Steinitz: World heaved sigh of relief over fiscal cliff

Israel was pleased with the outcome, given its deep economic ties with the United States, says finance minister.

Yuval Steinitz 370 (photo credit: Hadas Parush)
Yuval Steinitz 370
(photo credit: Hadas Parush)
The world heaved a sigh of relief at the passage of a deal to avert the US “fiscal cliff,” Finance Minister Yuval Steinitz said Wednesday.
Israel was pleased with the outcome, given its deep economic ties with the United States, he added.
The last-minute deal, which passed in Congress overnight on Tuesday, averted a series of automatic tax increases and spending cuts that could have thrown the US back into a recession.
Steinitz congratulated US Treasury Secretary Timothy Geithner on the deal, saying it provided stability and prevented an exacerbation of the economic crisis in the US. He is due to travel to Washington to meet with Geithner early next week.
The Tel Aviv Stock Exchange registered a modest jump in response to the news, with a 0.73% increase in the TASE-100 on Wednesday, building on the 2.45% increase on Tuesday, when the first signs of a deal emerged.