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It's surpising to note that in 2000 Saddam insisted that all oil from Iraq be paid for with Euros. Hostilities soon escalated.
In 2003, Iran announced an intention to build an Iranian Oil 'bourse' that would compete with the IPE in London and the NYMEX oil exchanges and its primary trade currency would be the Euro.
Soon after that, Pres. Bush announced plans to take action, citing that they were building nuclear weapons.
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Not surprising at all. It would have only made the conversion of laundered money from the oil for food corruption directly into the European pocketbooks that much easier.