Athens News Agency: Daily News Bulletin in English, 97-11-22
From: The Greek Press & Information Office, Ottawa Canada <[email protected]>
ATHENS NEWS AGENCY BULLETIN (No 1347), November 22, 1997
Greek Press & Information Office
Ottawa, Canada
E-Mail Address: [email protected]
CONTENTS
[01] Greece satisfied with EU pact to boost employment
[02] ... Simitis
[03] PM qualifies objections to increased EU-Turkish relations
[04] Greece agrees on positions for new NATO
[05] Greek Euro-MP presents resolution on Treaty of Amsterdam
[06] EIB initiative for funding SMEs specializing in new technologies
[07] Germany deputy FM to arrive for talks
[08] Boxing on Rhodes
[09] 38th annual Thessaloniki Film Festival begins
[10] KEDKE conference focuses on compulsory local Gov't mergers
[11] Farmers' mobilizations planned in Dec.
[12] Edward Kennedy sharply criticizes Turkey's human rights record
[13] Atlantic Treaty Association delegation in Tirana
[14] Forum of the European New Left commences in Athens
[15] No reshuffle - government
[16] Experts' meeting on Law of the Sea opens
[17] Israel praises monument to Thessaloniki Jews lost in Holocaust
[18] Seismologists want cutting-edge seismic lab on Crete
[19] FYROM hydroelectric plant contract awarded to Chinese firm
[20] Karamanlis says PASOK exploiting Constitutional reform process
[21] Greek consulate to open in Nis
[22] Greece sells Nat. Bank stock abroad in repurchase deal
[23] Greek stocks hold upward momentum for fourth session
[24] Central bank steps in to absorb liquidity
[25] Sigma ranked top Greek stockbroker
[26] Government refuses to be drawn into bank brawl
[27] Greece backs selective privatization on bourse
[28] Greek tourism looks good at London trade fair
[29] Commercial Bank of Greece gets link-up to Europay
[30] Greek, Romanian bourses to arrange trade in three products
[31] Parliament to vote on 1998 budget Dec. 21
[32] Greek bourse to go ahead with private placement
[33] Greek money market mutual funds score in monetary crisis
[34] Greek shipowner not guilty of Italy manslaughter
[35] Doctors to continue hospital strike
[36] Melbourne Greeks campaign for return of Parthenon Marbles
[37] Investigation ordered into Liani-Papandreou's Ekali residence
[38] Thessaloniki conference on impact of new information technologies
[01] Greece satisfied with EU pact to boost employment
Luxembourg, 22/11/1997 (ANA - M. Spinthourakis)
The European Union's 15 leaders yesterday approved a Luxembourg
presidency plan aiming to provide certain categories of
unemployed with possibilities of making a new start through
retraining in sectors with high demand in the labor market.
Especially targeted are the young and those without a job for
longer than a year.
At present, approximately only one in 10 jobless receives any
kind of vocational training, while among the under-25 jobless
category, the rate of unemployment is twice the average.
For the attainment of this aim, member-states will draw up
five-year plans with specific measures for fighting unemployment.
In the context of the aim, the European Council adopted specific
financial initiatives for supporting small- and medium-sized
enterprises and certain investments in sectors of high labor
intensity.
The Council also adopted a control procedure for the policies
which member-states will follow in order to boost employment.
Finally, the Council recommends that the member-states study the
possibility of reducing taxation in certain labor intensive
services and making up for the loss of revenue by levying an
energy tax.
[02] ... Simitis
Luxembourg, 22/11/1997 (ANA)
On his part, Prime Minister Costas Simitis expressed
satisfaction with the results of the summit, stressing however,
that "we are still at the beginning and a lot more remains to be
done".
"We shall collect experiences and evaluate the results of
national policies for limiting unemployment," he said, stressing
the particular importance of the fact that efforts had begun at
a Community level for boosting employment.
The prime minister said the control procedure on the results of
national employment policies would be similar to those
concerning economic issues, but without sanctions for the
member-states not attaining their targets. He said many of the
proposed measures had already been applied in Greece.
He also expressed satisfaction with the fact that certain
proposals for the use of structural funds to fight unemployment
were not ultimately endorsed.
Finally, the prime minister said that Greece did not intend to
implement the Council's recommendation to member-states to
examine the possibility of reducing the tax burden on labor
intensive service industries, with a parallel imposition of an
energy tax.
"This would have negative repercussions on the competitiveness
of Greek industry," he said, citing the country's high degree of
dependence on lignite.
[03] PM qualifies objections to increased EU-Turkish relations
Luxembourg, 22/11/1997 (ANA - M. Spinthourakis)
Prime Minister Costas Simitis on Thursday evening reiterated
Greece's objections to including Turkey in a proposed European
Conference for countries wishing to join the European Union, as
long as Ankara did not satisfy EU conditions for normalization
of Greek-Turkish relations on the basis of international law.
