GOING GLOBAL EAST MEETS WEST - ARCHIVES: June 30th Point of No Return ...

Monday, June 27, 2011

June 30th Point of No Return ...

Bumped ...

_G20 - Deadline June 3oth ~ currencies/adjustments

_IMF and Iraq's Deadline June 30th ~ Banks restructuring of the balance sheets of Rafidain and Rasheed by end-June 2011

_IMF - Deadline July 1st ~ Appoint the new IMF Chief June 30th - IMF ~ June 28th Board of Directors Meeting

_Iraq - Deadlines - See below

_United States - Debt Ceiling and End of QE2 ~ Deadline June 30th - July 1st

_Articles with links below_

G-20 Summit ends with currency truce

Snip ~ Forum achieves goals on financial safety net system, development agenda. The Seoul G-20 Summit ended yesterday with leaders of the world’s most influential economies trying to paper over widening cracks in the global economy caused by a threatened “currency war” and rising trade protectionism. The leaders agreed to produce “indicative guidelines” by June 30, 2011, to assess and correct current account imbalances that have fueled a round of competitive devaluations by some of the world’s leading economies.

Link ~ G20 Nov. 2010 ~ *By June 30, 2011 ~ G-20 Summit ends with currency truce and guidlines to be met ~ April 15, 2011 G20 Agrees to Guidelines also .. related article Link ~ **G20 - Gold Standard - Basket of Currencies - U.S. and Saudi Arabia: Experts Say Mounting Debt ($8 trillion) “Threatens” Saudi US Investments ...

and ..

*IMF - IRAQ: End June 2011 (a structural benchmark) Aim to complete the restructuring of the balance sheets of Rafidain and Rasheed by end-June 2011

Snip ~ These systems will also allow us to move ahead with the planned full review of the domestic oil sector to reconcile the flows of oil and oil products with the financial flows between the state-owned oil companies and the budget (a structural benchmark for end-June 2011). In this connection, we also plan to conduct a streamlined Public Expenditure Review of the oil ministry, together with the ministries of health, education, and public works, with the assistance of the World Bank.

*** A critical step will be to complete the financial restructuring of the two largest state owned banks, Rafidain and Rasheed, based on their completed financial and operational audits. In this regard, we formed a Bank Reconciliation Unit that comprises technical level staff from the banks, the CBI and the Ministry of Finance, and with the assistance of Ernst and Young (who were the agents of the Ministry of Finance in the external debt restructuring process) to:(i) deal with all legacy external liabilities taking into account the government’s actions in the context of Iraq’s external debt restructuring (ii) indentify and propose to write-off non-performing loans to defunct state-owned enterprises; (iii) propose a course of action for other remaining unreconciled accounts; and (iv) after the balance sheets have been cleaned up, revalue the remaining foreign currency denominated balance sheet items. The BRU will work under the supervision of the Restructuring Oversight Committee (ROC), consisting of the Minister of Finance, the Governor of the CBI, and the Chairman of the BSA. The BRU will send its recommendations for final approval to the respective boards of the two banks. Through this process, we aim to complete the restructuring of the balance sheets of Rafidain and Rasheed by end-June 2011 (a structural benchmark).read more @ Link ~ IMF - IRAQ: End June 2011 (a structural benchmark) Aim to complete the restructuring of the balance sheets of Rafidain and Rasheed by end-June 2011 also ***July ~ Central Bank in connection with the establishment of the national payments

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*New IMF chief selection due by June 30 ~

IMF ~ June 28th Board of Directors Meeting to Choose a New President ~ June 30th Announcement ...

Snip ~ Washington, The International Monetary Fund's selection process for a new managing director will kick off with nominations Monday, and the final decision expected by June 30, the institution said late Friday. read more @ Link ~ June 30th ~ New IMF chief selection due by June 30 ...

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Iraq - Deadline June 30th DFI Fund

Snip ~ 2. With respect to the post-Development Fund mechanism, the Government of Iraq has decided that after 30 June 2011, it will continue to use the same mechanisms for the Development Fund for Iraq, including the following:
(a) After 30 June 2011, the Government of Iraq will continue to operate the Oil Proceeds Receipts Account that is held by the Central Bank of Iraq in order to receive revenues from the export of oil, oil derivatives and gas;

(b) In replacement of the Development Fund for Iraq account, a new account will be opened in the name of the Government of Iraq, to be held by the Central Bank of Iraq at the Federal Reserve Bank, and transfer will be made to that new account of all the financial assets currently held in the Development Fund for Iraq and any other Iraqi Government assets, including those referred to in Security Council resolution 1483 (2003), paragraph 23, the work of the 1518 Committee will be continued until such time as pertinent issues are resolved;

(c) Beginning 1 July 2011, 95 per cent of the funds held in the Oil Proceeds Receipts Account referred to in paragraph (a) above will be transferred to the account referred to in paragraph (b) above; read full article @Link ~ June 30/July 1st ~ Report of the Government of Iraq pursuant to Security Council resolution 1956 (2010) on transition to a post-Development Fund ...

Also ..

Iraq and DFI Fund

Snip ~ Also, Iraqi funds deposited in the "Development Fund for Iraq", which was established under resolution 1438, issued in 2003, was under the paragraphs of the deposit of the proceeds of oil and natural gas sold by Iraq in the Fund, will be protected from claims for compensation that will be placed at the disposal of the Iraqi government fully after June (June) 2011. read more @ Link ~After June 30th ~ Iraq Chapter 7 ~ Item VII .. "Development Fund for Iraq" will be returned to Iraq ...

and ..Links - Iraq's Development Fund ... also .. Iraq and U.S. Bank Accounts ~ The Iraqi government opened two accounts at a U.S. bank for the deposit of oil money ... also .. ***May 1st ~ Iraq will present its proposal to the United Nations Security Council for approval ~ Iraq to resume paying war reparations to Kuwait ... and ..Iraq ~ Experts call for measures to protect Iraq's money before the adjournment of protection by June 30, 2011