Israel last 'safe bet' in crumbling global economy

Sunday, July 19, 2009 |  Israel Today Staff

Bank of Israel Governor Stanley Fischer said in an interview with Fox News at the weekend that with the economies of all the world's major powers succumbing to the global recession, Israel remains one of the last few "safe bets" for investors.

Fischer said that while Israel, too, is in the midst of a recession, it is far more mild than the recessions being experienced in the US and Europe, and that full recovery appears to be just around the corner.

Fischer said Israel's ability to withstand the economic meltdown was due in large part to government spending restraints in recent years and the purchase of massive amounts of foreign currency, particularly US dollars.

As evidence of how well Israel has done while other nation's floundered, Fischer pointed out that major Tel Aviv Stock Exchange indexes are today 30 percent higher than where they were five years ago, while most US shares have lost value.

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