What were the repercussions of Saddam Hussein's Iraq dumping the USD in favour of the EUR?

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The Politicus
Mar 09, 2022 07:42 AM 0 Answers
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In 2000, Saddam Hussein switched to selling petroleum in Euros. At that time it was considered an financially unwise decision, but later it was reported to have won Iraq handsome profits.

  • How exactly switching from the USD to EUR made Iraq richer?
  • Did Saddam Hussein break any treaty by selling petroleum in Euros?
  • How was this change perceived in OPEC?
  • Did it influence other OPEC countries to sell petroleum in EUR instead of USD?
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