Israel's finance minister: Iran's economy is on the brink of collapse

“The sanctions on Iran in the past year jumped a level,” Steinitz told Israel Radio, noting that as finance minister, he follows Iran’s economy.

“It is not collapsing, but it is on the verge of collapse. The loss of income from oil there is approaching $45-50 billion by the year’s end,” Steinitz said…

An Israeli Foreign Ministry document leaked last week said sanctions had caused more damage to Iran’s economy than at first thought and ordinary Iranians were suffering under soaring inflation, although this did not appear to be changing policy.

On Saturday, the Iranian currency slumped to an historic low of about 28,400 rials to the dollar, a fall of about 57 percent since June 2011, meaning a sharp rise in the price of imports.