PM: In 2003 Israel's GDP was lower than Greece's, but we adopted the right policy - Shlomo Cesana, Israel Hayom Staff and News Agencies

by Shlomo Cesana, Israel Hayom

Prime Minister Benjamin Netanyahu: We hope Greece finds its way out of crisis  • Israeli cabinet briefed on Greek economic crisis and its implications for Israel  • "We will do what is necessary to continue propelling Israel's economy forward," PM says.

People line up at ATM machine in Athens, Monday Photo credit: AP

Professor Eugene Kandel, the head of Israel's National Economic Council, briefed ministers at Sunday's cabinet meeting on the economic situation in Greece and its implications for Israel.

At the meeting, Prime Minister Benjamin Netanyahu wished the Greek people well as their country tries to extricate itself from its economic crisis.

"We hope that Greece will find ways to rescue itself from this chronic crisis," Netanyahu said.

"GDP per capita in 2003 was higher in Greece than it was in Israel. We enacted a series of reforms to control expenditures and open markets to competition. As a result of this, our gross national product per capita has risen by 50% while Greece's, to my regret, has remained the same," the prime minister said.

"The Greek story has many implications for the Israeli economy. We adopted the right policy, which was very difficult and not populist. In fact, it was anti-populist. As a result, we got to where we are now. This is obviously also important for the natural gas issue. ... We will not act according to populism; we will do what is necessary to continue propelling the Israeli economy forward and ensuring an uninterrupted supply of gas to the Israeli economy. No other interest will influence us."

The Israeli prime minister spoke as Greece voted on whether to accept or reject the tough terms of an aid offer to stave off financial collapse.

Held against a backdrop of default, shuttered banks and threats of financial apocalypse, the country of 11 million people was deeply divided over whether to accept an offer by international creditors that left-wing Prime Minister Alexis Tsipras calls a "humiliation."

He urged, and ultimately received, a resounding 'No', saying it would give him a strengthened mandate to return to negotiations and demand a better deal, including a writedown on Greece's massive debt.

Meanwhile, Greek Foreign Minister Nikolaos Kotzias arrived in Israel on Sunday for a three-day visit. On Monday, Kotzias met with Netanyahu and other top Israeli officials. He will also visit the Palestinian Authority.

Shlomo Cesana, Israel Hayom

Source: http://www.israelhayom.com/site/newsletter_article.php?id=26669

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