Athens News Agency: Daily News Bulletin in English, 97-09-06

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

ATHENS NEWS AGENCY BULLETIN (No 1282), September 6, 1997

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

CONTENTS

[01] Greece celebrates as Athens picked to host 2004 Olympics

[02] ... Simitis

[03] ... Stephanopoulos

[04] ... Bid committee

[05] ... Opposition, Kaklamanis

[06] ... Simitis address to IOC

[07] ... Prodi

[08] ... Chirac

[09] Congratulations from rivals

[10] ... Mandela

[11] ... Cyprus

[12] ... United States

[13] ... Australia

[14] Simitis outlines goals for developing northern Greece

[15] Commission participation at Thessaloniki fair

[16] Dwindling population at ethnic Greek schools in Albania

[17] Tsohatzopoulos: EU must take clear stance with Ankara

[18] SPD Euro-MPs participate in meeting with PASOK counterparts

[19] Turkey withdraws from NATO exercise in protest

[20] Greece condemns latest Jerusalem bomb attack

[21] Premier chairs Cabinet meeting on Balkan policy

[22] Green light for illegal immigrant status reform

[23] Albanian parliament president to visit Athens

[24] ANA-ATA agreement to upgrade relations

[25] French defense chief visits Larisa

[26] Greek ambassador to represent Athens at Diana's funeral

[27] Greenpeace members on trial in Thessaloniki

[28] Coast guard finds explosives cache aboard Albanian boat

[29] Cyprus FM opens Halki int'l conference

[30] Greek mutual funds assets total Dr 6 trillion

[31] Athens bourse freezes ahead of Olympics vote

[32] Altec's profits rise 52.7 pct in first half

[33] Greek officials promote grape exports

[34] EIB sets post-summit investment plan

[35] EU inflation edges up to 1.7 pct in July yr/yr

[01] Greece celebrates as Athens picked to host 2004 Olympics

Athens, 06/09/1997 (ANA)

Athens won in the final round with 66 votes, out of a total of 107. Rome lagged behind with 41 votes.

As soon as IOC president Juan Antonio Samaranch made the announcement in Lausanne early yesterday evening, members of the delegation broke into smiles and handshakes all around, as huge television screens showed reactions around Athens.

In the Greek capital, crowds gathered outside Zappeion Hall, the Athens bid committee's headquarters, and broke into loud cheers and shouts, as balloons were released into the air.

Athens bid committee President Gianna Angelopoulos-Daskalaki, blowing kisses to IOC members and the audience, joined Athens Mayor Dimitris Avramopoulos at the signing table with Mr. Samaranch.

"It was a victory for the Olympic ideals and the people of Greece," Ms Angelopoulos said.

A feeling of jubilation was mixed with the sense that Athens' efforts to win the Olympics bid had finally been justified, following a bitter loss to Atlanta for the 1996 Games.

Athens had lost the bid to host the centennial Games of 1996, collecting 35 votes against Atlanta's 51. That loss was felt strongly in Greece because of the sentimental importance of holding the Games in Athens 100 years after the first modern Olympic Games were held here in 1896.

Athens seemed to pass a trial run with the World Athletics Championships early last month, apparently proving that the Greek capital could handle large international events.

[02] ... Simitis

Athens, 06/09/1997 (ANA)

Speaking from Thessaloniki, just before inaugurating the international fair, Mr. Simitis said:

"We won, this shows that Greece can, that we can win in international competitions if we prepare with seriousness and work in the right direction.

"Greece can (win) in all sectors, not just this one. And this is something we shall show these two days here in Thessaloniki.

"The Olympic Games are a great opportunity for us to strengthen our position internationally, project Greek issues, create friendships and increase our connections with all countries in the world.

"The Olympic Games are an opportunity for this country for economic projects, economic restoration, for development. They are an opportunity to show another face, Greece's cultural face and the cultural context that civilization should have.

"We won because we worked with a goal in mind and we will continue to work with a goal in mind."

Mr. Simitis was informed of the result by Sports Under-secretary Andreas Fouras, immediately calling Ms Angelopoulou to congratulate her.

[03] ... Stephanopoulos

Athens, 06/09/1997 (ANA)

He said that winning the bid signaled the beginning of a seven-year effort for a successful outcome in 2004.

