Athens News Agency: Daily News Bulletin in English, 97-01-09

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From: The Greek Press & Information Office, Ottawa Canada <[email protected]>

ATHENS NEWS AGENCY BULLETIN (No 1083), January 9, 1997

Greek Press & Information Office
Ottawa, Canada
E-Mail Address: [email protected]

CONTENTS

[01] 1996 inflation stands at 7.5 per cent

[02] Pangalos, Niles meeting focuses on Cyprus' purchase of anti-aircraft missiles

[03] Turkish response

[04] Foreign policy meeting

[05] Kinkel points to Greece as being behind Turkey's 'estrangement' from EU

[06] Gov't turns down Evert request for party leader meeting

[07] Greek and Cypriot Foreign Ministry officials discuss Cyprus-EU relations

[08] Greek MPs in Cyprus today

[09] Armenian FM supports Cyprus efforts to boost defense

[10] Israeli air force chief on official visit to Greece

[11] ND ratifies agreement thrashed out on party congress

[12] Papadopoulos meets prefectural local administrators

[13] Draft bill on ministers' responsibilities tabled

[14] Search of capsized vessel suspended due to poor weather

[15] Greece to extradite woman in German bomb probe

[16] Greek embassy holds working lunch for high-ranking US officials

[17] Procedures announced to streamline measures against unemployment

[18] New Athens bus route starts on Monday

[19] European Commission decides to extend procedure of Greek aid to Hellenic Shipyards

[20] OTE projects hefty increase in profits for 1997

[21] Premier to inaugurate natural gas transport network

[22] Int'l auditors deliver report on Delta stock market scandal

[23] Taxation bill amendments tabled

[24] Greece bans Turkish potatoes

[25] National Bank governor unveils 1997 policy

[26] Local Gov't employees' union announces strikes

[27] Electrolux Hellas, AEG to merge

[01] 1996 inflation stands at 7.5 per cent

Athens, 09/01/1997 (ANA)

Inflation broke the 8.0 per cent barrier last November for the first time in 25 years, falling to an annual 7.7 per cent against 8.3 percent in the preceding month of October.

ESYE attributed the decline in inflation to a 0.9 per cent increase in the cost-of-living index in December against a 1.0 per cent rise in December 1995.

More specifically, price increases were recorded in December in fish, vegetables and 'served food', beverages, coffee, barbershops and beauty parlors, 'served drinks' and taxi fares (due to the Christmas bonus). Long-distance bus fares also rose but decreases in the prices of fruit and petrol counterbalanced the increases to a degree.

The drop in inflation also means that pensioners will receive a corrective increase of up to 2.5 per cent. As of this month, a revised consumer price index (CPI) enters into effect, in which 86 new categories of goods and services have been introduced and 25 existing categories abolished. The CPI is revised at regular intervals due to changing consumer trends.

[02] Pangalos, Niles meeting focuses on Cyprus' purchase of anti-aircraft missiles

Athens, 09/01/1997 (ANA)

Washington, along with several European countries, has expressed concern about a possible escalation of arms proliferation in the region, while Turkey has vehemently condemned the recent purchase agreement. On the other hand, Athens has strongly defended Nicosia's decision to bolster its defense capability by acquiring the S-300 missile system.

Replying to reporters' questions, government spokesman Dimitris Reppas said the 45-minute meeting was held at Mr. Pangalos' initiative, and in response to a request put forth by Mr. Niles in the past.

Mr. Reppas added that Washington's reservations about the multi-million dollar deal signed in Moscow last Saturday had also been conveyed to Athens' ambassador in the US, Lucas Tsilas.

Asked about a visit by State Department official Carey Cavanaugh to Nicosia, Athens and Ankara this weekend, Mr. Reppas replied that the government had not been informed about which issues the American envoy responsible for southern Europe intends to raise.

The spokesman clarified, however, that Mr. Cavanaugh would be meeting with foreign ministry officers.

In addition, Mr. Reppas said that procurement of the S-300 system could be canceled "tomorrow" if a program was implemented immediately for the total demilitarization of the divided island republic.

In statements later in the day, Education Minister and former national defense minister Gerassimos Arsenis said that both Greece and Cyprus should persist on the armaments program, but warned against creation of a climate of tension.

Noting that the armaments program of the Cypriot government has been known for quite some time, Mr. Arsenis said "Greece and Cyprus should proceed with the implementation of the program, as well as a full realization of a national defense doctrine, which constitutes the corner stone of Hellenism's defense."

