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 Registered Electrologists Come and let us remove your unwanted hair problem and improve your appearance. Ask For Shirlee or Debby. 559-1969 Appt. Only NEW NUMBER Near 12 Mile Rd. bet. Evergreen & Southfield FEN bY - 611 V, I\ music is 855-1400 Talent Agency PARTY! 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Humidor One PANACHE The Ultimate Smoke Shop Elegant Accessories for the Home 20000 West 10 Mile Road at Evergreen • 356-4600 and 356-4725 We honor Visa, Mastercard and American Express 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. DESIGNS IN DECORATOR LAMINATES/i For high quality Formica Always at a great discount From our designs or yours...for your home or office It doesn't have. to cost a fortune ...only look like it! SpeciaNzing in: • Tables • Desks • Shelves • Wall Units • Cubes • Bedroom Groupings Call LOIS KOSHER FAMILY DINNER at Congregation Beth Shalom 14601 Lincoln, Oak Park Sponsored by ptwrii riwer AKIVA HEBREW DAY SCHOOL • STOLLMAN EDUCATION CENTER SUNDAY, DECEMBER 11, 1983 5:00 p.m.-8:00 p.m. Catered by Suburban Kosher Caterers Adult Menu from $9.95 For Reservations Call Children's Menu $3.95 552-9690 or 355-5010 Mr. and Mrs. Arnold Carmen request the honor of your presence at a reception on behalf of the Yeshiva and Mesivta Torah Vodath Comprised of a 2,000 member student body Mon., Dec. 12, 1983 8 P.M. at their home 15927 Hilton, Southfield, Mich. 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