"We must all work decisively and consistently, coordinating our efforts under a properly researched program, for the completion of the necessary Olympic facilities and the exemplary preparation of the games. But for our athletes there is a new period of intense preparation that will give them the ability to prove themselves in the Athens Olympics. The bid committee deserves congratulations for the success," the president's message read.

[04] ... Bid committee

Athens, 06/09/1997 (ANA)

"We respect and admire our competitors and call on them to support our effort. It was a victory for the Olympic ideals and the people of Greece. I want to thank the IOC for the trust it showed Greece. We are giving the world an ancient message: Come and compete in peace. Please come and compete in Greece. I also want to thank Prime Minister Costas Simitis for the government's active and constant support in our efforts, and all Greek parties, which supported us wholeheartedly in our efforts. I also want to thank the Greek people because it believed in the Olympic Games," Ms Angelopoulos-Daskalaki said at a press conference following the announcement.

Mr. Fouras also expressed his congratulations to the president of the bid committee.

Alternate Foreign Minister George Papandreou expressed his thanks to the IOC "for the honor it gave us in awarding us the bid for the Olympic Games of 2004. Not only is it an honor, but a great responsibility. We understand this and will try to show t o the world the Olympic spirit and the Greek spirit".

"As mayor of Athens, the city of the Olympic Games of 2004, I express on behalf of my city my warm thanks and congratulations to those who contributed to this victory," Athens Mayor Dimitris Avramopoulos said.

The president of the Greek Olympic Committee and IOC delegate Lambis Nikolaou said the bid "brought us very close to other competitors and especially with our friends, the Italians. I want to thank the Greek people, and express satisfaction because I believe that Athens won the Olympic Games after eight years of hard work".

[05] ... Opposition, Kaklamanis

Athens, 06/09/1997 (ANA)

Today's decision is historical for Athens, Greece and all Greeks, Parliament President Apostolos Kaklamanis said in his message.

"Regardless of each one's stance up to now on the Athens bid and the reservations expressed, we are now all obliged to help towards the success of this great effort. The Olympic Games of 2004, the Athens Olympic Games, must remain in history as the best of all games," he added.

Main opposition New Democracy party leader Costas Karamanlis said in his message that the decision of the IOC to give the Games to Athens "gives rise to feelings of honor, great joy but also great sense of responsibility".

He said that this was a great challenge that Greece had to win, and it was Greece's obligation from now on to avoid the indolence that characterizes us occasionally.

The Communist Party of Greece (KKE) said the Greek people would have cause to be truly proud for the 2004 Games only if they become an arena to fight the commercial nature of the games and a starting point for upgrading sports in Greece.

The Coalition of the Left and Progress (Synaspismos) said it would intervene with initiatives and proposals "as a force of checks and criticism to restrict negative repercussions on the economy, the environment and regional development".

The objections Synaspismos had to Athens' bid had been raised before after "assessing the adverse repercussions that this choice could hold" and noted that "if all citizens and Greek government agencies are activated, they may succeed in restricting the se repercussions", the party said.

Democratic Social Movement (DHKKI) Dimitris Tsovolas welcomed the Olympic Games and expressed his certainty about their success.

Political Spring leader Antonis Samaras said that the historic decision of the return of the Olympic Games to Greece gives them a grandeur that only their birth country could give them.

[06] ... Simitis address to IOC

Athens, 06/09/1997 (ANA)

"I am speaking to you from Zappeion Hall," he said. "This building has played a very important role in the revival of the Olympic tradition nearly a hundred years ago. It was the first Olympic village."

[07] ... Prodi

Athens, 06/09/1997 (ANA)

He added, "With special affection, we accept the choice of the capital of a friendly Mediterranean nation to celebrate the ideals of Olympic Games which were born on Greek soil, in the dawn of our civilization".

[08] ... Chirac

Athens, 06/09/1997 (ANA)

"Certainly, with this decision the IOC bestowed Greece the befitting honor to "the country of the Olympic spirit".

[09] Congratulations from rivals

Athens, 06/09/1997 (ANA)

Mr. Pescante said Athens' victory was due to many reasons, but mainly due to the city's excellent sports installations. However, he added that he believed "sentimental reasons also played a major factor, since the IOC members had refused to give Athens the 1996 Games."

The Italian official also congratulated the Greek delegation at Lausanne for its work.

