The KRG lost any semblance of financial stability with the loss of nearly half  ‘its’ oil production as Baghdad last month retook Kirkuk. Baghdad is tightening the screw on the region’s finances as a new order begins to materialize.

When Masoud Barzani, long-time president of Iraq’s Kurdistan Regional Government (KRG), resigned 1 November he left an Iraqi Kurdistan still reeling from the aftermath of its disastrous independence referendum held five weeks prior....