Athens News Agency: Daily News Bulletin in English, 99-03-10

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

CONTENTS

[01] Karamanlis-Albright meeting focuses on Cyprus,Greek-Turkish relations

[02] Greek euro bid seems immune to politics, minister says

[03] Stocks jump on economy, politics

[04] 10-year bond yield slips in auction

[05] Capital market commission OKs Athens Bank-Eurobank public offer

[06] Event focuses on Greek participation deficit in World Bank projects

[07] Alpha Credit Bank the lead manager in Eurobond increase

[08] Athens Foreign Exchange

[09] G. Papandreou begins tour of Balkan capitals

[10] Gov't on alleged pressures regarding PKK

[11] Kaklamanis on Turkish provocations

[12] FINABEL meeting on Crete

[13] Defence ministry sources repeat purpose of NATO force

[14] 'November 17' issue discussed by Karamanlis, Albright

[15] Dep. defence minister Apostolakis downplays possibility of Aegean incident

[16] Athens support for Czech Republic's EU prospects

[17] Kranidiotis on 'Agenda 2000'

[18] IHT-Kathimerini English edition celebrates a year of success

[01] Karamanlis-Albright meeting focuses on Cyprus,Greek-Turkish relations

WASHINGTON, 10/03/1999 (ANA - E. Nikolaou/T. Ellis)

Speaking to reporters after a 45-minute-long meeting with US Secretary of State Madeleine Albright at the State Department, Mr. Karamanlis said he and Ms Albright had a "very useful" meeting. Talks focused on bilateral relations between Greece and the U S, issues concerning the wider region of southeastern Europe and the Balkans as well as, of course, Greek-Turkish relations.

"I want to say that regarding the Balkans and the crisis in Kosovo, it is clear that it is a very crucial situation. I expressed a view that every means for a peaceful solution must be exhausted and, in any case, that we support the solution of autonomy without, of course, borders changing - ever.

"We believe, and in this we are very steadfast, that there must be no prospect for a change in borders," he said.

Mr. Karamanlis said that the issue of terrorism was also discussed, stressing that "we always reject and condemn every terrorist act or action from wherever it comes from."

"For Cyprus, I said the view that it is necessary for the American side to take an initiative to have Turkey's intransigence overcome and for a course to start towards a just and viable solution. It is also certain that we continue to support the position that Cyprus must join the European Union without problems or obstacles," he added.

Referring to Greek-Turkish relations, Mr. Karamanlis said he had the opportunity of telling the US Secretary of State that "we believe in the prospect of their normalisation. We believe in Turkey having a European role because it is in the interest, primarily of Greece, for Turkey to be European and democratic."

"This, of course, on condition that Turkey will abandon threats of force or of the use of force. It will abandon this stance of aggressiveness and provocativeness which it has. It will accept respect for international treaties and international law. Ind eed, I believe that the US can have a more effective and resolute role in this direction," Mr. Karamanlis said.

Called on to comment on the meeting, State Department spokesman James Rubin said "yes, it was a good meeting. They discussed Cyprus, they discussed Kosovo. They had a good meeting. It went pretty much as expected."

Asked to say whether the Ocalan case was also discussed, Mr. Rubin said "our position on Ocalan is pretty well known. I do believe it came up, but I will leave it to Mr. Karamanlis to describe his position. Our position on Ocalan is pretty well known, a nd we want to see him, and wanted always to see him brought to justice. They did not discuss any internal Greek matters."

CNN interview : Mr. Karamanlis said on Monday that the Greek people felt humiliated over the Greek government's "mishandling" of the Ocalan affair, although he added that Greece "has never formented and has always rejected all forms of terrorism from wherever they origin ated, and this must be made clear to everyone."

In a televised interview with CNN and following a question on whether Athens should have granted Kurdish rebel leader Abdullah Ocalan political asylum, he replied that ND shared the Greek government's view that the Kurdish issue should "not be added to the long list of Greek-Turkish differences."

Questioned on the prospects regarding Greek-Turkish relations, Mr. Karamanlis said there was a list of issues that needed to be confronted, while the Ocalan affair had increased the tension in relations with Turkey.

Asked how he would have handled the issue, Mr. Karamanlis said there were two choices: either ask Ocalan not to come to Greece or leave immediately, as he had entered the country secretly; or take him into custody and call on Greece's EU partners to take a joint decision, thereby settling a vital matter of international importance.