[10] ... Mandela

Athens, 06/09/1997 (ANA)

Speaking to reporters during a stop-over in the Ivory Coast, on his way to South Africa from Lausanne, where he supported his country's candidacy, Mr. Mandela congratulated Athens for its victory.

[11] ... Cyprus

Athens, 06/09/1997 (ANA)

At the announcement of the IOC's decision by chairman Juan Antonio Samaranch last night, Nicosia and other towns' skyline was brightly lit by fireworks.

Cypriot President Glafcos Clerides described the IOC decision as fair, stressing that it was Greece that gave birth to the Olympics and that Athens deserved to be selected as host city.

Thousands of people gathered in Nicosia's Eleftheria Square to express their feelings of joy and pleasure at Athens' victory.

[12] ... United States

Athens, 06/09/1997 (ANA)

"All Greek-Americans feel immense pride that the Olympics are returning to their birthplace," AHEPA president Steve A. Manta, adding: "we know Athens 2004 will be an unmatched success in sports, and in promoting the spirit and the cultural heritage of the Games."

The president of the World Council of Hellenes Abroad, Andrew Athens, who is in Georgia, said in a message: "The whole of Hellenism today celebrates in every corner of the earth a great world victory".

[13] ... Australia

Athens, 06/09/1997 (ANA)

Even though the IOC decision was announced in Victoria's capital at 3 a.m., many ethnic Greeks took to the streets celebrating.

In other Australian cities, too, Greek expatriates were moved by the decision, with many phoning special talk-back programs to declare their satisfaction and pride, stressing that overseas Greeks will come together in 2004.

[14] Simitis outlines goals for developing northern Greece

Athens, 06/09/1997 (ANA)

He stressed Greece's contribution to the promotion of peace, security and co-operation in the region.

"We dealt with the crisis in Albania with prudence, contributed to the easing of tension in Belgrade, we offer our services as friends, not as a threat. Our multifaceted policy in the Balkans was recognized in the conference of Balkan foreign ministers a few months ago, and will culminate in the summit of Balkan leaders (in Crete) in November," the prime minister said. "The success of our policy in the Balkans (also) depends on strengthening our economy, its competitiveness, its ability to participate in time in the third phase of EMU," he added.

"Our equal participation in European developments, our potential to take part in joint decisions and influence the political decisions of the European Union are inexorably tied to our participation in tomorrow's central nucleus of the Union. It will be this nucleus that will decide on large-scale financing; who will be admitted as members and who will not and under what terms; how the Union's agricultural policy will be reformed; how and with what resources unemployment will be fought; what the social profile of Europe will be," he went on.

The third condition for uplifting northern Greece into its central Balkan role is the promotion of infrastructure networks in transport, communications, energy and technology, as well as stock market and banking facilities.

He said far-reaching transport projects were already well under construction, singling out the Egnatia Highway across the region and as far as the Turkish border, and the north-south highway from Patra to Athens, Thessaloniki and on to the Bulgarian border.

Other infrastructure improvement projects already under construction or planned include port facilities, Thessaloniki's Macedonia Airport and underground railway, as well as optical fiber axes. More than 400 cultural projects were already completed, under construction or being planned, Mr. Simitis said.

As a fourth condition for Greece's far-reaching Balkan plan, the prime minister laid emphasis on measures designed to strengthen the country's social fabric, such as administrative devolution and cohesion, educational reform, health care and welfare, while he stressed at the same time the need for security in the border regions against the adverse effects of illegal immigration.

He concluded his speech with a caution that 1998 would be a difficult year, "the year of the major push forward", in which the steps already made would have to be completed, entering a "dynamic orbit".

Upon arrival in Thessaloniki, Mr. Simitis said:

"The game of the years to come is being played here. We must and want to create the preconditions to enable Greece to meet this new mission, this new role. The future will be decided here and we will contribute in every way to this effort of ours, this effort by the country."

Mr. Simitis said the visit provided himself and the ministers with the opportunity to examine the implementation of government policy and to hold discussions with the agencies of Thessaloniki and the region.

[15] Commission participation at Thessaloniki fair

Athens, 06/09/1997 (ANA)

This year's TIF is devoted to the European Union's 40th anniversary and the Commission's presence will be upgraded due to the nature of this year's event.

Visitors to the European Commission's pavilion will have the opportunity of obtaining information for all of the EU's sectors of activity.

The public will also have the opportunity for the first time for easy access to Internet and the European Commission's electronic pages through computers.

