Athens News Agency: Daily News Bulletin in English, 97-09-05

Athens News Agency: Daily News Bulletin in English Directory - Previous Article - Next Article

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

ATHENS NEWS AGENCY BULLETIN (No 1281), September 5, 1997

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

CONTENTS

[01] US Coordinator optimistic on Cyprus solution

[02] Prime Minister to inaugurate TIF tonight

[03] ..... Messages

[04] Fair's open hours

[05] Greece has not received US protests on Cyprus missiles, Reppas says

[06] Greece: Strike by Turkey on Cyprus S-300 missiles is 'casus belli'

[07] Russia strongly criticizes Turkey over ship searches

[08] Greek and Turkish mayors meet in Turkey's Didima

[09] Simitis to get briefing from Papadopoulos

[10] Laliotis briefs Simitis on public works progress

[11] Athens hopeful for today's vote on 2004 Olympic Games

[12] ... Fouras optimistic

[13] ... Papandreou hopeful

[14] World network on environmental science set up

[15] Greek to be taught officially at Georgian schools, president says

[16] Skandalidis outlines PASOK objectives for the near future

[17] Gov't comments on 'para-Egnatia' plans

[18] Ministry puts finishing touches on voting draft bill

[19] Parliament passes education bill as teachers march in protest

[20] ... Details of bill

[21] ... Opposition attacks bill

[22] Government to hire 3,000 civil servants if draft bill passes

[23] Athens hospital doctors meet minister in good climate

[24] Ministry extends land register to another 236 areas in Greece

[25] Greece moves closer to launching financial derivatives market

[26] Greek power utility gets Dr 100.5 bln loan from banks

[27] Greek stocks slump on Olympics, economy jitters

[28] Greek bank sector seen facing shake out

[29] Apostolopoulos Group results up 25 pct in 1st half

[01] US Coordinator optimistic on Cyprus solution

Washington, 05/09/1997 (ANA-T. Ellis/CNA)

In an interview, Mr. Miller said that time is working against a solution to the protracted Cyprus issue and added the US wants to focus on the substance of the problem.

Mr. Miller gave the interview to reporters from the Athens News Agency, the Cyprus News Agency, Turkish Anatolia News Agency and the newspaper Turkish Daily News, in view of his upcoming visit to the region, scheduled to take place September 7-20.

He pointed to security, constitutional arrangements and the three fundamental freedoms as some of the main issues that should be addressed, and supported secret diplomacy in efforts for a settlement in Cyprus.

He said he will use his experience from the Middle East peace process when dealing with the Cyprus question, noting that neither side will achieve everything it wants and pointing to the importance of rapprochement between Greece and Turkey.

The US diplomat, who will work closely with the US President's Cyprus Emissary, Richard Holbrooke, said he has "a couple of ideas" about his trip, but his first objective is "to do a lot of listening" as he has just taken up his post.

Asked what he considers the main obstacles in solving the Cyprus problem, Mr. Miller noted that "whenever there is a problem as difficult as the Cyprus problem has been, there is usually not just one obstacle" and said "security, constitutional issues, or some of the other categories obviously have to be worked more."

He referred to the freedoms of settlement, movement, property and sovereignty as issues that must be discussed, noting "the core issues are out there for the two sides to deal with".

The American diplomat said the experience he had gained as executive assistant to the US President's special representative for the Middle East, between 1983-1984, will help him in his efforts on Cyprus. "While the elements are very different, t here are a couple of considerations that I got out of the Middle East peace process that will perhaps be applicable here", he said.

Mr. Miller stressed that one of the considerations is that "in a good compromise, good solution, endurable and lasting, neither side walks from the table with everything it wants."

Asked what approach would be best to solve the Cyprus question, Mr. Miller said this is one of the issues he will be exploring during his visit.

He noted that "over time sometimes the tactical approach will change" and said "what works is what you can get both parties to agree on".

The US official expressed "full support" to the UN process and clarified that "we are not competing here".

He refrained from saying if the UN approach in the past decades has worked and supported what he termed as "sledgehammer diplomacy".

"You just keep going back... Try a different way and behold, as we discovered with the Middle East peace process, ideas that have been tried and discarded, when tried again perhaps repackaged, somewhat worked," he explained.

