BREAKING NEWS

Iran experts say Steinitz is exaggerating

By GLOBES

APRIL 10, 2012 09:20

A number of Israeli experts on Iran disagreed Tuesday with Finance Minister Yuval Steinitz's remarks Monday that the Iranian economy is about to collapse.

Prof. Meir Litvak, director of the Center for Iranian Studies at Tel Aviv University says that the Iranian economy is still far from general collapse. "The situation in Iran is still not the end of the world. You must remember that in the past Israel experienced annual inflation of 400%, and didn't collapse, and Turkey too has experienced much higher inflation, and today its economy flourishes."

According to Litvak, although Iran's oil exports have fallen because of the international sanctions, the rise in the price of oil benefits the Iranian economy and offsets some of the losses caused by the sanctions.

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