In a press conference following a dinner for the 15 heads of
government given by current European Council president,
Luxembourg Pri-me Minister Jean-Claude Juncker, Mr. Simitis
underlined that the Greek side considers that an essential
precondition for the participation of a candidate-country in the
European Conference is, according to the AGENDA 2000 by the
European Commission, acceptance on its part of the International
Court at The Hague's jurisdiction concerning the resolution of
its possible border differences.
"This principle must also apply to Turkey," Mr. Simitis said, as
well as the principle that no candidate-country can be allowed
to obstruct the accession of another candidate-country, as
Turkey is threatening to do in the case of Cyprus.
Mr. Simitis also said that during his intervention at the
dinner, he reiterated to his counterparts that Turkey must
comply with UN resolutions on the issue of Cyprus.
He said that while Greece's 14 EU partners believed Turkey
should be included in the Conference, many EU member-states were
critical of Turkey's stance on its relations with Greece and of
its human rights record.
He did not deny that during the dinner he was the only one to
raise objections to Turkey's participation in the Conference,
but noted that Greece's views were also shared by other
delegations, chiefly those from Scandinavia.
Mr. Simitis observed that both Mr. Juncker and Commission
President Jacques Santer appeared to concur with Greece's
insistence that Turkey take specific measures with regard to
respect for minority and human rights, apart from the Cyprus
issue and that it recognize the jurisdiction of the
International Court of Justice in The Hague.
He also said it had been clear in the Luxembourg talks that the
majority of member-states no longer shared the European
Commission's view that negotiations should begin with an initial
six candidate-states - Slovenia, Estonia, Poland, Hungary, the
Czech Republic and Cyprus. Most now believed, he said, that
talks would begin with all 10 eastern European states as well as
Cyprus, but not simultaneously, at different paces and on a
case-by-case basis and a different conclusion timetable.
The prime minister said Greece would be willing to discuss
certain aspects of a plan by European Commission President
Jacques Santer to strengthen Turkey-EU relations under certain
conditions, including an acceptance by Turkey of the
jurisdiction of the International Court.
Referring in particular to the European Conference issue, Mr.
Simitis said the Council President proposed the participation,
apart from Turkey, of Switzerland and Norway, and that he
pointed out that if it was ultimately decided that this
Conference will only deal with discussions of a political
nature, then it could be accepted by Greece.
Greece also did not accept the proposal by Mr. Santer to have
relations between the EU and Turkey strengthened on certain
conditions, including acceptance of The Hague's jurisdiction.
Mr. Simitis said the Council president and Mr. Santer are to
visit Ankara to brief the Turkish leadership on the content of
the talks and listen to the views of the Turkish government.
[04] Greece agrees on positions for new NATO
Athens, 22/11/1997 (ANA)
Greece's positions regarding the new structure of the North
Atlantic Treaty Organization (NATO), ahead of a December 1-3
meeting of Alliance defense ministers, were finalized yesterday
at a meeting jointly chaired by Foreign and National Defense
Ministers Theodoros Pangalos and Akis Tsohatzopoulos. Mr.
Pangalos told reporters after the meeting that the Greek
positions on the alliance's new structure were "solid and
constructive" and would help in not only strengthening Greece's
role in that context but also in "the development of NATO in the
new conditions that have been created in Europe and worldwide".
Mr. Tsohatzopoulos said the December meeting in Brussels was
important since the final decisions would be taken on the
structure and manner of operation of the alliance, which he said
would be transformed into a "new collective security
organization wit h a Euro-Atlantic dimension".
He also expressed certainty that, following the finalization of
the Greek positions, the desired results would be achieved at
the December meeting.
Greece has in principle taken a positive view on the new
structure of the alliance, which provides for the establishment
of headquarters of its southeastern Europe flank in Italy with
four sub-headquarters in Greece, Italy, Spain and Turkey.
As for the reservations regarding the areas of operational
control - which will be abolished under the new structure - the
Greek government has made it clear that abolition of the
operational control areas does not pose any problem for Greece's
sovereign rights, given that the country maintains the right of
veto on issues related to the planning, design and
materialization of military exercises.
[05] Greek Euro-MP presents resolution on Treaty of Amsterdam
Athens, 22/11/1997 (ANA)
PASOK Eurodeputy Demetris Tsatsos yesterday presented to
reporters a European Parliament resolution adopted on the basis
of a report he drafted along with Spanish colleague Mendez de
Vigo, containing an evaluation of the Treaty of Amsterdam.
"The text of the resolution constitutes a critical acceptance of
the Treaty of Amsterdam, without ignoring omissions and
mistakes, but in a constructive spirit," he said.
"Its philosophy is permeated by a consensus view of Europe,
which is not only a union of peoples but also a union of states,
and is, therefore, obliged to respect national constitutional
cultures," he added.
