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      Moody’s Downgrades Israel’s Credit Rating, Citing Toll of War With Hamas

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      Moody’s on Friday became the first major rating agency to downgrade Israel’s creditworthiness, citing the prolonged war with Hamas and the toll it is taking on the country’s finances.Moody’s, one of three major rating agencies alongside S&P Global Ratings and Fitch, lowered Israel’s rating from A1 to A2. Credit ratings range from a low of D or C (for S&P and Moody’s scales) to AAA or Aaa for the most pristine borrowers. A rating of A2 is still a high rating, but Moody’s also noted that the outlook for the country was negative, dented by the social, political and economic risks arising from the conflict with Hamas. The rating agency had put Israel on review after the Hamas-led Oct. 7 attacks, in which more than 1,200 people were killed, according to Israeli officials, and more than 250 taken hostage. Both S&P and Fitch also began to reassess Israel’s credit rating in November but have yet to take any action as a result. In a statement announcing the decision, Moody’s said that it downgraded Israel because “the ongoing military conflict with Hamas, its aftermath and wider consequences materially raise political risk for Israel as well as weaken its executive and legislative institutions and its fiscal strength, for the foreseeable future.”Moody’s said it expected Israel’s military spending to double 2022’s outlay by the end of this year. That means more debt to fund the increase in spending.It is typical for rating agencies to reassess a country’s creditworthiness after a major event that is likely to affect its ability to repay its lenders. Credit ratings are required by many investors who buy the debt of companies and countries as an indicator of the likelihood that they will get back the money they lent out. S&P, which has also been re-evaluating Israel’s credit rating since October, has planned an update to the country’s credit rating for May 10. The rating agency noted in a report in November that Israel’s diversified economy and strong tech sector should give its finances ballast during the war, though it warned that a further escalation of the conflict to regions outside Gaza could strongly affect its decision-making. “We could lower the ratings on Israel if the conflict widens materially, increasing the security and geopolitical risks that Israel faces,” S&P’s analysts noted. “We could also lower the ratings in the next 12-24 months if the impact of the conflict on Israel’s economic growth, fiscal position and balance of payments proves more significant than we currently project.” More

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      Biden Calls Israel’s Response in Gaza ‘Over the Top’

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      President Biden criticized Israel’s response in the Gaza Strip as “over the top” on Thursday, while defending U.S. efforts to broker a cease-fire and increase the amount of humanitarian aid reaching the territory.In remarks that were overshadowed by questions over his memory and his mistakenly referring to the President of Egypt, Abdel Fattah el-Sisi, instead as the president of Mexico, Mr. Biden appeared to describe Israel’s war in Gaza as disproportionate.“A lot of innocent people starving, in trouble, dying,” he said at a news conference at the White House, where he answered questions about his age and memory. “And it’s got to stop.”Israel has signaled this week that its military is gearing up to push into Rafah, a sliver at the southern end of Gaza where hundreds of thousands of civilians fleeing the violence have been crammed in. More than 27,000 people have been killed in Gaza four months of war, and most people are facing starvation and disease in addition to the continual airstrikes.The president has previously been critical of Israel’s actions in Gaza, saying in December that the country was engaged in “indiscriminate bombing” as the United States and other allies were pushing for more targeted approaches to limit civilian deaths. He said at the time that Israel’s conduct in the war was eroding international support for its position in the conflict.Those remarks, at a fund-raiser in Washington, also included assessments of Prime Minister Benjamin Netanyahu as the leader of “the most conservative government in Israel’s history,” showing growing rifts between Israel and its strongest ally.That gulf over a way out of the war was on full display this week, when Secretary of State Antony J. Blinken traveled to the Middle East to push for a cease-fire deal.The Israeli prime minister pre-empted a joint news conference that would have been customary after his meeting with Mr. Blinken and instead met on his own with reporters to criticize the proposal the Americans saw as a potential opening to a solution. More

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      Netanyahu’s Bind: Compromising in Gaza or Holding On to Power at Home

