July 27, 2009

150 Prominent Iranian Companies Are On The Verge Of Bankruptcy

According to Etemadmeli (Karroubi’s newspaper) 150 of Iran’s largest companies are facing bankruptcy due to severe inflation and massive unemployment:

“Prominent businesses such as ‘Iran khodro’, ‘Pars Elektronic’, ‘Iran Poya’ and many others within the private and public sector are facing financial hardship as a result of feeble domestic markets, staggering inflation, foreign sanctions, and unstable banks. However all these are small shots compared to the massive shot in the head which is attributed to the deficient economic policies of this government.”
“The governmental financial and economic institutions have indicated that the recent global economic crisis will not have an impact on Iran, however within 4 months of the global economic crisis, 350 thousand people lost their jobs. If this government continues the isolationist policies of the past 4 years, this number is sure to grow greater and bankruptcy and unemployment will become a daily event.”

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