Hard to say. Politics are still chaos, but they've got a Standby Agreement with the IMF that expires on Feb 23. They made certain commitments that, supposedly, have not been fulfilled, and no announcement has been made about extending the SBA. They already extended it last summer and SBA's only are allowed to be extended once. So, if Iraq doesn't get it together and live up to these agreements, whatever they are, by Feb 23, they're gonna owe the full amount of debt that was negotiated down by 80% at the Paris Club. They're broke as it is, so if they don't fulfill their obligations, they're going to default, and they'll never get another loan and become economic pariahs again.

IMF doesn't publish these obligations, but they are getting a lot of pressure from the international community to open up the free market and make it easier to do business internationally. In order to do business internationally, a country has to have a convertible currency. They could go international at 1166, and probably will, but once the peg is removed, and the float starts, supply and demand should drive the rate up quickly.

Basically, these are freakin' idiots we're dealing with, but even idiots like money. Turki's speech doesn't hurt, either.