Tajrish Bazaar in Tehran (Getty)

Whenever there has been talk of bombing Iran’s nuclear programme, the hawks have been urged to “give time for sanctions to work”. This appeal always had a slightly desperate sound since, for the past decade, there has been precious little sign that international pressure was capable of making the Iranian government re-think. But, finally, things may be changing.

Following the EU’s oil sanctions and America’s financial sanctions — as well as the various UN packages — the Iranian economy really seems to be buckling. Yesterday saw angry demonstrations on the streets of Tehran, amidst more or less open infighting among the top leadership. The official inflation rate in Iran is only 23.5 per cent. But this article argues convincingly that Iran is already suffering from hyper-inflation.  Read more