After weeks of power struggles, threats, and manipulation, the Ministry of Finance and the Israel Public Broadcasting Corporation (Kan) today reached an agreement making it possible to hold the next Eurovision Song Contest in Israel. The Public Broadcasting Corporation council today approved the agreement with the Ministry of Finance. The agreement was a compromise proposed early in the dispute before the deadline for depositing a guarantee. Under the agreement, Kan will take a loan in order to deposit the guarantee required by the European Broadcasting Union and the Ministry of Finance will undertake in writing to indemnify Kan if the Eurovision is canceled. RELATED ARTICLES Last gasp compromise allows Israel to stage Eurovision final Netta Barzilai to present Partner TV ad campaign Israel mulls venue for hosting Eurovision 2019 finals Netta Barzilai pulls record viewer numbers for Kan Kan said, "Kan regards hosting the Eurovision Song Contest in Israel as very important for Israel's image and as an economic lever for Israel. After a great deal of effort, the Ministry of Finance promised that if the Eurovision Song Contest is not held in Israel due to circumstances beyond Kan's control, a proposal will be made to the government to provide a solution for Kan for the amount of the guarantee that is foreclosed. Kan will therefore deposit the €12 million guarantee today. Kan believes that the Israeli government will do its best to ensure that the Eurovision Song Contest is held here properly and will keep the promises of its ministers, as expressed in the media, concerning funding for the competition. The subject of financing the Eurovision Song Contest will be discussed by Kan and the the Ministry of Finance Budget Department professional staff. The professional staff will make its recommendations to the authorized parties." Published by Globes [online], Israel business news - www.globes-online.com - on August 14, 2018 © Copyright of Globes Publisher Itonut (1983) Ltd. 2018