Mr. Karamanlis said the Kurdish issue needed to be confronted with political means and that a political solution needed to be sought.

He also expressed a belief that Greek-Turkish relations could be improved and that there was a European role in store for Turkey, "provided Ankara rejects all acts of aggression, disavows the use of violence and adheres to international law and internat onal treaties."

Athens News Agency

[02] Greek euro bid seems immune to politics, minister says

Athens, 10/03/1999 (ANA)

"No political development seems capable of overturning the economy's momentum," Mr. Papantoniou told reporters after a regular meeting with Prime Minister Costas Simitis.

"Progress towards European economic and monetary union is a fact, and we must remain steadfast and consistent with the policy we have forged. We are within a hair's breadth of EMU," the minister said.

Mr. Papantoniou added that he believed relations with Turkey would not go to extremes.

"I believe that Turkey is trying to make an impression rather than really question Greece's strength and its capability to defend its fundamental sovereign rights".

The minister said that 1999 would be a year of returns for the public because of a drop in inflation and interest rates, and tax reforms under discussion.

Next year would bring major tax breaks for lower and middle incomes through a social dialogue being held by the government.

Mr. Papantoniou said that in the last few months the economy had received upgrades from financial houses abroad, borrowing costs had dropped, and the economy's position in the global system had improved.

The Athens Stock Exchange's performance had not been affected by the Ocalan affair, and its upward trend was directly linked to economic improvement, the minister said.

Athens News Agency

[03] Stocks jump on economy, politics

Athens, 10/03/1999 (ANA)

Favourable economic developments also fuelled the market. Encouraging buying was news that Greece had formally met the Maastricht fiscal deficit criterion.

The European Commission said that the country's fiscsal deficit fell to 2.4 percent of gross domestic product in 1998.

In addition, the market discounted an upgrade for the country's credit rating by Moody's, the climate in international markets is positive, and listed firms are showing robust profits.

The general index ended 3.28 percent higher at 3,444.09 points, only 22 points below its all time record high of 3,466 points.

Turnover was a record 177.8 billion drachmas for 1999 and volume was 31,204, 466 shares.

Buying interest once again focused on Commercial Bank and Ionian Bank shares.

Commercial ended 7.7 percent up at 40,940 drachmas, while Ionian ended 5.2 percent higher at a new record close of 20,300 drachmas.

Sector indices scored gains.

Banks soared 4.07 percent, Leasing rose 2.0 percent, Insurance increased 0.57 percent, Investment ended 1.47 percent up, Construction ended 5.74 percent higher, Industrials rose 2.50 percent, Miscellaneous ended 0.19 percent up and Holding rose 2.65 per cent.

The parallel market index for small cap companies ended 2.30 percent higher while the FTSE/ASE 20 index rose 3.46 percent to 2,127.13.

Broadly, advancers led decliners at 229 to 55 with another 10 issues unchanged.

Mytilineos, Delta Information, Eskimo and Ergo Invest were the most heavily traded stocks.

A total of 72 shares hit the daily 8.0 percent limit up. Among them were Hellas Can, Aegek, Sidenor, Sigalas, Commercial Invest, Ionian Invest, Metka, Avax and Sarandopoulos.

Benroubi, Desmos, Nematemboriki, Thessaliki, Hellenic Textiles, Endysi and Halyps Cement suffered the heaviest losses.

National Bank of Greece ended at 20,570 drachmas, Alpha Credit Bank at 36, 850, Ergobank at 23,995, Titan Cement at 23,900, Hellenic Petroleum at 2, 535, Intracom at 20,300, Minoan Lines at 7,900, Panafon at 8,785 and Hellenic Telecoms at 7,390.

Bonds show 1.89 pct spread with German paper : The yield spread between ten- year domestic bonds and German bunds yesterday fell to 1.89 percent, aided by a rise in German prices.

The 10-year bond was trading at 102.2, the 15-year bond at 102.40 and a previous 10-year issue at 116.25.

The three bonds attracted the greatest interest from market players.

Electronic trade was heavy at 127 billion drachmas.

The foreign currency market was lacklustre.

