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BoI chief shocked by the rise of budget deficit

Stanley Fischer of the Bank of Israel lambasted the government’s decision to increase the deficit by 20%, from 2.5 to 3%. Fischer noted that just four years ago the deficit stood at zero, which explained the robustness of the Israeli economy during the crisis. According to Fischer, the deficit hike may break the economy, which he had carefully steered away from the crisis.

Social protests and inept politicians in control of the Finance Ministry cause government spending to spiral out of control.

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30.05 State builds hospitals for private insurers