Specifically, the resolution stresses the necessity for
rejuvenating the institutions of the EU, which has not proceeded
as it should have before the enlargement.
Regarding the adoption of the principle of majority - rather
than unanimity - in the reaching of Council decisions and in
view of the enlargement, the resolution stresses that the right
of veto will have to be exceptionally retained on issues of
constitutional nature.
The resolution also stresses the need to secure the principle of
equality between member-states, recommending the finding of a
way to implement the re-weighting of votes in the Council in
order to not upset the balance between small and large countries
.
Replying to questions, Mr. Tsatsos and Foreign Minister
Theodoros Pangalos, who attended the presentation, stressed that
despite the democratic deficit found in the powers of the
Europarliament, its influence is continuously increasing,
broadening the possibilities of exercising control on executive
power.
[06] EIB initiative for funding SMEs specializing in new technologies
Brussels, 22/11/1997 (ANA - G. Daratos)
In the framework of decisions to be taken by European Union
leaders at a summit to combat unemployment, the European
Investments Bank (EIB) announced the creation of a "European
Mechanism on Technologies", which will fund small and
medium-sized enterprises (SMEs) specializing in new technologies.
The new fund will offer about ECU 125 million for investment
purposes with the purpose of creating new jobs in such SMEs.
Management of the new funding mechanism was assigned to the
European Investments Fund.
[07] Germany deputy FM to arrive for talks
Athens, 22/11/1997 (ANA)
German Deputy Foreign Minister Werner Hauer, who is to represent
Germany at a ceremony on Sunday unveiling a monument to Jewish
victims of the Nazi occupation of Thessaloniki, arrives in
Athens today for talks with National Defense Minister Akis
Tsohatzopoulos and Foreign Minister Theodoros Pangalos.
Talks will center on European Union policy, in particular the
"Agenda 2000" program, the Cyprus issue and Greek-Turkish
relations, the German foreign ministry announced yesterday.
In Thessaloniki, the German minister is also to have talks with
his Greek counterpart George Papandreou.
[08] Boxing on Rhodes
Athens, 22/11/1997 (ANA)
The men's national first division boxing championship will be
held on Rhodes from Dec. 18-21, according to a decision by the
boxing federation and the island's municipal youth organization.
The championship will be held on a daily basis at 5 p.m., with
the exception of Dec. 21, when the finals will start at 4 p.m.
[09] 38th annual Thessaloniki Film Festival begins
Athens, 22/11/1997 (ANA)
The 38th annual Thessaloniki Film Festival commenced last night
with an inauguration at the newly renovated Olympeion Theater,
its permanent home from now on.
Culture Minister Evangelos Venizelos inaugurated the veteran
festival, wishing organizers and participants "inspiration and
successes."
Several well-known personalities from the world of politics, the
arts and letters, foreign movie-makers as well as officials from
the Cultural Capital of Europe-Thessaloniki '97, previewed the
festival's first screening, a film by British director Peter
Cattaneo.
The event's competition phase begins today at the Olympeion and
six other theaters in the city, while films not within the
competition portion have already begun to be screened.
In a related development, Mr. Venizelos announced that within
the festival's legal status, after a culture ministry law is
ratified, a Film Museum in Thessaloniki will operate, with its
own artistic director as its head.
[10] KEDKE conference focuses on compulsory local Gov't mergers
Athens, 22/11/1997 (ANA)
The process of mergers of local government entities in other
European countries had a compulsory character after a reasonable
period of voluntary mergers, as in Greece, it was stressed in
yesterday's penultimate session of the Central Municipalities
and Communities (KEDKE) conference in Thessaloniki.
On the other hand, it was stressed that KEDKE does not fully
agree with the planning of the new municipal map, and it would
be useful to leave room for certain improvements or put mistakes
right.
Addressing the conference, Coalition of the Left leader Nikos
Constantopoulos called for the introduction of the system of
proportional representation, and claimed that "local government
has reached the year 2000 carrying with it the institutional,
political and economic deficits, with handicaps and problems
they were burdened by the central government".
Former ND minister Theodoros Anagnostopoulos called for less
state intervention and strengthening of local mechanisms.
[11] Farmers' mobilizations planned in Dec.
Athens, 22/11/1997 (ANA)
Farmers in the central region of Thessaly are planning to
escalate mobilizations early next month, culminating in a rally
in Larisa on Dec. 5, a regional meeting of cooperative
organizations decided yesterday.
Agriculture Minister Stephanos Tzoumakas was criticized for
opting to tour the region this weekend, while several
mobilization organizers claimed that he attempted to undermine
farmers' struggles.
The minister last night failed to attend a scheduled meeting of
ruling party-affiliated farmers' organizations in Larisa, which
local MPs were also planning to attend, preferring to give an
interview to a local television channel.
