Facts:
6. CBI Auctions
Rumors:
Of Interest (rumors that I find of particular interest either because of who said it or because of how I think it relates to what is happening right now):
The Rest (doesn’t mean these are not happening):
2. TK’s chat
4. Med’s chat
5. Okie chat
Where Are We At?
1. The general theme for this slow news day was centered on the efforts in forming the government. Much of the news I saw today revolved around the government. Steps were taken to nominate leaders for the committees. It appears that there may be some disagreement between Maliki and Allawi on who should fill the 3rd vice presidency. In either case, it is being stated that the security positions will be resolved next month, which isn’t too far away. While there is a recess coming up, the general consensus seems to be that the government will be working during the recess. Not much time left until March. They need to bring government formation to a close before the Arab summit meeting.
2. Big news for today is that the Arab states agreed to attend the summit in Baghdad. The reason why this is big news is because it is thought that Iraq must have a government in place and have a globally traded currency. The summit is about trade. Wouldn’t it seem inappropriate for Iraq to host the meeting, and host it in Baghdad if they couldn’t nail down their government, security, and have the ability to trade globally?
3. The new exchange rates have yet to be released even thought they were scheduled to be released on the 14th.
4. The chatter about exchanges in the ME seems to be dying down. Although, I still see some comments about people who have either confirmed or not. Today, in fact, I saw someone mention their friend says they are cashing out in Panama on a 1 to 1 basis. We also had rumors of cash outs in China, but I’ve seen no solid confirmations.
What’s Left?
1. Reading of the budget for the first time (due to redraft).
2. Closure on Security positions (5 in total) and the remaining unfilled positions (7)
3. Formal announcement of government
4. Agreement on outstanding Kuwait issues
5. Lifting of remaining Chapter 7 sanctions (Kuwait related)
6. RV/RI
2. Closure on Security positions (5 in total) and the remaining unfilled positions (7)
3. Formal announcement of government
4. Agreement on outstanding Kuwait issues
5. Lifting of remaining Chapter 7 sanctions (Kuwait related)
6. RV/RI
What’s It All Mean?
1. Given the pace of the government formation activities and news, it appears that Iraq is truly intent on getting the government formed sooner rather than later. Time will tell as there are still some disputes over positions, and the disputes are between Maliki and Allawi. According to Night, Maliki has delayed the formation of the government in order to put his people in certain positions. Maliki doesn’t have much time left for additional delays if they are to form the government by March. Barzani appeared in another article today. Recall that it is his goal to help complete the government.
2. Not sure if it is all coincident or not, but there seems to be a little more news of China. Everything from China RVd to China is in control of the RV. Of course, the global settlements information from the GET call had China playing a main role in the rumored changes to come. I know more about global settlements from that call, but I don’t know enough to say one way or another what the real impact/truth is. I’ll have to learn more and watch what happens.
3. Interesting that we still see no change on the rates of exchange.
4. With regards to the RV/RI, there really isn’t much change. We’re focused on the government formation as it is believed this will be the trigger for the RV/RI once complete. According to some, the budget is not a trigger for the RV/RI. That said, there really wasn’t much news of the budget today. So, we wait and watch what Iraq does with regards to forming and completing the government.
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