Visitors will also be in a position to obtain free of charge publications by the Commission covering a wide phase of issues. Samples of the new Euro currency will also be distributed to the public.

Energy Commissioner Christos Papoutsis will be present throughout the activities of the 62nd TIF's first three days and so will Spyros Pappas, the Commission's General Director for informatics, communication and cultural issues.

[16] Dwindling population at ethnic Greek schools in Albania

Gjirokaster, 06/09/1997 (ANA - P. Barkas)

Following months of civil unrest and anarchy in Albania earlier this year, some 30 percent - about 300 children - have abandoned the region for Greece.

School buildings in many cities and villages have suffered serious damage and there appears to be little coordination under way to provide students with textbooks.

Only 15 ethnic Greek students have registered for the first grade in Gjirokaster, compared to 29 last year. The small numbers may force the cancellation of the first five grades of primary schools in the Gjirokaster prefecture.

Teaching staff is another problem: the largest school in the region - Delvine - had 2,000 residents in 1990 but now has no person qualified to teach the Greek language. Four out of the six Greek teachers fled the country to Greece.

[17] Tsohatzopoulos: EU must take clear stance with Ankara

Athens, 06/09/1997 (ANA)

Addressing a meeting of Eurodeputies of the ruling PASOK party and the German SPD party held in Vouliagmeni yesterday, Mr. Tsohatzopoulos placed the Cyprus problem and Greek-Turkish relations within the framework of the charting by the EU of a Mediterranean and a security policy.

For decades, Mr. Tsohatzopoulos said, Turkey's strategy had been aimed at attaining a position of primacy in the region "with the result that it has come into conflict with all neighboring states".

Mr. Tsohatzopoulos likened Turkish policy on Cyprus with Hitler's on Czechoslovakia. In view of this, he said, the EU's policy towards Turkey must be crystal clear.

"We must send a message to Turkey that we desire closer relations with it in the economic and political sectors. There should be a strategy of coming closer, the bridge being provided by the millions of Turkish migrants living and working in Europe. At the same time though, there should be a clear reply, that if Turkey persists in its expansionist policy, it will not be able to come closer to Europe".

Turning to recent developments in the Cyprus problem, Mr. Tsohatzopoulos underlined that in view of the island republic's accession to the EU, "for the first time there appears to be a clear prospect which may open the way for a settlement of the problem in accordance with UN resolutions, while at the same time it provides the spark for the EU to exercise a Mediterranean and a security policy in the region, thereby strengthening its presence and influence".

Although there is hesitation on the part of some, he continued, the problem in any case exists.

"No one can overlook the fact that the Cyprus problem would be better resolved if Cyprus becomes an EU member," he said.

Meanwhile, Mr. Tsohatzopoulos added, Ankara wants closer relations with Europe and also to preserve the secular nature of the Turkish state.

"But this presupposes successes in the social sector. So we must speak plainly to the neighboring country. We must make it clear that a policy (facilitating) Cyprus' accession to the EU can only be to Turkey's benefit. Turkey has everything to gain by playing a stabilizing role. We, of course, can deal with the problem with the neighboring country, but the problem is not bilateral, it is a common one," Mr. Tsohatzopoulos said.

Mr. Tsohatzopoulos also called for more active political intervention by the EU in the Balkans, the countries of Transcaucasia and the Middle East, particularly with the objective of helping to promote the process of democratization in the countries of the former eastern bloc, confronting any nationalistic tension which may arise and "stabilizing" lines of access to energy sources.

[18] SPD Euro-MPs participate in meeting with PASOK counterparts

Athens, 06/09/1997 (ANA)

The SPD Eurodeputies' visit to Greece took place at the initiative of Mr. Avgerinos, who opened yesterday's sessions with a presentation of Greece's political situation.

The country's main problems concern its relations with its neighboring countries, Mr. Avgerinos told the Greek and German Eurodeputies.

Drawing a comparison between PASOK founder Andreas Papandreou and present PASOK leader and Prime Minister Costas Simitis, Mr. Avgerinos said:

"Papandreou is identified with the democratization of the Greek society, while Costas Simitis is leading it to modernization."

Addressing the meeting, National Defense Minister Akis Tsohatzopoulos elaborated on Greece's positions on common security and defense policy, Greek-Turkish relations and the Cyprus problem.

