Athens News Agency: Daily News Bulletin in English, 98-01-21
From: The Greek Press & Information Office, Ottawa Canada <[email protected]>
ATHENS NEWS AGENCY BULLETIN (No 1395), January 21, 1998
Greek Press & Information Office
Ottawa, Canada
E-Mail Address: [email protected]
CONTENTS
[01] Premier: Greece won't be drawn into conflict with Turkey
[02] Athens reiterates legal right to extend its territorial waters
[03] ... Turkish FM Cem
[04] Tsohatzopoulos says Turkish designs in Aegean must cease
[05] Kranidiotis: Balkan countries must join Europe
[06] Tsohatzopoulos to attend defense ministers' meeting in FYROM
[07] Unions oppose passage of public utility draft bill
[08] ... Tsovolas
[09] Papandreou to open 'Greece in Britain' festival today
[10] ... Foreign ministry planning
[11] No friction between Stephanopoulos, Simitis - Gov't spokesman
says
[12] 'Hera's Treasure' displayed in Athens
[13] Geitonas announces welfare system reforms
[14] Study unveiled on Greek pharmaceutical consumption, prices
[15] Danielle Mitterrand in Athens
[16] Burns, Laliotis confer on US-Greek trade relations
[17] Court orders freezing of assets in Dystos case
[18] Angry anarchists to blame for rash of car bomb attacks
[19] Bianco extradition considered, political asylum requested
[20] Actress handed suspended sentence in murder conspiracy case
[21] Symposium emphasizes Greek-Italian business co-operation
[22] Seminar on business prospects for Cyprus
[23] Farmers give notice of new protests
[24] New round of farmers' mobilizations
[25] CAP revision to include reform of sectors affecting Greek
products
[26] State revenues fall slightly short of estimate
[27] Gov't orders new OA board to restructure
[28] Greek shipping company plans IPO in NYSE
[29] Greek equities end higher, pace slows
[30] Interbank market returns to normal conditions
[31] Greek public sector on information highway
[32] Tokyo to get a taste of traditional Greek cuisine
[01] Premier: Greece won't be drawn into conflict with Turkey
Athens, 21/01/1998 (ANA)
Greece will not be drawn into the trap of armed confrontation
with Turkey, which is bent on eliciting benefits by presenting
the two countries as locked in a state of continuous dispute,
Prime Minister Costas Simitis stressed yesterday.
"Turkey wishes to present an image of the two countries to the
eyes of the international community as being in an uninterrupted
state of dispute, expecting to draw benefits from the mediation
of third parties," he told a group of ruling PASOK deputies
representing the Peloponnese and western Greece.
"Turkey is seeking a confrontation. However, we shall not fall
in its trap. It (also) exercises foreign policy for the sake of
internal consumption and in order to counterbalance its unstable
internal situation. And that is where the danger lies. A
politically unstable Turkey is likely to play a further
destabilizing role in the region," he added.
"Precisely because Greece knows better than anyone else, it will
never be drawn in by any of Turkey's designs. Whatever is said
and written at times, and particularly in the current period,
about war is groundless," he emphasized.
Referring to Greece's presence in the Balkans, he stressed that
the policy of peace, friendship and co-operation is already in
the stage of implementation with tangible results, and will
continue.
"Greece has already acquired stature as the stabilizing factor
par excellence in the area of southeastern Europe and the
broader region. Suffice for one to compare the situation that
existed two years ago in our relations with all Balkan countries
with today's," he said.
Regarding the economy, the prime minister reiterated that the
government would unwaveringly defend the current parity of the
drachma, having set as a matter of foremost priority the
consolidation of stability that will lead to the country's equal
participation in EMU.
"1998 is a landmark year. During this year, we are being called
upon to win the EMU bet, because only in this way shall we be
able to achieve our equal participation in the whole spectrum of
developments and processes in European integration,
participating in the hard core of the decision-making center of
the European Union," he said.
Finally, Mr. Simitis during the meeting - the first in a series
with ruling party deputies on the basis of regional groupings -
called on them not to uncritically adopt particular demands of
various social groups, to maintain a united stand on the
political problems arising, which would be the product of
previous discussions and deliberations in all government and
party collective organs.
