24 Friday, February 3, 1984

THE DETROIT JEWISH NEWS

Americans Concerned by Israel Economy

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JERUSALEM (JTA) — A
prominent Israeli
economist, just returned
from the United States, re-
ported that the Americans
are seriously concerned
with the state of Israel's
economy and are urging the
Israelis to take strong
measures.
Prof. Eitan Shishinsky
attended an American-
Israeli dialogue on the
economy at which senior of-
ficials of both countries
were represented. The Is-
raeli delegation included

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Emanuel Sharon, director
general of the. Treasury, and
top level Treasury officials
in addition to Shishinsky,
Eitan Berglass and Nissan
Levyatan, all professors of
economics at Israeli univer-
sities.
Shishinsky said in an
interview published in
Yediot Achronot last Friday
that despite a low-key ap-
proach, the Americans
could not conceal their con-
cern over the precarious
condition of the Israeli
economy and pressed the Is-
raelis to prepare a com-
prehensive economic re-
habilitation program.
According to
Shishinsky, they pro-
posed various measures
to effect a rapid decrease
in the inflation rate,
which was over 190.per-
cent in 1983.
They were not particu-
larly interested in a plan to
link the shekel to the U.S.
dollar, proposed several
months ago by former Fi-
nance Minister Yoram
Aridor. But they indicated
that if the plan was adopted,
they would support it,
Shishinsky said.
Meanwhile, the govern-
ment is making strenuous
efforts to restore public con-
fidence in government
index-linked bonds. The in-
ventory of these bonds is
growing, reflecting what
seems to be public distrust
of the government's ability
to honor its financial com-
mitments.
The Bank of Israel, Is-
rael's central bank, repor-
tedly injected an estimated
$100 million into the stock
market this past week
alone, to stabilize the bonds.
Moshe Mandelbaum, gov-
ernor of the Bank of Israel,
told the media last Friday
that the government would
continue to support the
bonds which it sees as an
important savings device.
Avraham
Shapiro,
chairman of the Bank of Is-
rael's consultative council,
insisted that "There is no
better investment than
government bonds." He
claimed "the guarantee of
the state of Israel is even
better than that of Chase
Manhattan Bank." His re-
marks were intended to
convince Israelis to buy
more bonds and hold on to
those they own. This would
reduce the money in circu-
lation and put a damper on
inflation.
But economist Gad
Yaacobi, a Labor Align-
ment MK and chairman
of the Knesset Economic
Committee, has pre-
sented an urgent agenda
motion on "the collapse
of the monetary market."
In a related development,
the strike of local govern-
ment employees continued
throughout the country this
week, apart from those of
Herzliya north of Tel Aviv.
Municipal council workers
there went back to work
Monday, following an an-
nouncement by Mayor Eli
Landau that he was increas-
ing the wages of lower-paid
workers "from the normal
sources."

LARRY FREEDMAN

The Finance Ministry re-
sponded by saying that
Landau's step was illegal
and a "flagrant breach of
the local government law."

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