Member of Knesset Yitzchok Pindrus from United Torah Judaism said from the Knesset podium on Sunday that Israel’s recent credit rating downgrade was due to the budget cuts affecting yeshivos.

According to Pindrus, the downgrade will cost the state 350 million shekels.

“The real amount that the downgrade and the cost of credit will affect is around 350 million shekels, not seven billion,” he said.

Pindrus then cited a Medrash about Rav Shimon Bar Yochai, who convinced his nephews to give tzedakah. “At the end of the year, the minister came to them asking for taxes and imprisoned them. The family went to Rav Shimon Bar Yochai, and he replied: ‘Check how much they gave in charity. For the amount they gave, they won’t have to pay taxes. On the difference, they will.’

“You know what 350 million shekels is?” Pindrus asked. “That’s the amount you cut from the olam hayeshivos, and you will have to pay for that.”

Pindrus’s comments followed the announcement on Friday by Moody’s, the international credit rating agency, that Israel’s credit rating had been downgraded by two levels, from A2 to Baa1. This is a significant blow to Israel’s credit standing, marking the first time Moody’s has downgraded the country by two notches at once.

{Matzav.com Israel}