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July 21, 2007

MORE MONEY PROBLEMS FOR IRAN:

What would you do when faced with a cash flow problem? You might try to curb expenditure, work harder to earn more, borrow money, or, when all else fails, put up the family jewels for sale. The latter is precisely what President Mahmoud Ahmadinejad’s administration is trying to do as it faces a cash shortage.

Signs that the government may be running out of money have multiplied in recent months. Tens of thousands of civil servants, including school teachers, have not been paid since January. Bills from private contractors working for the government are piling up, threatening the survival of many businesses. . . .

All this may seem surprising if only because Iran has earned almost $150 billion from oil exports since Ahmadinejad won the presidency in 2005. So, were did the money go?

Um, centrifuges, maybe?