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Israeli Finance Minister Benjamin Netanyahu at a weekly cabinet meeting in Jerusalem. Finance Ministry officials confirmed on Sunday that Bibi submitted his resignation. (AP/File)
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| By Israel Insider staff and partners August 7, 2005 |
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Finance Minister Benjamin Netanyahu resigned from his post Sunday to protest next week's withdrawal from the Gaza Strip and part of the West Bank, an official in his ministry said.
Netanyahu, seen as Prime Minister Ariel Sharon's biggest political rival, submitted a letter of resignation during the weekly Cabinet meeting Sunday, said the Finance Ministry spokesman, Eli Yosef. The resignation will take effect within 48 hours.
The Tel Aviv stock Exchange's Maof index dropped 2.5 percent in six minutes following news of the resignation, and more than 5% by the close of trading. Netanyahu had led efforts to streamline the Israeli economy, often adopting harsh measures in implermenting his austerity plan.
Netanyahu, a former prime minister and political hardliner, has long been conflicted over the Gaza withdrawal. He has voted in favor of the pullout in the Cabinet, but also tried to torpedo the plan in parliamentary maneuvers. He submitted his resignation just before the Cabinet was to give formal and final approval to the first stage of the withdrawal -- the dismantling of three isolated Gaza settlement.
"Record my resignation: Here's the letter," Netanyahu told the prime minister. The letter, quoted by Army Radio, slammed the disengagement plan. "The moment of truth is here. I am not willing to collaborate with this process, which endangers the country's security," Netanyahu wrote.
"I had demanded that we keep the Philadelphi route [along the Gaza-Egypt border] to counter the impression that we are running away from terrorism. The government is ignoring the reality: Terrorism is continuing, the Hamas is growing stronger, terrorists will smuggle weapons from Gaza to the southern West Bank."
"I don't know when the terrorism will erupt in full force -- my hope is that it won't ever. But I am convinced today that the disengagement will eventually aggravate terrorism instead of reducing it. The security establishment also expects an increase in terrorism," he wrote. "The withdrawal endangers Israel's security, divides its people and set the standards of the withdrawal to the '67 border."
The finance minister is considered Prime Minister Ariel Sharon's biggest political rival within the ruling Likud Party. He is expected to challenge Sharon for party leadership ahead of the next election.
The AP contributed to this report.
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