Athens News Agency: Daily News Bulletin in English, 98-12-23

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From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] Pangalos stresses economic ties during Skopje visit

[02] Gov't unveils minor changes to education reform package, protests persists

[03] Gov't denies 'MK' code in use for FYROM, EU term decided on 'XM'

[04] Onassis Foundation centre in New York

[05] Advertising in the Daily Bulletin

[06] Visiting Romanian defence minister Babiuc expresses concern over Kosovo

[07] Greek-Canadians intensify campaign against nuclear reactor sale to Turkey

[08] New Greek dictionary

[09] Gov't announces tougher measures to stem tide of illegal immigration

[10] Delay in Thessaloniki landfill endangers EU funds

[11] Greek stocks end higher led by banks

[12] Credit expansion accelerates in October

[13] Yields drop in three-month T-bill auction

[14] Pantechniki IPO 9.7 times oversubscribed

[15] Capital Markets Committee approves three new listings

[16] Panafon buys 26 per cent stake in Unifon

[17] Tax consultants federation requests abolition of three exemptions

[18] Price Waterhouse selected as consultant for Athens 2004

[19] Softex sold, sources say

[20] Greek interests purchase majority share of Romanian firm

[21] Xifias buy-out of Amvrakikos

[01] Pangalos stresses economic ties during Skopje visit

SKOPJE 23/12/1998 (ANA - M. Vihou)

He was speaking at a press conference with his counterpart Alexander Dimitrov, during the first day of his official visit to the neighbouring land-locked country.

Mr. Pangalos said that the undertaking of initiatives was agreed in the sectors of communications, energy and telecommunications, with the purpose of having the Thessaloniki-Skopje axis become a development pole for the entire region.

Referring to the issue of the FYROM's name, he said that the "interim agreement provides for a mutually acceptable solution whi-ch cannot be the initial position of the one or the other," adding that talks will continue at the UN although somewhere "the experts are reaching their limits and the politicians must assume their responsibilities. Courage is necessary and support by the press to have suspicions of the past overcome."

However, Mr. Pangalos said the issue of the name, although not constituting the primary aspect in relations "can create major, typical problems in the future with political ramifications."

Confronted with the issue of recognition of a so-called "Macedonian" minority in Greece during his talks with Mr. Dimitrov, Mr. Pangalos said at the press conference that "there is no Slav minority in Greece..."

On his part, the FYROM foreign minister said that an upward trend was ascertained in relations over the past period, as well as the mutual interest for better friendly relations and the finding of possibilities of cooperation in the sectors of the economy, investments, culture, defence communications and consular relations.

Additionally, he requested Athens' support for the accession of FYROM to the European Union and NATO while stressing that the two countries can contribute to the development of peace and security in the region.

Commenting on the question of the name, Mr. Dimitrov said that "it is an irrational problem which the two governments inherited."

"We must expect in the future, with the building of confidence and a better atmosphere, that the issue of the name will be able to be discussed easier and solutions be found."

Pangalos meeting with new FYROM PM : Earlier, Mr. Pangalos was received by new FYROM Prime Minister Ljupco Georgievski, during which both sides expressed the desire for the further development of bilateral economic cooperation.

The talks focused on the possible construction of a two-way oil pipeline running between Thessaloniki and Skopje, as well as the possibility of extending a projected Burgas-Alexandroupoli pipeline.

Also examined was an extension of the railway line from Florina, northern Greece, and possibilities afforded by the Egnatia Motorway when it is completed in 2003.

Speaking to reporters after his talks, Mr. Pangalos said he had discussed the issue of the neighbouring country's name with Mr. Georgievski - a major sticking point in relations between Athens and Skopje since the latter declared independence from Yugos lavia in 1991.

Mr. Pangalos said consultations on the name issue would continue in New York under UN auspices. He added that Greece would be continued to be represented at the talks by Ambassador Christos Zacharakis despite his recent transfer to London.

Athens protests TV programme : Greece meanwhile lodged a protest with Skopje concerning the screening Monday night on state-run television - for the second time - of a documentary about the departure from Greece of so- called "Slavoma-cedonians" at the end of World War II.

Government spokesman Dimitris Reppas said Skopje provided explanations, acknowledging that it was not a "friendly act" and did not reflect the positions of the FYROM government.

