Footforward: Iraq is not the problem, Iraq is not the holdup and I am 100% sure Maliki is not the problem. Being Basil III compliant has nothing to do with the RV. It is just a new standard of banking & you don't have to have every bank changed over, it's just something they are shooting for.
It will be years before the majority of banks are Basil III compliant. It is not an indication of the timing of theRV.Iraq is not a sovereign nation.
How can you be a sovereign nation and still be under Chapter 7 and not be under control. A sovereign nation would be using their own currency. The rate in the budget will be close to $4 but this budget is no different than budgets from the past several years.
They can't do anything with the budget until they open the budget and it can't be opened until it RV's. This budget is not the one thing that we are waiting for.
I do expect the RV to happen between February 23rd and February 25th. I have a number of reasons for this one of which is the Standby Agreement is being eliminated & has not been renewed. Iraq is basically being told to stand on their own and without an RV it poses some challenges for Iraq.
I do believe the rate is going to be good. I don't believe it will be some little $.69 RV.