The approach I have suggested has three basic elements: One. the amount of loan guarantees approved in the first year should be limited to no more than $2 billion. In other words. we should not approve $10 billion in that first year. Second. there should be conditions requiring significant economic reforms in Israel. both to enhance its ability to abcorb the immigrants and to strengthen its capacity to repay the loans so that the American taxpayer does not have to step in in the case of a default. Third. the amount of the loan guarantees provided Israel in the first year should be reduced by whatever the Israeli Government spends to expand its settlements in the occupied territories. Unless you have this dollarfordollar reduction. it can be said that with the loan guarantees the American taxpayers would be underwriting settlements that are contrary to our Governments position.
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