Around 500 Israeli high-tech companies deal with the Silicon Valley Bank’s branch in Tel Aviv which suddenly collapsed on Friday. So the bank’s fallout was immediate cause for concern in the Zionist entity.
In a statement issued from Rome, the Zionist Prime Minister Benjamin Netanyahu said, “I am closely following the collapse of the American investment bank SVB, which is creating a deep crisis in the high-tech world. I held talks from Rome with high-tech officials in Israel, and upon my return to ‘Israel’ I will discuss the extent of the crisis with the ministers of finance and economy and the governor of the Bank of ‘Israel’.”
Finance Minister Bezalel Smotrich tweeted that he was establishing a special team to monitor the fallout of Silicon Valley Bank’s collapse and to aid any Israeli or Israel-based high-tech companies impacted by hit.
Smotrich said, “Faced with the shock of the collapse of the American investment bank SVB, the Ministry of Finance under my leadership has been working since [Saturday] evening to formulate a situational picture and solutions. We stand by the Israeli hi-tech companies and will accompany them even in moments of crisis.”
The Zionist entity is also suffering from a financial crisis caused by the withdrawal of deposits from the Israeli banks amid the escalating political rift between the far right government and the opposition over the judicial overhaul.
Source: Websites
