What does it mean "the end of the mandate' on Wednesday?
The jurisdiction to create a government is with Benny Gantz , leader of the Blue and White Party and he has until Wednesday to inform the Knesset that he has succeeded and to present his government.
What will happen then?
If Gantz doesn't succeed then Israel will be in an unique situation that we haven't been in for decades. There will then be a period of 21 days where any member of Knesset can collect signatures from other MKs that prove his ability to form a coalition. If any MK succeeds in gaining 61 signatures then he will have 14 days to form a coalition.
If no MK succeeds to get 61 signatures?
Then 3rd elections will be called within 90 days.
It's been reported that Gantz and Liberman are attempting to form a "minority government." What does that mean?
By law, an Israeli government doesn't need 61 members. This can occur when less than 61 MKs vote on the government or if some members of an existing coalition resign leaving the coalition with less.
Is this possible?
Yes and has happened previously. Rabin stood at the head of a minority government in his second term, as did did Ehud Barak. It can happen in the current situation in two forms; a minority government supported by the Arab parties and Lieberman abstains, or a minority with Lieberman supported by only some of the Arab MKs.
Is this likely?
It's difficult to say but it seems unlikely. Lieberman supporting a coalition with Arab members only days after violence in the south seems odd.
If it's unlikely, why is Netanyahu worried?
Because at this point Liberman and the Arab parties appear to be game. Both sides are unwilling to declare that such a government will not happen.