Wednesday, February 22, 2012

2/21/2012 Iran Holds Air Defense Drills As IAEA Says Iran Blocks Access To Key Nuclear Site

Source: ZeroHedge
Date 02/21/2012 22:59 -0500
by: Tyler Durden

As if the market needed another bizarro catalyst to ramp even higher courtesy of an even more pronounced drop in corporate earnings courtesy of soaring energy costs, that is just what it is about to get following news of further deterioration in the Nash equilibrium in Iran, where on one hand we learn that IAEA just pronounced Iran nuclear talks a failure (this is bad), and on the other Press TV reports that the Iran army just started a 4 day air defense exercise in a 190,000 square kilometer area in southern Iran (this is just as bad). The escalation "ball" is now in the Western court. And if Iraq is any indication, after IAEA talks "failure" (no matter how grossly manipulated by the media), the aftermath is usually always one and the same
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