Speaking to the Knesset's Finance Committee, Bank of Israel Governor Stanley Fischer said the central bank is already preparing for developments abroad. He said: "Europe's economic state of affairs is very dramatic and disconcerting; it is yet unclear what the consequences will be in the event that the eurozone crumbles,". Fischer also said there were two likely scenarios: Either the eurozone will survive or the European leaders will not make well-timed decisions and the eurozone will crumble.
