Fischer: Social protest contributed to recession

Bank of Israel governor says protest was contributing factor in drop in growth as Israeli consumer ‘did not want to spend too much money’

The social protest contributed to the recession and the drop in growth, Bank of Israel Governor Stanley Fischer said Wednesday. “The Israeli consumer did not want to spend too much money,” he added.

Speaking at the Knesset’s Finance Committee, Fischer also addressed the crisis in Europe. “We are preparing for the possibility that the Euro zone will collapse but I don’t see this risk as very likely,” he said.

The Bank of Israel governor explained that the real estate market is still in bad shape, as more apartments become available but are not being sold. “Giving contractors better credit won’t help reduce prices,” he remarked.


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By Zvi Lavi