Speaking on behalf of the German Eurodeputies, the head of the SPD delegation, Yiannis Sakellariou, told reporters that the Europarliament had on a number of occasions endorsed Greek positions regarding Turkey's domestic and foreign policies, adding that the SPD also condemned Ankara's policy.

"It is clear that there are no conditions or terms regarding Cyprus' accession talks," German Eurodeputy Mechtild Rothe said.

"The opposite would mean that Cyprus was hostage to Turkey," she added.

[19] Turkey withdraws from NATO exercise in protest

Istanbul, 06/09/1997 (ANA - A. Kourkoulas)

The relevant statement also contained a protest that the exact location of the exercise in the international waters in the Aegean had not been determined.

"It is clear that effective exercises cannot take place in the eastern Mediterranean without Turkey's participation," the same statement claimed.

[20] Greece condemns latest Jerusalem bomb attack

Athens, 06/09/1997 (ANA)

Government spokesman Dimitris Reppas said such acts only confirmed how necessary the peace process and the recommencement of negotiations for their completion were.

"The Greek government expresses its deepest condolences to the families of the victims and to the Israeli people," Mr. Reppas added.

Seven people - including three Israeli schoolgirls and the three suicide bombers - were killed and 192 injured in the triple suicide bombing on Thursday, responsibility for which was claimed by the armed wing of the Moslem militant movement Hamas.

[21] Premier chairs Cabinet meeting on Balkan policy

Athens, 06/09/1997 (ANA)

Mr. Simitis left for Thessaloniki after the meeting's end.

Speaking to reporters after the meeting, government spokesman Dimitris Reppas said the Cabinet had noted the major progress made in recent months with regard to Greece's relations with the neighboring states.

He said an "impetus" had been created for the further development of these relations, describing the neighboring peoples of the Balkan countries as "our natural fellow travelers into the future".

Mr. Reppas referred in particular to the development of co-operation in the defense, education, economic and political sectors.

In the defense sector, he said, initiatives were under way for promoting defense co-operation in the field of training.

In the sector of education, Mr. Reppas said comprehensive measures would be taken for the further development of education in the Balkan countries with the assistance of universities and other educational institutions. Turning to the economic sector, Mr. Reppas said efforts would be made to more rapidly implement the existing legal framework and establish the so-called "free trade zones".

In addition, he continued, the government would seek co-operation with the neighboring states to decide on the water levels of the rivers running through the Balkan countries and promote the creation of access routes to the neighboring countries with emphasis on Bulgaria and the north in general.

Mr. Reppas said efforts were also being made to establish a stronger presence for Greek banks and undertakings in the Balkan countries over the next few years.

Referring to the inter-Balkan conference which will be held in Crete in November, following a Greek initiative, Mr. Reppas said it would be an event of major importance which would further upgrade Greece's relations with the neighboring countries.

[22] Green light for illegal immigrant status reform

Athens, 06/09/1997 (ANA)

The only difference, he said, was the "single" nature which the process of registering and legalizing manpower would have.

Previous plans have foreseen two stages, the first which was scheduled to be completed by the end of 1997 concerned the registration of manpower, while the second provided for the carrying out of checks for the purpose of granting residence and work permits to those foreigners who were entitled.

Mr. Reppas clarified that the new "single" procedure had been decided by the government for political and practical reasons and was expected to have been completed by the end of September 1998.

The duration of the residence permits to be granted would be the subject of discussion, the spokesman added.

[23] Albanian parliament president to visit Athens

Athens, 06/09/1997 (ANA)

During his stay here, Mr. Gjinushi will meet President Kostis Stephanopoulos and his Greek counterpart, Apostolos Kaklamanis, who extended the invitation.

He will also have talks with Foreign Minister Theodoros Pangalos, ruling PASOK party Secretary, Costas Skandalidis and Parliament Vice President Lucas Apostolidis.

Mr. Gjinushi's program also includes meetings with main opposition New Democracy party leader Costas Karamanlis, Communist Party of Greece Secretary-General Aleka Papariga, Coalition of the Left and Progress leader Nikos Constantopoulos and Democratic

Social Movement President Dimitris Tsovolas.

In addition, he will have talks with members of the Foreign Affairs and Defense Committee and the Greek-Albanian Friendship Group.

