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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Africa Europe Latin America Middle East North America Search Search: Iran's president acknowledges economy in danger AP - 1 hour 53 minutes ago TEHRAN, Iran - Iranian President Mahmoud Ahmadinejad is acknowledging publicly for the first time that tumbling oil prices are gouging the country's fragile economy. The official IRNA news agency is quoting the increasingly unpopular president as saying Iran will be forced to trim spending and generous subsidies and raise taxes. It's a sensitive admission for the Iranian president, who is seeking re-election in June. Oil prices have plunged from $147 a barrel in July to under $50, adding to the pain of Iran's rising inflation and unemployment. Wednesday's report quoted Ahmadinejad as saying the government budget would have to be readjusted to base it on an oil price of around $30 a barrel. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: World Israeli riot police enter restive West Bank cityAP - 21 minutes ago Obama to name Richardson for Commerce on WednesdayAP - 21 minutes ago GM exec: bankruptcy not an option for industryAP - 25 minutes ago Pope says banks should support weakestAP - 53 minutes ago NATO: Albania and Croatia to join by AprilAP - 1 hour 3 minutes ago Most Popular – World Viewed Wall Street plunges as recession becomes reality Sweden to come to rescue of struggling carmakers Saab and Volvo World stocks tumble as economic fears deepen Love handles increase death risk: study Saudi king says 75 dollar oil price 'fair' View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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