12 MONTH CERTIFICATE 3.500% 3.550% EVEREST RATE A.P.Y./ 24 MONTH CERTIFICATE 4.0000/0 4.060% INTEREST RATE A P Y /'IC . . o First Rate Rates. These are fixed rate certificates of deposit that are insured by the Federal Deposit Insurance Corporation (FDIC). A minimum opening deposit and balance of $500.00 is required to obtain the stated A.P.Y. . 60 MONTH CERTIFICATE Call 338-7700 352-7700 5.000% 'M R: I T f 5.090% A.P.Y./ FIRST SECURITY Neocolonialism Or Integration ABRAHAM RABINOVICH SPECIAL TO THE JEWISH NEWS The shape of economic rela- tions between the Palestinian autonomy and Israel will be the central issue — after security — occupying the attention of both sides in the critical period of testing just ahead. At an international seminar at the Hebrew University ear- lier this month, Israeli, Arab and European experts agreed that only by giving the Pales- tinians something to lose — by a rapid improvement in their standard of living — could re- sistance to the peace process be overcome in the territories. But while some participants saw Israel playing the major role in the creation of Palestin- ian wealth for some years to come, others cautioned it to keep discreetly in the back- ground for fear of being per- Palestinians, dependence made their economy hostage to good political behavior. Instead of exporting labor, Dr. Kleiman said, the Pales- tinians would eventually export goods. The economies of the re- gion were competing economies rather than complementary, he noted. Therefore, instead of seeking to promote a regional common market, Europe should open its own markets to the Middle East. With massive investments anticipated in the autonomous areas, the head of the Israel Manufacturer's Association, Dan Propper, made it clear the Israeli business community would like a piece of the action. "If we take part in the peace process we should take part in the building of peace," Mr. Prop- ceived as swapping military occupation for neocolonialism. "We need a decoupling of the Israeli and Palestinian economies," said Shlomo Avineri, a professor from He- brew University. "There is too much integration." The danger, he said, was of a South African Bantustan-type relationship in which the au- tonomous areas would serve as a reservoir of cheap labor. Hebrew University econo- mist Ephraim Kleiman said the Palestinians had no real choice in the initial stage but to re- main dependent on the Israeli economy. "The alternative to being dependent on Israel is to be poor." Over time, he said, both sides had an interest in phasing out employment of Palestinians in- side Israel. For Israel, there was the dan- ger of ethnic tension. For the per said. He said the Palestinians need the five-year interim pe- riod to decide their economic path and to build an infra- structure. The limited re- sources allocated to the Palestinians during the inter- im period, particularly in land and water, did not permit them to undertake comprehensive planning, he said. Mr. Isaaq rejected heavy in- dustry as an option for the au- tonomy. He said he did not want cooperation with Israeli firms to mean outmoded facto- ries being dumped on the Pales- tinians or the creation of polluting industries in the ter- ritories. The seminar, on relations be- tween Europe and the Middle East, marked the opening of the university's Institute for Euro- pean Studies. Foreign Minister Shimon Peres told the meeting SAVIN( IS RANI( "First in Service" Main Office 2600 Telegraph Rd. Bloomfield Hills. MI 48302 * Annual percentage yield when compounded quarterly. Rate is accurate as of 11/26/93. EQUAL HOUSING Penalty for early withdrawal from certificate accounts may be assessed. LENDER Eat less saturated fats. WERE FIGHTING FOR YOUR LIFE American Heart Association U) • 20% off LLJ u c i 42 The Bright Idea: Give a Gift Subscription PHOTO RESTORATION THE JEWISH NEWS with this advertisement (first time only) 29215 Northwestern Hwy. 358-2333