The euro was set at 321.600 drachmas at the central bank's daily fix from 321.850 in the previous session. The dollar was 295.610 drachmas at the fix from 295.120 drachmas a day earlier.

The money market also was subdued with the overnight steady at 9.90 percent.

Athens News Agency

[04] 10-year bond yield slips in auction

Athens, 10/03/1999 (ANA)

The average weighed yield fell to 5.98 percent from 6.1 percent in the previous auction on January 26. The bonds on offer totalled 180 billion drachmas.

The paper, which has a 6.3 percent annual coupon, met heavy demand.

Bids submitted totalled 596 billion drachmas, 3.3 times more than the asked sum. The ministry accepted bids totalling 216 billion drachmas.

The average weighed price of the bond was 102.27.

Athens News Agency

[05] Capital market commission OKs Athens Bank-Eurobank public offer

Athens, 10/03/1999 (ANA)

It also approved the award of an operating licence to Megatrust Securities, and a proposal to hold examinations in June for brokerage representatives to the bourse.

Finally, an application by Cretan Plastics to join the Athens Stock Exchange's parallel market for smaller cap firms was endorsed.

The initial public offer will be held at the end of the month. Cretan Plastics is one of the country's three largest plastics firms.

Athens News Agency

[06] Event focuses on Greek participation deficit in World Bank projects

Athens, 10/03/1999 (ANA)

This conclusion is deduced from a conference on World Bank activities, organised yesterday by the Federation of Greek Industries (SEB), the Hellenic Foreign Trade Board (HEPO), the Federation of Greek Studies Offices (SEGM) and the Panhellenic Union of Engineering Graduates for Public Works Contractors (PEDMEDE). In a brief address, SEB President Iason Stratos referred to accession difficulties faced by small and medium-sized enterprises to the World Bank's financing programmes due to their size.

Athens News Agency

[07] Alpha Credit Bank the lead manager in Eurobond increase

Athens, 10/03/1999 (ANA)

The bond loan's duration (maturing on Feb. 1, 2002) is three years and has a fixed interest rate of 6.25 per cent. The issue price is 101.08 and the proposed resale price is 99.89 per cent.

Athens News Agency

[08] Athens Foreign Exchange

Athens, 10/03/1999 (ANA)

Parities in Drachmas

Banknotes            Buying  Selling
US Dollar            293.245 300.044
Can.Dollar           193.896 198.392
Australian Dlr       186.218 190.536
Pound Sterling       471.577 482.511
Irish Punt           405.081 414.473
Pound Cyprus         550.362 563.122
Pound Malta          710.165 739.755
Turkish pound (100)    0.071   0.074
French franc          48.636  49.763
Swiss franc          200.235 204.878
Belgian franc          7.909   8.092
German Mark          163.116 166.897
Finnish Mark          53.656  54.900
Dutch Guilder        144.769 148.125
Danish Kr.            42.890  43.885
Swedish Kr.           35.710  36.538
Norwegian Kr.         37.260  38.123
Austrian Sh.          23.185  23.723
Italian lira (100)    16.476  16.858
Yen (100)            241.492 247.092
Spanish Peseta         1.918   1.962
Port. Escudo           1.591   1.628

Foreign Exchange     Buying  Selling
New York             293.245 300.044
Montreal             193.896 198.392
Sydney               186.218 190.536
London               471.577 482.511
Dublin               405.081 414.473
Nicosia              550.362 563.122
Paris                 48.636  49.763
Zurich               200.235 204.878
Brussels               7.909   8.092
Frankfurt            163.116 166.897
Helsinki              53.656  54.900
Amsterdam            144.769 148.125
Copenhagen            42.890  43.885
Stockholm             35.710  36.538
Oslo                  37.260  38.123
Vienna                23.185  23.723
Milan                 16.476  16.858
Tokyo                241.492 247.092
Madrid                 1.918   1.962
Lisbon                 1.591   1.628

Athens News Agency

[09] G. Papandreou begins tour of Balkan capitals

Athens, 10/03/1999 (ANA)

Mr. Papandreou is undertaking a two-day tour ahead of a new round of talks focusing on the strife-torn Yugoslav province of Kosovo at Rambouillet, France.

He will meet with Mr. Milosevic in Belgrade tomorrow, government spokesman Dimitris Reppas said.