[12] Edward Kennedy sharply criticizes Turkey's human rights record
Washington, 22/11/1997 (ANA - T. Ellis)
US Senator Edward Kennedy (D-Mass.) yesterday condemned the
violation of human rights in Turkey in a speech delivered during
an annual event at the Robert Kennedy Foundation, which bestows
awards to human rights activists throughout the world.
Two activist lawyers from Turkey, Senal Serihan and ethnic Kurd
Sezgin Tanrikulu received this year's awards. "For many years,
there has been an ongoing violation of human rights in Turkey.
Tens of thousands of Kurds, seeking the peaceful expression of
their heritage have been arrested. Thousands have been tortured
and hundreds have disappeared," the veteran US senator said.
"Turkey has the dubious distinction of having imprisoned more
journalists than any other country in the world," Mr. Kennedy
also pointed out.
[13] Atlantic Treaty Association delegation in Tirana
Tirana, 22/11/1997 (ANA - P. Haritos)
An Atlantic Treaty Association delegation, headed by its
president Theodosis Georgiou, yesterday met with Albanian Prime
Minister Fatos Nano and President Rexhep Mejdani.
Mr. Nano, with whom Mr. Georgiou opened the sessions of the
third International Symposium of the Albanian Atlantic Committee
on NATO and the Balkans, reiterated his country's orientation
towards co-operation with the alliance. The symposium is being
attended by representatives of 30 countries.
Mr. Georgiou also met with Albanian Defense Under-secretary
Perikli Teta and main opposition leader Sali Berisha. He was
also scheduled to meet Foreign Minister Paskal Milo, while today
he will meet Orthodox Archbishop of Tirana and All Albania
Anastasios, before visiting the Greek military contingent
stationed here.
Meanwhile, a Council of Europe delegation headed by Briton
Russell Johnston wound up its visit here yesterday.
[14] Forum of the European New Left commences in Athens
Athens, 22/11/1997 (ANA)
The Forum of the European New Left is taking place at the
Zappeion Hall at the initiative of the Coalition of the Left and
Progress (Synaspismos) party and with the participation of
representatives from 25 countries.
The Forum will focus on the issue of a social Europe and the
problem of unemployment.
Speakers in their entirety expressed support for a 35-hour work
week and the endorsement of policies which will achieve the
target of full employment.
Nikos Bistis, a member of Synaspismos' political secretariat,
stressed his party's steadfast commitment on the issue of
European unification, while at the same time highlighting the
dangers that this undertaking entails for the Left.
Addresses were also made by the chief of the Synaspismos'
international relations department Panos Trigazis and the
representative of the Albanian Socialist Party F. Sakiki, while
the Forum's Women's Network convened in the afternoon to discuss
issues concerning equality and employment.
More addresses are expected today from government and party
representatives and speeches by Synaspismos leader Nikos
Constantopoulos and European Union Commissioner Christos
Papoutsis are expected to be part of concerns over
Euro-Mediterranean co-operation.
[15] No reshuffle - government
Athens, 22/11/1997 (ANA)
The Greek government yesterday denied persistent press reports
that a cabinet reshuffle was in the pipeline.
Acting government spokesman Yiannis Nikolaou said the government
believed it was directing its energies productively.
He dismissed claims that there were problems in ruling PASOK's
Parliamentary Group, saying "these are problems that come up",
and that they would be dealt with by the deputies themselves.
[16] Experts' meeting on Law of the Sea opens
Nicosia, 22/11/1997 (ANA/CNA)
A three-day meeting of experts on the Law of the Sea and
Maritime Law from Cyprus and Greece, began yesterday here, aimed
to find answers to relevant legal issues.
Addressing the seminar, Cyprus Foreign Minister Ioannis
Kasoulides said the two major maritime countries, Cyprus and
Greece, are facing common challenges, therefore, it is necessary
to coordinate action.
He said Cyprus should seek answers to problems of profound
significance, and which threaten the island's economy.
Mr. Kasoulides said Turkey is so concerned about the Cyprus
registry's success that it prohibits Cyprus-flagged ships to
approach Turkish ports.
In addition, Cyprus ships face a number of problems when
approaching the Bosporus Straits.
He said "Turkey is the only country in the world, which has not
accepted the provisions of the Convention of the Law of the Sea
and this is another manifestation of its disregard of the
principles of international law".
Mr. Kasoulides said the governments of Greece and Cyprus expect
the experts to examine these issues and provide the necessary
arguments which will allow both governments to handle the new
Turkish expansionist policy.
Taking part in the Nicosia meeting are some 25 Greek consultants
and Cypriot representatives from government and other
departments.
It will deal with Cyprus' harmonization process with the Law of
the Sea, Turkish restrictions on free passage through the
Straits and the Cypriot shipping industry.
