I'm sorry to say that but have a look at this
http://www.pprune.org/cgibin/ultimatebb.cgi ?ubb=get_topic&f=57&t=002520
I'm not an expert on this but I think FAA licences are accepted in a big part of the world. And i personally think it's only a question of time that JAA starts to convert US licences.
[ 03 October 2001: Message edited by: 380 ]