_4-4-2012 SWFloridaGuru: It was announced that Kuwait dropped a significant amount of Iraq's debt in return for their recognition of Kuwait's borders in accordance with UN resolutions.
Kuwait has also made major investments into Iraq and they are forming a mutually beneficial relationship. This was what the private meeting at the Summit was about. Iraq and Kuwait have come to agreements on all resolutions and it's now in the UN's hands.
They have a general assembly scheduled for September but what we are looking for is a decision handed down from the Security Council for the removal of Chapter 7. When the time comes in accordance with the relevant provisions of the Charter of the United Nations, a decisions from the Security Council will be made by an affirmative vote of the members of the Council including the concurring votes of the five permanent members. I believe this process will be accelerated due to private negotiations that have taken place between Iraq and the UN.
Chapter 7 removal is not a requirement for the RV. Technically, the RV also is not a requirement for the Chapter 7 removal. However, we believe the UN will not give up that bargaining chip without the CBI releasing a tradeable currency and dropping the artificial rate.
So, the fact we see all this progress being made for the Chapter 7 release shows us the RV is closer than we may think. Tariffs go into effect on June 1st and prior to that we expect Shabibi to follow through with his plan to introduce the new currency and with it their new exchange rate.