[17] Israel praises monument to Thessaloniki Jews lost in Holocaust
Athens, 22/11/1997 (ANA)
Israel yesterday welcomed the Athens' establishment of a
monument dedicated to the Jewish victims of the Holocaust in the
northern Greek capital of Thessaloniki, saying it was sending a
large delegation to attend the ceremony tomorrow.
A government statement released through the Israeli embassy in
Athens said Israel "welcomes the decision and initiative of the
Greek government to hold the unveiling ceremony of the monument
of the Jewish martyrs for the victims of the Holocaust in
Thessaloniki".
It said Israeli Health Minister Yehoshua Matsa would head the
Israeli delegation. Mr. Matsa hails from a historic Jewish
family that has roots in the Greek city of Ioannina, since his
ancestors, who were expelled from Spain in 1492 actually came to
Ioannina and remained there for about 200 years, prior to
returning to Israel 13 generations ago.
"The Israeli minister, therefore, has special ties with Greece
and is expected to also visit Ioannina during his stay here,"
the announcement said.
President of the Republic Kostis Stephanopoulos will unveil the
monument in a ceremony attended by dignitaries from around the
world, including a US Congressional delegation led by chairman
of the House of Representatives Foreign Affairs Committee,
Benjamin Gilman (R-NY).
US State Department special coordinator on the Cyprus issue,
Thomas Miller, will also be attending the ceremony and is to
deliver a message from US President Bill Clinton.
Other members of the Israeli delegation will include head of the
Israeli prime minister's office Moshe Leon, the chairman of the
governing board of Yad Vashem - an Israeli organization for the
perpetuation of the memory of the six million victims of the
Holocaust - Avner Shalev, survivors of the Holocaust from
Thessaloniki now living in Israel, the president of the Women's
International Zionist Organization (WIZO), and representatives
of the Israel-Greece Chamber of Commerce, while several Israeli
reporters will cover the event.
"The Jewish presence in Thessaloniki dates back to antiquity. In
recent history the legacy of the Jewish community paralleled
that of the city and the important contribution of the
community's presence there remains with us today. During World
War II, 50, 000 Greek Jews from Thessaloniki, 96 percent of the
Jewish population of that city, were put to death in Nazi
concentration camps," the announcement said.
But, it added: "the history of the Jews of Thessaloniki is not
just a history of destruction, but a story of courage and
revival. It is characterized by the courage of those brave
Greeks who risked their lives in order to save their Jewish
compatriots."
[18] Seismologists want cutting-edge seismic lab on Crete
Athens, 22/11/1997 (ANA)
A group of seismologists from Crete has proposed that a
state-of-the-art laboratory be set up on the island to monitor
and analyze seismic phenomena.
The proposal, to be submitted to the relevant international
organization and the European Union, was the subject of a
meeting at the Crete Polytechnic yesterday with the
participation of Anti-Seismic Protection Organization president
Demetris Papanikolaou and the director of the Geodynamic
Institute George Stavrakakis.
The project includes plans for a 2,000-8,000 meter deep
drill-hole on the island, which it is hoped will enable early
warnings of earthquakes.
Mr. Papanikolaou referred to recent experiments carried out on
the island to find the best site for their instruments.
Mr. Stavrakakis said the recent increase in seismic activity was
likely to continue, although he said he did not believe the
tremors were likely to intensify in a "domino effect". He
emphasized the fact that most had occurred in the sea bed, far
from densely populated areas.
Two minor quakes reported near Zakynthos: Seismographers at the
Athens Observatory recorded two minor earthquakes at 7:23 p.m.
and 7:48 p.m. yesterday.
The first registered 4.6 points on the Richter scale and the
second 4.5. The epicenter of the tremors was located in the sea
region south of the island of Zakynthos.
[19] FYROM hydroelectric plant contract awarded to Chinese firm
Skopje, 22/11/1997 (ANA - M. Vichou)
The awarding of a construction contract for a hydroelectric
plant to the Chinese company Hainan has been confirmed by the
president of Skopje's state-run power utility
(Electrostopanstvo), who said a memorandum and protocol has
already been signed with the company, while the finalized
agreement is expected to be signed early next year.
On the question of a much-heralded draft agreement
Electrostopanstvo had signed early last year with the
Greek-Russian company East Power Corp., the utility's president,
Pante Lazarov, stated that it was not binding and that
negotiations ended from the moment they were informed that
Athens did not accept the term on an agreement concerning the
exploitation of waters of the Axios River, but only for the
Treska tributary.
Electrostopanstvo officials added that this was also confirmed
later by the Former Yugoslav Republic of Macedonia's (FYROM)
foreign ministry, which also participated in the negotiations.
They further added that the Chinese offer was better from the
point of view of equipment.
Mr. Lazarov clarified that if East Power Corp. ultimately
resorts to judicial recourse Electrostopanstvo is ready to
assume its responsibilities.
