Iraq: Iraq Runs out of Money to Take on Islamic State

Mar 13, 2016 | Richard Spencer, Telegraph
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In the last two months, a new foe has reared its head. The collapse in the price of oil on the world markets, thanks to a decision by Saudi Arabia to start a price war with its geopolitical foes Iran and Russia, has slashed the Iraqi government’s budget. Around 90 per cent of its income comes from oil, and a price cut from $140 at its peak, and from $80 a year ago to $40 today has had a major effect.