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Tuesday, March 27, 2007

Israel's Foreign Debt Falls By 50 Percent

This definitely is a record for the Israeli state! Despite all that's going on, it looks like the economy is doing fairly well in Israel.

(Globes Online) The Bank of Israel said, "The balance of assets abroad totaled about $156 billion at end of 2006, a rise of $34 billion on the end-2005 position. Most of this increase was due to an increase of about $13 billion in direct investments, with the Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) deal contributing some $10 billion of this. Portfolio investments grew by $10 billion due to continuing portfolio adjustments in the private non-banking sector in light of the tax reform."

The article later on mentions foreign investment also playing a role in the Israeli state, which means that people seem to be talking with their wallets in regards to their affection towards the Jewish state.

Props to all of those who made this happen (now if only I could get a piece of the action then I would be all set ;-))

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