[20] Karamanlis says PASOK exploiting Constitutional reform process
Athens, 22/11/1997 (ANA)
Main opposition New Democracy leader Costas Karamanlis stepped
up his criticism of the government yesterday while addressing a
meeting of ND's Parliamentary group and central committee on
reforming the Constitution.
Mr. Karamanlis said the ruling party is responsible for the
decline and degradation of institutions, adding that PASOK has
"rendered the paramount issue of reforming the Constitution an
object of exploitation and party deceit."
He criticized the ruling party for its stance over reforming the
Constitution in 1985 and over the fact that it avoided having
the present Parliament being a revisory one.
Mr. Karamanlis spoke of insecurity on the part of the ruling
party which, as he said, is shown by its intention to have the
president of the republic elected by 151 deputies and by the
fact that despite repeated challenges to the premier to commit
himself that he will not attempt to amend the electoral law
before the end of the first Parliamentary period, as ND
proposes, Costas Simitis has not done this.
[21] Greek consulate to open in Nis
Belgrade, 22/11/1997 (ANA - M. Mouratidis)
The Greek consulate to open in Nis, southern Serbia, will begin
operating in spring to facilitate Yugoslav citizens in the
region wishing to obtain visas with greater ease.
This was stressed at the town hall in Nis on Thursday, which was
visited by a delegation from the Greek embassy in Belgrade.
It was stressed that the new Greek consulate will not only serve
area citizens by granting visas, but is also expected to
contribute towards strengthening economic co-operation between
the two countries.
Greek diplomats visited the economic chamber in Nis for talks
with local businesspeople and economic officials in the area,
underlining the interest of Greek companies in co-operation with
Serb companies and in investments in the region.
[22] Greece sells Nat. Bank stock abroad in repurchase deal
Athens, 22/11/1997 (ANA)
The Greek state has sold 1.6 million shares of National Bank of
Greece to Merrill Lynch, HSBC Investment Bank and SBC Warburg in
a share repurchase deal.
The agreement matures in one year with the three foreign
investment houses retaining the right to place the shares
privately at an earlier date.
National Bank has postponed until further notice its global
offering of shares by the Greek state, valued at 150 million US
dollars, citing adverse market conditions. The offer was
initially scheduled for early November.
The selling price per share was set at Thursday's closing price
of 26,450 drachmas.
The total amount of the deal is estimated at around 42 billion
drachmas. The Greek state will repurchase the shares should the
three investment banks fail to place the stock within 12 months.
The repurchase price was not disclosed and National Bank of
Greece said it would be linked to the initial sale price plus
expenses.
[23] Greek stocks hold upward momentum for fourth session
Athens, 22/11/1997 (ANA)
Greek equities yesterday remained on an upward course for the
fourth consecutive session on the Athens Stock Exchange to end
the week substantially higher. The general index closed 1.62
percent up at 1,438.74 points showing a net gain of 3.90 percent
on the week. The FTSE/ASE index rose 4.19 percent to 828.41
points.
Construction shares were once again the highlight of the market
with the index soaring 5.79 percent.
Banks rose 0.30 percent, Insurance was 2.06 percent up, Leasing
edged 0.76 percent higher, Investments increased 1.60 percent,
Industrials rose 2.56 percent, Miscellaneous jumped 3.14 percent
and Holding rose 2.01 percent.
The parallel market index for small cap companies rose 3.46
percent. Trading was extremely heavy with turnover at 62.8
billion drachmas helped by the sale of 1.6 million shares of
National Bank of Greece by the state to three foreign investment
banks, worth 42 billion drachmas.
Broadly, advancers led decliners by 198 to 33 with another 11
issues unchanged.
Alcatel, Michaniki, Klonatex, Doudos, Keranis and Fourlis scored
the biggest percentage gains at the upper limit of 8.0 percent,
while Ermis, Macedonian Mills and Kalpinis suffered the heaviest
losses. National Bank of Greece ended at 26,065 drachma s,
Ergobank at 15,120, Alpha Credit Bank at 16,710, Delta Dairy at
3,425, Titan Cement at 12,500, Intracom at 13,150 and Hellenic
Telecommunications Organization at 5,435.
[24] Central bank steps in to absorb liquidity
Athens, 22/11/1997 (ANA)
The Bank of Greece, the country's central bank, yesterday
intervened to drain excess liquidity in the domestic money
market, further depressing interbank rates.
The central bank offered five-day drachma deposits at 15
percent. Interbank rates fell to around 10-12 percent. Bankers
said that interbank rates were expected to drop further November
28-December 2 due to maturation of low-rate drachma loans made
before a recent monetary crisis.
[25] Sigma ranked top Greek stockbroker
Athens, 22/11/1997 (ANA)
Sigma Securities was voted the best brokerage in Greece for
research quality and execution for the third successive year,
Global Investor said in its October issue.
