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Article

Israel's ministers debate economic consequences of boycott

The [Israeli government] officials discussing the effects of the global boycott against Israel are divided over the potential danger to the state...There are two main contending forces in the debate — the one attempting to play up the danger of the boycott gaining strength against Israel as the likelihood of reaching a diplomatic agreement between Israel and the Palestinian Authority is drifting away, while the other side seeks to play down the threat....The boycott is unlikely to do the Israeli economy any irreversible damage, as Israel will always be able to fall back on markets like those of the United States, South America and Southeast Asia, to compensate for the partial loss of markets in Europe...[But] the foreseen scenario would still leave Israel scarred, hurt its image and undermine its international status far more severely than can be quantified in terms of shekels. [refers to Bank HaPoalim, Nordea Bank, Leumi, Mizrahi Tefahot Bank, Africa Israel]