Israeli industrialists, unhappy over certain aspects of the economic program approved by the Cabinet Tuesday, were told by Premier Menochem Begin that he could not reverse decisions reached “through a democratic vote.” A delegation, headed by Avraham Shavit, president of the Manufacturers Association, visited Begin to protest the full linkage of development loans to the cost-of-living index. They argued that such a policy would significantly reduce the rate of investment in industry since businessmen would prefer to invest in index-linked bonds. “This will increase the number of speculators.” Shavit claimed.
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