U.S. negotiators say Iraq must sign a bi-lateral security deal or lose billions in oil revenue…
Plus: *Iraq oil union chief calls ministry a human rights abuser for anti-union actions *Barzani says up to Kirkuk decision without referendum *Oil Smuggling bill passes Parliament * BGR Energy Systems signs third SCOP deal *Senate Committee says Bush admin. misled on Iraq threat *Much, much more… The US is holding hostage some $50bn of […]The US is holding hostage some $50bn of Iraq's money to pressure the Iraqi government into signing an agreement seen by many Iraqis as prolonging the US occupation indefinitely, according to information leaked to Patrick Cockburn reports for The Independent. US negotiators are using the existence of $20bn in outstanding court judgments against Iraq in the US, to pressure their Iraqi counterparts into accepting the terms of the military deal.
All of Iraq’s funds in 2003, as well as funds seized from the previous regime, and all subsequent revenue – most of which is from oil – are held in an account at the Federal Reserve Bank of New York, per U.N. mandate and U.S. presidential decree. This not only lends transparency mechanisms, but prevents pre-2003 creditors and those awarded damages by court from taking hold of the money.
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