Signs of public dissatisfaction are appearing in Iran with protests in central Tehran today. Iran’s currency has lost more than 50% of its value in the last week.
Police in the hundreds with anti-riot gear swarmed the capital around the currency exchange district looking for illegal money changers and closing other legally operating venues down, according to witnesses reporting to AFP (Agence France-Presse).
According to the witnesses, many were arrested, smoke was seen in at least two places and stones where being thrown at police.
Ahmadinejad however, blames the sanctions imposed by the USA and European Union for the freefall of their currency but remains defiant and committed to Iran’s nuclear program “We are not a people to retreat on the nuclear issue… If somebody thinks they can pressure Iran, they are certainly wrong and they must correct their behaviour,”.
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Iran Threatens to Halt EU Oil Supply
After the EU and America decided on an oil embargo against Iran, over it’s nuclear program, the war of words intensifying. The EU decided on an embargo starting in July. However, Tehran are looking at stopping oil exports of EU companies immediately. Many of these companies are already in a perilous financial situation due to the Debt Crisis in Europe. The oil in question is part of a buyback scheme which the Iranian Oil Industry favors, and is oil which is owed to these companies. If Iran went ahead, China would buy the oil they refused to send to Europe.
Iran is also threatening to close the Straits of Hormuz, where about 20% of the world oil is transported, making it the most important oil transportation sea route.
Without a satisfactory conclusion of this matter there could be serious financial implications for the global economy.
Random Events, Free Will, Pre-destiny or Something Darker ?