"Netanyahu's merciless policy as finance minister is remembered by many people whose refrigerators were empty," said Minister of Finance Ronnie Bar-On today at the Herzliya Conference in an attack on Likud chairman MK Benjamin Netanyahu. "We were able to change the equation of fiscal responsibility equaling cutbacks."
Bar-On said that this responsibility meant meeting the needs of the poor. "We maintained fiscal discipline and social responsibility during growth, so that when the crisis hit we had the necessary flexibility."
Bar-On listed the economic achievements of Prime Minister Ehud Olmert's government, and the measures that he says have been taken since the outbreak of the crisis. "We're in the midst of establishing age-based pension savings, reviving the non-bank credit market, and other measures. The current structure is an anomaly, even requiring changes in areas of authority of the Ministry of Finance and the Bank of Israel.
"The public has already felt the blows of those who purvey illusions. At the end of the day, all the illusion-sellers will meet the public and in a reality that won't digest the heap of rubbish of the election campaign."
In response to criticism by Teva chairman Eli Hurvitz of the government's aid plan for high-tech, Bar-On said, "Eli, with all due respect, it's impossible to consult all the time with everyone who thinks he has something to say."
Bar-On continued, "This is a crisis that neither you nor I have ever experienced. You don’t know where the crisis is located on the curve or the timeline. We have to learn from the mistakes of others."
Commenting on the $750 billion US stimulus plan proposed by President Barack Obama and the rescue packaged proposed by UK Prime Minister Gordon Brown, Bar-On noted, "We don’t have these options."
Hurvitz replied, "The process can't move without dialogue, otherwise the government will lose the confidence of the establishment."
Published by Globes [online], Israel business news - www.globes-online.com - on February 2, 2009
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