Key Israelis warn of high Turkey rift cost

Influential Israeli figures, including Central Bank Gov. Stanley Fischer, have started to voice their concerns about the costs of losing Turkey, after recent diplomatic tension. Escalating tensions with once-key ally Turkey, coupled with a growing social protest movement on the domestic front, has started to display signs of a widening rift within the Israeli establishment. Key figures, including the highly influential head of the Israeli Central Bank, have started reminding officials of the material cost of the administration’s obstinacy toward Turkey, warning of huge losses in trade at a time when Israel is in dire need of such income. The central banker was not alone in voicing concerns. Menashe Carmon, the chairman of the Tel Aviv-based Israel-Turkey Business Council, joined him as he spoke to the Hurriyet Daily News yesterday. “Our desire is that there would be no drastic steps taken by either side,” said Carmon. “A calm and more logical atmosphere is needed for business ties to remain [strong].” He added that the level that bilateral trade has reached is “too valuable to lose” for either country. “The crisis with Ankara could cause heavy damage to our industry,” said Uriel Lynn, head of the Federation of Israeli Chambers of Commerce, according to Yedioth Ahronoth. “If the Turkish authorities decide to sever their trade relations with Israel, we will lose an excellent and important trade partner,” the newspaper quoted Lynn as saying.