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"I believe that Israel will experience the impact of the Arab Spring, and not in a confused way," said Bank Leumi (TASE: LUMI) chairman David Brodet at the "Globes" Israel Business Conference today.
"The Israeli public is in despair and isn't interest in what is happening in front of its eyes, economically. We're worried about Iran and we follow developments in Egypt and Syria, but we ought to look at what's happening a just a few kilometers away from us in the West Bank.
"The Palestinian Authority missed an opportunity to manage a great and developing economy. The 2000 intifada sealed the fate of the Palestinian economy."
Brodet said that Israeli indifference was liable to boomerang against it, and Israel must therefore reach a work plan with the Palestinians to rehabilitate the Palestinian economy, even without political concessions. "Israel needs a good neighbor. We cannot ignore economics and do nothing."
US Ambassador to Israel Daniel Shapiro said, "Regime change can be chaotic and lead to dictatorship, which is why it is necessary to help so that these changes will maximize the transition to stable democracy.
"The Arabs future will be determined by the Arabs and not by us. Nonetheless, Arab democracy will provide regional stability. Israel has justifiable concerns. We are not blind to the risks. We have several principles: a non-violent regime, respect freedom of religion, speech, women, and minorities." He added, "For this to succeed the middle class must be allowed to develop. To support the development of these countries the US will provide the tools for ensuring that strategic changes are exploited and these reforms symbolize hope for a better economic future. Israel too has a role in this process." Shapiro said that the US recognized Israel's security risks, "The US will assist Israel. Cooperation between our militaries was never closer and Obama recognizes the dangers of a nuclear Iran. The US will not sit on the side while Iran threatens Israel and sows panic in the region."
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