(Bloomberg) — Investors and lawyers in Israel are weighing their next steps as they fret over a new law that weakens the power of judges and has deepened uncertainty for the country’s $520 billion economy.
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On Monday, despite widespread anger and hundreds of thousands of people taking to the streets in protest, Prime Minister Benjamin Netanyahu’s right-wing coalition barred judges from voiding ministerial decisions they consider “unreasonable.”
The shekel fell after the bill was easily passed in the Knesset, with opposition lawmakers boycotting the vote. The currency has weakened 1.7% to 3.70 per dollar this week,