On July 1, the European Union says it will stop buying oil from Iran. Europe is one of the most important markets for Iran's oil, and in anticipation of the boycott, Iranian oil exports worldwide are already down by more than 25 percent.
Iran's leaders say they can weather this pressure, and so far they have refused to budge on their controversial nuclear activities, ones that prompted a series of economic sanctions.
As a result, it appears as if Iran will only face even greater difficulties when it comes to exporting oil, the lifeblood of its economy.
We have just come from a week when officials of the European Union openly warned of the possible downfall of the euro. Billionaire investor George Soros has gone even further. He says the euro crisis could bring down the entire E.U. Teri Schultz reports from Brussels.