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      To end the war in Gaza and free the remaining Israeli hostages, Prime Minister Benjamin Netanyahu may have to cut deals that analysts say could end his government — and potentially his career.Prime Minister Benjamin Netanyahu of Israel is fighting two parallel battles, one in Gaza and another at home — and neither is going according to plan.In Gaza, Mr. Netanyahu is leading a military campaign to defeat Hamas and free the remaining Israeli hostages captured during the Oct. 7 attack on Israel. At home, he is fighting to secure both his short-term political survival and his long-term legacy.On both fronts, he is struggling.In Gaza, more than 100 hostages remain captive despite months of war and protracted negotiations for their release. Hamas is battered but undefeated, and generals have privately said that the war, despite devastating Gaza and killing more than 26,000 people, according to officials there, is approaching a deadlock. In Israel, polls show the prime minister would easily lose an election if one were held tomorrow. And after Mr. Netanyahu presided over the defense failures on Oct. 7, the deadliest day in Israel’s history, his legacy has been ruined.His efforts to resolve these crises are at odds with each other, analysts said.To burnish his legacy, he is pushing for a landmark peace deal with Saudi Arabia, a long-term strategic goal for Israel. Saudi Arabia, however, will not normalize ties without an Israeli commitment to a two-state solution. And without greater cooperation from Saudi Arabia and its Arab allies, it will become harder for Israel to wind down its war in Gaza and plan for the territory’s future.But to retain power and preserve his right-wing coalition, he must reject the premise of a Palestinian state.An Israeli soldier, photographed during an escorted tour by the Israeli military for international journalists, taking up a position in the central Gaza Strip.Avishag Shaar-Yashuv for The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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      Frozen U.S. Funding for UNRWA in Gaza Is Minimal, State Dept. Says

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      Just $300,000 is on hold after Israeli claims that UNRWA employees joined the Oct. 7 Hamas attacks, U.S. officials say.The State Department downplayed the significance on Tuesday of its decision to pause funding for the main U.N. aid agency in Gaza, explaining that it had already provided virtually all the money allocated by Congress for that purpose and that the Biden administration hoped the matter could be resolved quickly.More than 99 percent of American dollars approved by Congress for the United Nations Relief and Works Agency for Palestine Refugees, or UNRWA, has been sent to the agency, the State Department spokesman, Matthew Miller, said on Tuesday.The State Department paused the money “temporarily” on Friday after accusations by Israel that a dozen UNRWA employees participated in the Oct. 7 Hamas attacks, with some holding hostages within Gaza. At least 17 other donor nations have also suspended their funding to the agency, according to the group U.N. Watch.Human rights groups and progressive Democrats in Congress have denounced the move, saying that it will deprive innocent Palestinians of desperately needed aid. But Mr. Miller said the State Department had sent all but $300,000 of about $121 million budgeted for UNRWA to the agency, suggesting that the near-term effect of the U.S. action within Gaza will be minor.U.S. officials suggested that the real question is how much more money Congress will be willing to approve for an agency that many Republicans condemn for what they call anti-Israel bias and Hamas sympathies. Underscoring that uncertainty, witnesses at a House subcommittee hearing on Tuesday denounced UNRWA and called for its restructuring or replacement.Israel’s government says that at least 12 employees of the agency participated in the Oct. 7 Hamas attack, and that UNRWA employs as many as 1,300 Hamas members. Israel estimates that the attack left roughly 1,200 people dead; another 240 people were taken hostage.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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      Israel Details Claims Against U.N. Workers It Says Aided Hamas

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      Israeli officials have presented evidence they say ties workers at a Palestinian aid agency in Gaza to violence during the Hamas-led attack on Israel.One is accused of kidnapping a woman. Another is said to have handed out ammunition. A third was described as taking part in the massacre at a kibbutz where 97 people died. And all were said to be employees of the United Nations aid agency that schools, shelters and feeds hundreds of thousands of Palestinians in the Gaza Strip.The accusations are contained in a dossier provided to the United States government that details Israel’s claims against a dozen employees of the United Nations Relief and Works Agency who, it says, played a role in the Hamas attacks against Israel on Oct. 7 or in their aftermath.The U.N. said on Friday that it had fired several employees after being briefed on the allegations. But little was known about the accusations until the dossier was reviewed on Sunday by The New York Times.The accusations are what prompted eight countries, including the United States, to suspend some aid payment to the UNRWA, as the agency is known, even as war plunges Palestinians in Gaza into desperate straits. More than 26,000 people have been killed there and nearly two million displaced, according to Gazan and U.N. officials.The UNRWA workers have been accused of helping Hamas stage the attack that set off the war in Gaza, or of aiding it in the days after. Some 1,200 people in Israel were killed that day, Israeli officials say, and about 240 were abducted and taken to Gaza.On Sunday, the United Nations secretary general, António Guterres, described himself as “horrified by these accusations” and noted that nine of the 12 accused employees had been fired. But Mr. Guterres implored those nations that had suspended their aid payments to reconsider. UNRWA is one of the largest employers in Gaza, with 13,000 people, mostly Palestinians, on staff.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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      Pelosi Wants F.B.I. to Investigate Pro-Palestinian Protesters

