Iran Cut Off From Global Financial System
AP
15-Mar-2012

 Iran was largely cut off from global commerce on Thursday, when the company that handles financial transactions said it was severing ties with many Iranian banks — part of an international effort to discourage Tehran from developing nuclear weapons.

"Disconnecting banks is an extraordinary and unprecedented step for SWIFT," said Lazaro Campos, chief executive of the company. "It is a direct result of international and multilateral action to intensify financial sanctions against Iran."

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