[Telegraph-UK] Con Coughlin - Iran's banks are on the brink of collapse and its manufacturing industries facing severe shortages as sanctions bite, according to assessments by Western officials. Despite recent public statements by President Ahmadinejad that sanctions by America and the UN "are not working," a confidential report submitted to the Iranian parliament said that continued economic isolation was having dire consequences. The country's banking industry is suffering from a boycott by European, Japanese and American banks, Western diplomats said. The biggest banks will not conduct any transactions with any Iranian clients, meaning that businesses are finding it increasingly difficult to find hard currency.
2007-12-10 01:00:00Full ArticleBACK Visit the Daily Alert Archive