[02] Athens reiterates legal right to extend its territorial waters
Athens, 21/01/1998 (ANA)
The Greek government stressed yesterday that it retained the
inalienable right to extend its territorial waters to 12
nautical miles and would do so whenever it sees fit. Asked to
comment on repeated statements by Turkish officials stating that
Greece's territorial waters have a six-mile limit, government
spokesman Demetris Reppas said it was not possible for Turkey to
cite international agree-ments "when at the very same time the
neighboring country blatantly violates international law both
outside the country and domestically".
Mr. Reppas said Greece's "choices" were in line with that which
was in force internationally, "and in this sense, there is no
question of negotiating with anyone our right to extend our
territorial waters to 12 miles".
Noting that Turkey already had enough domestic problems, Mr.
Reppas said Ankara would be well-advised to concentrate on
resolving these.
Meanwhile, when asked if special US State Department coordinator
for the Cyprus problem Thomas Miller had put forward any new
proposals on Cyprus or the Aegean during recent contacts in
Athens, Mr. Reppas said he had nothing to announce.
He added, however, that Foreign Minister Theodoros Pangalos
would give a press conference today covering all foreign policy
issues.
[03] ... Turkish FM Cem
Istanbul, 21/01/1998 (ANA - A. Kourkoulas)
On his part, Turkish Foreign Minister Ismail Cem reiterated that
Turkey wants all issues concerning Greek-Turkish relations
discussed and criticized Greece for setting reference of the
Imia islets issue to the International Court at The Hague as a
precondition for this discussion.
In an interview on Turkish foreign policy published in the daily
"Zaman", Mr. Cem reiterated that on issues which no agreement
will be reached between the two countries reference to
arbitration will be anticipated, "also including recourse to the
International Court at The Hague."
He also accused Greece of acting on the criterion of "hostility
towards Turkey."
"The policy of hostility against Turkey did not produce any
benefit for Greece and neither will it do so in the future," he
said.
Referring to the issue of a meeting between the committee of
experts, Mr. Cem placed all the entire fault on Athens.
"Greece, despite the April 1997 agreement, is not responding,"
he said.
Called on to comment on recent statements by the Mr. Pangalos,
Mr. Cem said he did not take him seriously and termed some of
his statements as "racist."
The Turkish official repeated the claim that "the then fascist
Greek government delivered 58,000 Jews to the Nazis, of which
53,000 were put to death in the gas chambers."
He was evidently referring to the occupation puppet government
installed by the German occupation forces.
Referring to the present situation prevailing in Cyprus, Mr. Cem
reiterates the threat of the annexation of the occupied part of
the island if the process for the accession of Cyprus to the
European Union goes ahead.
Mr. Cem repeats the Turkish policy according to which "for as
long as its (the pseudo-state 'Turkish Republic of Northern
Cyprus') nature as a state is not recognized, the development of
new solutions does not appear feasible." On the question of
Turkey 's relations with the EU, he said "certain positive
decisions for Turkey existed among decisions taken at the EU's
Luxembourg summit. I do not deny this. However, they are not
enough. Greece's mortgage against Turkey exists."
[04] Tsohatzopoulos says Turkish designs in Aegean must cease
Athens, 21/01/1998 (ANA)
National Defense Minister Akis Tsohatzopoulos said the "Aegean
and Greece go together", while touring national guard outposts
on the islands of Samos, Ikaria, Fourni and Agathonisi and in
response to recent Turkish provocations.
"Turkey's position is inconceivable. We advise it to stop
attempting to change anything in the Aegean. Borders are
registered in international agreements and by international law.
Consequently, the neighbor is slipping with these acts of
threatening and is condemned as an invader," he said.
Mr. Tsohatzopoulos said Turkey must stop training its soldiers
on how to capture Samos, Kos, Rhodes and the Aegean islands in
their entirety.
"Turkey is trying with its strategy to show that it plays a
decisive role in the region and the international community must
preoccupy itself with the US$150-million armaments program in a
country having 100 per cent inflation," he added.
Referring to Greece's armaments program, Mr. Tsohatzopoulos said
it is trying to cover gaps and delays concerning the 1990-1995
period. He also said that Turkey's participation in the European
Conference must be accompanied by respect for international law,
borders, a just solution to the Cyprus issue and all that
applies to other countries.
