Steinitz Sees Cuts Saving $3.7 Billion: Israel Overnight

Israel will find 14 billion shekels ($3.7 billion) of savings by reducing spending rather than increasing taxes and may consider raising additional financing on domestic or international markets, the finance minister said.

“New Taxation will not help any,” Yuval Steinitz, 54, said yesterday in an interview at Bloomberg’s headquarters in New York. “Even if we have zero deficit, or even if government revenues would go up dramatically, it won’t help.”