30 Friday, December 9, 1983
THE DETROIT JEWISH NEWS
Despite Economic Mess, Israel
Can Still Get Foreign Credit
Bloom q*e Bloom
JERUSALEM (JTA) —
Government sources said
that Israel faces no difficul-
ties obtaining credit from
foreign banks despite the
precarious state of its
economy. Moreover, since
the United States has indi-
cated it will increase eco-
nomic aid, Israel's pbsition
in the monetary market
should improve, the sources
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said.
Those optimistic forecasts
coincided with reports that
Israel's foreign currency re-
serves reached an all time
low of $2.7 billion last
month and that the eco-
nomic policies of Finance
Minister Yigal Cohen-
Orgad, who took office less
than two months ago, have
come under scathing criti-
cism by Bank of Israel Gov-
ernor Moshe Mandelbaum.
There was no hard data
on the depletion of foreign
currency reserves in No-
vember. Estimates range
between $70 million and
$90 million. Since last Ap-
ril, however, the country's
reserves of foreign currency
dwindled in the amount of
$450 million. The trend is
continuing, but at a slower
pace.
Financial
sources
pointed out that what-
ever the drop in Novem-
ber, it was less than the
$176 million decline in
October. October was the
month that saw
thousands of Israelis
cash in their index-linked
bank securities to pur-
chase foreign currencies,
mainly U.S. dollars, in an-
ticipation of a major new
devaluation of the shekel.
The tide was stemmed
when the government
banned most foreign cur-
rency transactions on Nov.
12. But Mandelbaum, who
heads the central bank, Is-
rael's equivalent of the U.S.
Federal Reserve, contended
that Cohen-Orgad's eco-
nomic policies amounted to
"shots in the dark," a charge
the new finance minister
had frequently leveled
against his predecessor,
Yoram Aridor.
Mandelbaum, speaking
at a closed meeting of
bank experts, said the only
way to deal with the eco-
nomic crisis was to reach an
agreement between labor,
management and govern-
ment on a wage-price freeze.
He said the time is ripe for
such a move because the al-
ternative — abolishing the
system of linking prices and
wages to inflation — is im-
possible at the present
three-digit inflation rate.
Others attending the
meeting said the 23 percent
devaluation of the shekel in
October was a wasted move
because the government
should have cut its budget
before introducing devalua-
tion. Maariv reported that
Finance Minister Cohen-
Orgad recently rejected a
proposal to further de-
valuate the shekel.
Run for Begun
in Jerusalem
JERUSALEM (JNI) —
Hundreds of Jerusalemites
participated in the Nov. 30
five-kilometer run to bring
attention to the plight of
Soviet prisoner of con-
science Yosef Begun. The
event was sponsored by the
Public Council for Soviet
Jewry.
Acquiring riches corrupts
the purest soul.
Syrians Down
Israeli Drone
JERUSALEM (JTA) —
Military sources announced
that a pilotless Israeli drone
was shot down over Leba-
non Tuesday by Syrian
anti-aircraft fire while on a
reconnaissance flight.
Lebanon's rightwing
Phalangist radio reported
that an Israeli,jet was shot
down by Syrian missiles
over Lebanon and its pilot
taken prisoner.
The official Syrian news
agency, Sana, claimed that
two drones were downed,
one in the Anjar area of
eastern Lebanon near the
Syrian border and the other
in Deir Aldas in southern
Syria. The Syrians made no
claim to have downed a
manned Israeli aircraft.
The Israeli military
sources ignored both reports
stating that a single drone
had been lost.
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Mr. and Mrs. Arnold Carmen
request the honor of
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on behalf of the
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Comprised of a 2,000 member student body
Mon., Dec. 12, 1983
8 P.M.
at their home
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Chairman Marvin W. Berlin
Guest Speaker
Rabbi Yetzchok Meier Schorr
JABOTINSKY SOCIETY of HERUT
Zionists of America
presents a
NEW YEARS DANCE PARTY
at Cong. B'nai David
music by Eric Rosenow
Cold Cuts, Wines & Beverages Served.
Wonderful Entertainment.
$15
per person
For tickets call right away:
Simon Cieck, 548-3073 or 873-5757
Sam Hornung, 557-1847