Athens News Agency: Daily News Bulletin in English, 98-03-20
From: The Greek Press & Information Office, Ottawa Canada <[email protected]>
ATHENS NEWS AGENCY BULLETIN (No 1444), March 20, 1998
Greek Press & Information Office
Ottawa, Canada
E-Mail Address: [email protected]
CONTENTS
[01] Gov't unveils new plan to save embattled Olympic Airways
[02] ... Reactions
[03] Greece, Bulgaria call for Balkan summit on multinational force
[04] ... Discussion of Kosovo, Bosnia
[05] PM calls for intensification of DEKOs' restructuring
[06] Economy to absorb drachma devaluation jolt
[07] Interest rates expected to drop in coming months
[08] Cyprus' Omirou on official Athens visit
[09] Pangalos in Washington today
[10] Pangalos response to Cem plan conveyed to Ankara
[11] Agenda-2000 meeting in Athens
[12] Sweden's European Affairs Minister's visit
[13] Pangalos on Greece's EMU participation
[14] Report on Greece's hashish users
[15] EU farmers' income fell by 2.8 per cent in '97, 4.4 in Greece
[16] PM to inaugurate one-day seminar on agriculture
[17] DEH loan worth $500 million
[18] Euphoric Greek stocks hit new all-time high
[19] Money markets still high on ERM entry, rates drop
[20] Gov't welcomes market reaction to ERM entry
[21] Farmakis says no new Gov't measures on social security funds
[22] HEPO event on Greek-Algerian trade relations
[01] Gov't unveils new plan to save embattled Olympic Airways
Athens, 20/03/1998 (ANA)
The government yesterday launched a new five-year plan to save
loss-making Olympic Airways (OA) from closure.
Transport Minister Tassos Mantelis told a news conference that a
restructuring program for 1998-2002 aims to save 50 billion
drachmas a year from the national carrier's operating costs.
Due to European Union directives, the state could no longer
subsidize the ailing state-run airline and no other funds were
available, Mr. Mantelis stressed.
"If we extend the airline's operation for five years, a
50-billion-drachma deficit will emerge without taking into
account necessary investments, which would take the deficit to
150 billion," he said.
He blasted the former OA boards of directors for what he called
overspending, especially on labor. OA's board will present its
final decisions on cost-cutting to employees' representatives
tomorrow.
An evaluation of the national airline's first revitalization
plan showed a failure to meet targets, with labor costs in 1997
alone jumping to 25 billion drachmas, Mr. Mantelis said.
The figure represented 48 per cent of the airline's total
spending against 25-29 per cent in other such companies, or
around 51 per cent in 1995-1997, he said.
"The government has decided that there is a final chance for OA
to be saved. Therefore, we all have to make the right decisions
for structural changes and good industrial relations."
Elaborating on what must follow, Mr. Mantelis said the attitude
of employees towards the citizen/client must change, routes must
be restructured on the basis of customers' demands, flight
timetables must be strictly adhered to, while commercial policy
must change and a strategic investor-ally must be found soon.
In addition, Olympic must exploit subsidiaries, he noted.
Specifically, Olympic Aviation will conduct flights to the
Balkans, apart from its current domestic flights, with
Thessaloniki as its base. Moreover, alliances must be found for
catering-fuel, handling and repairs units.
Consequently, the company's general assembly of shareholders
will be convened this morning, while Mr. Mantelis will convey
decisions taken by the inner cabinet to its administration.
Additionally, OA employees will be called to discussions to find
ways of saving the 50 billion a year from the restructuring
program.
If all this is done and after the value of the company is
assessed, the government intends to give a 6 per cent share to
employees during an initial phase and on Dec. 31, 2000, while an
additional 4 per cent will be given if the plan goes smoothly.
As a result, uncertainty will stop among employees and their
work will be safeguarded.
Mr. Mantelis clarified that these measures are being taken
exclusively for Olympic Airways, which is considered an
exceptional case, and has nothing to do with other public
utilities.
Replying to press questions, Mr. Mantelis explained that the
government does not intend to dismiss any employee. Moreover,
the state will immediately pay nine billion drachmas it owes to
the national carrier, while it will also call on other parties
to pay their debts. It estimated the deficit to amount to 6-6.5
billion drachmas in 1997.
He also replied that at this phase there is no strategic
investor interested in the company. He again recognized the
government's responsibilities for Olympic's deficits, adding
that entry to the Athens Stock Exchange is not anticipated at
this period.
