Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Israeli leaders rebuff Moody's outlook cut, protests persist

Israeli leaders rebuff Moody's outlook cut, protests persist

Israel's government on Saturday rebuffed an outlook downgrade on the country from credit ratings agency Moody's, while tens of thousands of Israelis returned to the streets to protest against a planned overhaul of the country's judiciary.
Moody's report issued on Friday marks the latest warning about a potential economic backlash to Prime Minister Benjamin Netanyahu's legislative push.

The move includes giving politicians greater sway on selecting judges and limiting the power of the Supreme Court to strike down legislation.

Moody's affirmed Israel's sovereign credit rating at "A1", while revising its outlook to stable from positive.

"Israel's economy is stable and solid and with God's help will remain so," Netanyahu and his finance minister, Bezalel Smotrich, said in a joint statement.

They said the concerns raised by Moody's are "natural for those unfamiliar with the strength of Israeli society".

At the same time tens of thousands of Israelis again gathered in Tel Aviv and other cities in intensifying weekly protests, waving flags, banging drums and blaring horns.

They worry the proposed changes will weaken the courts and endanger civil liberties.

Moody's, summing up the months of turmoil since Netanyahu returned to power late last year at the head of a religious-nationalist coalition, said Israeli institutions were less predictable given the government's handling of events.

"The wide-ranging nature of the originally proposed changes and the speed with which the government attempted to push them

through ...without an attempt to achieve broad consensus point to a weakening of institutions," the agency said.

Netanyahu, under pressure at home and abroad, has agreed to delay the overhaul to try to negotiate a middle ground, but Moody's, echoing opposition lawmakers in Israel, said: "It is far from clear whether a compromise can be found."

On the upside, it said, the country's positive economic and fiscal trends remain, should a solution be reached.

Israel's central bank and senior Finance Ministry officials have warned that the judicial overhaul might impact investor sentiment and hurt the economy.

Critics, who range from the business elite to former military officers, say the overhaul will hurt democracy and hand uncontrolled powers to the government of the day.

Netanyahu, who is on trial on graft charges he denies, says the changes are needed to rein in activist judges who have interfered in political decision making.

Israel's economy grew a faster-than-expected 6.4% in 2022, although growth is expected to fall below 3% this year amid steep central bank interest rate hikes aimed at battling high inflation.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
JD Vance and Scholz Did Not Come Together at the Munich Security Conference.
EU Official Participates in Discussions in Washington Amid Trade Strains
Qatar Contemplates Reducing French Investments Due to PSG Chief Investigation
Germany's Green Agenda Encounters Ambiguity Before Elections
Trump Did Not Notify Germany's Scholz About His Ukraine Peace Proposal.
Munich Car Attack Escalates Migration Discourse Before German Elections
NATO Allies Split on Trump's Proposal for 5% Defense Spending Increase
European Parliament Advocates for Encrypted Messaging to Ensure Secure Communications
Trump's Defense Spending Goal Creates Division Among NATO Partners
French Prime Minister Bayrou Navigates a Challenging Path Amid Budget Preservation and Immigration Discourse
Steering Through the Updated Hierarchy at the European Commission
Parliamentarian Calls for Preservation of AI Liability Directive
Mark Rutte Calls on NATO Allies to Increase Defence Expenditures
Dresden Marks the 80th Anniversary of the World War II Bombing.
Global Community Pledges to Aid Syria's Political Transition
EU Allocates €200 Billion for AI Investments, Introduces €20 Billion Fund for Gigafactories
EU Recognizes Its Inability to Close the USAID Funding Shortfall Due to Stalled US Aid
Commission President von der Leyen Missing from Notre Dame Reopening Due to Last-Minute Cancellation
EU Officializes Disinformation Code for Online Platforms, Omitting X
EU Fails to Fully Implement Key Cybersecurity Directives
EU Under Fire for Simplification Discussions Regarding Corporate Sustainability Reporting
Shein Encountering Further Information Request from the EU During Ongoing Investigation
European Commission Initiates Investigation into Shein as It Aims at Chinese E-Commerce Regulations
German Officials Respond to U.S. Proposal for Peace Talks with Russia
Senate Approves Robert F. Kennedy Jr. as Secretary of Health and Human Services.
Trump and Putin Engage in Discussions on Ukraine Peace Negotiations Amid Worldwide Responses
Honda and Nissan End Merger Talks
Highlights of New York Fashion Week Celebrate Iconic Comebacks and Rising Stars.
Trump Asserts BRICS 'Is Finished' in Light of Tariff Threats.
Trump's Tariffs Loom Over Major German Trade Exhibition
OpenAI Modifies Its Strategy in Response to Growing AI Competition
CPJ Report Indicates a Record High in Journalists Killed in 2024.
World Leaders Champion Ethical and Inclusive AI Governance at Paris Summit
Chinese Nationals Taken Off Flight at Kuala Lumpur International Airport
How Spain Transformed from High Unemployment to Eurozone Growth Leader
EU Promises Swift Response if New US Tariffs Are Introduced
The European Union Shifts Focus to AI Innovation Amid Global Competition (or at least this is what they claim)
Merz and Scholz Engage in Confrontation Over Migration and Economic Strategies in Pre-Election Debate
Tech Giants Boost Investment in AI Infrastructure Despite Competition
Europe Faces Growing Security Concerns and Trump's New Demands on Ukraine
Justin Bieber Sparks Concern as New Footage Raises Health Fears
European Right-Wing Leaders Celebrate Trump’s Impact on Global Politics
Germany Confronts Political Turmoil Before Sudden Election
Macron's AI Vision Encounters Obstacles in the Global Technology Race.
Reports of Pro-Russian Bots Attempting to Influence German Election Surface
'BACK TO PLASTIC!': Trump to End Bans on Plastic Straws
TikTok Sued Over Alleged Child Deaths Caused by 'Blackout Challenge'
U.S. Ally Claims Trump Has Distinct Credibility to Resolve Ukraine-Russia Dispute
At least ten fatalities confirmed in shooting at a Swedish school, authorities report.
Trump Administration Preparing Executive Order to Abolish the Department of Education
×