At the same time, Mr. Arsenis said the cultivation of a climate of tension "serving the plans of other powers should be avoided."

Meanwhile, the Coalition of the Left and Progress party issued an announcement yesterday noting that all states have the right to build their defense, adding that "instead of resorting to demarches and pressure, the United States and the other major powers should put pressure on Turkey in order to curb its intransigence and work towards progress in dialogue and demilitarization of the island."

The statement also said that recent developments in the region demonstrated "a total lack of a structured Greek national strategy in both the area of Greek-Turkish relations and the Cyprus problem."

[03] Turkish response

Ankara, 09/01/1997 (ANA)

"Nobody should doubt that Turkey will take all necessary measures," Mr. Akbel said when asked to comment on existing allegations that "the (Turkish) national security council has decided to launch an attack on the bases in the event missiles will be installed in the Greek Cypriot community."

"Turkey has made its position clear to the governments of all interested countries, Russia included," the spokesman said.

In reply to a question as to whether the sale of the Russian-made missiles to Cyprus will have a negative effect on Russo-Turkish relations, Mr. Akbel said "the sale has not yet taken place."

[04] Foreign policy meeting

Athens, 09/01/1997 (ANA)

The meeting will be attended by Foreign Minister Theodoros Pangalos, Alternate Foreign Minister George Papandreou as well as outgoing Foreign Under-secretary Christos Rozakis, who has resigned from his post but will continue his duties until next week. T he meeting will also be attended by PASOK Eurodeputy Yiannos Kranidiotis and the foreign ministry's general secretary for European Union affairs, Stelios Perrakis.

Diplomatic sources said the meeting will focus on the Greek-Turkish relations, the Cyprus problem in view of Mr. Cavanaugh's shuttle visit to the region and US initiatives, as well as coordination of actions between Athens and Nicosia. Upcoming government initiatives in the Balkans will also be discussed.

[05] Kinkel points to Greece as being behind Turkey's 'estrangement' from EU

Bonn, 09/01/1997 (ANA - P. Stangos)

"Turkey feels that it is wrongly treated by Europe," he told reporters. "How can one hold this against Turkey? Ankara has not profited by one penny from the customs union with the EU because Greece puts the brakes on everything," the German minister noted.

[06] Gov't turns down Evert request for party leader meeting

Athens, 09/01/1997 (ANA)

Government spokesman Dimitris Reppas said that if Mr. Evert wanted to be briefed on national issues, he should request a meeting with Prime Minister Costas Simitis which would be granted.

Mr. Reppas added that there was no institutional body comprising political party leaders "and the government is responsible for exercising foreign policy."

The spokesman also announced that today's meeting on national issues to be chaired by Mr. Simitis, would be attended by Foreign Minister Theodoros Pangalos, Alternate Foreign Minister George Papandreou, foreign under-secretary Christos Rozakis (who has resigned but will continue his duties until January 15), ruling PASOK party Eurodeputy Yiannis Kranidiotis and Secretary-General for European Union affairs Stelios Perrakis.

On Monday, he added, Mr. Simitis will chair a further meeting to be attended by Mr. Pangalos, National Defense Minister Akis Tsohatzopoulos and Mr. Papandreou.

[07] Greek and Cypriot Foreign Ministry officials discuss Cyprus-EU relations

Athens, 09/01/1997 (ANA)

Specifically, the meeting focused on issues related to administrative organization and adjustment to vested European Union rights, and pre-accession course to the European Union.

The meeting signaled the first in a series of such meetings between the two ministries with the aim to further advance bilateral co-operation on issues related to European unification and Greece's contribution to the better preparation for Cyprus-EU integration.

[08] Greek MPs in Cyprus today

Athens, 09/01/1997 (ANA)

The two delegations will examine issues of coordination and representation of the two states at international organizations, both on the Cyprus issue and other international issues.

The Greek mission is made up of deputies Eleftherios Veryvakis, Vassilis Manginas, Orestis Kolozof, Spyros Danellis and George Rokos. The mission will also meet with the political leadership of Cyprus, Archbishop Chrysostomos and Nicosia Mayor Lellos Dimitriades.

[09] Armenian FM supports Cyprus efforts to boost defense

Athens, 09/01/1997 (ANA)

His comments follow reaction from Turkey, the United States and several European countries to Cyprus' decision to purchase Russian-made S-300 surface-to-air missiles.