[05] Kranidiotis: Balkan countries must join Europe
Athens, 21/01/1998 (ANA)
The incorporation of the Balkans in Europe and European
institutions is an absolute prerequisite if the countries of the
region are to acquire political stability and economic
development and Greece is ready to help them, Foreign
Under-secretary Yiannos Kranidiotis said yesterday.
"With this in mind and due to the fact that Greece is a member
of both the European Union and NATO, Athens wishes to serve as a
bridge between the EU and the Balkans," Mr. Kranidiotis said.
He was speaking at a meeting on the Balkans organized by the
Hellenic Center for European Studies. Mr. Kranidiotis said
Greece could play a similar role in the greater region in
general, by further developing its relations with the countries
of the Black Sea and of the Middle East.
He also announced the opening in Thessaloniki in 15 days of the
Black Sea Bank given that seven of the countries participating
in the venture which had delayed their capital contributions had
now deposited the relevant funds.
The meeting, held at the foreign ministry, began with an address
by Bulgaria's Finance Under-secretary D. Randev who analyzed the
macroeconomic situation in the neighboring country and its
aspiration to join the EU.
The strategy of the Bulgarian government, he said, is for the
country to meet EMU criteria in the year 2001.
[06] Tsohatzopoulos to attend defense ministers' meeting in FYROM
Skopje, 21/101/1998 (ANA - M. Vihou)
The head of the Greek liaison office in the Former Yugoslav
Republic of Macedonia (FYROM), Ambassador Alexandros Mallias,
delivered the official acceptance by National Defense Minister
Akis Tsohatzopoulos to participate in a meeting of defense
ministers from FYROM, Bulgaria, Albania and Greece.
The meeting is scheduled to be held in the city of Ohrid in
February at the initiative of FYROM.
Mr. Tsohatzopoulos' letter mentions that although Greece desires
to participate, however, it is unable to do soon Feb. 7, the
proposed date, and expresses the hope that the meeting will be
held in February.
Albania and Bulgaria have not replied officially to the
invitation so far, although the defense ministers of the two
countries had expressed themselves positively in principle
during the NATO conference in Madrid several months ago.
[07] Unions oppose passage of public utility draft bill
Athens, 21/01/1998 (ANA)
National Economy Minister Yiannos Papantoniou yesterday chaired
a ministerial meeting on the recently announced mobilizations by
public utilities' employees over proposed changes in the
drafting of personnel regulations, which, trade unionists
consider as an undue intervention.
The meeting produced no results, although Mr. Papantoniou said
the government would provide the best possible solution after
debate in Parliament.
General Confederation of Greek Workers (GSEE) President Christos
Polyzogopoulos, who attended the meeting, said mobilizations
would continue "until our proposals are accepted".
"We don't want the state to intervene," he said.
He added that Mr. Papantoniou's promise that the relevant
provision would be "reworded" was not sufficient, and that the
planned 24-hour nationwide strike tomorrow would go ahead.
He said a minimum condition for reaching an agreement on changes
in regulations was the possibility of holding negotiations every
six months, and that disagreements should be referred to
arbitration.
He also said the proposal was in contradiction of the 198
international labor agreement and the law on free collective
bargaining.
Certain trade unionists link the government's insistence with a
desire to make certain utilities more attractive to prospective
private investors by trimming the strength of the unions.
[08] ... Tsovolas
Athens, 21/01/1998 (ANA)
Commenting on the bill, Democratic Social Movement (DHKKI)
leader Demetris Tsovolas accused the government of overturning
the current regime of labor relations, and essentially aiming to
the abolition of collective bargaining.
He also charged that it was consciously seeking a clash with
society, knocking down national unity, consensus, and cohesion.
[09] Papandreou to open 'Greece in Britain' festival today
Athens, 21/01/1998 (ANA)
Alternate Foreign Minister George Papandreou will be in London
today to officially open the "Greece in Britain" series of
events.
"Greece in Britain" is a six-month series of events during the
British presidency of the European Union which is designed to
throw the spotlight on modern Greece and includes cultural and
other events such as concerts, exhibitions, dance performances,
film screenings and conferences.
The official start to the program will be on January 21 at the
House of Commons at which political figures from both countries
will be present.
Mr. Papandreou is scheduled to meet with Britain's International
Development Secretary Clare Short during his visit.
Mr. Papandreou will make a stop in Lisbon on his departure from
London, where he is scheduled to meet Deputy Foreign Minister
Francisco Seixas da Costa on European Union issues.
