Privatize Before Government Exists

Give away the oil fields at bargain prices before there is even a sovereign government in place that would even have the remotest amount of legitimate authority to cut such a deal.

U.S. civilian ruler Paul Bremer said on Tuesday Iraq should consider privatising its state-owned sectors and foreign investment in its oil industry before a permanent sovereign government takes over.

Bremer said that a soon-to-be-appointed governing council of Iraqis needed to give clear backing to the entry of foreign capital to reassure private investors.

"Privatisation is obviously something we have been giving a lot of thought to," Bremer told reporters.

"When we sit down with the governing council...it is going to be on the table," he said.

Although Bremer would have the authority to change Iraq's legal code, in place since the toppling of Saddam Hussein in April, foreign investors need some assurance any legal changes could survive once an elected Iraqi government takes over, he said.

Priorities, people! Priorities!