Less than months have passed since private discussions were held in London between Kurdish officials and fixed-income account investors, and yet the Kurdish Regional Government [KRG] continues to tread the thin line between legality and illegality.
Rumour has it the KRG is scouring the international business landscape in the hope it can negotiate desirable investments from the likes of Deutsche Bank and Goldman Sachs, who, has Reuters reported, coordinated the talks back in October last year.
While it is apparent that no deal has yet been brokered, less apparent are the intentions of the Kurdish officials who met with fixed-income account holders.
The KRG stands accused, from various angles, of seeking to capitalise on the woeful situation in Iraq, in both the North and beyond.
Whether it is the Iraqi or Kurdish Region Government, there is little doubt that both are presently inundated by insurmountable pressures.
What few care to mention however is that without the Iraqi Prime Ministers endorsement, any international debt agreements reached by Kurdish authorities will remain illegal under the terms of Iraq’s constitution.
As investors await clarification over these seemingly grey areas, many Iraqis and government officials fear the KRG will continue to hide behind a shield of immunity.
Discussions remain underway.