He did not consider 10 per cent of shares being provided for
employees as meaning offsetting for money lost during the
five-year restructuring period and estimated that with the 50
billion which will be saved over the next five years by the
company's cutbacks, a surplus in the region of 115 billion
drachmas will be achieved. Out of this amount 65 billion will be
deducted for amortization and the remaining 50 billion will be
considered as an amount for investment.
According to initial reactions by employees, the company's
future is considered ominous following the announcements made by
the minister.
[02] ... Reactions
Athens, 20/03/1998 (ANA)
On their part, opposition parties criticized the government's
recovery program.
The main opposition New Democracy party's head of its economics
department, George Alogoskoufis, said the carrier needed
privatization and a recovery program at the same time, stressing
that the government was responsible for the current mess after
throwing out a 1994 ND plan for streamlining the carrier, and is
therefore in no position to implement the necessary changes.
"It is the same failed recipe and there is no guarantee that the
new program will succeed," he said.
The Communist Party of Greece (KKE) referred to a new round of
selling out public utilities, beginning with OA.
"The government deserves a great 'Shame!' for its hypocrisy and
demagogy with which it is trying to hide its pro-monopolistic
policy and present it as in line with popular interests," a KKE
statement said, adding that the distribution of shares to
employees aimed only at making them pay for the losses caused by
the government's policy.
Coalition of the Left leader Nikos Constantopoulos told a radio
interview that the government intended to introduce measures
that constituted an onslaught against workers and the social
insurance system.
He expressed the view that the government had equated Greece's
entry into EMU to the misery of the Greek people.
[03] Greece, Bulgaria call for Balkan summit on multinational force
Athens, 20/03/1998 (ANA)
Greece and Bulgaria yesterday called for a meeting at the
earliest of the defense undersecretaries and deputy chiefs of
staff of all the Balkan countries to resolve the issue
concerning the formation of a multi-national force on the basis
of transparent procedures.
The task of the multi-national force will be to keep the peace
in the region, under the aegis of international organizations,
and other humanitarian missions. Greece, Turkey and Romania have
submitted proposals concerning the headquarters of the force
following discussion of the issue at a recent meeting of defense
ministers in Sofia.
National Defense Minister Akis Tsohatzopoulos and his Bulgarian
counterpart Georgy Ananiev agreed on the need for the meeting
during talks in Athens yesterday.
Mr. Ananiev arrived in Greece on Wednesday for a three-day visit
at the invitation of Mr. Tsohatzopoulos.
A Greek proposal that the meeting of Balkan defense
undersecretaries be held in Tirana will be examined by Mr.
Tsohatzopoulos and his Albanian counterpart Sabit Brokaj at a
working lunch next week in Ioannina.
As an alternative venue for the meeting, Sofia has been proposed.
Meanwhile, Mr. Tsohatzopoulos said after his talks that Greece
and Bulgaria were active taking steps to confront any problems
in the region through their participation in the multi-national
force in Bosnia "which confirms the sense of responsibility wit
h which our two countries are cooperating in order to resolve
problems of security and stability in the region".
[04] ... Discussion of Kosovo, Bosnia
Athens, 20/03/1998 (ANA)
Yesterday's talks focused on the general situation and problems
in the Balkans, including the hotbeds of tension in Kosovo and
Bosnia, while possibilities of undertaking initiatives for the
settlement of these problems were also discussed. On a bilateral
level, the two defense ministers signed an agreement providing
for co-operation between the armaments directorates of the two
Greek and Bulgarian ministries.
Within this framework, the possibility will be examined of
exploiting mutual possibilities for the modernization of BMP-1
tanks used by both countries.
The ministers said Greece and Bulgaria were in favor of the
peacekeeping mission in Bosnia staying on after the end of its
mandate.
On the crisis in the Yugoslav province of Kosovo, the two
countries expressed their concern and stressed they were in
favor of a peaceful settlement, so as to ensure stability in the
region.
Mr. Ananiev also thanked Greece for its support for Sofia's
efforts to join NATO.
[05] PM calls for intensification of DEKOs' restructuring
Athens, 20/03/1998 (ANA)
Prime Minister Costas Simitis yesterday called for an
intensification of government's efforts for restructuring public
utilities and enterprises in order to both slash their deficits
and to provide upgraded services at a more competitive cost.
Addressing inner Cabinet members yesterday, Mr. Simitis
categorically stressed that new taxation measures will not be
taken to find additional revenues, saying that what must
continue is the strict and accurate carrying out of the budget.
