Steinitz: Europe crash would cause us 5-10 year recession

December 11, 2011 21:24

Finance Minister Yuval Steinitz warned Sunday that if Europe's economy crashes "a 5-10 year recession," would follow, not only in Europe, but in the US and Israel as well.

Speaking at the Globes business conference in Tel Aviv, the finance minster said that Israel was "ready for a difficult scenario."

Steinitz announced that he would be heading a delegation leaving for India on Monday, charged with decreasing Israel's dependence on western nations as the market for its exported goods.

"One of our main efforts is to push Israeli exports to the rest of the world, because some 70 percent of Israel exports go to the developed world and we are trying to encourage exports to China, India and South America in order not to be dependent only on western nations," Steinitz stated.

He said that the plan had been successful thus far, with exports to developing nations rising from 30 percent to more than 40 percent in the last two years.

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