The 49-year-old diplomat stressed "you don't give up, you just keep on persisting and that is what we're going to do".

Mr. Miller expressed "tremendous respect" for Richard Holbrooke, noting that with his participation "I'm hopeful that we might be more successful than in the past".

"When I say 'we', I mean all of us, not just the US, because any effort to solve the Cyprus problem would take the efforts of the international community working in close conjunction with the UN efforts," he added.

Replying to a question, Mr. Miller described the Greek Cypriot and Turkish Cypriot sides as "the key actors" in the Cyprus question and said "the other very essential actors are Greece and Turkey", noting that conditions on the island and between Ankara and Athens are better than in the past for a settlement.

Mr. Miller, who served in Athens both in the 1980's and again in 1994, expressed the view that "public sentiment was much more responsive to rapprochement over the last couple of years than what I experienced in the mid-1980's."

He also said he "detects a different spirit", noting Greece and Turkey are neighbors and "you can't change your neighbor".

Asked on the American position on Cyprus' European Union (EU) accession, he reminded that the US had supported the March 1995 agreement.

"Half of it was that negotiations would begin six months after the end of the Intergovernmental Conference and (Turkey's) customs union (with the EU) was the other half. This is something we supported back then and still support," he said.

Mr. Miller refrained from replying to a CNA question about how he will deal with the Turkish side's threat over Cyprus' EU accession course, as he believes "secret diplomacy works best", adding this is one of the issues he will be discussing.

He said he understands Turkish concerns over a Cyprus government decision to buy the Russian anti-missile system S-300.

"We made our concerns about the S-300 missiles known publicly at the highest levels of the Cypriot government and we talked to the Russian government about this. So I think our record on this is pretty clear," Mr. Miller added.

He refrained from replying to a question if Turkey has the right to threaten to attack Cyprus if the S-300 are deployed on the island and said both he and Mr. Holbrooke want to "focus on the substance of the Cyprus problem."

"I'd say that the Cyprus problem is something in which time is working against (all of) us. We'll continue to do what we can," the American diplomat said, adding his goal is "to try to fix the problem and defuse tensions". He pointed out that the two sides in Cyprus have agreed to a bi-communal, bi-zonal federation, even though "there are differences of interpretation" as to what that means.

Asked if there is a possibility of deploying a multinational or other force in Cyprus to replace the UN peacekeeping force, Mr. Miller said the issue of future guarantees is a key element in negotiations and discussion on this issue is premature. He stressed that "UNFICYP (UN peacekeeping forces on Cyprus) had done a very good job over the years".

Mr. Miller expressed US support to direct talks between the two sides, but said the UN is responsible for deciding on another round of talks, after the two rounds held July and August, in New York and in Switzerland.

The UN-sponsored talks ended in failure after Turkish Cypriot leader Rauf Denktash' refusal to negotiate a settlement because of the European Union's decision to start membership talks with Cyprus next year.

Cyprus has been divided since 1974 when Turkish troops invaded and occupied 37 per cent of its territory.

[02] Prime Minister to inaugurate TIF tonight

Athens, 05/09/1997 (ANA)

Mr. Simitis is expected to arrive at the Thessaloniki international airport at 19:45 today, and will be welcomed by Cabinet members, heads of the armed forces, city officials and HELEXPO directors.

The inauguration is scheduled for 20:00 today and will be attended by Cabinet members, visiting ministers from other countries, church representatives and ambassadors among others.

Tonight, HELEXPO-TIF directors will hold a dinner in honor of the prime minister at the governor's mansion at 22:30.

Tomorrow, Saturday, Mr. Simitis will give his annual key speech on economic policy during a dinner held at 20:15. The speech, a major policy address on next year's economy, will be broadcast nationwide.

On Sunday, the prime minister will visit HELEXPO headquarters at 10:00, tour the pavilions and give a major press conference Sunday afternoon.

[03] ..... Messages

Athens, 05/09/1997 (ANA)

The Patriarch underlines in his message the importance of trade relations in creating ties of co-operation between peoples. Such ties, he says, function preventatively against the danger of war.

President Stephanopoulos, for his part, refers to the importance of this year's fair, which is devoted to the idea of the European Union and held in the year in which Thessaloniki holds the title of Cultural Capital of Europe.

