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Last update - 13:23 03/12/2008
Iran's Ahmadinejad acknowledges economy in danger
By The Associated Press
Tags: Iran, Israel News 

Iranian President Mahmoud Ahmadinejad has acknowledged publicly for the first time that tumbling oil prices are gouging the country's
fragile economy.

The official IRNA news agency has quoted the increasingly unpopular president as saying Iran will be forced to trim spending and generous subsidies and raise taxes.
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It's a sensitive admission for the Iranian president, who is seeking re-election in June.

Oil prices have plunged from $147 a barrel in July to under $50, adding to the pain of Iran's rising inflation and unemployment.

Wednesday's report quoted Ahmadinejad as saying the government budget would have to be readjusted to base it on an oil price of around $30 a barrel.
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  1.   Iran joins the world wide recession. 14:03  |  Stephen. 03/12/08
  2.   The Mouth discovers his job 14:09  |  Mark Lincoln 03/12/08
  3.   What? Iran Vulnerable? Quick! Into the Breach Bloggers! 14:24  |  Ovadiah ben Avraham 03/12/08
  4.   Shame for the Iranian people but.... 14:32  |  JR 03/12/08
  5.   This is excellent news. Better will be when the Iranian people 14:39  |  redmike 03/12/08
  6.   #1 - who is investing in refineries? 14:42  |  redmike 03/12/08
  7.   Hooray! Iran and the Saudis & Venezuela, etc. 15:13  |  Petra 03/12/08
  8.   #.6. Not talking about refineries. 17:06  |  Stephen. 03/12/08
  9.   To Stephen (1) 17:27  |  Magnus K. 03/12/08
  10.   NO, Iran Can Survive On $5/Barrel, Ahmadinejad Just Said So! 18:06  |  Lavi 03/12/08
  11.   For the Mullah`s does not matter 18:12  |  Yuri 03/12/08
  12.   redmike - from competition to oligarchy 18:33  |  Mark Lincoln 03/12/08
  13.   #9.Magnus K. OPEC are 13 oil producers. 19:26  |  Stephen. 03/12/08
  14.   Yes but oil will rise again 19:27  |  bobby 03/12/08
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