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Athens News Agency: Daily News Bulletin in English, 99-03-16Athens News Agency: Daily News Bulletin in English Directory - Previous Article - Next ArticleFrom: The Athens News Agency at <http://www.ana.gr/>CONTENTS
[01] Greece determined to fight cuts in EU structural fundsBRUSSELS, 16/03/1999 (ANA - M. Spinthourakis)Greece will put up a spirited fight during structural fund negotiations at the Berlin summit on March 24 and 25, National Economy Minister Yiannos Papantoniou said here yesterday.The Greek minister represented Athens at the Finance and Monetary Affairs Council (ECOFIN) session. Speaking during a press conference, he reported strong pressures by the Union's affluent northern countries for a reduction in structural funds' resources, stressing that Greece has adopted many fiscal rehabilitation measures in recent years. He also ad ded that structural funds have a particular significance for the country within the context of its drive to join Economic and Monetary Union (EMU). Mr. Papantoniou added that economically weaker member-states would hold bilateral consultations in coming days with a view to securing the necessary structural fund resources. Commenting on deliberations to date in the framework of 'Agenda 2000', he expressed satisfaction with the compromises achieved on the issue of agricultural expenses during the recent session of the farm ministers council. He said the German presidency's proposal, setting a ceiling of structural fund spending for the next six years between 190.5 and 216 billion euros, was not satisfactory for the Greek side. "Greece insists on the Commission's initial proposal, setting structural expenses at 240 billion euros. Structural funds should be allocated on the basis of each country's prosperity, that is, receiving countries should be those whose GDP per head is lower than 75 per cent of the EU average," he said. Regarding the Community's own resources, Mr. Papantoniou said Greece would be prepared to accept the continuation of the present system, also noting that the only agreeable change could be the relative reduction in the German participation. He added that Athens was in favour of a tight policy in farm production, on the condition it would not be at the expense of Mediterranean products and small holdings. In line with most other member-states, he added, Greece was in favour of a reduction in the return of funds to Great Britain, and generally against a general application of the practice. Finally, he said that Greece did not accept the proposal for the imposition of an energy-tax in the Union, expressing reservations regarding its impact on inflation. Meanwhile in Athens, Communist Party of Greece (KKE) Secretary General Aleka Papariga sent a letter to Prime Minister Costas Simitis calling for a special debate at the party leaders' level regarding Greece's position in the EU, and in view of the Berl in summit. Athens News Agency[02] Stocks hit new high, brush off politicsAthens, 16/03/1999 (ANA)Equity prices rallied to new record levels yesterday for the fourth consecutive session on the Athens Stock Exchange led by the banking sector.The general index broke through 3,600 points for the first time in its history to end 87.80 points, or 2.47 percent higher at 3,625.20 points. Turnover was 162.9 billion drachmas and volume was 28,031,189 shares. Traders said investors were discounting a positive outcome in a second tender for the privatisation of a 51% stake in Ionian Bank. Analysts noted that the market has distanced itself from political developments ahead of a ruling PASOK party congress this month, instead focusing on healthy economic fundamentals. Sector indices were mixed. Banks soared 5.30 percent, Leasing gained 4.64 percent, Investment increased 3.56 percent, Insurance ended 0.45 percent up, Construction fell 0.92 percent, Industrials eased 0.29 percent, Miscellaneous ended 1.78 percent down and Holding fell 1.49 percent. The parallel market index for small cap companies ended 0.27 percent up, while the FTSE/ASE 20 index ended 3.10 percent higher at 2,255.21. Broadly, decliners led advancers by 147 to 135 with another 10 issues unchanged. Viosol, Ergo Invest, Thessaliki and Eskimo were the most heavily traded stocks. A total of 28 shares hit the daily 8.0 percent limit up. Among them were Plaisio Computers, Ionian Bank, Commercial Bank, National Bank, Britannia, Sanyo, Ionian Hotels and Petzetakis. Minerva, Keranis, Parnassos, Viosol, Sportsman, Remek, Atemke, Daring and Pairis suffered the heaviest losses. National Bank of Greece ended at 22,842 drachmas, Alpha Credit Bank at 39, 400, Ergobank at 25,605, Ionian Bank at 23,209, Titan Cement at 24,850, Hellenic Petroleum at 2,710, Intracom at 20,190, Minoan Lines at 7,590, Panafon at 9,200 and Hellenic Telecoms at 7,840. Bond, forex markets lacklustre : Bond prices ended mostly flat yesterday in scant trade yesterday with institutional investors absent from the market. Interest is focused on today's three-year bond auction for 170 billion drachmas worth of paper, a relatively small amount that could be absorbed by domestic investors alone. The new 10-year bond was trading