World

Just over a decade ago, a French doctor invented a treatment for severely malnourished children that had a revolutionary, life-saving impact.

Nicole Kotovos was searching for a way to start a new life when the idea struck her: She would go to her ancestral homeland of Greece and open an American-style bakery cafe. She would bring the cupcake fad to Athens.

What she didn't figure on was the historic downturn in the Greek economy.

The former New York TV producer arrived in 2008, just as the country's debt-mired economy was falling into a deep recession it still hasn't emerged from.

When the Libyan consulate was attacked and the American ambassador killed, the immediate word from the administration was that the strike was a spontaneous reaction to a controversial film. In the immediate aftermath, Republican challenger Mitt Romney harshly criticized the Obama administration and soon found himself at the center of controversy. In the weeks since, however, the administration story has evolved and now a congressional hearing on the matter is scheduled for next week.

Audie Cornish talks with Thomas Erdbrink of the New York Times about protests Wednesday in Tehran over the plunging value of the rial, the country's currency.

Economic sanctions have a reputation for being the international equivalent of a slap on the wrist. But in Iran, there's evidence that they are working, and that the country's flamboyant President Mahmoud Ahmadinejad might pay the price.

In the past year, Iran's currency has shed 80 percent of its value against the dollar, dropping by 25 percent in just the past week. That's caused a scramble for the few U.S. dollars available in the black market as people seek a safe haven against the free-falling rial.

Transcript

STEVE INSKEEP, HOST:

We're following up this morning on the collapse of Iran's rial, it's currency which is leading to major developments today. Over the past week, Iran's currency has lost about 40 percent of its value or more, falling to an all-time low against the U.S. dollar, this as a result of U.S. and other sanctions against Iran. And that has led to protests and violence in the streets of Tehran today.

We're going to catch up now with Thomas Erdbrink. He's Tehran bureau chief for the New York Times. Welcome back to the program.

Parliamentary elections in Georgia, the former Soviet republic, delivered a resounding defeat for the ruling party of President Mikheil Saakashvili on Monday. Preliminary election results showed the opposition winning 57 percent of the vote.

A day later, the president conceded defeat. In a televised address, Saakashvili said he respected the decision of the voters, and that he would clear the way for the opposition Georgian Dream party to form a new government, a move that would install opposition leader Bidzina Ivanishvili as prime minister.

As the bloodletting in Syria carries on, President Bashar Assad's government doesn't have a lot of allies left.