[24] ANA-ATA agreement to upgrade relations

Athens, 06/09/1997 (ANA)

A delegation from ATA, including General Director Frrok Cupi and Technical Director Barthyl Vila arrived in Athens and met ANA General Director Andreas Christodoulides, Managing Director Nicholas Voulelis and Technical Director Takis Mantis.

Installation of a direct communication line linking Athens with Tirana was agreed to in order to allow for a continuous electronic flow of news and information.

ANA also agreed to help in the ATA's reorganization, its technological upgrading and the training of ATA staff.

In addition, ANA officials announced that the agency will station a permanent correspondent in Tirana as of Sept. 15.

The ATA delegation will leave for Thessaloniki today to attend a meeting of Balkan news agencies.

[25] French defense chief visits Larisa

Athens, 06/09/1997 (ANA)

The French defense chief visited military installations in the area, accompanied by his Greek counterpart, Gen. Athanasios Tzoganis and other military officials.

Gen. Douin, who was also taken on tour of Meteora, refrained from making any statements, saying that comments weren't appropriate during visits to military installations.

[26] Greek ambassador to represent Athens at Diana's funeral

Athens, 06/09/1997 (ANA)

Similar feelings of sorrow were expressed by National Defense Minister Akis Tsohatzopoulos to his British counterpart, George Robertson, during their meeting last week in London.

[27] Greenpeace members on trial in Thessaloniki

Athens, 06/09/1997 (ANA)

The Greenpeace activists are being tried at a court in Thessaloniki on charges that five years ago - September 1992 - they resisted Thessaloniki harbor officials who tried to remove them from the tanker "Butler Phoenix."

The defendants are eight in all, including two Americans, a Dutchman, an Italian woman and a Spaniard, all members of the organization.

Three Greeks are also on trial, Nikos Charalambidis, Aigli Stamatiou and Eleni Papathanasiou, since subpoenas have not been delivered to the foreigners.

The trial started yesterday but was adjourned for Tuesday to allow the examination of objections by the defense concerning the legality of the indictment.

[28] Coast guard finds explosives cache aboard Albanian boat

Athens, 06/09/1997 (ANA)

The boat was abandoned by three men apparently attempting to transport the explosives to the Ionian island from the nearby Albanian coast. They were spotted near the Corfu strait by a coast guard patrol, who fired warning shots near the boat after its crew refused to stop.

The suspects abandoned the boat in Albanian territorial waters and swam toward the shoreline, although the vessel later drifted back into Greek waters off Thesprotia prefecture.

Apart from the dynamite, a number of electronic detonators, slow-burning fuses and six assault rifle rounds were found on board.

[29] Cyprus FM opens Halki int'l conference

Athens, 06/09/1997 (ANA)

The annual event is supported by the European Union, the Western European Union (WEU), NATO, the General Secretariat for Youth and other Greek and foreign agencies.

More than 800 young diplomats, political figures, journalists and researchers have received briefings on European and international issues at past events.

This year sees the largest ever number of participants, with the 200 including two former prime ministers, five foreign ministers and deputy foreign ministers, senior officials from international organizations, diplomats and journalists.

In his address, Mr. Michaelides outlined Cyprus' reasons for its accession to the European Union, saying that accession talks would proceed as already decided without Turkey placing obstacles. "Turkey cannot impose its views on an organization of which it is not a member," he said.

Fraser Cameron, adviser to EU Commissioner Hans van den Broek, supported the view of the priority of accession talks with a simultaneous effort for a just resolution of the Cypriot problem.

Mr. Michaelides stressed his efforts while he was foreign minister to upgrade Cyprus's relations with the WEU as an associate member - in line with other countries aspiring to EU membership - and that the forthcoming Greek presidency of the WEU would contribute to that effort.

[30] Greek mutual funds assets total Dr 6 trillion

Athens, 06/09/1997 (ANA)

Total net assets were 9.14 percent higher against the start of the year.

A correction in the Athens Stock Exchange in August hit the growth fund sector, which fell by 3.13 percent from July to 247.6 billion drachmas.

Fixed income funds, however, increased 3.10 percent to 2.059 trillion drachmas, while international funds rose by 0.35 percent in August to 107.2 billion.

[31] Athens bourse freezes ahead of Olympics vote

Athens, 06/09/1997 (ANA)

Also affecting sentiment was the prime minister's speech on fiscal and incomes policy for 1998 at the Thessaloniki International Trade Fair, due on Saturday.