According to reports, he said both the downward trend in the
deficit and the inflation rate must continue, adding that
participation in Economic and Monetary Union (EMU) will depend
on these two main indicators - which will also pull interest
rates down and have a positive effect on investments.
Referring to the issue of the drachma joining the EU's Exchange
Rate Mechanism, Mr. Simitis commented on its positive
repercussions in local and international markets. He also
replied to criticism against the government.
Mr. Simitis said that the allegation that the income of working
people will decrease by 14 per cent, a claim repeated by
opposition parties, is not tenable. He added that it is untrue,
inaccurate and groundless.
He said that in the short term the impact on income will be such
as the impact on inflation, which will be small to minimal and
will be absorbed during the year.
In the long term, he added, the improving robustness of the
Greek economy will lead to better economic conditions to the
benefit of all working people.
The conclusion drawn by the premier is that considerable
additional incomes will be achieved with positive repercussions
in the investments and development sectors and, consequently,
employment with the creation of new jobs.
On the question of the government's overall policy, Mr. Simitis
said it is determined to move ahead so as to win the big bet of
the country's participation in EMU and in the "tough" nucleus of
the European Union's decision-making.
[06] Economy to absorb drachma devaluation jolt
Athens, 20/03/1998 (ANA)
The Greek economy will quickly absorb the shock of the drachma's
devaluation last weekend, National Economy and Finance Minister
Yiannos Papantoniou said yesterday. Addressing a general
assembly of the Union of Greek Banks, Mr. Papantoniou predicted
that benefits from the devaluation would begin to emerge rapidly
after the summer.
He also expressed his satisfaction at the market's calm reaction
to the devaluation, which was linked to the drachma's
simultaneous entry into the European Union's exchange rate
mechanism.
Mr. Papantoniou said the Greek currency's entry into the ERM, a
result of successful government economy policy, had brought the
country more than one step closer to EMU.
"We are on the threshold of EMU, the Europeans consider us
already as part of the European family," Mr. Papantoniou said.
He urged Greek banks to stand on their own feet and said that
the lesson offered by the recent Asian crisis was that a country
needed a healthy banking system along with macro-economic
stability to prosper.
Mr. Papantoniou said the government will stick to its inflation
target of 2.5 per cent by the end of the year, and the Greek
economy's main challenge in the next three years was
competitiveness.
"I am beginning to worry not about the country's participation
in EMU but the economy's condition when we enter. We have to be
competitive to exploit the benefits of economic and monetary
union," he said.
Mr. Papantoniou said measures were needed to improve efficiency
in the public sector through drastic structural reforms in order
to spur competitiveness.
The Greek state was bloated and needed shrinking, a process that
would not hurt the state or its ownership in public utilities.
Mr. Papantoniou urged banks to lower the spread between lending
and deposit rates and restructure their portfolios.
He said that a decision to privatize Ionian Bank would be
reached soon.
[07] Interest rates expected to drop in coming months
Athens, 20/03/1998 (ANA)
Greek interest rates will gradually fall in the next few months
following the stabilization of domestic money markets, the
chairman of the Union of Greek Banks, Theodoros Karatzas, told
the same assembly.
Mr. Karatzas defended the credit policy implemented by banks,
saying that the spread between loan and deposit rates was only
seemingly high.
He was responding to criticism by Mr. Papantoniou.
He also rejected criticism that banks' profits were too high.
"Greek banks have often shown lower returns compared with
European ones because of lower lending rates in terms of assets,
huge portfolios in state securities and higher operating
expenses," he said.
Mr. Karatzas said banks were seeking greater transparency in
their relations with customers, and they would co-operate with
government authorities to improve services.
Referring to the drachma's participation in European economic
and monetary union and its final replacement by the euro, Mr.
Karatzas said that there would be both positive and negative
effects in the country's banking sector.
He urged banks to speed up modernization and preparations for
implementation of a single European currency.
[08] Cyprus' Omirou on official Athens visit
Athens, 20/03/1998 (ANA)
Cyprus Defense Minister Yiannakis Omirou began an official
two-day visit to Athens yesterday.
In the morning, he visited installations of the Military
Academy. In the afternoon, Mr. Omirou attended the inauguration
of the exhibition "Alexandros 2000" along with his Greek
counterpart Akis Tsohatzopoulos.
This morning, Mr. Omirou will meet Foreign Under-secretary
Yiannos Kranidiotis and then hold talks with Mr. Tsohatzopoulos.
