“In order to manifest our internal strength, we had to delay solving crucial economic issues while the peace process was being resolved,” Deputy finance Minister Yehezkel Flomin told delegates of the 9th European-Israel Bond Conference this week. Some 180 delegates attended the 8-day conference, representing Austria, Belgium, France, Germany, Holland and Switzerland. Israel, he said, can survive only if it is strong enough to protect herself economically as well as politically. New legislation to fight inflation by limiting credit, cutting public spending, and abolishing subsidies to capital, was submitted and approved by the Cabinet to that effect this week.
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