Asked by reporters about the possible reasons for the broadcast on the eve of Mr. Pangalos' visit, he said "it may be that certain persons wished to create a provocation".

Regarding demands put forward by persons referring to themselves as "Slavomacedonians" and who are now seeking the return of property in Greece which they claim is theirs, Mr. Pangalos said that anyone wishing to do so could have recourse to European Courts if they believed their rights had been violated.

Athens News Agency

[02] Gov't unveils minor changes to education reform package, protests persists

Athens 23/12/1998 (ANA)

The education minister spoke during a hastily called Athens press conference in the early afternoon.

He outlined adjustments to certain aspects of the education ministry's controversial reforms, such as changes in the calculation of grades and the option of resitting exams, valid for the present school year.

The embattled minister also outlined proposals projected to improve conditions for teaching, proposing the establishment of an institute for continuing education for teachers and calling for dialogue with secondary teachers' federation, OLME.

Mobilisations continue : Meanwhile, high school students protesting education ministry reforms sang carols dedicated to Mr. Arsenis as they blocked the Athens-Thessaloniki highway at Larissa yesterday.

Approximately 250 students used desks to block the road for about an hour.

The protest ended peacefully when students removed the desks and allowed traffic through.

Committees of students protesting the reforms said on Sunday they would hold road blocks on national highways and in major cities yesterday to press their demand the ministry withdraw the controversial changes. They vowed to continue their protests until the ministry withdrew the law.

They said they aimed to cut off circulation on the national highways "from the Peloponnese to Evros".

Summary road blocks and occupations of schools have been the major characteristics of the weeks-long movement by students at high schools to have the education ministry change its tack on the changes.

Students are protesting a number of issues, including teacher shortages, education ministry changes to grading and examinations at the primary, secondary and tertiary levels, the introduction of open university-type programmes, and changes to procedures for appointing new teachers.

Also sparking discontent are budget allocations for education, private schooling, and the prosecution of those occupying or vandalising school property.

Students have also planned a rally in Athens on Jan. 15 and plan to review their protest action again on Jan. 24.

Athens News Agency

[03] Gov't denies 'MK' code in use for FYROM, EU term decided on 'XM'

Athens 23/12/1998 (ANA)

The issue emerged after a charge that customs officials would begin using an alphabetical code referring to FYROM as "MK" from the beginning of the year.

An announcement by the finance ministry made it clear that the specific code had been used in the past by some EU services, as it was the Union's decision to introduce it.

However, it added that following an intervention by the Hellenic Organisation for Standardisation (ELOT) and reactions lodged by Athens' customs representative in Brussels, the EU issued a new regulation dated Dec. 9, 1998, according to which the new code for FYROM will be "XM".

The XM code will be in effect until a final solution is found with regard to the land-locked state's official name.

Athens News Agency

[04] Onassis Foundation centre in New York

Athens 23/12/1998 (ANA)

The founding act of the centre was signed yesterday by Onassis Foundation President Stelios Papadimitriou at the residence of US ambassador in Athens Nicholas Burns.

The NY centre's mutli-use halls are expected to be ready by fall 1999.

Speaking during the ceremony, Mr. Papadimitriou said that the Onassis Foundation will continue with its funding to three out of five US universities, but will expand its activities in New York, including the introduction of awards for books and other artistic activites promoting cultural relations between the two peoples.

Athens News Agency

[05] Advertising in the Daily Bulletin

Athens 23/12/1998 (ANA)

Advertisements will be accepted from embassies, banks, commercial and maritime companies, chambers of commerce, advertising companies, airlines, organisations, professional associations, educational and research institutions in Greece and abroad as well as international bodies.

Also, for a small fee, the above groups may channel their Press Releases (PRs), announcements or photographs - in Greek, English or French - to the ANA's more than 100 media subscribers throughout Greece and Cyprus via the recently introduced ANA on-line PR's service.

For details on and arrangements for the advertising and/or PRs on-line service, please contact the ANA Marketing Department, tel: 6400580, fax: 6400024 between 10:00 a.m. and 2:30 p.m.

Athens News Agency

[06] Visiting Romanian defence minister Babiuc expresses concern over Kosovo

Athens 23/12/1998 (ANA)

The two ministers expressed the view that if talks did not begin by the end of winter aimed at a peaceful settlement of the problem, there would be greater tension in the region in March, given the presence of paramilitary organisations in Kosovo.

