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German minister calls for independent EU Swift payments network

German minister calls for independent EU Swift payments network

August 22, 2018

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Germany’s foreign minister Heiko Maas is calling for the creation of a new payments system independent of the US to keep the Iran nuclear deal afloat.

“It’s essential that we strengthen European autonomy by establishing payment channels that are independent of the US, creating a European Monetary Fund and building up an independent Swift system,” he writes in German publication Handelsblatt.

Politics and payments meet in this issue as US president Donald Trump withdrew from this deal in May following up from its action regarding North Korea.

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