Israelis prepare for effects of Wall Street crisis

Tuesday, September 23, 2008 |  Israel Today Staff

Israelis are acutely aware of the current financial crisis in the United States and expect it to significantly impact the Israeli economy in the near future.

A poll cited by Ha'aretz indicated that half of Israelis plan to slash their spending in the coming six months to preempt the expected negative effects of the Wall Street turmoil.

A full 91 percent of respondents said they are keeping abreast of financial developments in the US.

Israeli banks and businesses have a lot of money invested in the US, and likewise, many large US firms maintain sizable investments in the Jewish state.

The US Congress continues to debate a $700 billion bailout package for several large credit and investment firms whose irresponsible business practices have brought them to the brink of bankruptcy.

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