He added that the fair made a positive contribution to the country's development efforts and the strengthening of its role in the Balkans and the greater region.

"The fact that Greece is the only Balkan member-state of the European Union objectively renders it as the active link between the countries of the Balkans and the European family," the President said.

[04] Fair's open hours

Athens, 05/09/1997 (ANA)

For the first time this year, pavilions will remain open all day until 22:00 on Saturdays and Sundays, during the first two weekends of the fair.

The fair this year hosts hundreds of exhibitors from all over Greece and another 40 countries.

[05] Greece has not received US protests on Cyprus missiles, Reppas says

Athens, 05/09/1997 (ANA)

Government spokesman Dimitris Reppas made the statement following remarks by US Ambassador to Cyprus Kenneth Brill on Wednesday who reiterated that Washington's position had not changed regarding the missiles.

The US is opposed to Nicosia's plans to install the missiles as part of efforts to bolster Cyprus' defenses. Deputy State Department spokesman James Foley said on Wednesday that the US had expressed its opposition from the outset.

Commenting meanwhile on the checks being carried out by Turkish authorities on vessels passing through the Bosporus Straits, Mr. Reppas reiterated that the Treaty of Montreux must be adhered to.

The treaty stipulates that inspections of vessels are only permitted for sanitary reasons.

Mr. Reppas said that Greek interests had not been harmed by the checks, adding however that "Greece will join other countries whose interests have been harmed in the event that Turkey carries out checks other than those permitted by the treaty".

Replying to Turkish criticism about the absence of Greece's Chief of Armed Forces General Staff, Gen. Athanasios Tzoganis, at an anniversary event at the Turkish embassy in Athens on August 30, Mr. Reppas said it was not a government decision and political conclusions should therefore not be drawn. "Greece desires the normalization of its relations with Turkey within the framework of specific rules," the spokesman said.

The foreign ministry said later that the Treaty of Montreux laid down "clear obligations" regarding the free passage of vessels through the Bosporus Straits, "which is of interest to all the signatory states". Ministry spokesman Costas Bikas said the "arbitrary" interpretation given by Turkey was not compatible with these obligations.

Mr. Bikas was replying to statements by his Turkish counterpart Sermet Atancali on Wednesday that Turkey was determined not to allow navigation through the straits to endanger its national security.

Mr. Atancali's statements follow a search last week by Turkish authorities of an Egyptian-flagged cargo vessel in the Bosporus Straits carrying missile parts.

Turkish Prime Minister Bulent Ecevit told reporters on Tuesday however that the vessel's consignment documents showed it was an Egyptian order.

[06] Greece: Strike by Turkey on Cyprus S-300 missiles is 'casus belli'

London, 05/09/1997 (ANA)

"The Joint Defense Pact is in full readiness to be implemented in case of any threat or act of violence against the Republic of Cyprus, which means that any attack by Turkey against Cyprus is casus belli," he said in an interview on the "London Greek

Radio", during a visit to the British capital where he met with counterpart George Robertson. A Joint Defense Pact was agreed by the governments of Cyprus and Greece in 1993, stating that Greece will come to the aid of Cyprus if the island is attacked militarily. Asked how Greece reacts to Turkey's threats to attack the S-300 missiles, Mr. Tsohatzopoulos said, "I would advise our neighbors not to slide along dangerous avenues manipulating foreign matters".

Cypriot Government Spokesman Manolis Christofides expressed satisfaction with the Greek minister's statements, noting that it was important to Cyprus "that in critical times, if there are any, agreements are kept".

[07] Russia strongly criticizes Turkey over ship searches

Nicosia, 05/09/1997 (ANA - G. Leonidas)

In a statement, Russian Foreign Ministry spokesman Mr. Tarasov announced that the issue will be discussed in the immediate future between the Foreign undersecretaries of Russia and Turkey who are meeting in Moscow for political consultations.

Mr. Tarasov stressed that the contract for the sale of the S-300s to Cyprus will not be revised, and reiterated that the system is purely defensive.

He said the Republic of Cyprus has no air force, whereas the other side, which naturally relies on support from Turkey, has the possibility of controlling the airspace over the Republic of Cyprus.

