CBI confirms the local economy is affected by the financial crisis in Europe
29/10/2011 14:21

Baghdad, October 29 / October (Rn) - The Central Bank of Iraq on Saturday that the Iraqi economy has been affected by the financial crisis taking place in the countries of Europe.
He said the appearance of 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 prices of oil markets."

"The Central Bank of Iraq 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."
"The Iraqi economy is affected by the financial crisis in the European Union and the incoming links to Iraq because of 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 and depends mainly on the Iraqi economy and the man was of crude oil.
Plans to increase Iraq's oil exports during the next six years to 12 million Bermaleomaa after obtaining the approval of the world's oil (OPEC)
And confirmed the meetings of the «crisis summit» 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.

And 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.

Showed a draft statement 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».