[10] ... Foreign ministry planning
Athens, 21/01/1998 (ANA)
Mr. Papandreou and Foreign Minister Theodoros Pangalos conferred
yesterday on foreign ministry issues, including their schedule
of visits.
Among the issues discussed were the ministry's activities on an
international and European level and coordination of the Agenda
200, the Olympic Games and the Olympic Truce.
[11] No friction between Stephanopoulos, Simitis - Gov't spokesman
says
Athens, 21/01/1998 (ANA)
Government spokesman Demetris Reppas said yesterday that
relations between Prime Minister Costas Simitis and President of
the Republic Kostis Stephanopoulos are excellent, despite press
reports.
Press reports claimed that the president was displeased with
some of the choices made by the government, including a proposal
that he chair a national committee for the organizing of the
2004 Olympic Games.
Mr. Reppas, when asked whether there are any liabilities
stemming from the governmental proposal, said that "there is no
problem whatsoever, thus, there can be no liabilities..."
[12] 'Hera's Treasure' displayed in Athens
Athens, 21/01/1998 (ANA)
An exhibition featuring "Hera's Treasure", on loan from a museum
of Crotona in southern Italy, was inaugurated yesterday evening
by Athens Mayor Demetris Avramopoulos at Athens' Arts Center.
The exhibition, to last until Feb. 15, is jointly hosted by the
Athens municipality's cultural organization and the Italian
Educational Institute of Athens.
The ceremony in Athens was also attended by Crotona Mayor
Pascuale Senatore.
[13] Geitonas announces welfare system reforms
Athens, 21/01/1998 (ANA)
Health and Welfare Minister Costas Geitonas yesterday announced
measures to improve the welfare system, including the merger of
services and the transfer of others to municipalities.
A bill currently being drafted will reflect the need to offer
real services to citizens, he said.
Mr. Geitonas presented figures showing that although the number
of families receiving bonuses for having more than four children
had dropped, actual expenditure had increased by three billion
drachmas.
With regard to the situation in the nation's hospitals, the
minister said a program had been drawn up to deal with the
situation.
Under-secretary Theodoros Kotsonis said the merging of the
national welfare system (PIKPA) with the children's foundation
MITERA meant that services would be better organized.
The new bill provides for a number of welfare foundations to be
transferred to the control of municipalities, while new rules of
operation would be instituted for day nurseries.
Municipalities would also take over the operation of day
nurseries, although the state would continue to pay operating
costs for the next 10 years.
A pilot program has already begun for day nurseries to remain
open in the afternoon and early evening, with the first opening
in Ilioupoli, Argyroupoli, Aghi Anarghyri and Korydallos.
A survey would also be made of the number of disabled people in
Greece in order to weed out those who had made false
declarations in order to receive benefits.
[14] Study unveiled on Greek pharmaceutical consumption, prices
Athens, 21/01/1998 (ANA)
The National Institute of Labor (EIE) yesterday announced that
expenditures for pharmaceuticals rose by 243 per cent between
1990 and 1996.
The EIE study was commissioned to determine pharmacists' work
conditions as well as the pharmaceutical industry's operating
conditions.
According to the study, the increase is due to three reasons:
- a 29 per cent increase in consumption.
- a 53.7 per cent increase of prices.
- a shift in prescriptions from inexpensive to expensive drugs.
According to the study most pharmacies in Greece are one-person
operations, while in western Europe most are cooperatives of two
or more individuals.
Finally, the study noted that most Greek drug companies are
technologically dependent to their European counterparts, since
only the last stage of production usually takes place in Greece.
Only 8.6 per cent of Greek medicines are exported.
[15] Danielle Mitterrand in Athens
Athens, 21/01/1998 (ANA)
Danielle Mitterrand is to be guest speaker at a conference on
"Racism against Democracy" to be held in Athens on Monday
January 26 by the Institute for Strategic and Developmental
Studies (ISTAME) - Andreas Papandreou, the institute's president
Yiannis Souladakis announced at a press conference yesterday.
Mrs. Mitterrand, the widow of the late Francois Mitterrand,
former President of the French Republic, is attending the
meeting in her capacity as president of the "France Liberte"
foundation.
