Uri Avnery has his doubts:
The issue is peace in Palestine, which Benjamin Netanyahu shows little interest in pursuing. In partnership with Avigdor Lieberman, whom Avnery calls either a "an extreme nationalist racist" or "nothing but a cheat and a cynic", a just peace for Palestinian Arabs seems remote at best.
Some Israelis believe that the right-wing government, unimpeded by a viable left-wing opposition, will implode by first arousing the anger of the West (and American Jews) and then by alienating some portion of its fragile coalition with any move to conciliate its world critics. That's the view voiced by peace advocate Gideon Levy.
But American policy under Obama is key to that scenario playing out. That's has to be what matters most to Israeli political leadership. America provides the money, the muscle and the technology that enables Israel to continue its aggression against its domestic Arab enemies. (The white phospherous bombs used in Gaza, according to Amnesty International, were American made.)
From my perspective --an Ameican leftist perspective-- it's too early to tell how Obama will react. I'm willing to wait, to give the benefit of doubt to the new President. As Avnery put it, "it is not certain at all" that Obama will put "irresistible pressure" on the Netanyahu/Lieberman government.
But we can always "hope that it happens." And hope, you'll recall, was the theme of the Obama presidential campaign.