www.zerohedge.com BY TYLER DURDEN
Amid the ongoing huge Israeli protests, which are being widely described as the country’s largest in history, embattled Prime Minister Benjamin Netanyahu is expected to imminently announce he’s suspending his coalition’s judicial overhaul legislation. He also for the first time warned the country against falling into violence.
Upon his signaling that he will now back down from the controversial overhaul (at least temporarily) – seen as a sweeping power grab – and after banks and shops closed in a nationwide strike, the shekel appreciated against the dollar and Israeli shares immediately rose. The shekel in early morning trading rose more than 1% to 3.55 against the dollar on reports there will be a U-turn.
The protests, which have been gaining steam and spreading for days, hit epic proportions Sunday and overnight into Monday with the shock firing of Defense Minister Yoav Gallant due to his calling for the suspension of the judicial overhaul legislation while asserting the plan would “created an internal rift that poses a clear and immediate threat for Israel’s national security.”
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