Israel's President Taps Gadi Eisenkot to Form New Government
Former military chief has 28 days to secure a parliamentary majority following October's election stalemate.
Israeli President Isaac Herzog has appointed Gadi Eisenkot to form the country's next government. The decision follows the October 27 elections which failed to produce a clear majority for either political bloc.
Incumbent Prime Minister Benjamin Netanyahu leads the bloc with the most seats but fell short of the required 61-seat threshold. Netanyahu's coalition secured 53 seats while Eisenkot's Yashar party won 21 seats with his alliance totaling 48.
Eisenkot received the backing of 67 lawmakers to attempt coalition building. He has an initial 28-day window to negotiate with other parties and reach the minimum requirement set by the Knesset.
The process may include a 14-day extension if negotiations show progress. If Eisenkot fails, other candidates may be tested before the potential call for new elections.
Political instability in Israel raises the perception of geopolitical risk in the Middle East. This typically increases the demand for reserve assets such as the dollar and Bitcoin.
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