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Sunday, June 10, 2012

Another area where Israel walks alone

Finance Minister Yuval Steinitz told the cabinet on Sunday that were Israel to encounter a financial crisis like Spain (or Greece), there is no one who would bail us out. Israel would walk alone.
"If, god forbid, the Israeli economy spirals to a situation similar to that currently faced by Spain, there will be no organization or country that will funnel 100 billion Euros as assistance," Steinitz said at the start of a cabinet meeting.

Euro zone finance ministers agreed on Saturday to lend Spain up to 100 billion euros ($125 billion) to shore up its teetering banks.

Steinitz also said that he feels many Israeli politicians do not understand the need to remain within the parameters of the existing state budget. "I hear voices from the opposition and even from within the coalition saying that they don't understand the importance of the budget," he said.

Israel is committed to protect its economy in light of the global financial crisis, Steinitz stated, adding that his goal was to reduce the deficit to a manageable level while under no circumstance breaking the budget.
In a few weeks, we are going to read the verse in the Torah (part of Bilam's curse turned into a blessing with God's help), "For they are a nation who dwells alone and they are not counted among the nations. It's as true today as ever.

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At 12:40 AM, Blogger NormanF said...

Yuval Steinetz is correct - no one is going to bail out Israel.

Protecting the economy and encouraging growth is the most important task Israel's government faces in the coming years.

In the 1980s, Israel lived beyond its means. It must never be allowed to happen again.

At 12:45 AM, Blogger Captain.H said...

Not. quite. alone.


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