Politics and Money

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Not as much about oil as the way in which he traded it.

Foreign Exchange: Saddam Turns His Back on Greenbacks

By William Dowell/New York City Monday, Nov. 13, 2000

Europe's dream of promoting the euro as a competitor to the U.S. dollar may get a boost from SADDAM HUSSEIN. Iraq says that from now on, it wants payments for its oil in euros, despite the fact that the battered European currency unit, which used to be worth quite a bit more than $1, has dropped to about 82[cents]. Iraq says it will no longer accept dollars for oil because it does not want to deal "in the currency of the enemy."

Read more: http://www.time.com/time/magazine/article/0,9171,998512,00.html#ixzz2O2G0ySIO