tnnay, uctoner 14, ISJ I I
Itit ULIKUII-JEWIIII NEWS
•
Economy Riles New Government Coalition
Aridor which were aimed
(Continued from Page 1) tional Religious Party, who
primarily at fighting in-
is attending a conference in
took effect, stayed home.
flation.
Shelves swept clean in South Korea.
Inflation is now expected
The next round of in-
the buying spree were
to soar to an annual rate of
replenished but there' creases will hit public ser-
160-170 percent this year.
were few customers vices such as transporta-
Long term inflation pros-
Wednesday willing to pay tion, electricity and water.
pects are hazy. This has put
the new prices. Virtually A third round to follow will
the Shamir government on
everything from basic up the prices of all imported
a collision course with His-
goods.
Locally-produced
food stuffs to gasoline
tadrut and possibly with
soared in price because items will be more expen-
one of its coalition partners,
the government with- sive because of increased
Tami, which represents the
drew or drastically re- production costs.
low income Shephardic
Economists generally
duced its subsidies.
community.
supported
these
mea-
The rush on foreign cur-
A clash appears inevita-
rency has also been stem- sures as the absolute
ble because the new gov-
med. At the new rate of minimum necessary to
ernment, for the first time,
82.74 shekels to the U.S. pull the national
has stated its intention not
dollar there were few economy from the brink
to compensate wage-
buyers. But jewelers re- of disaster. They repre-
earners fully for the de-
sent
a
sharp
departure
ported a brisk trade in gold
valuation — the reduced
and jewelry. Eighteen carat from the past policies of
gold sold Wednesday 1,235
* * *
shekels ($14.93) per gram.
There was also a rush to buy
apartme'nts to replace bank
stock and foreign currency
Yitzhak Shamir (Herut) — premier and foreign minister.
as an investment.
All imported goods are David Levy (Herut) — deputy premier and minister of
housing and construction.
now priced 23 percent
higher than last week, re- Pesach Crupper (Liberal) — agriculture.
flecting the 23 percent de- Mordechai Zipori (Herut) — defense.
valuation of the shekel. Haacov Meridor (Herut) — economics and interminis-
terial coordination.
People who had already
purchased new cars at the Zevulun Hammer (National Religious Party) — education
and culture.
former rate were forced to
come up, on average, with Yitzhak Modai (Liberal) — energy and infrastructure.
an additional 500,000 Yoram Aridor (Herut) — finance.
shekels ($6,200) before tak- Eliezar Shostak (Laam) — health.
Yosef Burg (National Religious Party) — interior; religious
ing delivery.
affairs.
Pressure is mounting in
the new Cabinet to dump Moshe Nissim (Liberal) — justice.
Aridor, but Shamir has no Aharon Uzan (Tami) — labor and social welfare; immig-
rant absorption.
intention of changing the
personnel of his govern- Yuval Neeman. (Tehiya) — science and development.
ment at this time, sources Avraham Sharir (Liberal) — tourism.
close to Shamir said. They Gideon Patt (Liberal) — trade and industry.
did not rule out changes at Haim Corfu (Herat) — transportation.
some later date after the Ariel Sharon (Herut), Mordehai Ben-Porat (Independent)
and Sarah Doron (Liberal) — without portfolio.
stability of the coalition is
assured.
• ••••••••••••••••
Aridor's policies are
widely blamed for the
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ing the Camp David accords
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Egypt.
The Knesset had voted
60-53 on Monday to ap-
prove the new coalition
government headed by
Yitzhak Shamir. But the
political change was
overshadowed by the
economic crisis.
The 60-53 vote in the
Knesset for the new gov-
ernment deprived Shamir of
his absolute majority in the
120-member parliament by
the deliberate absence of
Yigael Hurwitz (Indepen-
dent), the former finance
minister, in an expression of
dissatisfaction with the
economic policy.
But the coalition margin
is in fact sound: it stands at
64. The two other MKs who
were absent, in addition to
the ailing Menahem Begin,
were Aharon Abu Hatzeira,
who began serving a prison
sentence last week, and Av-
raham Melamed of the Na-
The New Cabinet
•
• •
•
•
•
To Be
•
•
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buying power — of the na-
tional currency.
That means that the next
cost-of-living increment —
the traditional hedge
against inflation for Israeli
workers — will be lower
than it ordinarily would
have been. In the past, such
moves have been made only
with the agreement of His-
tadrut.
This time it is a unilateral
government action to which
the labor federation is
hardly likely to agree.
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