Mr. Babiuc stressed also that if the situation in Albania was not normalised, the country would constitute a constant destabilising factor in the region.

During their talks, the men discussed bilateral cooperation in the defence sector as well as Romania's prospects of joining NATO and the European Union.

Mr. Tsohatzopoulos reiterated that Greece would support NATO's enlargement towards SE Europe at the ministerial summit in Washington next April.

"What is important," he said, is that what we say about enlargement must become reality through concrete decisions.

Mr. Babiuc said that his country's accession to NATO would create a sense of security which was necessary for promoting stability and economic development in the region.

Asked about recent events in Iraq and whether he perceived a selective enforcement of international law, Mr. Babiuc said each case should be dealt with according to "its own reality" and solutions should result from compromise through peaceful means.

The use of force, he said, should always be a last resort for resolving problems.

Mr. Babiuc invited Athens and Washington to participate in cooperation among the countries of the Black Sea region as well as among the armed forces of the region.

On a bilateral level, both sides agreed to expand their cooperation in the sector of armaments, the defence industry, military training and periodic meetings of officials of the respective ministries for monitoring progress.

Meeting with G. Papandreou : Alternate Foreign Minister George Papandreou also received Mr. Babiuc for talks on bilateral issues, Romania's application to join NATO and conditions in Kosovo.

Mr. Papandreou stated that Athens supports Bucharest's bid to join the defence alliance and the European Union.

Athens News Agency

[07] Greek-Canadians intensify campaign against nuclear reactor sale to Turkey

MONTREAL 23/12/1998 (ANA - I. Frangouli)

The Greek-Canadian congress urged Canadian citizens to send the cards to their PM in an effort to cancel the sale, which will reportedly be partially financed by a loan from Ottowa.

The card lists all the basic reasons why Turkey should not be given nuclear technology, including the fact that the Candu reactors are outdated and Ankara's plans to build a nuclear plant near a seismic rift. They also pointed to the fact that Turkey wi ll use the reactor to attain nuclear weapons capability.

Athens News Agency

[08] New Greek dictionary

Athens 23/12/1998 (ANA)

The dictionary features approximately 80,000 entries on 1,532 pages, offering phonetic spelling in Latin characters as well as morphological, semantic and grammar elements.

Education Minister Gerasimos Arsenis, in his congratulatory message, said that the ministry instructed the Greek Language Centre to create a data base for research purposes.

Athens News Agency

[09] Gov't announces tougher measures to stem tide of illegal immigration

Athens 23/12/1998 (ANA)

The new legislation was announced by Interior and Public Administration Minister Alekos Papadopoulos at a press conference yesterday.

Under the new law, Mr. Papadopoulos said, criminal sanctions will be extended to cover not only those who facilitate the illegal stay or obstruct police investigations aimed at locating, arresting and deporting illegals, but also whoever assists in their unlawful hiring.

The draft law, he added, also introduces mechanisms to ensure the constant adjustment of immigration policy to the particular circumstances and needs at any time, while guaranteeing effective implementation.

Athens News Agency

[10] Delay in Thessaloniki landfill endangers EU funds

Athens 23/12/1998 (ANA)

The prefectural council of Thessaloniki decided yesterday to give a two- month time extension for the site decision after the refusal of residents of Mavrorachi to accept the landfill in their district.

"Local agencies must understand that they must help to resolve certain problems," , Charalambos Sofianos commented.

Mr. Sofianos said that if the prefectural council was unable before the new two-month deadline to decide on a site, the regional authorities would intervene to ensure that a decision was taken.

Athens News Agency

[11] Greek stocks end higher led by banks

Athens 23/12/1998 (ANA)

Sector indices were mixed. Banks rose 1.50 percent, Leasing fell 0.16 percent, Insurance increased 0.94 percent, Investment ended 1.08 percent higher, Construction rose 0.51 percent, Industrials eased 0.24 percent, Miscellaneous dropped 1.26 percent and Holding rose 0.17 percent.

The parallel market index for small cap companies ended 1.37 percent higher, while the FTSE/ASE 20 index ended 0.93 percent up to 1,588.93.

Broadly, advancers led decliners by 124 to 117 with another 22 issues unchanged.

Thessaliki, Hellenic Telecoms, Teletypos and Hellenic Petroleum were the most heavily traded stocks.

