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posted: 7/31/2012 9:26 AM

Iran bank chief calls sanctions akin to 'war'

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Associated Press

TEHRAN, Iran -- Iran's central bank chief says tightening of Western sanctions is equal to a "military war" that requires new tactics to overcome economic pressures on Tehran.

The official IRNA news agency quotes Mahmoud Bahmani as saying that sanctions are "no less than a military war" and that Iran must respond with its own economic countermeasures.

Tuesday's report gave no details, but says a special headquarters has been set up to fight back against the sanctions that have targeted Iran's vital oil exports and its access to international banking systems.

President Mahmoud Ahmadinejad called the sanctions "political warfare."

The West and its allies worry Iran could eventually produce nuclear weapons. Iran says it only seeks reactors for energy and medical applications.

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