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      Archive: 8/7/2011

      News Brief

        8/7/2011, Av 7, 5771

      Steinitz Holds Meeting on US Downgrade

      Finance Minister Yuval Steinitz held an emergency meeting with top Ministry officials in his home Saturday night in light of the Standard and Poor's decision to downgrade U.S. debt. Steinitz called the meeting after rumors spread that S&P was planning to downgrade Israel's credit rating as well, because of the strong financial connection between the U.S. and Israel.

      Financial experts said that there were fears among investors Sunday that shares on the Tel Aviv Stock Exchange could fall significantly Sunday, as fears of worldwide recession spread.