Secretary of State Rice has acknowledged a communique from Israeli foreign minister Tzipi Levni which requests that all foreign aid payments and loans from the United States be made in Euros rather than in Dollars. Foreign Minister Levni cited the rapidly declining dollar and it's disfavor as a world currency as reasons for the request.
"In the spirit of Yom Kippur, the United States will not hold Israel to any agreements obligating them to accept Dollars as payment for their foreigh aid. We will translate our obligations into Euros or whatever currency that best fits Israel's needs" Secretary Rice said on Friday.
"We need to place our Israeli obligations at the top of our national prioriy list. Israel should not suffer any inconvenience due to currency fluctuations" said Rice before heading off to Camp David.
A similar request from Egypt was declined last week.
so i guess beggars CAN be choosers ..
well only if they are israeli .. if they are egyptian then no.
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September 23, 2007
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In the end it doesn't matter because that aid is used to buy goods from American firms. They are the ones who benefit.
Since the October War in 1973, Washington has provided Israel with a level of support dwarfing that given to any other state. It has been the largest annual recipient of direct economic and military assistance since 1976, and is the largest recipient in total since World War Two, to the tune of well over $140 billion (in 2004 dollars). Israel receives about $3 billion in direct assistance each year, roughly one-fifth of the foreign aid budget, and worth about $500 a year for every Israeli. This largesse is especially striking since Israel is now a wealthy industrial state with a per capita income roughly equal to that of South Korea or Spain.
Other recipients get their money in quarterly installments, but Israel receives its entire appropriation at the beginning of each fiscal year and can thus earn interest on it. Most recipients of aid given for military purposes are required to spend all of it in the US, but Israel is allowed to use roughly 25 per cent of its allocation to subsidise its own defence industry. It is the only recipient that does not have to account for how the aid is spent, which makes it virtually impossible to prevent the money from being used for purposes the US opposes, such as building settlements on the West Bank. Moreover, the US has provided Israel with nearly $3 billion to develop weapons systems, and given it access to such top-drawer weaponry as Blackhawk helicopters and F-16 jets. Finally, the US gives Israel access to intelligence it denies to its Nato allies and has turned a blind eye to Israel’s acquisition of nuclear weapons.
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Just the other day, the Canadian dollar became equal to the American dollar, whereas it was always worth a bit less. It's gonna keep falling and falling and falling....
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