Gaza, ALRAY - Yair Lapid, the Israeli Minister of Finance and chairman of the Yesh Atid Party, warned on Wednesday  that The failure of negotiations will inflict heavy losses on Israel economy .

In a speech before  the Israeli  Institute for National Security Studies conference  , Lapid explained that the partial European boycott will coast Israel a loss of 11 billion INS a year.

The boycott process of the Israeli economy as a whole is actively increasing in Europe. Lapid noted that the boycott will decrease the exports to Europe which will have a heavily influence on Israel budget  and 9800 employees in Israel may be fired this year because of the European boycott.

"We still do not feel the influence of the boycott due to the fact that it is gradual process. The situation now is already very serious," he said.