Netanyahu says opponents are trying to hurt the economy by criticizing the judiciary overhaul
Prime Minister Benjamin Netanyahu on Tuesday accused his political rivals of hurting the economy with their predictions of investor flight and the weakening of the shekel in the wake of his hardline coalition’s proposals for controversial judicial reform.
Netanyahu directed his allegations at the opposition, despite similar warnings from leading financial experts that the plan could wreak massive economic damage.
“It is not pleasant to lose elections … but you must not use this bitterness to hurt the Israeli economy,” Netanyahu chided the opposition during an event in the port of Haifa following the recent completion of the purchase by a consortium of firms under the Leadership of India’s Adani Group.
“First, it’s not going to help because the economy is so strong and the smart investors are coming here,” he said. “I suggest you just join us and do the right thing: build our economy, keep opening up and nurture our free market [economy]and together we will ensure a wonderful future.”
Opposition leader Yair Lapid responded in kind, tweeting, “It’s no fun being a criminal defendant, but you don’t have to turn the bitterness into destroying Israel’s democracy and economy,” in reference to the ongoing trial of the prime minister’s corruption charges.
Get the Daily Times of Israel
via email and never miss our top stories
By registering you agree to the terms
Netanyahu’s comments weren’t the first time the coalition tried to blame the opposition for potential economic damage caused by the plan. A day earlier, Finance Minister Bezalel Smotrich accused Lapid of having lent a hand with his criticism of the planned restructuring of the Boycott, Divestment and Sanctions (BDS) movement.
Yesh Atid Party leader Yair Lapid speaks during a faction meeting in the Knesset on January 23, 2023. (Yonatan Sindel/Flash90)
Lapid hit back, saying he “fought against BDS when Smotrich was just a hilltop youth activist,” referring to the far-right minister’s association with ultranationalist Jewish settlers who build illegal outposts in the West Bank and frequently with Palestinians and Israelis Security forces clash forces.
Financial experts, companies and business groups have stepped up efforts to voice their concerns about the judicial review plan, which they say will threaten democracy and hurt the economy, particularly the thriving local tech industry.
Many fear that a weakening of the judicial system will create insecurity and reduce the likelihood of foreign investors injecting funds into local businesses. This, in turn, could force local and international companies to leave and relocate elsewhere.
Illustrative: View of the Tel Aviv Stock Exchange, November 29, 2020 (Miriam Alster/FLASH90)
Bank chiefs warned Netanyahu last week that they have seen an outflow of funds in recent days as savings accounts were moved abroad from Israel.
The prime minister, who is technically prevented from weighing legislation that could affect the outcome of his ongoing corruption case, has hit back at mounting criticism, claiming the current level of judicial oversight is actually hampering economic growth.
Hundreds of tech workers protested Tuesday for the second straight week, marching in 16 locations across the country to protest the government’s controversial plans to overhaul the justice system.
In addition to last week’s signs in Hebrew that read “No Democracy, No High Tech” and “No Freedom, No High Tech,” protesters this week also held large signs in English that read “Save Our Startup Nation” and “No Balances – No Controls.” “.
Tech workers march in Tel Aviv to protest the government’s planned overhaul of the justice system, January 31, 2023. (Tomer Neuberg/Flash90)
The Netanyahu coalition’s proposals, as put forward by Justice Minister Yariv Levin, would severely limit the Supreme Court’s ability to scrap laws and government decisions, with an “override clause” allowing the Knesset to pass scrapped laws by a slim majority to re-enact 61; give the government complete control over the selection of judges; prevent the court from using a test of “reasonableness” to evaluate laws and government decisions; and allow ministers to appoint their own legal advisers instead of seeking advice from advisers working under the auspices of the Justice Department.
The plan has drawn strong criticism and warnings from leading financial and legal experts, as well as weekly mass protests and public petitions from various officials, professionals and private companies.
On Monday, 50 former ministerial directors – many appointed by Netanyahu – joined warnings about the government’s plan, saying it would cause “long-term” damage to the country’s economic growth and quality of life.
Tobias Siegal and Carrie Keller-Lynn contributed to this report.
You are an engaged reader
That’s why we launched the Times of Israel ten years ago, to provide discerning readers like you with essential coverage of Israel and the Jewish world.
So now we have a request. Unlike other news agencies, we have not set up a paywall. However, as the journalism we do is expensive, we invite readers who have found The Times of Israel important to support our work by joining The Times of Israel Community.
For just $6 a month, you can support our quality journalism while enjoying The Times of Israel AD-FREEas well as access exclusive content only available to members of the Times of Israel Community.
Thank you,
David Horovitz, founding editor of the Times of Israel
Join our community Join our community Already a member? Sign in to stop seeing this
Comments are closed.