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I think you are misinterpreting the issues.
As far as reconstruction money is concerned, Europe is not particularly bothered if the US wants to pay for reconstruction the costs, and only allows US companies to bid for those tenders. In fact, Europe is demanding that the US/UK pay for the reconstruction as it is their legal duty to do so.
The contention begins to arise when Iraqi money (from oil) goes to US companies, or when Iraqi national industries suddenly find themselves in US hands.
But money isn't the real issue here (as yet) - the issue is whether the US will make good on it's promise of "Iraq for the Iraqi's" - so far, there is no indication that this promise will be kept.
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