Friday, 16 March 2012 04:43

Crucial payment hub severs ties with Tehran

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"Iran has been largely cut off from global commerce after the company that handles worldwide financial transactions said it was severing ties with many Iranian banks to back European Union sanctions against Tehran.

"The action on Thursday by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) aims to enforce EU sanctions discouraging Tehran from developing nuclear weapons."

-- This is going to hurt Iran. We will know in a very short time whether a workaround had been planned and how well it works. If Iran does not have a workaround, or doesn't find one, then I expect Iran to start some serious embargoing which will have immediate and tragic effect on oil prices and the European economy especially. Depending upon how it plays, this could be something that makes everyone reach for the "Fuck it" button. I have almost given up on seeing any amount of reason or sanity suddenly manifest in world leaders. We will know by the end of this week, or early next. If Iran beats this, it will pretty much break the west. In that event the feeding frenzy already underway will enter a whole new level. -- MCR

Al Jazeera article


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