Israel will have a new government today, including a new finance minister, most likely former premier Binyamin Netanyahu.
Treasury officials have already prepared a major package of spending cuts for the new man’s approval. It includes cutting the state budget by between two and four billion dollars.
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The Treasury is also pushing forward the idea of reducing the number of local authorities in Israel from 200 to 70.
Israel is under renewed pressure from the U.S. and the international rating agencies to dramatically improve its economy.
All the major economic indicators point to the economy remaining recessionary.