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Israeli banks get lower rating

The global investment credit rating agency, Moody's, has announced that it is reducing the rating for Israeli banks from "stable" to "negative". Moody's explained that the security challenges faced by the Zionist state at this time are having a dramatic impact on the Israeli economy. The agency also expected a slowdown in the pace of economic growth due to the global financial crisis that is casting a shadow on the Israeli economy.

Israeli economic analysts and experts reduced the ceiling on expectations for the growth of the economy for this year to no more than three per cent. Bank Hapoalim, meanwhile, has called upon the Israeli government to address the excesses in the general budget and increase the size of funds allocated for infrastructure projects in order to revive the economy.

Official statistics in Israel confirm a decline in the economy last year; economists expressed concern about "negative indicators" which warn of further falls during the year.

Middle EastNews
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