In this episode, we unpack the recent 12-day confrontation between Iran and Israel and ask: Will the ceasefire last? We explore who’s gaining from the current unrest—and who’s paying the price.

We also look at what could follow if the Islamic Republic were to fall: What political or social alternatives might emerge? What would that mean for the region, for global powers, and for the future of U.S.-Iran diplomacy?

Our guest today is Clément Therme, an alumnus, and former visiting lecturer here at the Geneva Graduate Institute.