Word: avive
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...meeting with Kahan took place in a conference room in the offices of Prime Minister Shimon Peres in Jerusalem on Sunday, Jan. 6. Time Inc. was represented by Haim Zadok, a former Israeli Minister of Justice; Sharon was represented by Dov Weisglass, a Tel Aviv lawyer. At the outset of the examination, Zadok learned that he would not be permitted to see testimony gathered by the commission's investigators, who had the power to subpoena witnesses and require them to testify...
...Controller Yitzhak Tunik, the government ombudsman, described Israel's bank- stock crash in a harsh report released last week. Tunik's 107-page document concerned the financial turmoil of October 1983, when investors sold off shares of Israel's major banks, forcing the government to shut down the Tel Aviv stock exchange for two weeks. By the time trading resumed, bank stocks had lost a third of their dollar value, and the government had pledged to buy the shares at precrash prices to keep investors from taking a beating. The collapse heightened an economic crisis that drove Israel's inflation...
...catastrophe for the economy" and faulted the government of former Prime Minister Menachem Begin for doing nothing to prevent the crash. The roots of the trouble go back more than a decade. In the early 1970s Israeli banks started buying and selling their own shares on the Tel Aviv exchange to help regulate the stock prices. In 1979 Israel's inflation passed 100%, and the public bought bank stocks as a hedge against rising consumer prices. The banks encouraged this speculation and helped keep the bank-stock values climbing by dipping more heavily into the market to buy their...
Last week's report is only the beginning of the investigations of the bank- stock fiasco. Tunik accused no individuals by name, but called on the Knesset to appoint a full-scale commission to delve deeper into the financial disaster. Ha'aretz, a prominent Tel Aviv daily newspaper, demanded a probe "to determine who is responsible and to recommend steps to be taken against them...
...Minister Shimon Peres, outlined specific steps that Washington thinks Israel should take to restructure its faltering economy. Shultz warned that unless drastic reforms are implemented, Israeli requests for U.S. aid could be in jeopardy. While the text of the document was not released, a U.S. embassy spokesman in Tel Aviv acknowledged last week that "it was a strong letter...