Mr. Arzumanyan, who is here for a three-day visit, also underlined the importance of the further development of Greek-Armenian co-operation, the need for Athens to support Yerevan at international organizations and Armenia's full accession to the Council of Europe.

[10] Israeli air force chief on official visit to Greece

Athens, 09/01/1997 (ANA)

Maj.-Gen. Eliahou also had talks yesterday with his counterpart, Lt.-General George Antonetsis, which focused, according to informed sources, on relations between the two countries' air forces.

The same sources said that the Israeli air force chief was briefed on Greek positions concerning Greek-Turkish problems in the light of Ankara's continuous provocations in the Aegean and Turkish threats following Cyprus' decision to purchase Russian-made S-300 anti-aircraft missiles.

Today, Maj.-Gen. Eliahou is scheduled to visit air force units.

[11] ND ratifies agreement thrashed out on party congress

Athens, 09/01/1997 (ANA)

The agreement was reached on Tuesday at a meeting between ND leader Miltiades Evert, Vice-President Ioannis Varvitsiotis and main leadership contender George Souflias.

According to informed sources, Mr. Evert expressed the view at yesterday's Executive Committee meeting that the congress to be held should be "such that no one will be able to dispute it".

All the issues relating to the congress will be discussed at today's joint meeting of the ND parliamentary group and central committee.

[12] Papadopoulos meets prefectural local administrators

Athens, 09/01/1997 (ANA)

The meeting focused on Mr. Kouloumbis and Mr. Nikolaidis' request for reinforced responsibilities and competencies in the three enlarged prefectural local administrations in the country.

Last month, the presidents of the enlarged local administrations had a meeting with Prime Minister Costas Simitis who agreed to regulate the issue in co-operation with the competent ministers.

[13] Draft bill on ministers' responsibilities tabled

Athens, 09/01/1997 (ANA)

Under the draft bill, criminal charges can be brought against a minister by a simple majority of Parliament. However, recourse to courts is decided by a special majority made up of deputies who voted in favor of a vote of confidence for the government plus one-tenth of the remaining Parliament deputies.

The draft bill sets a five-year period of statute-barring, which is suspended for the duration of the Parliamentary term during which an act for which any minister is to be tried was committed.

Possible participants in the case will be tried by regular courts, prosecutor's duties will be carried out by three deputies - who will be elected by Parliament.

[14] Search of capsized vessel suspended due to poor weather

Athens, 09/01/1997 (ANA)

The Distos, carrying a cargo of 5,300 tons of cement, overturned in rough seas on Dec. 28 with 21 people on board.

Only crewmember was rescued, while 17 bodies, including two crewmembers' wives and a 12-year-old daughter of one of the seamen, have been recovered and identified from the wreck.

The wider eastern Evia sea region is being searched for the location of missing seaman Thanasis Papaioannou, as there are indications he was on duty on the bridge - at the wheel - at the time of the accident, and not outside the dining area as stated by Christos Anagnostou, the sole survivor of the maritime accident.

Commenting on media speculation that the accident was caused by Mr. Anagnostou falling overboard and the captain attempting to turn the ship around in order to save him, the same official described the idea as "science fiction scenarios."

According to informed sources, Mr. Anagnostou is to be called to testify for the third time on the events leading up to the accident during the next few days, as there are reports of minor discrepancies in his first two statements.

The life-raft in which he was found, along with various other articles from the ship, have been transported to the port authority's repair center in Piraeus, where they are being examined.

Meanwhile, five officers on duty in the merchant marine ministry's operations room on the night of the accident continued their depositions in the Piraeus Admiralty Court, after they were accused by Merchant Marine Minister Stavros Soumakis of delay in informing him of the incident. The five officers have been suspended.

So far, all five have testified that they acted efficiently and according to written orders of their superiors.

[15] Greece to extradite woman in German bomb probe

Athens, 09/01/1997 (ANA)

"The extradition order was signed on Tuesday by Justice Minister Evangelos Yiannopoulos. She hasn't appealed against it and we expect her to be in Germany within days," Justice Ministry general secretary Costas Dailianos said.

The woman, 31-year-old Andrea Hausler, was arrested last October in Halkidiki prefecture, northern Greece, at the request of German authorities.

She was on vacation with her two-year-old son and a boyfriend when arrested. Police have said only that the woman was sought by the German authorities in connection with the disco bombing.

Two US soldiers and a Turkish woman were killed in the 1986 attack on the "La Belle" disco in Berlin's Schoeneberg district, and scores of off-duty US military personnel were wounded.

