Jerusalem - Finance Minister Moshe Kahlon on Sunday said that the Finance Ministry had set up a 24-hour “situation room” to keep tabs on economic repercussions from the United Kingdom’s Thursday vote to break from the European Union.

“We have a strong and stable economy that is prepared to deal with any scenario and challenge,” Kahlon said, noting that he was coordinating closely with Bank of Israel Governor Karnite Flug and Prime Minister Benjamin Netanyahu, with whom he met over the weekend to discuss the British exit, or Brexit.

The TA-100, representing the largest 100 companies trading on the Tel Aviv Stock Exchange, opened down roughly 3% Sunday, the first day of trading following the referendum.

Netanyahu also sought to calm markets. “There is no direct effect on Israel apart from the fact that we are part of the global economy,” he said at Sunday’s cabinet meeting.

“I can say one thing:...read morea at VIN