Iran currency hits new low in blackmarket trading: The rial has lost 40 percent of its value against the dollar in the past three months, as the United States and European countries have ramped up their sanctions.
World Bank warns of 'very difficult year': Bi-annual report slashes growth projections and predicts a downturn in 2012 that "no country and no region will escape".
The Myth of “Isolated” Iran
Following the Money in the Iran Crisis
By Pepe Escobar
This larger-than-life psychodrama we call “Iran” may turn out to be as much about China and the U.S. dollar as it is about the politics of the Persian Gulf or Iran’s nonexistent bomb.
By Martin Feldstein
European political leaders may be about to agree to a fiscal plan which, if implemented, could push Europe into a major depression.
Greece Is Insolvent, Will Default on Debt: Fitch: Greece is insolvent and probably won’t be able to honor a bond payment in March as the country negotiates with creditors to cut its debt burden, Fitch Ratings Managing Director Edward Parker said.
S&P Strips France of its Sterling AAA Credit Rating; Austria, Italy Also : Germany kept its AAA rating, which is the highest bestowed by S&P, but a stalling economy could negatively impact Germany in the future, economists warned.
S&P Expects More Euro-Zone Downgrades In Coming Weeks: Standard & Poor's said more European local and regional governments, government-related entities and financial companies could face ratings actions over the next four weeks following downgrades of France and eight other euro-zone countries on Friday.
IMF executive warns of eurozone 'spiral': A senior International Monetary Fund executive warned on Monday that Europe required bold action to avert a "downward spiral" that could drag the world economy into "catastrophe".
UK 'planning for eurozone collapse': Treasury minister Lord Sassoon said the planning was aimed at dealing with "all potential outcomes of the eurozone crisis".
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