[16] Burns, Laliotis confer on US-Greek trade relations
Athens, 21/01/1998 (ANA)
US-Greek trade and investment were discussed by US Ambassador in
Athens Nicholas Burns and Environment, Public Works and Town
Planning Minister Costas Laliotis in a meeting yesterday.
Mr. Burns said the two countries could strengthen their
relations in the sectors of trade and investment, adding that
more US companies should become active in Greece.
Mr. Laliotis called the meeting "positive", saying the talks
were restricted to areas within his ministry's competence.
[17] Court orders freezing of assets in Dystos case
Athens, 21/01/1998 (ANA)
A Piraeus first instance court has for the most part approved a
petition freezing assets of the Iraklis shipping company.
The court's restraining order department issued the decision
after the petition by 30 relatives of victims from last year's
"Dystos" capsizing. The cement-carrier Dystos sank off Kymi,
Evia, on Dec. 29, 1996 in rough seas, with only one survivor out
of 21 people on board.
Following six decisions by a special court, which tentatively
attributed the maritime accident to internal structural
collapse, it ordered that 493 million drachmas of the company's
assets be frozen.
Victims' relatives had appealed for 6.4 billion in damages and
emotional distress.
The shipowning firm's parent company, AGET-Iraklis, will have to
deposit the amount in the form of a letter of guarantee at the
Deposits and Loans Fund until courts reach a final verdict on
the case, as well as the amount of compensation to be paid.
[18] Angry anarchists to blame for rash of car bomb attacks
Athens, 21/01/1998 (ANA)
A spate of attacks on cars in the greater Athens area are the
work of anarchists angry at the arrest of an anarchist last week
on suspicion of involvement in an urban guerrilla group, police
said yesterday.
Five cars, including one belonging to a foreigner, were torched
in four separate attacks early on Tuesday, bringing to 11 the
number attacked with makeshift bombs since last Thursday.
Police said they expect the attacks to continue, if not
increase. At a meeting on Monday, the public order ministry
decided to increase the number of police patrols and boost
security on possible targets.
Nikos Maziotis, 27, was charged last week with possession of
weapons, explosive material and seditious printed material after
a police swoop on a number of Athens homes. Police found a
significant quantity of explosive material in the raids,
including 9 .5 kilos at Maziotis' Kamatero home. The finds,
police say, link Maziotis with the urban guerrilla group
Militant Guerrilla Formation, which has claimed responsibility
for a number of bomb attacks since its appearance in 1996.
[19] Bianco extradition considered, political asylum requested
Athens, 21/01/1998 (ANA)
An Athens Appeals Council yesterday began deliberations on a
request by Italian authorities for the extradition of Enrico
Bianco, 45, wanted in the neighboring country on robberies and
weapons possession charges.
Mr. Bianco was arrested last month by police in Preveza after a
tip by Interpol.
The Italian national has maintained his innocence throughout,
saying his is being persecuted for political crimes in the 1980s
and not for committing other felonies. He has also requested
political asylum in Greece.
Coalition of the Left and Progress (Synaspismos) Eurodeputy
Michalis Papayiannakis, a defense witness, told the appeals
court that it was true Bianco had committed only political
crimes.
The hearing continues today.
[20] Actress handed suspended sentence in murder conspiracy case
Athens, 21/01/1998 (ANA)
A three-member Athens misdemeanor court yesterday handed down a
two-year suspended sentence on actress Vasia Panagopoulou for
conspiring to murder her former husband, stage director
Apostolos Doxiadis.
Another two out of the total of four defendants in the case
received the same sentence, while the fourth was acquitted.
Two judges voted in favor of her conviction, while a third opted
for acquittal.
[21] Symposium emphasizes Greek-Italian business co-operation
Athens, 21/01/1998 (ANA)
Greece in 1999 will satisfy all convergence criteria for
inclusion in the Economic and Monetary Union (EMU), offering
major opportunities as well as challenges, Bank of Greece Deputy
Governor Nikolaos Garganas told participants during the second
day of a Hellenic-Italian business symposium in Athens.
The event is organized by the Italian Chamber of Commerce of
Athens.
The president of the Italian Association of Industries, Giorgio
Fossa, said it will be to the benefit of both Greek and Italian
industry to support initiatives and contacts among European and
Mediterranean basin entrepreneurs.
"Greek and Italian industrialists have a significant mission to
carry out, together with their colleagues from Europe's
Mediterranean countries, namely, to contribute to the economic
acceleration of the south Mediterranean states..." he said.
