Shimon Peres: Father of the New Israeli Economy

Reluctant at first, he steered the Economic Stabilization Program through the cabinet in 1985, bringing an end to Israel’s hyperinflation — and to the state’s socialist economy

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The modern Israeli economy was born on July 1, 1985. That was the day the cabinet adopted a broad program aimed at ending hyperinflation and saving Israel’s rapidly disappearing foreign currency reserves.