Israel: `No One Is Crying Over Meridor's Departure'

The Finance Minister's fall may speed up economic reform

When Israeli Finance Minister Dan Meridor quit on June 17, markets gave a brief shudder. Since Meridor had opposed plans by Prime Minister Benjamin Netanyahu and Bank of Israel Governor Jacob A. Frenkel to make the shekel float in a wider band against the dollar, foreign exchange traders immediately pushed the currency down by nearly 2%. But the shekel quickly recovered, and the Tel Aviv Stock Exchange finished the day up 1%. "No one is crying over Meridor's departure," says Eldad Tamir, co-CEO of Tamir Fishman, a Tel Aviv investment bank.

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