Fischer calls for Israeli government action on deficit

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Bank of Israel governor Stanley Fischer believes the current trajectory of debt accumulation versus economic growth in Israel is probably unsustainable and could result in severe problems for the country should the Israeli government fail to take timely action to address the matter.

Fischer said the government's decision last month to increase the country's fiscal debt for 2013 to 3% from an initial target of 1.5%, instead of raising taxes by 15 billion shekels, has passed the burden on "to the

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