Tue Jul 9th, 2013 at 07:14:40 PM EST
From our very own Chris Cook: Iran at the crossroads (Trend, 9 July 2013)
... today's high oil prices have not only acted to deter consumption, but have enabled Iran to act against unsustainable energy subsidies and pin the blame for an unpopular policy firmly on the US and EU. Iran's far-sighted strategic decision to process Iranian oil and gas into petrochemicals is now bearing fruit, since it keeps in Iran value previously extracted by the country's oil buyers, and transcends sanctions on crude oil.
... being ejected from the international SWIFT bank payment system meant that Iranians would necessarily have to use their renowned ingenuity to do something else. I also pointed out that the inability to access Swiss hard currency bank accounts would deter anyone tempted to take advantage of an official position.
In my view, even if Iran is tempted through negotiations to go back down the Western financial road, the toxic combination of partisan US politics and external relationships are such that financial sanctions are to all intents and purposes irreversible, at least in relation to the dollar.
You can read the rest over there, and comment over here.