The Greek FM will begin the tour with Skopje and Tirana today, before travelling to Bucharest, Sofia and Belgrade tomorrow. Mr. Reppas said the FM's trip was an independent initiative but was known to other countries and was an indication of Athens' interest.

"We must be participants and not just observers," Mr. Reppas said. "The crisis in Kosovo affects us more than many others, as if it worsens the consequences for Greece will be important."

Earlier, Mr. Papandreou chaired a meeting of the Greek ambassadors to Skopje, Tirana, Sofia, Bucharest and Belgrade as well as Contact Group countries, except the US.

According to reports, Mr. Papandreou has already briefed Austrian, French and US officials on issues regarding his tour.

Diplomatic activity in Belgrade : BELGRADE (ANA - M. Mouratidis) - Mr. Papandreou arrives here tomorrow along with his Russian counterpart Igor Ivanov, just a few days before the scheduled resumption of talks between the Yugoslav government and ethnic Albanian rebels. US envoy Richard Hol brooke arrived here yesterday, and is beginning talks with Mr. Milosevic today.

According to diplomatic circles, Mr. Papandreou will reiterate to the Yugoslav leaderhip the standing Greek positions for a peaceful resolution of the problem and acceptance of the 10 basic principles of the Contact Group, in addition to expressing a co ncern on the possible negative repercussions of any crisis on all Balkan countries if hostilities continue.

The same circles said Mr. Papandreou will also stress to the Yugoslav leader that Greece is obliged to implement the embargo on flights by the Yugoslav national air carrier JAT to Athens and Thessaloniki, despite not agreeing with the measure. In additi on Athens will continue efforts to lift other European Union sanctions regarding investment and special trade relations.

Athens News Agency

[10] Gov't on alleged pressures regarding PKK

Athens, 10/03/1999 (ANA)

"We do not subject beliefs or views to control," Mr. Reppas said, adding that "but we do have an opinion about acts of violence, which we always condemn, regardless of their origin."

Asked whether Washington has asked the Greek government for a more concise statement regarding the PKK, the government spokesman said "no such issue has been raised."

"The two governments know each other's positions...I believe that the knowledge of each side's position assists in better understanding, better cooperation. Such a matter has not been raised," he added.

In addition, when asked to comment on statements Monday by US State Department spokesman James Rubin, who welcomed Prime Minister Costas Simitis' condemnation of terrorism during his most recent address in parliament last week, Mr. Reppas said it was "in principle positive that statements by US officials concurred with Greek positions on terrorism".

Mr. Reppas added, however, his surprise that Mr. Simitis' statement had provoked comment in the United States, "in view of the fact that it is not a new position."

The spokesman said he disagreed with the view expressed by US ambassador to Greece, Nicholas Burns, that in the case of rebel Kurd leader Abdullah Ocalan and his close associates, Greece had acted contrary to international efforts to combat terrorism.

"We disagree and for this reason we offered humanitarian assistance to the Kurdish leader," he added.

Asked by reporters whether Mr. Simitis was kept informed about the Ocalan affair as it developed, Mr. Reppas said "the premier knew about the political framework regarding the provision of humanitarian assistance and that the me-ans of implementation in volved specific state services."

Athens News Agency

[11] Kaklamanis on Turkish provocations

Athens, 10/03/1999 (ANA)

"Turkish elections (in April) and our participation in Economic and Monetary Union are crucial factors and points that will mark an escalation in Turkish provocations. The Ocalan affair is merely a pretext , as so many in the past, and why not in the future. The United States is fully aware of this, but is nevertheless, encouraging new pretexts for Turkish provocations.

"It does not rest on the standing position of our country and Europe, as a whole, in favour of a political solution of the Kurdish problem and against any form of terrorism, including the one originating in the official state itself, but is pressing for humiliating 'statements of repentance and condemnation of the PKK' that remind the Greek people of similar past practices regarding the Communist Party and its sympathisers at the time of the American-sponsored civil war regime (late 1940s)," he told rep orters.

He also called for increased vigilance to face any threats to national interests.

"Under such conditions, leadership and people have to rally together. I am certain that all machinations will be allowed to go no further than the stage of blackmail if our steady message is unity at the top and unanimity among the people...No provocation , but also a unanimous response in the case of an even minimal encroachment on our national interests and sovereign rights. This message must not only be addressed to the militarists of Ankara but also to our friends in Washington," he stressed.