The United States blamed Libya for the blast and responded by bombing the Arab state, killing at least 15 people and wounding more than 100. Two more people were arrested in Germany in October in connection with the attack.

[16] Greek embassy holds working lunch for high-ranking US officials

Washington, 09/01/1997 (ANA - T. Ellis)

Defense Department Under-secretary Ian Lodal, President Bill Clinton's advisor Richard Sifter, the director of the State Department's southern European section, Carey Cavannaugh, and officials responsible for Greek, Balkan and European affairs in both the State Department and the Pentagon.

During the meeting, Mr. Tsilas and other embassy officials briefed US officials on current developments in current Greek national issues, Greek-American relations and the situation in the eastern Mediterranean.

[17] Procedures announced to streamline measures against unemployment

Athens, 09/01/1997 (ANA)

Under the decisions, the long-term unemployed over the age of 55 (provided they have completed 3000 days of work) will maintain the right to medical and pharmaceutical care from their social security fund.

The General Confederation of Workers of Greece (GSEE) has described the measure as positive, but has asked for the cost to be covered by the budget and not by OAED and the Social Security Foundation (IKA).

Roughly 30,000 work positions are being funded for the jobless, mainly for the young, women and residents of high-unemployment rate areas.

Unemployment benefits will also be connected to vocational training programs.

In another development, the preparation of the Presidential Decree on illegal immigrants was expected to be completed by late last night. A meeting is to take place next week between relevant ministries in order to approve procedures for the issuing of a temporary (probably six-month) residence and work permit.

Additionally, Labor and Social Security Minister Miltiades Papaioannou announced yesterday that a list of medicines for all social security funds is to apply shortly, based on an amendment to be submitted during a discussion on the draft bill on the Farmers Pension Fund (OGA).

Mr. Papaioannou said that while the average of IKA prescriptions is estimated at around 1.5 million drachmas per doctor every month, some doctors issue prescriptions of more than 20 million drachmas.

The minister noted that annual pharmaceutical spending amounts to 2 per cent of GDP, but stressed that no patient will be denied any required medicines.

[18] New Athens bus route starts on Monday

Athens, 09/01/1997 (ANA)

Mr. Christodoulakis announced the hiring of 300 new drivers, extensions of new routes and a new route starting in the Athens district of Gyzi on Monday, passing through Patission, Stadiou, H. Trikoupi and Alexandras streets and ending at Moustoxidi street.

He attributed delays in bus routes to the great traffic problem existing in Athens, adding that signs will be placed at bus stops listing the exact time buses will arrive. Mr. Christodoulakis said ETHEL staff will be provided with uniforms, while 90 employees will check passengers' tickets and those without a ticket will be fined 20 times the value of the ticket. He added that possible ticket increases concern the prices and incomes committee.

According to authoritative sources, tickets will not increase in price until July 1 1997, while 20 billion drachmas destined for the purchase of new buses have not been registered in the budget.

[19] European Commission decides to extend procedure of Greek aid to Hellenic Shipyards

Athens, 09/01/1997 (ANA)

The maximum amount of aid necessary to write-off the yard's debts was set at 44 billion drachmas but it appears now that this amount will be exceeded on the basis of fees to State guarantees, interests and fines on the debts accumulated, the press release said.

The Commission considers that the amount now necessary consists of a new extra aid and, for this reason, extends the procedure to it in order to get all the information necessary to take a final decision.

The Greek government considers that this extra amount, corresponding to fees to State guarantees, interests and fines on the debts existing on 31 December 1991 and accumulated from that date to 31 January 1996, is the responsibility of the State alone, since it delayed the implementation of the clearance of the debts, clearance which was also confirmed by a creditors' agreement concluded on 21 May 1992 within a Greek legal procedure.

The Commission considers, however, that although related to the initial amount, the aid to cover interests on an approved but not paid aid constitute new aid, as long as the potential aid beneficiary has not been released from his liabilities for the debts to be written-off by the nominal approved aid. The Directive does not provide for a legal basis to approve such type of aid, as the exception for Greece expired at the end of 1991.

The Commission considers also that the payment of the new amount would correspond to operating aid. According to the Directive, operating aid cannot be granted in excess of the aid ceiling.

