Around the World: Israel

Crisis costs colleges $225m

The global financial crisis has cost Israeli universities and colleges about $225 million in lost revenues, raising the likelihood of cutbacks, according to a new study by the group that oversees funding to institutions of higher learning.

Council for Higher Education spokesman Yuval Lidor said the figure was the preliminary assessment of a committee set up to examine the impact of falling financial markets and the collapse of US financier Bernard Madoff's investment fund. "The final figure could be even higher," he said.