Former Israeli Finance Minister Benjamin Netanyahu talks during a press conference where he explained his resignation as minister in Jerusalem.(AFP photo)

JERUSALEM, Aug. 7 (Xinhuanet) -- Israeli Finance Minister and Likudmember Benjamin Netanyahu's resignation on Sunday raised a storm ofreactions in the country's political and financial circles.

    Netanyahu announced his resignation Sunday afternoon in protest

    of Israel's plan to withdraw from the Gaza Strip and northern Samaria.

    "The moment of truth is here. I am not willing to collaborate with this process, which endangers the country's security," he wrote in a letter presented on the prime minister's desk during a Sunday cabinet meeting .

    Left-wing politicians blasted Netanyahu's move, saying he placedhis personal interests ahead of national considerations and was avoiding responsibility.

    "I presume he is striving to save (Likud) primaries votes," Infrastructure Minister and Labor Party member Benjamin Ben Eliezersaid.

    "Good riddance," Labor Party secretary general and Knesset member Eitan Cabel commented on the announcement.

    Yossi Beilin, the leader of left-wing party Yahad, said the resignation was a small step for Netanyahu in his political zigzagging and a big step for the weaker sectors of Israeli societywho paid a heavy price for his three years in office.

    Amir Peretz, chairman of Histadrut (National Labor Union), saidNetanyahu was using the disengagement as an excuse to avoid facing

    the report on poverty, "which will indict him for the gravest crimes committed against Israeli society."

    "His resignation is an admission that he has failed," Peretz said.

    However, the resignation was immediately applauded by the right.

    Yesha Council of settlements commended Netanyahu "for showing national responsibility and leadership, for deciding not to lend his hand in the uprooting of Jewish communities to encourage terror."

    Knesset member Avigdor Lieberman praised Netanyahu's decision, calling his action a "brave step" and expressing hope that other Likud ministers would follow Netanyahu's lead.

Israeli border police escort away an Israeli soldier who refused to obey orders, along the Kissufim corridor near the southern Gaza Strip Jewish settlement of Kfar Darom in the Gush Katif bloc August 7, 2005. (Reuters photo)

    "This is the only way to cause Sharon to think anew about this withdrawal," he said.

    Knesset Speaker Reuven Rivlin also congratulated Netanyahu on his decision, but expressed doubt on whether the move would stop the disengagement plan. He also called on the other Likud ministersto follow Netanyahu.

    The resignation of Netanyahu, who had spearheaded a vast reform

    of Israel's market, rattled Tel Aviv Stock Exchange on Sunday.

    Although speculation was rife over Netanyahu's resignation in recent months, it still came as a surprise and the market plunged 5percent within minutes of the announcement.

    Following Netanyahu's resignation, Sharon called Bank of Israel

    Governor Stanley Fischer to tell him that the move would not affectIsrael's economic policy and the upcoming state budget would meet deficit and expenditure targets set by the government.

    Sharon appointed Vice Prime Minister Ehud Olmert as interim finance minister later on Sunday to replace Netanyahu. Enditem