Mr. Tarasov said that under the circumstances, Turkey's concerns are unjustified and excessive. He added that apart from this, Russia has already stressed that the need for any armaments on Cyprus will not exist if a solution is found to the Cyprus issue and in the event an agreement is found for full demilitarization of the island.

The French news agency AFP reported yesterday from Ankara that Turkish Foreign Ministry Assistant Under-secretary Ali Tuygan will meet his Russian counterpart Victor Posuvalyuk in Moscow next week to discuss the issue of the Russian missiles destined for Cyprus.

[08] Greek and Turkish mayors meet in Turkey's Didima

Athens, 05/09/1997 (ANA)

The statements came from the region of Didima, in western Asia Minor, where Turkish and Greek mayors from Aegean islands came together to reaffirm friendship between the two peoples.

The event follows a series of initiatives by businessmen and artists from Greece and Turkey to establish common ground between the two peoples and forge ties of friendship and understanding.

"Politicians should be careful about what they say," Cesme Mayor Nouri Ertan, one of the eight Turkish mayors attending the event, said in the opening address of the 7th meeting of the Aegean Mayors, and in reference to recent inflammatory statements by Turkish Deputy Premier Bulent Ecevit.

He said Turkish businessmen were ready to start business on the Aegean coast and urged businessmen on the other side to do the same.

Greek and Turkish businessmen, who are already making efforts to bypass political differences and establish common ground between the business communities of both countries, are to meet again in Izmir at the beginning of next month.

Representing the communities of the Vourliates, in Samos, and Paleokastro, Mr. Sitzimis and Mr. Andreou respectively referred to the hardships of war and the advantages of peace. "Peace in your homeland, peace in the world," said Turkish deputy Metin Sahin, citing the words of Kemal Ataturk.

After the meeting, the Greek and Turkish mayors walked through the city, in a symbolic peace gesture, while dozens of people sailed in little boats in the Aegean, holding placards reading: "The Aegean should not be blackened. The Aegean should remain a sea of peace."

Events peaked with a concert in the evening featuring Greek and Turkish artists attended by hundreds of people and a performance by a children's choir at the ancient Greek temple of Didymaeus Apollo.

[09] Simitis to get briefing from Papadopoulos

Athens, 05/09/1997 (ANA)

Issues to be discussed at the meeting include the course of implementing the "Kapodistrias" program merging local communities and municipalities and the effort to improve the operation and efficiency of public administration.

[10] Laliotis briefs Simitis on public works progress

Athens, 05/09/1997 (ANA)

Mr. Laliotis informed Mr. Simitis of work rates on projects, particularly those in northern Greece, ahead of the prime minister's economic policy speech at the Thessaloniki International Fair on Saturday.

[11] Athens hopeful for today's vote on 2004 Olympic Games

Lausanne, 05/09/1997 (ANA - A. Dimitriadis)

A few hours away from the International Olympic Committee's (IOC) verdict on the city that will stage the Games in 2004, the members of the committee remain optimistic on Athens' chances to win.

Committee members yesterday were joined by seven Greek Olympic gold medallists, who arrived in Lausanne to support Athens' bid. The seven are Pyrros Dimas, Nikos Kaklamanakis, Ioannis Melisanidis, Kahi Kahiasvili, Leonidas Kokkas, Leonidas Sabanis, and Tasos Boudouris.

[12] ... Fouras optimistic

Athens, 05/09/1997 (ANA)

Delegations from all five cities -- Athens, Buenos Aires, Cape Town, Rome and Stockholm -- have traveled to Lausanne to await the result which is expected to be announced this evening.

"We have reached the closing stage before the crucial vote. We have worked hard, methodically and systematically. But the vote will be secret and nobody can make accurate forecasts. Today (yesterday) will be the last rehearsal for Athens' presentation, which I believe will be impressive and of a high quality. Quality is in any case the great advantage of our candidacy, something which has been confirmed by all the IOC members who have been in contact with us," Mr. Fouras said.

Mr. Fouras underlined that Athens' presentation would be based on the city's advantages, namely good infrastructure, the changes which have been made in the Greek capital and "its proven ability to stage similar sports events, as clearly illustrated by the recent World Athletics Championships".

