Greenback Assaulted at OPEC meeting

Dollar a 'worthless piece of paper,' Iran's president says
By Wesley Oliver,  Newser Staff
Posted Nov 18, 2007 9:52 PM CST
Venezuelan President Hugo Chavez, right, talks with Iranian President Mahmoud Ahmadinejad, center, during closing ceremony of the third OPEC (Organization of the Petroleum Exporting Countries) Summit...   (Associated Press)
camera-icon View 4 more images

(Newser) – Calling it a "small and worthless piece of paper,” Iran’s president today urged OPEC's members to drop the depreciating US dollar as its official currency. Mahmoud Ahmadinejad blamed President Bush for the dollar’s decline and its adverse effects. The comments highlight mounting tension among OPEC members, the AP reports.

Saudi Arabia, a strong US ally, tried to deflect the dollar issue, instead heralding Riyadh’s $300 million donation to a program studying the oil industry’s effect on the environment. But Hugo Chavez, a noted Bush antagonist who backs the euro, sided with Iran, declaring, “The empire of the dollar has to end.”