Mr. Omirou will also visit the 252 Air Force hospital and in the
evening he will attend an official dinner given in his honor by
Mr. Tsohatzopoulos at the Armed Forces Officers Club.
In statements at Larnaca airport before his departure, Mr.
Omirou reminded the US and Europe that they should not show
selective sensitivity about peace and stability in the region
and ignore the continuing occupation of part of Cyprus by Turkey.
"Cyprus acknowledges the right to the US and Europe to be
interested in creating and maintaining peace and stability in
this part of the world but we cannot accept a selective
sensibility which is not founded on factual events," Mr. Omirou
said.
In a thinly veiled criticism of those who attempt to persuade
the government to abort a planned deployment of Russian
anti-aircraft missiles, Mr. Omirou said: "instead of addressing
themselves to the Turkish side whose expansionist designs
destabilize the region, we are advised to cancel and postpone
our arms acquisition programs, including the defensive missiles
system S-300."
[09] Pangalos in Washington today
Washington, 20/03/1998 (ANA - T. Ellis)
Foreign Minister Theodoros Pangalos is expected to arrive here
today to begin a 10-day US visit.
Mr. Pangalos will meet US counterpart Madeleine Albright late in
the afternoon at the US State Department for discussions on
Greek-Turkish relations, as well as the Cyprus problem and
developments in Kosovo.
Later in the day, the Greek foreign minister will meet with US
President Bill Clinton's national security adviser Sandy Berger.
Mr. Pangalos will remain here until March 25 and will have
meetings with several other US officials.
On Monday, Mr. Pangalos will lunch at the Greek embassy with
officials from the US National Security Council, the US State
Department and the Pentagon, while later he will attend a dinner
hosted by US Senator Ted Stevens (R-Alaska).
Mr. Pangalos will also visit Chicago and will conclude his US
visit in New York, where he will observe the annual Greek
Independence Day parade along 5th Avenue.
[10] Pangalos response to Cem plan conveyed to Ankara
Athens, 20/03/1998 (ANA)
Greek foreign ministry official Ilias Klis yesterday summoned
Ankara's ambassador to Athens Ali Tuygan to the ministry,
handing him Foreign Minister Theodoros Pangalos' reply to a
recent proposal by Turkish Foreign Minister Ismail Cem.
Mr. Pangalos' letter answered a renewed five-point proposal from
his Turkish counterpart Ismail Cem, which was subsequently
rejected last week by Greece.
According to press reports, the letter states that Turkey did
not adhere to a constructive stance in bilateral relations and
the Greek proposal that Turkey seek recourse to the
International Court at The Hague on whatever differences it may
have.
However, Mr. Pangalos, reiterated his invitation to Mr. Cem to
attend a Western European Union (WEU) ministerial meeting to be
held in Rhodes this May, which could be an opportunity for the
two to meet.
Last week Mr. Cem had invited Mr. Pangalos to Ankara.
[11] Agenda-2000 meeting in Athens
Athens, 20/03/1998 (ANA)
Alternate foreign minister George Papandreou yesterday chaired a
meeting on Agenda 2000, the European Commission's plan for the
future development and enlargement of the European Union.
The purpose of the meeting was to better prepare Greece and to
coordinate ministries in order to better serve the national
interests during the negotiations on EU enlargement.
The meeting was attended by foreign under-secretary Yannos
Kranidiotis, who spoke on the main elements of the strategy for
Cyprus' EU membership. Foreign and national economy
undersecretaries Stelios Perrakis and Elias Plaskovitis, and
development and agriculture ministry officials also attended the
meeting.
Mr. Papandreou stressed the need for enlargement, pointing out
that Cyprus was the first candidate for membership in the EU. He
also outlined the difficulties that would be entailed in
enlargement as regards the financial aspect and institutional
adaptation.
He said priority should be placed on moves towards democracy on
the part of the candidate countries, adding that Bulgaria and
Romania should not be shut out of the enlargement process.
[12] Sweden's European Affairs Minister's visit
Athens, 20/03/1998 (ANA)
Sweden's European Affairs Minister Gunnar Lund had a meeting
yesterday with Alternate Foreign Minister George Papandreou to
discuss the expansion of the European Union and Europe's "Agenda
2000". Mr. Lund had talks in Nicosia Wednesday with the Cypriot
leadership.
The two ministers also discussed the Cyprus issue, although Mr.