Alternate Foreign Minister George Papandreou was also due to fly to Lausanne yesterday to attend the final announcement ceremony.

Meanwhile, government spokesman Dimitris Reppas reiterated that Athens' bid for the 2004 Olympic Games was not a government decision but "the desire of the Greek people".

Commenting meanwhile on remarks by a Turkish IOC member, which were construed as being positive for Athens' candidacy, Mr. Reppas said it was "a very friendly gesture which is appreciated by Greek citizens".

Mr. Reppas also indirectly confirmed that the bid committee had been in contact with former king Constantine, an IOC member.

Stressing that the government had no contact with the ex-king, Mr. Reppas said that the bid committee had communicated with all IOC members in order to brief them on Athens' bid dossier "without making any distinctions among the members".

[13] ... Papandreou hopeful

Athens, 05/09/1997 (ANA)

"We all -- the government and the overwhelming majority of the Greek people -- support the entire technical and organizational effort. We hope that Athens is chosen to stage the Games, but in any case it was an admirable effort which enhanced the country's image and promoted the Olympic idea," he told reporters.

Asked to comment on rumors of bribery in the bidding process, Mr. Papandreou said one would be able to judge from the final outcome, noting however that such rumors had in the past not been verified.

[14] World network on environmental science set up

Athens, 05/09/1997 (ANA)

The G-Nest will be run by a new body, comprising academics, scientists, and experts on technology and engineers. It was established by a group of Greek and foreign scientists, aspiring to include all those involved in the development and implementation of environmental technology.

One of the main targets will be the dissemination of information and know-how to all fields, including industry, universities and policy-setting bodies.

The network will have a page in the Internet and publish a scientific journal. Other activities will include the organization of conferences, scientific support and guidance in research and implementation of pilot programs and applications.

Aegean University dean Mr. Th. Lekkas was elected chairman of the G-Nest executive committee.

[15] Greek to be taught officially at Georgian schools, president says

Athens, 05/09/1997 (ANA)

The decision was announced by Mr. Shevardnadze during a meeting with the secretary general of the Secretariat of Overseas Greeks, Nikos Lambrinidis and the president of the Word Council of Hellenes Abroad (SAE), Andrew Athens, who are currently on an official visit to Georgia.

Greek language and music programs will also be broadcast on Georgian television, while a "Greek Cultural Month" will be organized early in 1998.

A medical center was recently established in Tbilisi to cater to the needs of city residents and about 60,000 Black Sea Greeks who are estimated to live in the former Soviet republic. The center was built by SAE, by contributions from Greece and the United States, within the framework of assistance to the area's Greeks to keep them from migrating. Similar initiatives are being planned also for the Ukraine and Russia.

[16] Skandalidis outlines PASOK objectives for the near future

Athens, 05/09/1997 (ANA)

The first point concerns the target of convergence with the EU and participation in EMU.

The second point concerns the modernization of the economy and the state, the completion of the first phase of social dialogue and preparations for the second phase.

The third target is related to the reform of central and local administration and success in municipal and prefectural elections next year.

The fourth target is related to national issues, Balkan policy and Greek-Turkish relations, which are scheduled to be discussed during the party's Central Committee session, on September 20.

The education reform currently being promoted by Minister Gerassimos Arsenis and youth issues are the subject of the fifth target, constitute matters of priority, and will be discussed at a nationwide conference of the ruling party on October 10 and 11.

The sixth target is the promotion of the government's social policy. Mr. Skandalidis said, "Greece is exercising the most open social policy in the framework of the European Union (EU)".

Mr. Skandalidis will inform the public on the seventh target, relating to agricultural issues, the implementation of government policy and the pledges undertaken after last year's mobilizations by farmers.

The eighth target relates to the setting up of separate party-affiliated organizations of self-employed and light manufacturers at prefectural level.

The ninth target concerns the political and organizational aspect of the party, which will be discussed on September 19, first day of the Central Committee session.

The tenth refers to issues of ideology. The party ideology will be discussed by the Executive Bureau and the Central Committee separately and form the main topic of a national conference in early February.

[17] Gov't comments on 'para-Egnatia' plans

Athens, 05/09/1997 (ANA)

"There is nothing convincing to indicate that this project has progressed beyond words to action," government spokesman Dimitris Reppas said in response to questions regarding a meeting Burgas, Bulgaria, on the issue.