Theodosia Antoniadou-Tziveli, a Greek businesswoman based in
Italy with one of that country's top fashion firms, told
participants it was imperative for both countries'
businesspeople to co-operate and take initiatives on the
international scene.
[22] Seminar on business prospects for Cyprus
Athens, 21/01/1998 (ANA)
The International Institute of Economic Relations in
co-operation with the Cypriot Commerce Bureau of Athens
organized a one-day conference entitled "Prospects for Business
Activities in the Republic of Cyprus."
Conference speakers concentrated on the geo-political advantages
of Greece and Cyprus in the region.
Foreign Under-secretary Yiannos Kranidiotis and Cypriot
ambassador to Athens Haralambos Christoforou addressed the
conference.
They noted the fact that the island republic's economic growth
will aid efforts for a viable solution of the Cyprus problem and
support its accession to the European Union.
[23] Farmers give notice of new protests
Athens, 21/01/1998 (ANA)
Farmers in the prefecture of Thessaloniki said yesterday they
would blockade the Ministry of Macedonia and Thrace building in
the city for two days starting February 2 to protest funding
arrangements, price levels for farm products and the trials of
farmers arrested in previous demonstrations.
The decision to blockade the ministry was confirmed at a meeting
yesterday of the Federation of Farmers' Associations of
Thessaloniki.
Federation president Demetris Parlapanis said the demonstrations
would be a warning. Any further action, he said, would depend on
the government's response.
Also on February 2, members of the Malgara-Kimina Farmers'
Association are planning to park their tractors along the
Athens-Thessaloniki highway, although they will not block the
highway itself, according to the association's president Costas
Anestidis.
[24] New round of farmers' mobilizations
Athens, 21/01/1998 (ANA)
Farmers in Thessaly yesterday began a new round of
mobilizations, set to culminate on Feb. 2, on the occasion of
the trial of 127 fellow farmers, who are accused of obstructing
traffic during last year's protests.
Although the trial was postponed until November 1998, the
farmers found the opportunity to demonstrate once again for
their demands.
About 250 tractors appeared again in the squares of villages in
Karditsa region.
[25] CAP revision to include reform of sectors affecting Greek
products
Brussels, 21/01/1998 (ANA - P. Pantelis)
Revision of the Common Agriculture Policy (CAP), envisaged in
the European Commission's "Agenda 2000" for enlargement,
includes reforms in sectors that concern basic Greek
agricultural products, such as tobacco, olive oil, milk and
dairy products, vines and beef.
Agriculture Minister Stephanos Tzoumakas, who met with EU
Commissioner Franz Fischler yesterday, referred to the drop in
prices due to increased production in EU member-states and in
third countries.
He stressed that measures must be adopted to relieve the market
and hold prices on reasonable levels for producers and
consumers. Similar proposals were put forward by the ministers
of the other olive oil producing countries (Spain, Italy,
Portugal).
Mr. Tzoumakas also raised issues concerning other farm products,
such as the absorption of oranges and lemons and problems
arising in the regime for cotton.
[26] State revenues fall slightly short of estimate
Athens, 21/01/1998 (ANA)
The 1997 state budget recorded an increase in revenues of 13.4
per cent, slightly lower than the projected 15.6 per cent,
according to official figures released by the finance ministry.
The balance between the two figures translates into 340 billion
drachmas.
In the 12-month period between January-December 1997 collected
revenues increased by 15.65 per cent, while revenues from
customs duties rose by 8.77 per cent. Revenue from other sources
posted an increase of 13.69 per cent.
[27] Gov't orders new OA board to restructure
Athens, 21/01/1998 (ANA)
The government yesterday told the new board of Olympic Airways
to draft a fast restructuring program within two months and then
implement it.
Transport and Communications Minister Tassos Mantelis, speaking
during the inauguration of the national carrier's new board,
headed by managing director Theodoros Tsakiridis, urged OA to
seek a strategic partner abroad and to promote measures for the
company's timely transfer of operations to a new Athens Airport
at Spata.
Mr. Mantelis also asked a private consultants firm to draft a
new company staff regulation and an operational restructuring
program.
He urged the new board to strengthen the role of OA's
subsidiaries and exploring new sectors of possible profitability.
