WI Peres Defeated Netanyahu in 1996?

For a time, Israel experimented with directly electing her Prime Ministers. The first election was in 1996. The heavy favorite was liberal elder statesman Shimon Peres. But he lost narrowly (49%) to conservative leader Benjamin Netanyahu (Netanyahu in turn lost badly to Ehud Barak in 1999 (44%), while Barak eventually was annihilated by Ariel Sharon in 2002 or 2003 (36%).)

Anyway, Peres almost won. What if he had won in 1996? What would have happened to Israel and the Middle East?
 
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