"There has been a lot of talk on this issue and much time has been spent by those who hold futile hopes and it is not worth anyone pre-occupying himself with this issue," he said.

The road, dubbed the "para-Egnatia" by Greece, would shadow the route to be followed by Greece's own Egnatia Highway from Igoumenitsa in the west to Alexandroupolis in the east and beyond.

[18] Ministry puts finishing touches on voting draft bill

Athens, 05/09/1997 (ANA)

Once completed, the draft bill will be submitted to Parliament for discussion and voting.

According to sources, the draft bill includes the replacement of traditional voting booklets with special voting cards and an overall simplification of procedures leading to more efficient voting procedures.

[19] Parliament passes education bill as teachers march in protest

Athens, 05/09/1997 (ANA)

Teachers from all levels of schools and students rallied at Kaningos before marching to Parliament at 1300 yesterday.

Nikos Tsoulias, president of the Union of Secondary School Teachers in public schools (OLME), said the teachers rejected a decision to strike during the start of the new academic year, preferring instead to inform public opinion about their demands.

A group of university students tried to break through the heavy cordon of police and special forces surrounding Parliament, and scuffles broke out when rioters started throwing rocks, bottles, tomatoes and bitter oranges against the police.

Attacks were also made by students against TV cameramen, windows broken and the air let out of tires, but the incidents were short-lived and rioters left on their own.

By late afternoon, the rally had dispersed.

[20] ... Details of bill

Athens, 05/09/1997 (ANA)

Education Minister Gerassimos Arsenis said the abolition of the current system was necessary in order to introduce reforms to education.

Speaking to reporters after the vote in Parliament, Mr. Arsenis said 12,500 teachers will be appointed in the next five years based on the current system, while 20,000 teachers will be appointed during the gradual phasing out of the current system.

Mr. Arsenis had said on Wednesday that education funds would be increased by 25 per cent this year.

[21] ... Opposition attacks bill

Athens, 05/09/1997 (ANA)

Main opposition party New Democracy said it was in favor of the contents of the bill but disagreed with the way it was promoted by the government.

Attacking the bill, Coalition of the Left and Progress leader Nikos Constantopoulos said that the education bill lacked content and its operation was depended on a system of presidential decrees.

Speaking at a press conference yesterday, Mr. Constantopoulos said the bill lacked scientific documentation and he proposed that a scientific committee be established to undertake the task of compiling an analytical report regarding the system of appointing teachers and to present a series of proposals.

[22] Government to hire 3,000 civil servants if draft bill passes

Athens, 05/09/1997 (ANA)

According to Interior Minister Alekos Papadopoulos, a written examination for about 3,000 positions in the public sector scheduled for October might actually be held November.

Sectors related to these openings include administrative staff in the finance ministry, the Bank of Agriculture, regional government services and municipalities and prefectures.

[23] Athens hospital doctors meet minister in good climate

Athens, 05/09/1997 (ANA)

According to an announcement by ISA, the talks were conducted in a positive climate while views converged on many points, such as ISA being notified on every change made to the hospital doctors salary scale, and achieving coordination among ISA representatives and relevant services to detect illegally-held private offices of doctors who fall under the ESY and impose the necessary penalties..

The two sides also discussed the issue of settling debts to Social Security Foundation (IKA) doctors and to doctors for overtime work.

[24] Ministry extends land register to another 236 areas in Greece

Athens, 05/09/1997 (ANA)

The property registration to be undertaken concerns 520,000 hectares, and the total cost for drawing up the land registry for these areas amounts to 25 billion drachmas, Environment, Town Planning and Public Works Minister Costas Laliotis said yesterday. Since the beginning of the project, 400,000 land owners have submitted property statements and 2,400 new jobs have been created to assist in the project.

[25] Greece moves closer to launching financial derivatives market

Athens, 05/09/1997 (ANA)

The new market will trade products including foreign exchange and interest rate contracts. All transactions will be tax-free.

The market's initial share capital was agreed at three billion drachmas and the settlement body's (ETESEP) share capital at eight billion drachmas.

Under the terms of the bill, the new firm will be able to participate in the derivative market's share capital with a stake up to 49 percent.