In December 1992, the Commission approved aid in the form of debt write-off for the publicly-owned yards in Greece, on the basis of the undertakings given by the Greek Government that the yards would be privatized by 31 March 1993, though only 49 per cent of the Hellenic Shipyard if justified by defense interests. The aid for the Hellenic Shipyard was set at a maximum of 44 billion drachmas.

On 16 February 1994, as two yards had not yet been privatized - the Neorion yard and the Hellenic yard - the Commission decided to initiate proceedings against the aid involved in both cases.

On 31 October 1995, the Commission decided to partially close the procedure and to approve the aid for the Neorion yard, since, meanwhile, it had been privatized.

Considering that in September 1995, 49 percent of the Hellenic yard had been sold to a cooperative of the yard's workers, the Commission accepted the government's request to delay its decision. The conditions for the Commission to approve the aid for the Hellenic yard and definitively close the procedure seemed to be met, besides the exceeded amount of aid now necessary to write-off the yard's debts.

[20] OTE projects hefty increase in profits for 1997

Athens, 09/01/1997 (ANA)

According to an announcement issued yesterday, the receipts of OTE for the next fiscal year are estimated at 840 billion drachmas and its operational costs at 535.6 billion drachmas.

Consequently, it has been estimated that OTE will produce profits of approximately 304 billion drachmas. If projections are accurate, profits will be 21.75 per cent higher than in the 1996 fiscal year.

[21] Premier to inaugurate natural gas transport network

Athens, 09/01/1997 (ANA)

The event will also be attended by Mr. Radionov, Russia's energy minister, and the president of Russia's Gazprom, Rem Viachirev.

Works already planned and being carried out are budgeted at 700 billion drachmas.

The entry of natural gas into the country's energy balance is expected to contribute decisively towards saving valuable natural resources and protecting the environment.

The operation of the natural gas system and its distribution network will provide many new jobs and contribute to a substantive combating of unemployment.

In its completed form, the natural gas project will include:

- A main pipeline for transporting high-pressure natural gas from the Greek-Bulgarian border to Attica, along a distance of 511 km.

- Branches for the transfer of high-pressure natural gas on the pipeline to eastern Macedonia-Thrace-Thessaloniki-Volos-Attiki.

- A low-pressure distribution network to Athens-Piraeus-Thessaloniki-Larisa-Volos, having a total length of 6,500 km.

- Three control and maintenance centers in Attica, Larisa and Thessaloniki.

- A station for liquefied natural gas on the Revythousa isle off Elefsina, where liquefied natural gas from Algeria will be stored and then turned into gas.

[22] Int'l auditors deliver report on Delta stock market scandal

Athens, 09/01/1997 (ANA)

The firm's failure to meet obligations caused a severe crisis on the Athens bourse, interrupting trading for a few days.

National Economy Minister Yiannos Papantoniou held a meeting with the ministry's secretary general, where it was decided that the report will be referred to a judicial investigator currently assigned the investigation.

The ministry has declined to reveal anything concerning the content of the report.

[23] Taxation bill amendments tabled

Athens, 09/01/1997 (ANA)

According to tabled amendments, merchant seamen will be taxed 8 per cent in 1997 for senior crew and 5 per cent for junior-level seamen, while in 1998 the corresponding percentages will be 10 per cent and 7.5, respectively.

Individuals entitled to import cars and household appliances from abroad who have submitted relevant documents by the end of 1996 will be exempt from taxation.

A taxpayer's second home having an area of more than 100 square meters will be taxed as supposed income. The write-off time for certified 20-year debts from whatever source will be extended until Dec. 31, 1997. The tax-free amount for real estate belonging to charitable foundations will be doubled and set at 120 million drachmas.

Moreover, the unified taxation percentage for elected local self-administration representatives is set at 15 per cent. Large real estate holdings belonging to local unions of municipalities and communities, as well as to the Central Union of Municipalities and Communities of Greece (KEDKE), will be excluded from paying real estate taxation. The annual supposed expenditure for yachts and other marine sports vessels will decrease by 50 per cent.

In addition, time deposits in foreign exchange will remain tax-free up to the expiry of their time limit. Whatever percentage of shares of companies not registered at the Athens Stock Exchange will be taxed on transfer. The taxation exemption from the 2.4 per cent stamp tax on maritime companies concluding loans with overseas banks will not be abolished. A 2 per cent discount will be granted for export enterprises having a turnover of up to 750 million drachmas, 1 per cent for a turnover from 750 million drachmas until three billion drachmas and 0.5 per cent for a turnover more than three billion drachmas.