The Euromoney-Global Investor survey asked 290 fund managers of
European equity portfolios in Europe and North America to name
their three favorite brokers.
Sigma Securities ranked first in Greece with 32.9 percent on
research quality and 35.7 percent on execution.
SBC Warburg was second with 12.9 and 14.3 percent in the same
categories followed by Alpha Securities with 10.6 and 10.7
percent.
[26] Government refuses to be drawn into bank brawl
Athens, 22/11/1997 (ANA)
Acting government spokesman Yiannis Nikolaou said yesterday that
the government refused to take part in a dispute between banks
and borrowers on penalty rates for late or non-payment of loans.
Mr. Nikolaou told reporters at a daily briefing that the
government believed it would be wrong to express an opinion
ahead of a Supreme Court decision on the dispute.
[27] Greece backs selective privatization on bourse
Athens, 22/11/1997 (ANA)
The government backs selective privatization through flotation
on the Athens bourse, Finance Under-secretary Nikos
Christodoulakis told parliament yesterday. Mr. Christodoulakis
was responding to a question by conservative New Democracy party
deputy George
Voulgarakis on the government's attempt to privatize Cretabank.
The government pursued flotations when they benefited both the
state and workers' jobs, he said. The government had rejected an
offer for Cretabank by Bank of Piraeus on the grounds that it
failed to guarantee a minimum payment of 30 billion drachmas and
involved staff cutbacks.
[28] Greek tourism looks good at London trade fair
Athens, 22/11/1997 (ANA)
World Travel Market, an annual international tourism fair held
in London, showed a positive outlook for the Greek tourism
industry.
British tour operators reacted well to a series of new
initiatives by the Greek National Tourism Organization including
implementation of a year-round tourism season from March 1998,
promotion of local cuisine and changes in grading hotels.
Tourism sources said that an initial forecast of a 10 percent
rise in tourism in 1998 was expected to be substantially
upgraded. British tour operators have already started enriching
their package holidays to Greece to exploit quality improvements
in the country's tourism product. Foreign tour operators urged
Greek tourism authorities to set up a Greek charter carrier to
deal with a forecast increase in air travel.
[29] Commercial Bank of Greece gets link-up to Europay
Athens, 22/11/1997 (ANA)
Commercial Bank of Greece, the state's second largest bank, has
linked its electronic center to Europay International.
Europay is the holder of Eurocard and Eurocheque and represents
Mastercard, Maestro and Cirrus cards in Europe.
Commercial Bank has been a member of Visa International since
1972.
[30] Greek, Romanian bourses to arrange trade in three products
Athens, 22/11/1997 (ANA)
Greek and Romanian bourse authorities this week agreed to
co-operate on three products to be traded on the parallel market
for smaller cap Balkan companies at Thessaloniki's stock
exchange center.
Athens Stock Exchange President Manolis Xanthakis visited
Bucharest on November 18-19 for talks with bourse authorities in
the Romanian capital.
The sides will work together on Greek depository receipts,
emerging market investment funds, and emerging market investment
companies.
The meeting was the second of a Balkan technical committee set
up to expand links among bourses in the region.
[31] Parliament to vote on 1998 budget Dec. 21
Athens, 22/11/1997 (ANA)
Greece's parliament will begin debate of the 1998 budget on
December 17, culminating in a vote on December 21, its president
Apostolos Kaklamanis said yesterday.
The tight budget, which aims to help Greece align its economy
with other European Union partners and join economic and
monetary union, enters parliamentary committee stage on Tuesday.
[32] Greek bourse to go ahead with private placement
Athens, 22/11/1997 (ANA)
Greece's bourse gave the go-ahead for a private placement of the
stock exchange's shares following a decision to abandon a plan
for a public offering. Under a 1997 law, the Athens Stock
Exchange may issue up to 2,450,000 shares, or 49 percent of its
share capital.
Eligible to hold stock are registered brokerages, credit
institutions, mutual fund management companies, mutual funds,
insurance firms, and insurance funds under state supervision.
[33] Greek money market mutual funds score in monetary crisis
Athens, 22/11/1997 (ANA)
Greek money market mutual funds ranked top in November, raking
in more than 500 billion drachmas during market turmoil.
Both institutional and retail investors poured cash into money
market funds seeking to exploit rising rates in the turbulence.
Fixed-income mutual funds came under pressure hit by a price
plunge in secondary markets to lose around 106 billion drachmas
in almost two weeks.
Equity funds emerged unscathed from the financial crisis,
reflecting positive expectations of the medium-term outlook for
the bourse. Inflows were 1.7 billion drachmas.
Mixed funds saw inflows of around one billion drachmas, and
international funds inflows of around 30 billion.
Among individual mutual fund management firms, Diethniki ranked
top with inflows of 142 billion drachmas followed by Mortgage
with 52 billion drachmas.
The biggest losers were Ergo and Intertrust with outflows of 15
billion drachmas each.
