Don’t break out the fiscal champagne yet
The treasury’s latest figures on tax collections, spending and the deficit has a lot more to with revised national accounting and happy coincidences than anything else
The sky seemed to have fallen in on the state budget in early 2013 as the deficit relentlessly continued to climb. Stressed by the deteriorating situation, newly minted Finance Minister Yair Lapid considered raising the year's deficit target to 5% of gross domestic product. It was only due to intervention by Stanley Fischer, then governor of the Bank of Israel, that agreement was finally...
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