Lund, replying to questions, said the issue of Cyprus' purchase
of Russian S-300 missiles had not been raised. He said, however,
that he personally did not think the missiles should be
installed on the island.
Sweden supports a solution for the Cyprus issue within the
framework of the UN resolutions and it has frequently spoken in
favor of a withdrawal of all foreign forces from the island
republic. Sweden was also one of the first countries to support
Cyprus' accession to the EU.
Meanwhile, Mr. Papandreou said after the meeting that it had
been decided to set up a group consisting of both Greek and
Swedish representatives to co-operate with Baltic and Balkan
countries in their attempts to work towards becoming members of
the EU.
Mr. Papandreou said he would be going to Paris and Bonn next
week to represent Greece at the Contact Group on Kosovo, an
issue which he also discussed with Lund.
[13] Pangalos on Greece's EMU participation
Athens, 20/03/1998 (ANA)
Greece's participation in EMU is among Athens' basic strategies,
and failure to attain the target would be an "historical sin",
Foreign Minister Theodoros Pangalos said yesterday.
The minister, who was speaking on "Greek economic diplomacy in
the framework of the globalisation of markets" at the Institute
of International Economic Relations, also stressed the
importance of developing business and trade relations with the
countries of the Balkans and the former Soviet Union, but also
with countries of a large market size, such as China, Brazil,
Indonesia and Japan.
[14] Report on Greece's hashish users
Athens, 20/03/1998 (ANA)
Public Order Minister George Romeos told a parliamentary
committee yesterday that the number of hashish users in Greece
was 100,000. He added that the police had a "complete picture"
of where hashish was being cultivated in the country and was
"intervening", while hastening to add that production was on a
very small scale.
Speaking before the standing all-party parliamentary committee
on narcotics, Romeos acknowledged that the influx of narcotics
to the country had increased in recent years, particularly of
hashish. "If we wanted to, we could round up all the users in
one night, but this will not solve the problem because it's
difficult to separate the users and the dealers," Romeos said.
He proposed that any assets or money seized in drug cases should
be given to the police to be used to help them combat the
problem.
On the increased number of police patrols, particularly at
night, announced earlier this week, Mr. Romeos said the measure
had already borne fruit.
Wednesday night, he said, the police conducted 400 patrols in
the capital, during which 2,000 people were taken to local
stations for questioning and 40 arrests were made.
As of Monday, Romeos added, the patrols will be further stepped
up as 1,000 newly graduated officers join the police ranks.
[15] EU farmers' income fell by 2.8 per cent in '97, 4.4 in Greece
Brussels, 20/03/1998 (ANA - G. Daratos)
Farmers' incomes in the European Union fell 2.8 per cent on
average in 1997, EUROSTAT announced yesterday.
Greek farmers' incomes dropped by 4.4 per cent, mainly due to a
glut in olive oil production, sending its real price down by
28.1 per cent, while the price of wheat fell by 4.2 per cent,
sugarbeet by 4.3 per cent and wine by 1 per cent. The negative
development was also due to an increase in the prices of
fertilizers.
Net value added to the cost of factors of production also
continued to fall, this time by 7.2 per cent compared to 1996.
Employment in the agricultural sector fell by 3 and 2.9 per cent
in 1996 and 1997, respectively. It was the second year in a row
that farmers' real incomes fell, after a 4.1 drop in 1996. They
are now O.5 per cent lower than the 1989-1991 average.
Finally, the real value of finished agricultural production fell
by 3.4 per cent in 1997.
[16] PM to inaugurate one-day seminar on agriculture
Athens, 20/03/1998 (ANA)
Prime Minister Costas Simitis will today inaugurate a one-day
conference on the "Agenda 2000" and its impact on the European
and Greek agricultural sectors.
The conference is organized by the PASOK Eurodeputies and the
party's agricultural and cooperative section.
About 500 agricultural and government officials as well as
specialized scientists will attend this conference.
The prime minister is expected to speak on the Greek
agricultural sector's need for adjustment to the European
standards.
[17] DEH loan worth $500 million
Athens, 20/03/1998 (ANA)
The Public Power Corp. (DEH) is to sign a loan with favorable
terms in deutchemarks, equivalent to US$500 million, with a
consortium of 12 banks, led by Sumitomo.
According to a statement yesterday, the loan will be used
towards refinancing a 1991, 125-billion drachma loan in Japanese
yen, expiring in May 1998.
The interest rate will be appreciably lower than the 8.1 per
cent rate of the yen loan.
