This is just a classic example of losers with too much power who don't like that someone got favorable terms in a deal negotiated at arms length and so now give serious thought to going back on their word so they can squeeze the private sector even harder:
Earlier this year, [Israeli] Finance Minister Yuval Steinitz said he was considering changing terms retroactively—meaning the government could extract better terms on previously assigned leases. . . .As one of the executives of one exploration firm observed, "The smell of gas in Israel has driven people crazy."
* * * *
"Israel is sovereign to make its own decision and change its tax regime," Mr. Steinitz said in an interview [on the issue of abolishing tax breaks and imposing steep tax increases on "windfall" profits.].
But never forget. Only private businessmen are greedy.
"Big Gas Find Sparks a Frenzy in Israel." By Charles Levinson and Guy Chazan, Wall Street Journal, 12/30/10.
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