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Israeli stocks fall amid fears of global recession

08-08-2011 08:40 BJT

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Israel's stock market has fallen 5 percent on opening, further raising fears of another global recession.

Tel Aviv was one of the first markets to open trading, after the U.S. long-term credit rating was cut to AA-plus. Stocks are also being impacted by recent social unrest in Israel, over the high cost of living. Israel's Prime Minister, Benjamin Netanyahu, has appointed a committee of experts to study potential social-economic reforms, in the light of the ongoing demonstrations. Netanyahu spoke about the U.S credit rating, saying Israel must take responsible financial measures.

He said, "The United States,the greatest economic power in the world,had its credit rating lower by Samp;p rating agency.This is an event that joins the crisis that is widening among central economies in Europe and it may include 120-130 million Europeans who are living in countries on the verge of bankruptcy,and massive unemployment.That is why we have to act in financial responsibility,together with making changes that reflect social sensitivity."

Israel's Prime Minister Benjamin Netanyahu attends the weekly cabinet meeting in
Jerusalem August 7, 2011. Netanyahu scrambled on Sunday to try to quell escalating
demonstrations for lower living costs after a quarter-million people marched in the
biggest economy-related protests in Israel's history. REUTERS/Sebastian Scheiner/Pool


Editor:Zhang Jingya |Source: CNTV.CN

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