[24] Greece bans Turkish potatoes

Athens, 09/01/1997 (ANA)

The decision, signed by Agriculture Under-secretary Dimitris Sotirlis, follows checks carried out on potatoes imported from Turkey which were contaminated with a virus considered by the ministry as posing a threat to the health of consumers.

Following the decision, wholesale merchants are expected to turn to Greek potatoes from Drama, Evros and other regions, resulting in the absorption of 45-50,000 tons of the crop currently stored in warehouses.

In a related development, the Mayor of Nevrokopi, Argyris Patakakis, has sent a letter to Agriculture Minister Stephanos Tzoumakas asking him to also ban the import of potatoes from Egypt to facilitate the absorption of 25,000 tons of potatoes now stored in warehouses in the northern border area.

[25] National Bank governor unveils 1997 policy

Athens, 09/01/1997 (ANA)

Speaking at a press conference yesterday, the bank's governor Theodoros Karatzas made an account of works in 1996 and primarily outlined prospects for the National Bank group in 1997. The event was attended by all the bank's deputy governors.

Mr. Karatzas said National Bank's strategy is aimed at tackling new challenges created with the intensification of competition in the local and international markets.

Referring to the issue of supporting the bank's own capital, Mr. Karatzas stressed its resolution by converting one of the bank's bond loans in possession of the state into common shares. As a result, the bank's own capital increased by 102 billion drachmas and a considerable improvement in capital adequacy indicators. In addition, the readjustment of fixed assets as of Dec. 31, 1996, increased its own capital by about 14.2 billion drachmas.

The bank's administration is considering issuing a subordinated bond loan, primarily in international markets, amounting to US$150-200 in the first four months in 1997.

According to reports, an increase in the bank's share capital is expected to take place in the second half of the year and is believed to be at the corresponding height of the 60 billion drachma increase already announced by the Credit Bank.

Replying to a question, Mr. Karatzas said that the National Bank will look forward to international capital markets as well as to the domestic markets with the planned capital increase. The National Bank will place furthering client-shareholder-worker policy as the main goal of the bank's new mid-term modernization program, an announcement said yesterday.

The Bank will also reinforce its presence in the local and international markets, especially in the fields where it holds the competitive edge," the announcement said.

Regarding the local market, the bank will emphasize the promotion of subsidies, as well as consumer credit, trade, international lending services, shipping, middle-size businesses and major works.

In international markets, National Bank will emphasize its presence in large financial markets and the possibilities offered by the bank's extensive network which is estimated to have yielded some 10,5 billion drachmas in pre-tax profits.

The National Bank of Greece has six million savings accounts, 900,000 Ethnocards (cash cards) and has extended consumer credit to 300,000 credit card holders. It also has 1.5 million insurance contracts from subsidiary companies.

The bank's 1997 business plan includes merger of the group's insurance companies, the issuing of new credit cards and the development of close co-operation and coordination of the bank's dealing rooms in Greece and abroad.

[26] Local Gov't employees' union announces strikes

Athens, 09/01/1997 (ANA)

According to POP-OTA president Zafiris Perros, Mr. Papadimas described most of the workers' demands as being just, but did not provide any essential answers for them. Employees received "no commitment, no guarantee," Mr. Perros said.

Mr. Papadimas announced that within the next 10 days, procedures will commence for the hiring of seasonal workers, as well as for the hiring of 2,000 permanent employees which have been approved for 1997, and another 3,000 for 1998.

Concerning their demand for a reduction in the retirement age, the under-secretary asked employees to submit a comprehensive proposal to be examined in co-operation with the labor and social security ministry.

Meanwhile, seasonal municipal workers held a demonstration yesterday morning, marching to the interior ministry. They have scheduled another demonstration at 9:30 tomorrow morning, when they will demand to meet with Interior, Public Administration and Decentralization Minister Alecos Papadopoulos.

[27] Electrolux Hellas, AEG to merge

Athens, 09/01/1997 (ANA)

He added that the total share capital of the company formed will be 2.8 billion drachmas, and featuring products under the Electrolux, AEG and Zanussi brand names. It will also cover the spectrum of detached and walled "white" household appliances, with a view to doubling its market share over the next five years.

In 1996, the two companies had a turnover of about nine billion drachmas and the aim for 1997 is to increase their turnover to 11.5 billion drachmas. In 1996, Electrolux had a turnover totaling 5.2 billion as against four billion in 1995 and profits amounting to roughly 400 million drachmas.

End of English language section.

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