Int'l banks say Israel will withstand global economic crisis

Sunday, October 12, 2008 |  Israel Today Staff

Representatives of major international banks told Israeli bankers attending the International Monetary Fund's annual meeting in Washington, DC at the weekend that the Jewish state is more likely than most industrialized nations to withstand the current global economic crisis.

In informal discussions with the Israelis, Globes quoted representatives of Morgan Stanley, the Swiss USB conglomerate and Deutsche Bank as saying that Israel's prudent economic policies in recent years had prepared it as much as possible to handle the situation.

That is not to say Israel will not be affected by an economic meltdown that has Europe, Asia and the United States in a state of near panic, but the loss of jobs and revenue in the Jewish state is expected to be minimal.

Nevertheless, Bank of Israel Governor Stanley Fischer is closely watching the markets and is prepared to inject cash into major Israeli banks to further reduce any negative consequences.

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