Iran’s economy on brink of collapse, Steinitz tells Italian PM

“The Iranian economy is on the brink of collapse. That is why this is the time to tighten the sanctions, not to relax them,” Minister of Finance Yuval Steinitz told Italian Prime Minister Mario Monti during their meeting yesterday.

Steinitz and Monti agreed on negotiations to establish an Israeli-Italian high-tech research foundation for industrial and technological collaboration between the two countries’ high-tech industries. They also discussed the huge sale of Italian jet trainers to the Israel Air Force and reciprocal procurements by Italian companies from Israeli companies, such as Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1), Rafael Advanced Defense Systems Ltd.), and Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT).

Monti showed great interest in Israeli’s biennial budget, saying that European countries should examine the matter in a positive light, partly because of the lengthening of the budg… >>>

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