The Knesset Finance Committee on Monday called on Finance Minister Roni Bar-On to prepare a comprehensive emergency finance plan in light of the spreading financial crisis that is impacting the global economy.
 
Committee Chairman MK (Labor) Avishai Braverman stressed the need for such a plan in light of current fiscal realities and a worsening financial picture. Braverman also called on the senior minister to come to the realization that he will have to ‘break the budget’ and permit increased government spending.  Bar-On remains adamant that his proposed 2009 state budget must remain intact and he is unwilling to entertain veering from the current budgetary structure.
 
In a related matter, opposition leader Binyamin Netanyahu on Monday released a statement that the government may have to step in to assist in bailing out the economy as the global financial crisis widens. The former finance minister stated that the Israeli economy is strong at present and there is no justification for panic at this time.

(Yechiel Spira – YWN Israel)