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News Brief

March 18, 2003
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Finance Minister Benjamin Netanyahu called for large budget cuts to jump-start the struggling Israeli economy. The plan calls for billions of shekels in cuts, which would force residents to pay more for public transport, utilities, and pension contributions, while receiving smaller welfare payments. The austerity plan calls for wage reductions among 500,000 public sector workers and layoffs for another 10,000. In addition, taxes will be cut for some workers.

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