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According to the report, in-
stead of the current situation in
which the kibbutzim owe large
amounts of money to the banks
— primarily Bank Leumi and
Bank Hapoalim — the banks
miscalculated the debts and, in
some cases, actually owe the kib-
butzim money.
"In the 1980s, banks charged
inflated interest rates," said
Tsafrir Ronen, director general
of the Kibbutz Headquarters As-
sociation. "But it turns out that
with some of these kibbutzim, it
is the banks who owe them mon-
ey."
Total kibbutz debts to the
banking sector are estimated at
some $5 million.
The repayment of debts by the
kibbutzim to the banks was
arranged in two settlement
agreements — the first in 1989,
and a supplementary agreement
approved last year by the Knes-
set Finance Committee.
But in the wake of the recent
report, a number of kibbutzim
asked to reevaluate their debt set-
tlement arrangements.
Among them, said Giora For-
man, secretary general of the Kib-
butz Artzi movement, are
kibbutzim who are relinquishing
lucrative lands located in central
Israel under the terms of the re-
payment settlement agreements.
Ze'ev Abeles, supervisor of
banks, said that the banks have
enough reserve funds on their
balance sheets to cover the doubt-
ful debts, if necessary.
Agriculture Minister Ya'akov
Tsur demanded a commission of
inquiry into the matter, saying
the kibbutzim had suffered
enough.
"It is time to address the in-
justice done to the kibbutzim for
years," he said.
►
FIFTH GRADERS & PARENTS
Join us at the 9th Annual
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red
8k Penny Harvest Drop-Off
Sunday, March 17, 1996
9:30 a.m. - Noon
Temple Beth El
7400 Telegraph Road at 14 Mile
Take a journey through our community with hands-on
activities for students and parents.
For more information,
contact Women's Division
at the Jewish Federation,
642-4260, ext. 241, or
Shawn Locke at the
Agency for Jewish
Education, 354-1050
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Co-sponsored by:
Temple Beth El
Women's Division, Jewish Federation
of Metropolitan Detroit
Agency for Jewish Education:
Department of School Services
Jewish Experience for Families
Jewish Educators Council
The Jewish News
Corporate Sponsors:
NBD Bank
Scrubs
Attention!
.
Israeli Daily
Survives Closure
Jerusalem (JTA) — The Israeli
daily Davar Rishon has survived
another threatened shutdown,
for now.
The paper, which first went to
press 70 years ago, was set to
publish its final issue.
But in an 11th-hour meeting,
a management company agreed
to look for investors.
The paper, previously called
Davar, , was founded by Israel's
Histadrut trade union federation.
The newspaper was taken over
by employees last year and re-
named after Histadrut officials
decided that they could not pro-
vide the funds to cover the paper's
growing deficit.
The newspaper, with a circu-
lation of about 20,000, continued
to be published under the lead-
ership of veteran journalist Ron
Ben Yishai.
This was the newspaper's sec-
ond brush with closure in a year.
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• Home Owners
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