He made the statements upon his return from Majorca, where he participated in the conference by parliament presidents of the Euro-Mediterranean Forum.

Athens News Agency

[12] FINABEL meeting on Crete

Athens, 10/03/1999 (ANA)

Lt. Gen. Constantinos Panayiotakis will represent Greece at the meeting, the unofficial committee for coordination and drafting of studies for the armies of the 10 permanent WEU members.

Athens News Agency

[13] Defence ministry sources repeat purpose of NATO force

Athens, 10/03/1999 (ANA)

This force is composed of 1,800 troops and will be reinforced with another 4,000 soldiers.

Sources said the specific force has nothing to do either with a NATO force which may possibly intervene in the Yugoslav province in the event an agreement is not achieved between the parties involved or with a NATO force potentially called upon to super vise any such agreement.

Athens News Agency

[14] 'November 17' issue discussed by Karamanlis, Albright

WASHINGTON, 10/03/1999 (ANA - T. Ellis/E. Nikolaou)

On his part, the ND president acknowledged that Greek authorities have been ineffective regarding the matter, although he added that most of the shadowy group's victims have been Greeks, and that "Greece has the foremost reason for stamping out terrorism."

According to reports, Ms Albright also called for a toning down of verbal sparring between Athens and Ankara and said the Ocalan affair has cast a shadow on Greek-Turkish relations. Finally, the US secretary stressed that the current impasse on the Cyprus issue is the responsibility of Turkish Cypriot leader Raouf Denktash, hinting that the US will again assume an "initiative" for the lifting of the impasse.

Athens News Agency

[15] Dep. defence minister Apostolakis downplays possibility of Aegean incident

Athens, 10/03/1999 (ANA)

In an interview with a private TV station given in the wake of the Ocalan affair, Mr. Apostolakis said he believed that cool-headedness would eventually prevail "and no one will attempt to gain something from an adventure which will only lead to an impasse".

He also maintained that the Greek mass media were exaggerating Turkey's efforts to create tension, adding that Ankara's efforts were only to be expected in the run-up to elections in the neighbouring country and for domestic reasons. Mr. Apostolakis expressed the view that Turkey would confine itself to verbal attacks, driven by the myriad problems which it faces at home. "At all events, we here at the defence ministry are always concerned and do not let up our guard," he added.

Athens News Agency

[16] Athens support for Czech Republic's EU prospects

Athens, 10/03/1999 (ANA)

Mr. Kraniditis was speaking after meeting with visiting Czech European Affairs Minister, Pavel Telicka.

On his part, Mr. Telicka thanked Athens for its assistance, saying:

"Everything will be fine...Greece also had to deal with adjustment problems at the beginning."

"The Czech Republic has made important progress in harmonising its national legislation to Community laws," Mr. Kranidiotis said.

He also suggested that candidate-countries for EU accession be included in talks at the EU on a common foreign and security policy.

Athens News Agency

[17] Kranidiotis on 'Agenda 2000'

Athens, 10/03/1999 (ANA)

Mr. Kranidiotis said Greece expects completion of negotiations for the "Agenda 2000" and its target is to safeguard the country's development interests and the farmers' interests.

"We reject renationalisation and maintain that the treatment of Mediterranean products will be at least equal to those of other products (from northern countries)," he said.

He further said that he will continue tough negotiating to prevent European Union expenditures from being decreased and to safeguard a "package" of inflows for the development and prosperity of the Greek people. Emphasis will be placed on improving health services, education, employment and the combatting of unemployment.

Athens News Agency

[18] IHT-Kathimerini English edition celebrates a year of success

Athens, 10/03/1999 (ANA)

Since March 9, 1998, the IHT has been printed on the Kathimerini's presses, with the combined paper is available for early delivery in the greater Athens area and same day delivery throughout Greece.

The chairman and chief executive officer of IHT, Peter Goldmark, said in Athens on Monday that the "IHT-Kathimerini English edition has been a tremendous success."

IHT, the well-respected international daily is a subsidiary of "The New York Times" and "Washington Post", with more than 630,000 readers on five continents. Kathimerini, which was established in 1919, is touted as one of the most authoritative Greek ne wspapers, with a tradition of independence.

Athens News Agency

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