Word: perese
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In response, Israel's powerful labor federation, the Histadrut, called a one-day strike that forced Peres to delay implementation of key parts of the package.
At a marathon 20-hour Cabinet meeting early last week, Peres forced through a package of austerity measures designed to shock the economy back to health. The program included an 18.8% devaluation of the shekel (which beforehand was worth 1,262 to the U.S. dollar) and a three-month general...
As the Histadrut labor federation saw it, the burden of the reforms fell on the nation's workers rather than employers. Meeting with Peres before the strike, Histadrut Chief Yisrael Kessar acidly asked the Labor Party leader, "How did your hand keep from shaking when you signed a 30% erosion...
Under the threat of a further, indefinite strike, Peres delayed carrying out the most controversial parts of his program, including the wage freeze, suspension of the indexing system and government layoffs, pending negotiations with Histadrut. The Prime Minister faces opposition as well from the Likud Party, Labor's partner in...
Peres' austerity measures were considerably more popular in Washington, where the Reagan Administration has been pressuring Israel for economic reforms in return for $1.5 billion in supplementary aid for fiscal year 1985-86. Secretary of State George Shultz praised Peres for his "courage and foresight," and called the reform package...