As Israeli protesters recover from defeat over Netanyahu hard right's judiciary overhaul, Israel's economy and high-tech industry reel over fallout.
about a slide into autocracy — and from international credit agencies and the country’s high tech industry about Israel’s economic future.Since the judicial reform crisis began six months ago, the value of the shekel, the Israeli currency, has fallen to a three-year low and the stock market has fallen by 10%, according to Reuters.
Opponents believe it will gut Israel’s judiciary and destroy a central pillar of its democracy. Supporters want to limit the power of liberal judges to overturn laws created by an increasingly extremist and ultranationalist legislature.After Netanyahu’s moves against the judiciary, can Israel, long heralded as the only democracy in the Middle East, still claim the title?
Tens of thousands of protesters have marched on the main highway into Jerusalem in a last-ditch show of force aimed at blocking Prime Minister Benjamin Netanyahu’s contentious judicial overhaul plan. “This is killing the high-tech scene in Israel,” said tech investor Itzik Fried, who has attended the chanting, flag-waving demonstrations weekly. “Money is like water, it flows where it’s easy. And it’s about to stop coming here.”
The high-tech sector has been an influential part of the protest movement over the last six months, including joining general strikes on several occasions. In March, widespread strikes from the tech sector, the country’s largest labor unions and airport workers forced Netanyahu to temporarily shelf the judicial overhaul for a number of months.
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