Finance Minister Yuval Steinitz on Sunday said that Israel must be wary when it comes to fiscal policy.

"If, god forbid, the Israeli economy spirals to a situation similar to that currently faced by Spain, there will be no organization or country that will funnel 100 billion Euros as assistance," Steinitz said at the start of a cabinet meeting.

Euro zone finance ministers agreed on Saturday to lend Spain up to 100 billion euros ($125 billion) to shore up its teetering banks. 

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