An unnamed banking executive told Globes, "There are likely to be a phenomenal number of defaults and firms will go under" during the current economic slowdown. "What we have here is a ticking bomb. Firms have raised tens of billions of shekels in bond issues over the last two years, and there isn't anyone to repay the principle."
He said that the crisis will be unprecedented because it is the business sector that will be involved. Israel suffered a severe financial crisis more than 20 years ago when banks and pension funds were overextended.