Originally published on Sun October 21, 2012 8:41 pm
Economic sanctions have a reputation for being the international equivalent of a slap on the wrist. But in Iran, there's evidence that they are working, and that the country's flamboyant President Mahmoud Ahmadinejad might pay the price.
In the past year, Iran's currency has shed 80 percent of its value against the dollar, dropping by 25 percent in just the past week. That's caused a scramble for the few U.S. dollars available in the black market as people seek a safe haven against the free-falling rial.