The currency war on Iran
The continuing currency crisis in Iran, which has seen the rial go into freefall, has been cited, with some celebration in certain quarters, as proving that US-led sanctions are "working" against Tehran. Increasingly shut out from international banking and struggling to sell its oil, Iran has been forced to sell more cheaply while buying raw materials at a higher cash price. This, in turn, has led to currency speculation that the government has done nothing to halt, and to sharp devaluation.
But what does "sanctions are working" actually mean? Some hawks have read it as the possible beginning of the end for Iran's nuclear programme and the collapse of the clerical regime.… Seguir leyendo »