Wednesday, December 16, 2009

Gulf petro-powers to launch currency in latest threat to dollar hegemony


... The GCC also agreed to create a joint military strike force – akin to the EU’s rapid reaction force – to tackle threats such as the incursion of Yemeni Shiite rebels into Saudi territory earlier this year.


This is a major breakthrough after years of deadlock on defence cooperation.


The Sunni Gulf states are deeply concerned about the great power ambitions of Shiite Iran and its quest for nuclear weapons, to the point where the theme of a possible war between Iran and a Saudi-led constellation of states has crept into the media debate.


They nevertheless repeated on Tuesday that “any military action against Iran” by Western powers would be unacceptable.


http://www.telegraph.co.uk/finance/economics/6819136/Gulf-petro-powers-to-launch-currency-in-latest-threat-to-dollar-hegemony.html