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Politics : World Affairs Discussion

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To: ChinuSFO who started this subject	7/28/2002 2:26:46 PM
From: Elmer Flugum	Read Replies (1) of 3959

Settling Accounts With The Settlers thestreet.com "This week the treasury announced that since the intifada resumed two years ago, the economy has lost NIS 50 billion as growth plunged. In 2003 we can expect a record 300,000 unemployed. Investments will shrink and consumption will drop as the standard of living declines. Another NIS 8.7 billion has to be cut from the budget, to prevent immediate financial crisis. Two years ago pundits were blaming the recession on the hi-tech crisis and the global slide. By now it is clear that the key problem is the war in the territories, and the terror attacks inside Israel. At first only the tourism industry suffered, but the crisis quickly spread to every sector of the economy. Nothing has been spared. For the first time in Israel's history of economic crises, no stratum has escaped the sword. This time, it's not only the poor who are hurting: the wealthy are also paying more taxes and earning a lot less. Businesses are closing. Shops are empty. Wage-earners are taking home less money and the jobless are getting lower unemployment benefits. Taxi drivers struggling for fares have to work 12 hours a day to survive and managers are hitting the pavement in droves."

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