ISRAEL: A Sea of Red Ink

"The Finance Minister does not wear a glorious crown," says Yehoshua Rabinowitz. "He is not the country's most popular fellow. If I have to step on a few toes, so be it."

Finance Minister Rabinowitz is stepping on lots of toes these days—notably with his proposed budget for 1976, which was approved last week by the Israeli Cabinet after an agonizing eight-hour session. It was the biggest budget in the nation's history—about $12 billion, against $9 billion for fiscal 1975—and it means more hardship for Israeli taxpayers. The budget will barely cover the...

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