Nimatemboriki, Korinth Spin Mills, Ergas, Sarandopoulos, Britannia, Viosol, Thessaliki and Alcar-Aemet scored the biggest percentage gains.

Lampsa, Daring, Desmos, Elve, Lanacam, Parnassos, Zampa, Despec and Dimitriadis suffered the heaviest losses.

National Bank of Greece ended at 55,785 drachmas, Ergobank at 28,625, Alpha Credit Bank at 28,070, Ionian Bank at 14,190, Hellenic Telecoms at 6,825, Delta Dairy at 3,590, Intracom at 12,005, Titan Cement at 19,560, Hellenic Petroleum at 2,200 and Minoan Lines at 6,350.

Athens News Agency

[12] Credit expansion accelerates in October

Athens 23/12/1998 (ANA)

The central bank said that credit expansion rose in the wider economy with a significant rise in foreign exchange loans.

The figures confirmed Bank of Greece fears of the dangers of a rapid credit expansion in the economy.

The central bank is examining a package of measures aimed to impose stricter rules on credit, likely to be implemented from the start of 1999.

The measures would oblige financial institutions to provide full and detailed information on loan procedures to clients. Also, banks with larger credit portfolios will be obliged to take bigger risk provisions in their balance sheets.

Foreign exchange loans rose 13.3 percent in October following a six month decline in the aftermath of the drachma's devaluation in March.

Total credit expansion rose 10.8 percent in October from 10.4 percent the previous month, reflecting a 14.5 percent credit growth in the private sector. On the other hand, credit expansion in the public sector slowed to 8.9 percent in October from 9.05 percent in September.

Athens News Agency

[13] Yields drop in three-month T-bill auction

Athens 23/12/1998 (ANA)

The average weighed yield fell to 11.07 percent from 12.55 percent in the previous auction in October.

Dealers in the domestic primary dealers market said bids totalled 131.2 billion drachmas, up 4.4 times the initial target of 30 billion.

The finance ministry finally accepted bids totalling 35.1 billion drachmas.

Athens News Agency

[14] Pantechniki IPO 9.7 times oversubscribed

Athens 23/12/1998 (ANA)

Private investors oversubscribed the issue by 11.35 times while institutional investors by 5.8 times.

Pantechniki was seeking listing on the Athens Stock Exchange through the issuing of 1,716,000 shares at 2,000 drachmas each.

The new capital will be used to ensure the company's participation in Attica Road SA and other self-finance ventures, to modernise its equipment and strengthen its working capital.

Alpha Finance acted as consultant to the IPO, while Alpha Credit Bank was the lead underwriter.

Pantechniki signed contracts worth 8.7 billion drachmas in the first six months of 1998.

Athens News Agency

[15] Capital Markets Committee approves three new listings

Athens 23/12/1998 (ANA)

The committee approved a plan by Veterin AEBE for a share capital increase scheme and an initial public offering to enter the main market.

The meeting also approved plans by Atermon Communications and Mevaco Metallurgical seeking entry in the parallel market for small cap companies.

Sanctions were imposed on Kosmos Sogen and Intersat for irregularities.

Athens News Agency

[16] Panafon buys 26 per cent stake in Unifon

Athens 23/12/1998 (ANA)

Unifon's shareholders also include Marinopoulos Bros, Info-Quest, Numina Trading & Investments Ltd, Crown SA, Doucas-Palaeologos and Fessas.

Unifon is Panafon's largest commercial service provider with more than 800 retail units in Greece servicing 50 percent of Panafon's list of clients.

Unifon was formed by the merge of Palmafone and Q-Phone and owns E-Motion, a retail chain offering mobile telephone services and information systems with 170 shops around the country.

Athens News Agency

[17] Tax consultants federation requests abolition of three exemptions

Athens 23/12/1998 (ANA)

The federation called for the abolition of the exemption from sources of income concerning the purchase of bonds, capital used at the stock exchange and money paid for participation in share capital increases of societe anonyme companies.

Additionally, the federation requests from the finance ministry to take measures to tackle the phenomenon of corruption emanating from three points: Firstly, failure to objectify the system of selecting businesses for control. Secondly, failure to objec tify the assessment of excess value in the event of transferring businesses or partners' stakes and, thirdly, failure to include real estate lying outside town planning in the objective determination system.

