break habits. |
| Posted by:Anonymous2U |
| #2 The Arabians must have gotten royally burned in the currency markets. This was one of the prime instigators which had US on gas lines in 1973-4! Whatever happens in Saudi Arabia they only have themselves to blame. |
| Posted by: Mark Espinola 2004-05-16 12:21:06 AM |
| #1 This is a vote of no-confidence in the land of the 35 hour work week. Even UN kleptocrats would rather steal dollars instead of euros. |
| Posted by: RWV 2004-05-16 12:16:45 AM |