[18] Euphoric Greek stocks hit new all-time high
Athens, 20/03/1998 (ANA)
Greek equities soared to a new all-time high on the Athens Stock
Exchange yesterday with foreign institutional investors pouring
money into the market and keeping turnover at record levels.
The euphoria was sparked by the drachma's entry into the
European Union's exchange rate mechanism at the weekend and an
accompanying 14 percent devaluation. The general index ended
6.09 percent higher at 1,861.73 points, exceeding its previous
record of 1,794.14 points in October 8, 1997.
Trading was extremely heavy with turnover at 96.1 billion
drachmas.
Analysts said that demand for shares was so intense that
forecasts may be justified of the market sprinting through 2,000
points in the mid-term.
Sector indices all scored sharp gains. Banks rose 7.71 percent,
Insurance was 3.11 percent higher, Investment soared 5.78
percent, Leasing ended 5.60 percent higher, Industrials shot up
6.79 percent, Construction rose 3.77 percent, Miscellaneous was
3.03 percent up and Holding increased 5.62 percent.
The parallel market index for small cap companies ended 3.69
percent higher. The FTSE/ASE blue chip index soared 6.26 percent
to 1,084.15.
Broadly, advancers led decliners by 179 to 51 with another 24
issues unchanged.
Naoussa Mills, ETEBA, Klonatex, Alpha Credit Bank, Ionian Bank,
National Bank, Commercial Bank and Intracom scored the biggest
percentage gains at the day's 8.0 percent upper volatility limit.
Mochlos, Korasidis, Dane, Balkan Export and Demetriadis suffered
the heaviest losses.
National Bank of Greece ended at 30,358 drachmas, Ergobank at
19,950, Alpha Credit Bank at 22,269, Delta Dairy at 3,490, Titan
Cement at 19,450, Intracom at 17,496 and Hellenic
Telecommunications Organization at 8,350.
[19] Money markets still high on ERM entry, rates drop
Athens, 20/03/1998 (ANA)
Greece's money markets remained euphoric for the fourth
consecutive session after the drachma's weekend entry into the
ERM and its devaluation by 14 percent.
Bankers reported new capital inflows at the drachma's daily
fixing totaling 110 million ECUs and 450 million DMarks.
Interbank rates fell by one percentage point. The Greek currency
was 0.06 percent higher against the ECU. It strengthened 0.16
percent against the DMark, but was 0.64 percent off against the
US dollar.
[20] Gov't welcomes market reaction to ERM entry
Athens, 20/03/1998 (ANA)
Greek government spokesman Demetris Reppas expressed his
satisfaction at the country's economic progress as reflected in
market reactions.
Mr. Reppas said that domestic and foreign markets were showing
confidence in the economy and that the government's policies
were bearing fruit.
[21] Farmakis says no new Gov't measures on social security funds
Athens, 20/03/1998 (ANA)
Labor and Social Security Under-secretary Nikos Farmakis said
recent developments concerning the drachma won't lead the
government towards decisions on new tougher economic measures.
He was speaking yesterday at a conference hosted by the
employees' federation of social policy organizations on the
social security issue.
Mr. Farmakis said political measures already announced will be
implemented, possibly at accelerated rates, adding that they are
adequate to lead the country to the desired target.
Referring to the insurance issue, Mr. Farmakis confirmed that
there is no question of increasing the pensioning age or
contributions of insured persons, at least over the next two
years.
Federation President Georgios Koutroumanis said the total amount
of funds' liquid assets and real estate is valued at 3.25
trillion drachmas at present. However, he underlined the loss of
some five trillion drachmas due to the inefficient use and
investment of reserves as well as seven trillion due to
non-implementation of tripartite funding over the past 20 years.
The president of the Civil Servants Supreme Administrative
Council (ADEDY), Yiannis Koutsoukos, and Panteio University
professor Savvas Rombolis conveyed the views of the unions,
accepting deregulation of the system, but stressing the need for
control and security measures.
[22] HEPO event on Greek-Algerian trade relations
Athens, 20/03/1998 (ANA)
The Hellenic Foreign Trade Board (HEPO) will organize a one-day
conference on Greek-Algerian economic and trade relations,
scheduled for April 1 in Athens.
Algerian Minister of International Relations Lahcene Moussaoui,
as well as other high-ranking Algerian state and private sector
executives will address the event.
Issues of bilateral interest expected to be discussed include
construction, pharmaceuticals, energy, plastics, foodstuffs and
marble.
End of English language section.
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