Fischer: Israel to experience crisis if 0.5% of mortgages not returned
Bank of Israel Governor Stanley Fischer warned that the Israel will experience an economic crisis even if only 0.5% of mortgage takers will become insolvent.
"Most of the financial crises around the world started in the housing field," Fischer said during a special discussion held by the Knesset's Finance Committee. "We cannot let this situation develop in Israel and turn the housing market into a bubble that will burst in our faces, like in the US and Ireland." (Zvi Lavi)
