International pressure to convince the Palestinians to accept proposed elections in the West Bank and Gaza Strip is the key to the success of Israel’s new peace plan, Israeli Cabinet Minister Ehud Olmert said Sunday.
“If the whole international community, the United States as the leader, along with the other European countries, will assume a very firm position on this issue,” Olmert said, “then there is a genuine chance that this initiative will indeed lead to election of Palestinians, negotiations and then, hopefully, an agreement.”
Olmert, who serves in the Cabinet as a minister without portfolio, made his remarks at a State of Israel Bonds dinner at the Waldorf-Astoria Hotel here. He addressed an audience of Wall Street bankers, Israeli dignitaries and Israel Bonds supporters.
The event honored 12 banks that worked with Israel in refinancing $4.8 billion of the Jewish state’s military sales debt.
In his address, the Likud politician said Palestinians are facing pressure from the Palestine Liberation Organization to reject the idea of electing representatives for negotiations with Israel. The PLO, he said, “feels no need” for a democratic process.
“The PLO has been elected by itself, by the power of its guns, to represent the Palestinian people,” Olmert said.
The Israeli official also touched on economic matters in his speech, calling for greater “privatization” of the Israeli economy and a reduction of “the day-to-day involvement of the government in the economy.”
AN END TO DEPENDENCE ON AMERICA
Olmert’s call for reforms was echoed by former U.S. Deputy Secretary of State John Whitehead, who also spoke to the Bonds group. He urged Israel to make trade and investment “more attractive by reducing its own government’s red tape.”
Whitehead said Israel must continue working to free itself from dependence on American government support.
Until Israel can establish a strong and independent economy, he said, “her political position and her military position can never be entirely secure.”
Both Olmert and Whitehead expressed hope that the cooperation between Wall Street and Israel in refinancing Israel’s foreign debt would lead to future business partnerships.
The refinancing, which will save Israel approximately $100 million a year in interest payments, was the result of a 1987 law allowing certain countries that owed money from purchases of U.S. military equipment when interest rates were high to refinance their debt at a lower interest rate.
The ceremony Sunday included the presentation of the Israel Finance Medal to representatives from each of the banks involved in Israel’s debt refinancing.
Whitehead, currently chairman of AEA Investors, participated in the presentation of the awards. In doing so, he commented wryly, “Wall Street receives few public awards these days, so this is a somewhat unique occasion.”
Help ensure Jewish news remains accessible to all. Your donation to the Jewish Telegraphic Agency powers the trusted journalism that has connected Jewish communities worldwide for more than 100 years. With your help, JTA can continue to deliver vital news and insights. Donate today.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