Speaking at a press conference they organised in light of taxation reform, tax consultant representatives called for the abolition of the objective taxation criteria and the initiation of an income determination system based on taxpayers' real economic circumstances.

They proposed an increase in the tax-free amount for all taxpayers to two million drachmas and the initiation of a more progressive taxation scale.

Athens News Agenc

[18] Price Waterhouse selected as consultant for Athens 2004

Athens 23/12/1998 (ANA)

The London and New York-based firm will offer "Athens 2004" support in the planning, tendering and selection of private contractors and investors for special technical projects and will assist with the "self-financing" of respective projects, according to an announcement.

Price Waterhouse was hired as a consultant for the Barcelona Olympics, Atlanta in 1996 and is also hired by organisers for the upcoming Sydney Games in 2000.

Athens News Agency

[19] Softex sold, sources say

Athens 23/12/1998 (ANA)

According to sources, jobs and the operation of the papermills in Drama will be safeguarded.

New Company belongs to a consortium headquartered in Athens - 15 billion drachmas of share capital - and which in turn is part of a consortium based in Luxembourg, which includes Goldman Sachs, Iochridge and the Bolton group companies.

Although no official announcement was made, sources said an initial agreement for the sale has already been signed, with a finalised agreement expected to be signed in January.

Meanwhile, the board of the Hellenic Industrial Development Bank (ETBA) is expected to decide next week on awarding a tender for the Avlida shipyards.

Additionally, the privatisation programme for the LARKO company is underway with a strategic investor being sought.

However, the price of nickel has reached 1.74 dollars per ounce in the international market, which is the lowest level to date. A relevant programme anticipates 25 per cent of Larko employees being suspended every three months with a subsequent decrease in their remuneration.

Athens News Agency

[20] Greek interests purchase majority share of Romanian firm

Athens 23/12/1998 (ANA)

The purchase was effected with a 40 per cent stock purchase by the joint venture Saint George's Mills Commercial Ltd., while 27 per cent had been acquired earlier in the year.

Athens News Agency

[21] Xifias buy-out of Amvrakikos

Athens 23/12/1998 (ANA)

Xifias' management said the buy-out constitutes a part of the company's investment programme in domestic and international markets.

In another development, the general assembly of Selonda Fisheries yesterday ratified the merger, through absorption, of the Fisheries of Western Greece (Riopesca).

Replying to a question on proposals concerning a merger with the other major company in the sector, Nireas, Selonda executives said that for the time being the two companies will open a joint office in China to study the potential of the Chinese market.

Other possibilities being examined are in the Persian Gulf.

Athens News Agency

[22] Athens Foreign Exchange

Athens 23/12/1998 (ANA)

Parities in Drachmas

Banknotes            Buying  Selling
US Dollar            278.167 284.616
Can.Dollar           179.354 183.512
Australian Dlr       171.041 175.006
Pound Sterling       467.649 478.491
Irish Punt           413.466 423.052
Pound Cyprus         564.190 577.271
Pound Malta          689.752 718.492
Turkish pound (100)    0.081   0.084
French franc          49.636  50.787
Swiss franc          204.689 209.435
Belgian franc          8.068   8.255
German Mark          166.438 170.297
Finnish Mark          54.772  56.042
Dutch Guilder        147.664 151.088
Danish Kr.            43.763  44.778
Swedish Kr.           34.714  35.519
Norwegian Kr.         36.254  37.094
Austrian Sh.          23.658  24.207
Italian lira (100)    16.798  17.187
Yen (100)            237.485 242.991
Spanish Peseta         1.957   2.003
Port. Escudo           1.624   1.662

Foreign Exchange     Buying  Selling
New York             278.167 284.616
Montreal             179.354 183.512
Sydney               171.041 175.006
London               467.649 478.491
Dublin               413.466 423.052
Nicosia              564.190 577.271
Paris                 49.636  50.787
Zurich               204.689 209.435
Brussels               8.068   8.255
Frankfurt            166.438 170.297
Helsinki              54.772  56.042
Amsterdam            147.664 151.088
Copenhagen            43.763  44.778
Stockholm             34.714  35.519
Oslo                  36.254  37.094
Vienna                23.658  24.207
Milan                 16.798  17.187
Tokyo                237.485 242.991
Madrid                 1.957   2.003
Lisbon                 1.624   1.662

Athens News Agency

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