Netanyahu said to tell Moody’s overhaul legislation will only pass with a consensus

A sign for credit agency Moody's shown on August 13, 2010 in New York. (AP/Mark Lennihan)
A sign for credit agency Moody's shown on August 13, 2010 in New York. (AP/Mark Lennihan)

Prime Minister Benjamin Netanyahu met with officials from Moody’s Investors Service, telling the ratings agency that the judicial overhaul will only pass with a national consensus, Channel 12 reports.

Netanyahu is trying to ease international financial jitters over the judicial overhaul as the shekel continues to drop in relation to the US dollar.

Netanyahu reportedly told senior Moody’s officials that legislation will only pass with broad agreement.

Netanyahu has recently called for direct talks with the opposition, who remain skeptical that the prime minister can deliver a compromise while his hard-line coalition partners dig their heels in over the reforms.

Netanyahu tells Moody’s that he will soon announce his future plans for the overhaul package. So far only one element has passed, the reasonableness law that limits the court’s oversite over the Knesset.

He also tells Moody’s that there will not be a government majority on the judicial selection panel, a key demand of Justice Minister Yariv Levin.

Netanyahu also reportedly warned Moody’s that mass protests against his government will not stop even if there is a negotiated deal.

The prime minister also told the ratings agency that he was cautiously optimistic about a breakthrough in a normalization deal with Saudi Arabia.

The credit rating agency in July warned about “negative consequences” and “significant risk” for Israel’s economy and security situation following the passage of the first bill of the government’s contested judicial overhaul.

Back in April, Moody’s lowered Israel’s credit outlook from “positive” to “stable,” citing a “deterioration of Israel’s governance” and upheaval over the government’s bid to dramatically overhaul the judiciary.

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