Jacob Frenkel at protest in Tel Aviv
Jacob Frenkel at protest in Tel AvivMiriam Alster/Flash 90

The demonstrations against the judicial reform resumed across the country on Saturday night, the 30th week that such protests have taken place.

Tens of thousands demonstrated at the central point along Kaplan Street in Tel Aviv.

At the same time, demonstrations took place in over 100 centers throughout the country.

The main demonstration on Kaplan Street was attended by left-wing activist and singer Achinoam Nini.

Former Bank of Israel Governor Prof. Jacob Frenkel spoke at the protest in Tel Aviv and said, "'Credit ratings' are not just a couple of words in reports that raise dust – they are life itself. Damage to Israel's credit rating will affect every citizen. The government will have to pay more for the loans it takes, and as a result we will all pay higher interest on loans, and this includes everyone. Those with mortgages, car loans, business loans, and even with a deficit in the bank account. The shekel will be worth less, and the basket of groceries we all consume will become more expensive. The problem of the cost of living, which is already suffocating the middle class, will get even worse. And all this - for what?"

"Investments will decline, and economic growth will suffer. Already, the performance of the Israeli stock market has suffered, and even though the world is recovering, we are far behind. And the stock market is not only a matter for the rich, each of us is invested in the stock market directly or indirectly, everyone who has a pension fund, everyone who has a mutual fund, everyone who has a provident fund, is invested in the stock market and in the last six months has sustained damage. And I ask again: All this - for what?"

Frenkel sought to directly address the Prime Minister, saying, "I am addressing you as someone who was appointed by you to the post of Governor of the Bank of Israel and together with you led Israel's economy for many years, together we worked to reduce inflation, and to improve Israel's position in the world. I am addressing you for the future of our children and grandchildren, it is only in your hands to prevent the deterioration into the abyss. It's time to break free from the shackles of politics, it's time to stop!"