[34] Greek shipowner not guilty of Italy manslaughter
Genoa, 22/11/1997 (Reuters/ANA)
A judge on Friday acquitted Greek shipowner Loucas Haji-Ioannou
and his son Stelios of all charges following a 1991 supertanker
explosion that killed six crew and caused one of Italy's worst
ecological disasters.
Court officials in the northwestern city of Genoa said the
verdict was reached after more than 25 hours of deliberation.
Prosecutors had asked for seven-year sentences for manslaughter
for both the owner of the Cypriot-registered Haven and his son.
The 109,000-ton tanker, with a cargo of one million barrels of
Iranian crude oil, was rocked by a strong explosion on April 11,
1991. It sank after burning for three days. A large part of the
oil was believed to have burned off before the ship sank,
although 14,000 tons spilled into the sea to foul beaches along
the French and Italian Riviera.
Mr. Haji-Ioannou and his son had faced several charges including
manslaughter and pollution. Also on trial was Christos Dovles,
former director of the shipping firm, for whom prosecutors had
sought a sentence of two years and four months.
Mr. Dovles was also acquitted and a civil suit over compensation
was thrown out. The judge's reasons for absolving the men will
be made public in 90 days.
[35] Doctors to continue hospital strike
Athens, 22/11/1997 (ANA)
Doctors in Attica's public hospitals yesterday voted to extend
their strike until Wednesday, November 26, after a new
government proposal on salary scales was rejected by the
Athens-Piraeus Union of Hospital Doctors (EINAP).
Meanwhile, the Hospital Doctors' Federation (OENGE) on Thursday
night decided to end the strike in regional hospitals and to
accept the latest pay proposals made by Finance Under-secretary
Nikos Christodoulakis.
[36] Melbourne Greeks campaign for return of Parthenon Marbles
Melbourne, 22/11/1997 (ANA - S. Hatzimanolis)
The Greek Community of Melbourne has begun a crusade for the
return of the Parthenon friezes removed from the Acropolis by
Lord Elgin in the early 19th century and now housed in the
British Museum, according to a statement by its president George
Fountas.
A committee for the purpose has been formed with the
participation of politicians, academics, journalists and other
prominent Australians and Greek-Australians.
New South Wales Premier Bob Carr has expressed his support for
the cause and has written to British Prime Minister Tony Blair.
Former Australian prime minister Gough Whitlam, former South
Australian premier Don Dunstan, and current South Australian
Labor Party leader Mike Wran are among those who have declared
their support.
[37] Investigation ordered into Liani-Papandreou's Ekali residence
Athens, 22/11/1997 (ANA)
Two preliminary investigations have been ordered into the
construction of a posh Ekali residence belonging to Demetra
Liani-Papandreou, the widow of late three-time premier and PASOK
founder Andreas Papandreou.
An Athens court of first instance public prosecutor has called
for an investigation into tax evasion or non-payment of value
added tax (VAT), as well as to whether Lebanese businessman
George Halack is guilty of tax evasion in connection with
monetary gifts and loans to Ms Papandreou-Liani during
construction of the residence.
In addition, the prosecutor inquired as to whether Kifissia
local taxation bureau officials are guilty of any breach of duty
in connection with the residence's construction.
[38] Thessaloniki conference on impact of new information technologies
Athens, 22/11/1997 (ANA)
Thessaloniki will play host to more than 40 ministers from the
Council of Europe and invited states as they meet for the 5th
European Ministerial Conference on Mass Media Policy, which
begins on December 11.
A press release from the Council of Europe said the meeting was
being held in the northern port city at the invitation of the
Greek authorities and would study the current situation, the
positive and negative aspects of the development of the
information society and its influence on how society operates as
well as on relations between individuals, groups and countries
as well as possible action by governments to respond to it.
Apart from the Organization's 40 member-states, Armenia,
Azerbaijan, Bosnia and Herzegovina, Georgia, Monaco, the Holy
See, Canada, the United States and Japan will also be attending.
The conference hopes to provide a forum for the ministers to
explore means of fostering new services that promote freedom of
expression and information, artistic creation, intercultural
exchanges and participation in public life, but also ways of
limiting or regulating access to services which may be used to
the detriment of human rights, the protection of minors and
basic democratic values.
The ministers will also study self-regulation measures which
could be taken by media circles and those who create and run
services. The conference will also provide an opportunity to
decide on practical measures to be taken by governments at
national an d international levels.
Deputy Secretary-General of the Council of Europe Hans-Christian
Kruger and Greece's Press and Media Minister Demetris Reppas
will official open the proceedings of the conference.
Discussions will be based on the general theme of "The
information society: a challenge for Europe" and the sub-themes
of "the impact of new communication technologies on human rights
and democratic values" and "rethinking the regulatory framework
for the media".
End of English language section.
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