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Israeli rejects BAILOUT: Opts to let market forces reignPM Olmert rejects bailout plan as Tel Aviv opens Sunday with heavy lossesOctober 12, 2008, 11:48 AM (GMT+02:00)Tel Aviv Stock Exchange opens lateIndustry minister Yishai proposed a $10bn dollar bailout plan for Israeli banks and the creation of a new emergency economic cabinet to handle the financial crisis on which opposition leader Binyamin Netanyahu, former finance minister and PM, would have a seat.The plan would also protect depositors and savers. Caretaker prime minister Ehud Olmert rejected the proposal out of hand.The weekly cabinet session took place Sunday, Oct. 12, in the shadow of heavy losses on the Tel Aviv Stock exchange, which opened 45 minutes late after a five-day festival break during which global markets crashed.The Tel Aviv market reopened in the... [read full story]
