Iran's President Mahmoud Ahmadinejad, gestures as he delivers a speech during the International Conference on Financing for Development in Doha, Qatar, Saturday, Nov. 29, 2008. (AP Photo/Hassan Ammar)From Yahoo News/AP:
TEHRAN, Iran – Iran's hard-line president has acknowledged publicly for the first time that his country's economy is taking a severe beating from tumbling oil prices, a damaging admission by a leader whose popularity is eroding ahead of a tough re-election battle next year.
Oil prices have plunged more than 60 percent since July as a faltering global economy dampens demand. Mahmoud Ahmadinejad said that will force the government of the world's fourth-largest oil exporter to make painful spending cuts, the official IRNA news agency reported Wednesday.
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My Comment: Oil has always been Iran's Achilles heel. If this continues for the next few months, this will heighten tensions within Iran significantly.