Editing Shimon Peres (section)

====1985 Israel Economic Stabilization Plan====
{{main|1985 Israel Economic Stabilization Plan}}
A major domestic policy decision of Peres' first premiership was the implementation of the 1985 Israel Economic Stabilization Plan.

By 1985, Israel's economic fortunes were looking dire, with immense and quickly rising [[inflation]] (Israel was experiencing hyperinflation), a government budget deficit equal to between twelve and fifteen percent of the nation's [[GDP]] and [[national debt]] equal to 220% of the nation's GDP, and Israel's foreign currency reserves were quickly dissipating.<ref name="Meirav1"/> With the assistance of the government of the United States, Peres assembled a board of American economist to advise him on the situation. Conditional on him implementing reforms, Peres secured emergency economic assistance from the United States of $750 million (equivalent to 3.5% of the nation's GDP at the time) annually over a two-year period.<ref name="Brookingseconomy1">{{cite web |last1=Bahar |first1=Dany |title=How Shimon Peres saved the Israeli economy |url=https://www.brookings.edu/blog/markaz/2016/09/30/how-shimon-peres-saved-the-israeli-economy/ |website=Brookings |access-date=26 April 2022 |date=30 September 2016 |archive-date=24 March 2022 |archive-url=https://web.archive.org/web/20220324222125/https://www.brookings.edu/blog/markaz/2016/09/30/how-shimon-peres-saved-the-israeli-economy/ |url-status=live }}</ref>

Peres was initially hesitant to take the drastic measures that he ultimately would pursue, as they had the strong potential of proving unpopular and came with a risk of potentially creating a drastic increase in unemployment.<ref name="Brookingseconomy1"/> Peres ultimately was convinced to push through the 1985 Israel Economic Stabilization Plan. Once convinced, he was assertive in pushing for the passage of the program, which was quickly after approved by his cabinet on 1 July 1985. This program had quick success in improving the course of the Israeli economy. By the end of the year, inflation immensely decreased. Additionally, the [[shekel]] stabilized and the government balanced its budget. While Israel would subsequently slide into a [[recession]], the stabilization has been regarded as an important and greatly successful model for addressing economies in crisis, and has been credited with saving the nation's economy.<ref name="Meirav1">{{cite web |last1=Arlosoroff |first1=Meirav |title=Shimon Peres: Father of the New Israeli Economy |url=https://www.haaretz.com/israel-news/business/.premium-shimon-peres-father-of-the-new-israeli-economy-1.5444104 |website=Haaretz |access-date=26 April 2022 |language=en |date=29 September 2016 |archive-date=26 April 2022 |archive-url=https://web.archive.org/web/20220426140553/https://www.haaretz.com/israel-news/business/.premium-shimon-peres-father-of-the-new-israeli-economy-1.5444104 |url-status=live }}</ref><ref name="Brookingseconomy1"/><ref>{{cite web |last1=Yechaim |first1=Weitz |title=Shimon Peres Was Never a Leader |url=https://www.haaretz.com/israel-news/.premium.HIGHLIGHT-shimon-peres-was-never-a-leader-1.10258501 |website=Haaretz |access-date=26 April 2022 |language=en |url-access=subscription |date=2 October 2021 |archive-date=26 April 2022 |archive-url=https://web.archive.org/web/20220426141042/https://www.haaretz.com/israel-news/.premium.HIGHLIGHT-shimon-peres-was-never-a-leader-1.10258501 |url-status=live }}</ref>