• Short Summary

    TEL AVIV, ISRAEL & JERUSALEM

    With the Israeli elections due to take place on July 23, worries over the economy have prompted a frantic buying spree.

  • Description

    1. SV Petrol pump reading petrol costs, people paying for petrol (3 shots) 0.17
    2. GVs People window shopping in city, jewelry being sold, electrical appliances in showroom, television (6 shots) 0.43
    3. CU Money being counted in man's hand, man paying money (2 shots) /txt 0.53
    4. GV Supermarket checkout counter 1.00
    5. GVs Stock exchange, workers buying and selling (4 shots) 1.14
    6. SVs NIGHT EXTERIOR Marchers demonstrate about economy 1.25
    7. SV Black market transaction on street corner (3 shots) 1.37
    InitialsJT/PM

    NOTE TO EDITORS: THIS STORY HAS COMMENTARY BY BBC'S KEITH GRAVES WHICH MAY BE USED IF REQUIRED.
    Script is copyright Reuters Limited. All rights reserved

    Background: TEL AVIV, ISRAEL & JERUSALEM

    With the Israeli elections due to take place on July 23, worries over the economy have prompted a frantic buying spree. To fill one's car with petrol is now more expensive that it was to purchase a house in 1951. This statistics is an indication of Israel's rocketing inflation rate. The rate remained under 200 per cent for years until the Israeli government's recent progressive devaluation of the shekel. Israelis were protected by system of quarterly index-linked wage rises. But these proved insufficient wen last October gilt-edged shares in the stock market collapsed. Sizeable portions of people's savings were lost and prices began to rise at a up to one per cent day. Now many supermarkets do not label their goods with prices as they are outstripped too rapidly by inflation. Many Israelis fear that whichever party wins on July 23, there will be a severe package of austerity measures and a steep devaluation. These fears have prompted a shopping spree which in June set new records for a single month's sale of houses, cars and other consumer durables. Blackmarket operations, where money can be turned into coveted U.S. Dollar , have boomed on street corners. Both major parties in Israel are saying that the other will introduce stricter austerity measures, however they both say that government spending must be slashed. The winning party will have to contend with a 4.8 billion dollar balance of payments deficit and a foreign debt of 22.6 billion dollars. The Likud party of Prime Minister Yitzhak Shamir reminds voters that they have never had it so good. The Labour party says it will save money by the drawing troops form Lebanon and cutting defence expenditures. Polls published on July 20 gave Labour a clear lead over the Likud with minor parties to win almost a third of the contested seats.

    Source: REUTERS - TALI GODER & ELI FASTMAN & NBC

  • Tags

  • Data

    Film ID:
    VLVA7GG3U3WL98V8RG84TLUBKXXPA
    Media URN:
    VLVA7GG3U3WL98V8RG84TLUBKXXPA
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    20/07/1984
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:37:00
    Time in/Out:
    /
    Canister:
    N/A

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