Mr. Mantelis asked the new board of directors to set long-term
commercial targets in managing the company.
[28] Greek shipping company plans IPO in NYSE
Athens, 21/01/1998 (ANA)
Royal Olympic Cruise Lines Inc. has filed a registration
statement with the Securities and Exchange Commission concerning
an initial public offering of 5.95 million shares of its common
stock in the New York Stock Exchange, a company spokesman told
the AN A yesterday.
The lead underwriters of the US tranche of the offering will be
Lazard Freres & Co. LLC and Donaldson, Lufkin & Jenrette
Securities Corporation. Lead managers of the international
tranche will be Lazard Capital Markets and Donaldson, Lufkin &
Jenrette International.
The registration statement concerning the securities has been
filed with the Securities and Exchange Commission but has not
yet become effective.
These securities may not be sold nor may offers to buy be
accepted prior to the time the registration statement comes
effective, the spokesman said.
The Piraeus-based Royal Olympic Cruises offers
destination-oriented cruises in the Mediterranean, Baltic and
Black Seas and in Central and South America, served by a fleet
of six cruise ships with an aggregate capacity of 3,154 births.
It was set up in 1995 by Epirotiki Cruise Line and Sun Line
Cruises.
[29] Greek equities end higher, pace slows
Athens, 21/01/1998 (ANA)
Greek equities remained on an upward course yesterday for the
third consecutive session on the Athens Stock Exchange although
the pace of advance was substantially slower than in the
previous two sessions.
The general index closed 0.31 percent higher at 1,440.31 points,
off the day's highs.
Traders said the market was gradually regaining its confidence
but noted that worries persisted over the situation in the
domestic money market.
Sector indices were mixed. Banks rose 0.66 percent, Insurance
fell 0.80 percent, Leasing was 1.49 percent up, Investment
dropped 0.62 percent, Constructions plunged 3.33 percent on
heavy profit-taking, Industrials increased 0.89 percent,
Miscellaneous eased 0.75 percent and Holding fell 1.04 percent.
The parallel market index for small cap companies ended 0.94
percent off, while the FTSE/ASE index closed 0.34 percent up at
791.55 points.
Trading was moderate with turnover at 16.4 billion drachmas.
Broadly, decliners led advancers by 140 to 71 with another 24
issues unchanged.
Lambropoulos, General Warehouse, Macedonian Plastics, Thessaliki
and Singular scored the biggest percentage gains, while
Levenderis, Desmos, Radio Athina and Ippotour suffered the
heaviest losses.
National Bank of Greece ended at 20,750 drachmas, Ergobank at
13,650, Alpha Credit Bank at 14,150, Delta Dairy at 2,805, Titan
Cement at 13,700, Intracom at 15,140 and Hellenic
Telecommunications Organization at 5,565.
[30] Interbank market returns to normal conditions
Athens, 21/01/1998 (ANA)
Interest rates in Greece's interbank market dropped
substantially yesterday in what bankers described a
normalization of the market after recent strong turbulence.
The overnight rate fell below 11 percent for the first time in
several weeks, while short-term interest rates were around 15-15
percent.
In the domestic foreign exchange market, the drachma was mixed.
The Greek currency rebounded against the US dollar but was
slightly lower against the DMark and the ECU.
Bankers noted that there were no significant movement of capital
in the market.
[31] Greek public sector on information highway
Athens, 21/01/1998 (ANA)
The government decided yesterday to upgrade the operation of an
information development agency at the interior ministry and set
up special information units in ministries.
A meeting chaired by Prime Minister Costas Simitis yesterday
discussed the implementation of information systems in the
public sector.
Mr. Simitis was also briefed over measures and actions taken by
the interior ministry in dealing with the "millennium bomb"
facing the computer industry.
[32] Tokyo to get a taste of traditional Greek cuisine
Athens, 21/01/1998 (ANA)
Cretan delicacies are on the menu in Japan next month as part of
a campaign to promote the Greek island as a tourist destination
and within the framework of a Tokyo exhibition entitled "Greek
Food & Wine Fair".
The event includes two weeks of traditional Cretan cuisine to be
hosted by the Japanese capital's Dalichi Hotels. The events are
organized by the Greek National Tourism Organization (EOT) in
co-operation with Swissair and the Elounda Beach Hotel in Crete.
End of English language section.
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