Currency falls to record low
Mehr said the rial dropped nearly 7 percent in a single day, to 24,300 rials to the dollar. Street traders say the rial rose slightly later Sunday, to about 23,900 rials to the dollar.
On July 1, the European Union banned import of Iranian oil, and the U.S. tightened sanctions against Iran’s banks.
On Friday, Canada cut diplomatic relations with Iran over its nuclear program, support for Syrian President Bashar Assad’s regime and the country’s poor record on human rights issues.
The governor of Iran’s central bank, Mahmoud Bahmani, said the plunge of the rial is the result of a rush on the market by buyers seeking to obtain the dollar, rather than other economic reasons.
President to unveil austerity plan
PARIS — Socialist President Francois Hollande was due to announce Sunday unprecedented belt-tightening measures of billions of dollars amid mounting discontent over the flagging economy and job cuts.
Mr. Hollande, whose popularity ratings have taken a dive less than four months after he took power, is looking vulnerable as he prepares to push through a deficit-cutting budget and face down union anger over mounting layoffs.
The Journal du Dimanche warned that Mr. Hollande — who famously said he does not “like the rich” and has proposed a stinging 75 percent tax on income exceeding $1.3 million — would announce “unprecedented” austerity measures.
It said the president would outline in an interview on TF1 television new taxes of $19 billion to $25 billion, as well as austerity measures that would save $11.3 billion.
Quake survivors await suppliesView Entire Story
By Douglas Holtz-Eakin
The young drop coverage to avoid higher premiums
Independent voices from the TWT Communities
Are there profound differences between the Left and the Right? You betcha.
Entertainment News and Reviews from Washington, D.C. and beyond.
Big Reads For Little Hands features weekly reviews of new and classic books for toddlers and children.
A mother of three and a passionate conservative, Shirley Husar changes the game.
Benghazi: The anatomy of a scandal
Vietnam Memorial adds four names
Cinco de Mayo on the Mall
NRA kicks off annual convention
California wildfires wreak havoc