The “Calcalist”, which means ‘economist’ in English, is a daily financial newspaper in Israel.

Today’s leading story makes for sad reading. The country’s coffers are missing 14 billion shekel – say US$4 billion. Nothing original there. The Ministry of Finance can explain half of the reasons for the less than expected revenue – downturn in the stock exchange etc. What is worrying is that leaves another nearly US$2 billion ‘wandering around’ and unavailable for public use. Looks unprofessional.

Sure, the Finance Ministry is now pushing a series of cutbacks through the Kenesset, Israel’s Parliament. They are unpleasant. They should help and could well work out in the end, hopefully.

However, life is not static, certainly not in commerce and finance. And as you move through the next few pages of the newspaper, you pick up on a very different picture for Israel’s economy.

First, there is an interview with Professor Larry Summers, President of Harvard University, one of Obama’s prime economic advisors, and tipped to be the next head of the US Federal Reserve. To summarise, he does not hide his praise. Israel has an economic weight above its supposed role as a small country locked away in the Middle East. While some of this is due to the role of departing Bank of Israel boss Professor Stanley Fischer, there is something more positive and of deeper note. For all its short-term fiscal issues, Israel’s economy is stable.

Summers did state that Israel has to apply itself more fully to the issue of deregulation and thus ensure greater openness. So, turn the page, and you will find an article detailing how another chink has been taken out of the power of the unions at Ashdod port.

For years, the unions at Israel’s sea ports have run the authorities like personal fiefdoms. For example, it was known that the best way to obtain employment there was to be a family member of somebody in the inner circles. In the past month, the government has been able to present plans that will create more efficient working conditions and even see the building of a new private port. The knock on effects for the rest of the economy must only be beneficial.

So, I went hunting for a third piece of good news that ensures we have a pattern of dots lined up in the correct direction. Yes, the tax authorities have finally encouraged Israelis to be more open with their holdings abroad – another 12 million shekel ‘has come out of the closet’. Roman Abramovich, Russian oligarch and owner of Chelsea football club, has declared his intentions to increase his financial involvement in Israel. And there is hardly a day that goes by without further glowing reports on Israel’s developing gas industry.

Summers is right. For all of Israel’s structural issues, the economy is doing well.