Follow updates liveGet our breaking news email, free app or daily news podcastHead of IMF says Iran war will permanently scar global economy even if peace is reachedThe head of the International Monetary Fund has warned that the Iran war will permanently scar the global economy even if a durable peace deal in the Middle East can be reached.But now, even our most hopeful scenario involves a growth downgrade. Even in a best case, there will be no neat and clean return to the status quo.Penny Wong’s previous statements, whether it’s concerned or gravely concerned, have had no effect.But cancelling more than a billion dollars in Israeli arms contracts – that would not only respond to the moral situation of the appalling Israeli military attacks, it would also have the benefit of putting a very real material pressure on Israel to pull back from what is a disastrous, illegal, immoral war in Lebanon that is threatening the entire globe’s peace.We should not be buying weapons that have been tested by Israeli defence manufacturers in conflicts like Gaza and Lebanon, and we should not be contributing any weapons parts.Right now it also would have the important additional benefit of making it clear to Israel that this comes at a direct and real cost to them. Continue reading...