read THE EMERALD^
Crisis clouds
Rosh Hashanah
TEL AVIV, Israel (AP)
—Israelis observed Rosh
Hashanah, the Jewish New
Year’s celebration. Wednesday
night. But it was a celebration
overshadowed by fears that the
economic crisis would mean a
drastic drop in their standard of
living.
“It is clear to all of us that in
recent years we have lived
above our means,’’ said Pres.
Chaim Herzog in his nationally
broadcast New Year’s greeting. .
The national spending spree
that brought luxury goods into
Friday, September 28
Saturday, September 29
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many Israeli homes in the past
four years emptied the state cof
fers, pushing the country’s
foreign currency reserves below
the danger point.
The newly installed govern
ment under Prime Minister
Shimon Peres unveiled austeri
ty measures this week, in an ef
fort to stem the nation’s 400 per
cent annual inflation rate, nar
row the $5 billion balance of
payment deficit and repay some
of Israel’s $20 billion foreign
debt.
The steps include cutting
government subsidies for
gasoline, food and education
and levying taxes on cars, boats
and business inventories.
The measures were taken too
soon before the holiday to force
most Israelis to change their
plans — supermarkets were
packed, hotels were nearly 100
percent full and highways were
jammed with travelers.
China, Britain
initial treaty
PEKING (AP) — China and
Britain initialed a pact Wednes
day for post-colonial Hong
Kong in the year 1997, promis
ing people the right to strike,
speak freely, pray and govern
themselves in a capitalistic
society — but enshrining Pek
ing’s ultimate authority.
The agreement, revealed after
two years of secret negotiations,
specifies that the prosperous
free port ruled by Britain for 143
years will become a special ad
ministrative region of Com
munist China when the British
lease expires July 1, 1997.
In precise detail, the docu
ment guarantees almost every
right that Hong Kong residents
now enjoy, and promises that
those liberties "will remain un
changed for 50 years” after the
handover date.
The crown colony had anx
iously awaited the details of the
pact and first reactions to the ac
cord there were warm. Hong
Kong, with its 5.5 million peo
ple, 98 percent of them Chinese,
has been the most populous and
economically successful rem
nant of the once mighty British
empire.
The draft agreement was
released in Hong Kong nine
hours after it was initialed in
Peking by British Ambassador
Sir Richards Evans and Chinese
Vice Foreign Minister Zhou
Nan. the chief negotiators, in a
ceremony seen live on televi
sion in Hong Kong.
The pact reflects what both
China and Britain called a
triumph in diplomacy and the
best arrangement possible
under the Chinese Communist
idea of “one country, two
systems.”
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