European Stars and Stripes (Newspaper) - December 19, 1994, Darmstadt, Hesse                                Page 14 the stars and stripes Money matters monday. December 19,1994 today s rates following Are fixed rates a which Community banking and credit Union facilities will sell for eign currencies to . Personnel for personal use British Pound. 1.60 dutch Guilder. 1.71 German Mark 1.53 note tha rates above apply within the Host country. Figures Are expressed in dollars to the British Pound other currencies to the Dollar following Are Interbank rate that fluctuate and should be regarded As the approximate value of the . Dollar to foreign Curren cies austrian Schilling 11.061 Bahrain Dinar. 0.377 belgian franc .32.324 British Pound 1.563 Canadian Dollar. 1.3865 danish Krone 6.158 dutch Guilder. 1.759 French franc. 5.418 German Mark 1.572 greek drachma. 242.92 italian lira 1,631.25 Kuwait Dinar. 0.2998norwegian Krone. 6.8531 portuguese escudo .161.34 saudi Royal. 3.7501 Spanish peseta. 131.94 Swiss franc. 1.33 turkish lira. 37,720.00 note figures Are expressed in dollars to the British Pound other currencies to the Dollar Gold quote $379.70 an ounce Silver quote $4.81 an ounce sources merchants National Bank & Trust co. And the associated press court washes away for Rig Ineer grand rapids Mich. A former Whirlpool corp. Engineer who said his concern for the environment led him to mail secret details of a new Energy efficient washing machine to competitors was acquitted of Federal charges. Jeffrey Allan Lynn 53, was found in Nocent thursday of interstate Transfer of stolen property. Lynn testified that he mailed the let ters in 1993 after Whirlpool indicated it planned to scale Back work on the Energy efficient Washer in favor of a More Cost efficient Model. The letter went to Maytag corp., general electric co., electro Lux and the Energy department. Lynn said he hoped the letter would make it difficult for Whirlpool to aban Don the project. He also said the Anonymous letter was too vague and misleading to help the competitors of Whirlpool which is based in Benton Harbor. He comes much closer to being a Patriot than he comes to being a criminal defense attorney Tat Parish told the jury. Assistant . Attorney Julie Wood scoffed at Lynn s claims that he was motivated by worries about the environment. He talks about his patriotic duty she said. But we Are talking about washing machines Here. We Are not talking about Acure for aids or a Way to live on  prosecutors suggested instead that Lynn feared he would not get the recognition he deserved if Whirlpool abandoned the project. Gop tax plans As disaster Over term by Clay Chandler Washington Post Washington Clinton administration officials stepped up their attack on Republican tax cutting measures sat urday releasing a Treasury department analysis depicting provisions in House republicans contract with America As fiscal time bombs. The Treasury analysis suggests that the House republicans proposed tax cuts Are primed to explode in the first half of the next decade just outside the Stan Dard five year government accounting period and lower government Revenue by $712 billion from 1995 to2005. House republicans have estimated that their plan would lower government Revenue by about $190 billion from 1995 to 2000. But they contend the new Money freed up by their tax cuts would stimulate investment thereby accelerating the growth of the Economy and generating new tax Revenue which when combined with reduced government spending would balance the budget by 2002. Administration officials claim that Sce Nario is wildly unrealistic especially in the longer term. They argue that the Defi Cit would grow dramatically in the out years beyond the five year budget period because of the Way Many of the re publican tax cutting measures Are de signed. By contrast the tax cuts Clinton pro it s christmastime and we All appreciate a present but cutting taxes is such a Low priority right now.1 Martha Phillips Concord coalition posed would lower government Revenue by $174 billion Over the to year period according to the Treasury estimate. Arguing Over which Type of tax Cut would eat less deeply into government Revenue misses the Point said Martha Phillips of the Concord coalition a bipartisan group advocating fiscal restraint. Any of these tax cuts is absolutely the wrong stuff she said. It s Christmas time and we All appreciate a present but cutting taxes is such a Low priority right now. We re borrowing $1 trillion every three years to finance the Federal debt  ,. /.  administration officials have promised that Clinton s tax cuts would be implemented in phases and would be offset with spending cuts so that they will not increase the deficit in any year. The administration has yet to make Clear just How that objective would be accomplished. According to the Treasury estimate a Republican tax provision to change How businesses depreciate equipment would result in the most dramatic shift in losses in Federal Revenue to the five years beyond the government accounting window. The Treasury contends that changing the depreciation schedule would increase government Revenue by $12.8 billion in the plan s first five years but result in Anet loss in Revenue of $169.5 billion Over the 10-year period. That s because the proposed change provides depreciation write offs that careless generous than current Law in the first few years after an investment in equip ment is made but far More generous i later years however the Treasury analysis suggests that the Clinton plan also contains features that would result in big Revenue losses for the government in the second five years. Like House republicans Clinton has called for expanding eligibility for tax favored individual retirement  the president s plan taxpayers could choose whether to exempt from taxation their Ira deposits As is the Case under current Law or their withdrawals. The Treasury estimated the Cost of Clinton s Ira plan at $3.7 billion in the first five years and $23.3 billion Over the 10-year period. Super herculean Craft Russia s new transport plane the Antonov an-70, takes off Friday tons and a flying Range of 2,500 Miles the plane s flight character in Kiev on the Craft s first test flight. With a loading capacity of 33 is tics reportedly surpass those of the . C-130 Hercules. Deal would reduce poor nations debts if they Reform Paris a Rich countries have agreed to slash the foreign debt of the 27 poorest countries most of them in Africa by up to two thirds if they will undertake economic reforms officials said Friday. The agreement could affect up to $28billion in debts. Poor countries have to negotiate an economic Reform plan with the International monetary fund to qualify. Details of the plan were disclosed by French Treasury director Christian Noyer and other officials of the Paris club an informal group of the world s largest creditor nations that meets to consider requests for debt Relief. Until now debt forgiveness by the club for poor countries applied for Only 12 to 18 months and Cut debts by 50  nations said Friday that they would Grant further reductions if poo countries would meet conditions such As lowering inflation and unemployment and building roads Bridges and other infrastructure. Most of the countries involved have annual incomes of less than $700 per per son. The few that Aren t in sub Sahara Africa include Bolivia and Nicaragua. The Paris club rescheduled $21.3 Bil lion of Sovereign debt owed by 15 coun tries in 1994. In 1993, the group Roll Dover $19.2 billion in negotiations with 12 countries