Posted on 06/05/2018 2:23:40 PM PDT by BBell
BRUSSELS (Reuters) - The European Investment Bank has balked at an EU proposal to do business in Iran to help offset U.S. sanctions and save the 2015 nuclear deal, EU sources told Reuters, under pressure from the United States - where the bank raises much of its funds.
The resistance from the European Union’s lending arm underscores the limits of the bloc’s ability to shield trade with Iran from the reimposition of U.S. sanctions after President Donald Trump abandoned the nuclear accord last month.
European Commissioners are expected on Wednesday to endorse the EU executive’s plan to encourage the EIB to support investments by European businesses in Iran, where the bank has never before done business.
The move has symbolic value as EU officials see it as one of the easiest to deliver on in response to Iran’s demands that it show proof of its commitment to the nuclear deal.
A total of six EU diplomats, EU officials and sources at the bank said that within the EIB there are growing concerns that the Commission’s plan would imperil its multi-billion-dollar funding program.
“The bank is unhappy with the Commission proposal because the bank raises funds on U.S. markets,” said one EU diplomat.
As one of the world’s largest borrowers, the EIB raised 56.4 billion euros ($66 billion) last year on international capital markets. The bank fears that the threat of U.S. sanctions over Iran could scare off bond buyers.
While Iran was added in March to a list of potentially eligible countries for EIB activity, any plan to upgrade that status needs the approval of EU governments and the European Parliament. The bloc wants the measure in place before Aug. 6, when U.S. sanctions begin to take effect.
(Excerpt) Read more at reuters.com ...
EIB here is European Investment Bank, not “Excellence in Broadcasting” a la Rush.
Up yours Angela Merkle.
Mother Merkel will have to use her own taxpayers money, if she is determined (or blackmailed into) propping up the mullah’s terrorist dictatorship.
LOL, saw the headline and thought “Well, of COURSE Rush doesn’t agree with EU libtards working with Iran! D’oh!”
Heh heh heh. I was about to joke it’s about time Limbaugh divested from Iran. Purely out of the absurdity.
OK, I’ll quit calling for a Rush on EIB.
Thanks BBell.
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