The period following the Persian New Year is jokingly referred to as Black Spring by business owners and shopkeepers because it is characterized by slow business as Iranians pinch their pocketbooks after the lavish spending of the holiday. But this year, the Black Spring is expected to be even bleaker and to last longer than usual, probably through the end of June.
For decades, the Islamic Republic spent nearly $100 billion a year on subsidizing staple goods and commodities. In 2010, in an attempt to cut government spending and rejuvenate the economy, | I guess, to the LA Times, the nuke-thingie is a stimulus program. |
Iran launched a plan aimed at slashing the subsidies. Since the initial reforms were introduced, food and energy costs have spiraled out of control and left millions of Iranians in financial straits. |