''Israel to vote on sweeping austerity measures''

From Daily News Egypt

''Ministers in Israel’s cabinet were on Monday preparing to vote on a package of sweeping economic austerity measures in a bid to cut the budget deficit, in a move expected to hit the underprivileged hard.

Central to the plan is a hike in income tax and VAT, as well as a 700 million shekel ($171 million, 140 million euro) cut to the 2012 state budget.

The package, details of which were finalised over the last few weeks by Israeli Prime Minister Benjamin Netanyahu, Finance Minister Yuval Steinitz and Bank of Israel Governor Stanley Fischer, is reportedly expected to pass by a large majority.''

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