Deputy Governor of the Bank of Israel Zvi Eckstein says Israel's economy depends on the US Obama administration.
"What happens in the Israeli economy depends of Obama and his administration. By fall 2009 the financial system is expected to stabilize and towards the second quarter of 2010 the economy will return to growth, said Deputy Governor of the Bank of Israel Prof. Zvi Eckstein. He was speaking at a conference on the global economic crisis at Midreshet Ruppin.
Prof. Eckstein refused to answer questions from students about the situation at Bank Hapoalim. He said, "Israel's banks hold very few toxic loans and the damage done to them is very small. That said we can see that the damage has not been uniform with Bank Hapoalim hurt more than Bank Leumi and Mizrahi-Tefahot the least affected."
Published by Globes [online], Israel business news - www.globes-online.com - on May 19, 2009
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