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      The former House speaker suggested without offering evidence that some protesters calling for a cease-fire in Gaza had financial ties to Russia and Vladimir V. Putin.Representative Nancy Pelosi, Democrat of California and the former House speaker, on Sunday called for the F.B.I. to investigate protesters demanding a cease-fire in the Israel-Hamas conflict, suggesting without evidence that some activists may have ties to Russia and President Vladimir V. Putin.“For them to call for a cease-fire is Mr. Putin’s message,” Ms. Pelosi said during an interview on CNN’s “State of the Union.” “Make no mistake, this is directly connected to what he would like to see. Same thing with Ukraine. It’s about Putin’s message. I think some of these protesters are spontaneous and organic and sincere. Some, I think, are connected to Russia.”When pressed on whether she believed some of the demonstrators were “Russian plants,” Ms. Pelosi said: “Seeds or plants. I think some financing should be investigated. And I want to ask the F.B.I. to investigate that.”Ms. Pelosi, who was first elected speaker in 2007 and again in 2019, led House Democrats for 20 years before stepping aside for Representative Hakeem Jeffries of New York, the minority leader. Still, she remains influential among congressional Democrats. Her remarks appear to be the first time a prominent U.S. politician has publicly suggested Russia may be backing cease-fire protests to help foment division among Democrats.The Council on American-Islamic Relations condemned Ms. Pelosi’s comments as “an unsubstantiated smear” and “downright authoritarian.”“Her comments once again show the negative impact of decades of dehumanization of the Palestinian people by those supporting Israeli apartheid,” Nihad Awad, the group’s national executive director, said in a statement. “Instead of baselessly smearing those Americans as Russian collaborators, former House Speaker Pelosi and other political leaders should respect the will of the American people by calling for an end to the Netanyahu government’s genocidal war on the people of Gaza.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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      Biden Vows to Retaliate After Strike Against American Forces in Jordan

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      President Biden has carefully calibrated his responses to attacks by Iranian-backed militias since Oct. 7. Now he must decide how far he is willing to go after a drone attack killed three American service members.This was the day that President Biden and his team had feared for more than three months, the day that relatively low-level attacks by Iranian proxy groups on American troops in the Middle East turned deadly and intensified the pressure on the president to respond in kind.With three American service members killed and two dozen more injured by a drone in Jordan, Mr. Biden must decide how far he is willing to go in terms of retaliation at the risk of a wider war that he has sought to avoid ever since the Oct. 7 terrorist attack by Hamas touched off the current Middle East crisis.Until now, the president had carefully calibrated his responses to the more than 150 attacks by Iranian-backed militias on American forces in the region since Oct. 7. He essentially ignored the majority that were successfully intercepted or did little to no damage while authorizing limited U.S. strikes focused mainly on buildings, weapons and infrastructure after attacks that were more brazen, most notably against the Houthis in Yemen who have targeted shipping in the Red Sea.The first deaths of American troops under fire, however, will require a different level of response, American officials said, and the president’s advisers were in consensus about that as they consulted with him by secure videoconference on Sunday. What remained unclear was whether Mr. Biden would strike targets inside Iran itself, as his Republican critics urged him to do, saying he would be a “coward” if he did not, as one put it.“The question Biden faces is whether he just wants to react to events in the region or whether he wants to send a bigger message that attempts to restore a sense of deterrence that just hasn’t existed in the region for months now,” said Brian Katulis, a senior fellow at the Middle East Institute who worked in national security positions under President Bill Clinton.“I’m sure they’re looking for some kind of Goldilocks response here,” he added, meaning “not too hard” that it provokes a full-fledged war, “not too soft” that it just prolongs the conflict “but something that seems just right.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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      The International Court of Justice’s Ruling on Israel Tests International Law

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      Over the past month, we’ve watched an astonishing, high-stakes global drama play out in The Hague. A group of countries from the poorer, less powerful bloc some call the Global South, led by South Africa, dragged the government of Israel and by extension its rich, powerful allies into the top court of that order, and accused Israel of prosecuting a brutal war in Gaza that is “genocidal in character.”The responses to this presentation from the leading nations of the Western rules-based order were quick and blunt.“Completely unjustified and wrong,” said a statement from Rishi Sunak, Britain’s prime minister.“Meritless, counterproductive, and completely without any basis in fact whatsoever,” said John Kirby, spokesman for the United States National Security Council.“The accusation has no basis in fact,” a German government spokesman said, adding that Germany opposed the “political instrumentalization” of the genocide statute.But on Friday, that court had its say, issuing a sober and careful provisional ruling that doubled as a rebuke to those dismissals. In granting provisional measures, the court affirmed that some of South Africa’s allegations were plausible, and called on Israel to take immediate steps to protect civilians, increase the amount of humanitarian aid and punish officials who engaged in violent and incendiary speech. The court stopped short of calling for a cease-fire, but it granted South Africa’s request for provisional measures to prevent further civilian death. For the most part, the court ruled in favor of the Global South. Accusing the state created in the aftermath of the slaughter that required the coinage of the term genocide is a serious step. Scholars of genocide have raised alarms about statements from Israeli leaders and its conduct in the war while stopping short of calling the killing genocide. Some have welcomed South Africa’s application as a necessary step to preventing genocide.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More