Traders said the market seemed frozen and that hardly anyone was willing to open new positions. The general index closed 0.28 percent higher at 1,541 points to show a 1.54 percent net gain on the week.

Sector indices were mixed. Banks rose 0.11 percent, Leasing fell 0.24 percent, Insurance was 0.26 percent up, Investment eased 0.31 percent, Industrials increased 0.57 percent, Construction rose 0.17 percent, Holding fell 0.26 percent and Miscellaneous rose 0.88 percent.

Trading was moderate and 13 billion drachmas changed hands.

The week's total turnover was 60.953 billion drachmas with average daily volume being 12.2 billion drachmas, down from 13.2 billion the previous week. Broadly, advancing issues led declining ones by 108 to 94 with another 21 issues unchanged.

Bank of Athens, Papoutsanis, Doudos and Zampa scored the biggest percentage gains of the day, while Athinea, Hellenic Investment, Dane and Mouzakis suffered the heaviest losses.

National Bank of Greece ended at 33,400 drachmas, Ergobank at 16,900, Alpha Credit Bank at 18,750, Delta Dairy at 4,120, Titan Cement at 14,500, Intracom at 12,575 and Hellenic Telecommunications Organization at 6,500.

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

[32] Altec's profits rise 52.7 pct in first half

Athens, 06/09/1997 (ANA)

Altec's pre-tax profit climbed 76.9 percent to 835 million drachmas in 1996 with turnover increasing 77.8 percent to 16,625 million.

Altec, which owns 70 percent of recent small-cap listing Sysware, saw its 1996 earnings rise 83.5 percent to 1.165 billion on turnover growth of 82.5 percent to 18.529 billion.

Altec got shareholder approval for a rights issue and the transfer of its shares to the Athens Stock Exchange's main market by issuing 1.065 million new shares at 3,300 drachmas each.

The company announced the creation of three new firms to operate in the telecommunications and leasing markets.

[33] Greek officials promote grape exports

Athens, 06/09/1997 (ANA)

This year's grape crop, estimated at 70,000 tons, will also be sold to the Czech Republic, the Former Yugoslav Republic of Macedonia, Belarus, Croatia, Bulgaria, Russia, Slovakia, Albania, Serbia and Romania.

[34] EIB sets post-summit investment plan

Athens, 06/09/1997 (ANA)

As well as increasing existing investment in areas such as infrastructure, the bank will raise the proportion of its project financing, and for the first time dip into its reserves to help set up new financial instruments for smaller companies.

New investment areas also include education and health.

The bank is the European Union's lending arm and the world's largest non-sovereign borrower. In 1996 it raised over 18.5 billion ECU's ($20 billion) by bond issues on the international capital markets and lent more than 23 billion ECU's, 90 percent within the EU.

A key new area will be the EIB's role in helping small and medium sized enterprises (SMEs). These it now supports with global loans to project sponsors or banks, which then lend on the money to firms in smaller amounts.

The EIB was asked to look at how to help SMEs, particularly in the high technology sector, in co-operation with the European Investment Fund (EIF), which guarantees project financing.

The EIB holds a 40 percent stake in the EIF's capital of 1.8 billion ECU's. The remaining 60 percent is held equally by the European Commission and about 80 private and public banks.

The EIB was in an advanced state of discussion with the EIF on a new "European technology facility", for which the EIB would draw on its "very substantial" reserves. In 1996 the EIB had a reserve fund of 6.2 billion ECU's and additional reserves of 5.5 billion. Profit totaled 1.1 billion.

The EIB would also increase the maximum limit of its financing for projects from 50 percent to 75 percent.

This new limit would be used only exceptionally, but gave "flexibility in certain cases which may unlock a financing deal", Sir Brian Unwin, EIB's chairman, said.

The bank would also step up its efforts in financing trans-European rail and transport networks, particularly for the growing number of private/public sector partnerships, Sir Brian said.

[35] EU inflation edges up to 1.7 pct in July yr/yr

Athens, 06/09/1997 (ANA)

The highest rate of consumer price inflation was recorded in Greece at 5.2 percent, followed by Denmark and the Netherlands both at 2.1 percent, the EU's statistics agency said.

The lowest rate was in Austria at 0.9 percent, and in France and Finland, both at 1.1 percent, it said.

The figures are based on a new calculation devised by the EU to harmonize indicators in each of its 15 member states.

End of English language section.

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