Institutional investors will be able to acquire stakes of up to three percent each.

The board of the new market will have nine seats, with the national economy ministry and general shareholders' assembly holding three seats each.

The bill also sets out regulatory procedures on trading in the market and over-the-counter transactions, including a ban on insider trading by the market's shareholders.

The bill provides also for creation of a new parallel market trading in Greek certificates (ELPIS) and investment funds from emerging markets (EKAA), which will select securities from neighboring countries and offer their shares to Greek or foreign investors.

It reforms the stockbrokers Joint Surety Fund, promotes transparency in stock exchange transactions, and enhances the potential for trading in state securities by boosting the effectiveness of the secondary market.

[26] Greek power utility gets Dr 100.5 bln loan from banks

Athens, 05/09/1997 (ANA)

The consortium awarding the loan, which was signed in London on Wednesday, includes foreign financial institutions and four Greek banks - National Bank of Greece, Hellenic Industrial Development Bank, Piraeus Bank, and National Mortgage Bank.

DEH did not require a loan guarantee from the Greek state due to its high credit rating.

[27] Greek stocks slump on Olympics, economy jitters

Athens, 05/09/1997 (ANA)

Traders said the market looked increasingly nervous ahead of a crucial vote on whether Athens would host the 2004 Olympic Games.

Also making players edgy was announcement of the government's fiscal and incomes policy for 1998 to be presented by the prime minister at the Thessaloniki International Fair on Saturday.

The market brushed off the government's proposals on launching a new derivatives market and measures to better regulate the Athens bourse.

The general index closed 1.82 percent lower at 1,536.69 points with all sector indices losing ground.

Construction plunged 3.61 percent, Banks fell 2.29 percent, Leasing was 1.93 percent off, Insurance eased 1.63 percent, Investments dropped 2.20 percent, Industrials fell 1.76 percent, Holding was 2.12 percent lower and Miscellaneous dropped 3.10 percent.

The parallel market index for small cap companies ended 1.86 percent lower.

Broadly, decliners led advancers by 186 to 30 with another 18 issues unchanged.

DANE, Parnassos, Bank of Athens and Thessaliki scored the biggest percentage gains, while Fintexport, Athinea and Demetriades suffered the heaviest losses of the day.

National Bank of Greece ended at 33,200 drachmas, Ergobank at 17,000, Alpha Credit Bank at 18,850, Delta Dairy at 3,995, Titan Cement at 14,320, Intracom at 12,400 and OTE at 6,470.

In the domestic foreign exchange market the US dollar rose slightly against the drachma.

[28] Greek bank sector seen facing shake out

Athens, 05/09/1997 (ANA)

Yiannis Pehlivanidis of Xiosbank said he expects foreign banks to reduce their presence in Greece as the country heads towards economic and monetary union (EMU).

Small banks, especially state-owned, with no clear strategy and role will be absorbed by larger banks, also likely to be state banks, in the next five years, Mr. Pehlivanidis said.

He questioned, however, whether buyouts of state banks by private banks was the best way of grabbing a bigger market share.

The best expansion strategy for small private banks like Xiosbank was to increase their retail branch network to 45 units and use other means such as phone banking, ATMs and agreements with chain stores to bring in new business, he said.

Mr. Pehlivanidis was cautiously optimistic about the future course of the Greek economy and stressed that EMU membership was a must, although he did not expect Greece to meet all Maastricht criteria at the end of 1998.

He also said the central bank's hard drachma policy would be safely in place by the end of the first half of 1998, but would be affected by developments in EMU membership and the drachma's prospective entry into the ERM.

[29] Apostolopoulos Group results up 25 pct in 1st half

Athens, 05/09/1997 (ANA)

The group expects consolidated profits to reach 7 billion drachmas at the end of the year.

Apostolopoulos Group also announced the buyout of the French insurance company Le Mans by acquiring 96.5 percent of its shares. Le Mans specializes in accident and life insurance.

The Greek company has started operation of its diagnostics center in Bucharest, Romania and is in the process of launching diagnostics centers in Montenegro, Skopje, Sofia and Belgrade.

End of English language section.

Athens News Agency: Daily News Bulletin in English Directory - Previous Article - Next Article