Published: 07.29.12, 07:45–Finance Minister Yuval Steinitz called the recent economic measures, which include raising the VAT rate and income tax by 1% “scaled measures” which are a “necessary evil.”
For many Israelis, these decisions mark another blow in an already frustrating socioeconomic reality. Steinitz, meanwhile, defended the measures.
In an interview with Channel 2 News, he said that “We are protecting Israel from the worst global economic crisis since its establishment.
“There is no mass unemployment here like in Spain or Greece and our economic reality is in relatively good shape compared to the slow financial growth in other western countries,” he said.
“Israel is one of the few countries in the West whose credit rating has not been lowered,” he boasted.
When asked if further economic measures would be taken, Steinitz said that he hoped such steps would not be required.
The minister further said that “Israel will receive billions from the foreign companies operating in the country.”…Read More>>