In Israel, recession pressures boil over into looting
Thu, 19 Mar 2009
Add Israel to the list of countries where there are reported cases of looting due to the global economic downturn.
Stories of outbreaks are isolated and few, but Dafna Cohen, a spokeswoman for the Histadrut, Israel’s trade union federation says, “These small stories are the beginning of a big fire.”
Israel’s economy is expected to shrink 1.5 % this year, and it is forecasted that there will be an 11% decline in Israeli exports, which account for half the value of everything the country produces.
[Posted By shades]
By Richard Boudreaux
Republished from L.A. Times
Isolated outbreaks have erupted after beleaguered business owners or managers defaulted on debts, stopped paying workers and went into hiding.
Reporting from Hatzor Haglilit, Israel — First came the employees, shortchanged two months’ pay and laid off by the supermarket called God’s Blessing. They rifled through their shuttered workplace, helping themselves to crates full of groceries.
As word spread through the small town, the store’s jilted creditors joined in. They dismantled the light fixtures, ripped out wiring and absconded with the cash registers, even as television cameras rolled.
[end excerpt]
Read the rest of this article:
In Israel, recession pressures boil over into looting - Los Angeles Times
Thu, 19 Mar 2009
Add Israel to the list of countries where there are reported cases of looting due to the global economic downturn.
Stories of outbreaks are isolated and few, but Dafna Cohen, a spokeswoman for the Histadrut, Israel’s trade union federation says, “These small stories are the beginning of a big fire.”
Israel’s economy is expected to shrink 1.5 % this year, and it is forecasted that there will be an 11% decline in Israeli exports, which account for half the value of everything the country produces.
[Posted By shades]
By Richard Boudreaux
Republished from L.A. Times
Isolated outbreaks have erupted after beleaguered business owners or managers defaulted on debts, stopped paying workers and went into hiding.
Reporting from Hatzor Haglilit, Israel — First came the employees, shortchanged two months’ pay and laid off by the supermarket called God’s Blessing. They rifled through their shuttered workplace, helping themselves to crates full of groceries.
As word spread through the small town, the store’s jilted creditors joined in. They dismantled the light fixtures, ripped out wiring and absconded with the cash registers, even as television cameras rolled.
[end excerpt]
Read the rest of this article:
In Israel, recession pressures boil over into looting - Los Angeles Times