at 102.90 and the previous 10-year issue at 117.60. Electronic trade was minimal at 15 billion drachmas from 54 billion drachmas on Friday and 118 billion on Thursday. The drachma gained in the foreign currency market, prompting the central bank to intervene to curb its ascent through the purchase of around 87 million euros at its daily fix. The euro was set at 321.400 drachmas from 321.600 drachmas on Friday. Athens News Agency[03] EFG Eurobank launches public offer todayAthens, 16/03/1999 (ANA)EFG Eurobank launches a share offer today for 10.64 percent of its stock, available to retail and institutional investors.EFG is a new version of the old bank created when it merged with its subsidiary, Bank of Athens, which was already listed on the Athens Stock Exchange. On offer are 11,162,500 shares at 8,500 drachmas with another 587,500 shares destined for a private placement to staff. Consolidated Eurofinance Holdings, EFG Eurobank's parent company, is selling the stock. Thirty percent of the offer is destined for institutional investors and the remaining 70 percent to retail buyers. Trade of Bank of Athens on the bourse was suspended on March 11 pending completion of the merger and listing process. On Friday, shareholders of EFG Eurobank will be asked to endorse a share capital rise of 110 billion drachmas. Athens News Agency[04] Consultant chosen to draw capital for roadbuildingAthens, 16/03/1999 (ANA)TENS Hellas, a joint venture between Bank of America and ETEBA SA, was selected by an evaluation committee yesterday as a financial consultant for concessionary contracts in major domestic roadbuilding projects.The outcome of the international tender was approved by Deputy National Economy Minister Christos Pahtas. The consultant's task will be to attract private capital for concessionary contracts covering major national arterial roads and motorways, especially those in the European Union's Trans European Network (TENS) programme. The financial consultant will support the authorities in preparing, tendering and signing concessionary loan contracts. Mr. Pahtas said the government was examining many ways of attracting private capital into major infrastructure projects in the country for use in parallel with the Santer package of EU funds for 2000-2006. He predicted that following institutional reforms underway and an anticipated further improvement in macro-economic indicators, private funding would account for 1.0 percent of the country's gross domestic product in that period. Athens News Agency[05] GNTO gets three bids for lease of Nafplio XeniaAthens, 16/03/1999 (ANA)The Greek National Tourism Organisation (GNTO) yesterday received three bids for the long-term lease of its Xenia hotel complex in the town of Nafplio, sources said.The bids were by the Mandonanakis Group (450 million drachmas annually and investments of 2.15 billion drachmas); Electra Hotels (1.3 billion drachmas every five years and investments of 2.17 billion drachmas); and the Mousama brothers, owners of the A thens Holiday Inn (315 million drachmas annually and investments of 3.3 billion drachmas). The minimum annual lease set in the tender was 265 million drachmas. Athens News Agency[06] Capital markets commission outlines 1999 policyAthens, 16/03/1999 (ANA)The chairman of the capital markets commission, Stavros Thomadakis, yesterday outlined the year's priorities, including more stringent controls on insider trading and share manipulation.The committee's plans are as follows: Innovations including operation of the bourse's integrated electronic trading system, the use of paperless shares, and opening of the derivatives market Improved controls on retail transactions at the bourse Tighter monitoring and suppression of share manipulation and insider trading. The capital markets commission would also recruit new personnel in order to staff expanded activities, Mr. Thomadakis said. A data base had already been created to list individuals and groups suspected of involvement in share manipulation, he added. Athens News Agency[07] EU unlikely to extend duty-free sales, Papantoniou saysBRUSSELS, 16/03/1999 (ANA-M.Spinthourakis)National Economy and Finance Minister Yiannos Papantoniou said yesterday that the European Union was unlikely to allow an extension for duty free sales, which are due for abolition in the 15-nation bloc on June 31.Greece had backed a proposal by the EU's German presidency to extend the abolition deadline, but Italy, the Netherlands, Belgium, Finland, Denmark and Portugal had opposed the extension. Mr. Papantoniou was speaking after a meeting of the EU's finance and economy ministers. Athens News Agency[08] Xifias reports profit rise in 1998Athens, 16/03/1999 (ANA)Xifias SA yesterday reported a 9.75 percent increase in its 1998 turnover to 4.37 billion drachmas from 3.97 billion the previous year, while exports rose 22 percent to 1.61 billion drachmas from 1.32 billion in 1997.Net pre-tax profits increased 14.9 percent to 479 million drachmas last year from 417 million in 1997, while the company's gross profit margin rose to 30 percent from 26.4 percent in 1997. Xifias plans a share capital increase of two billion drachmas through a rights issue in the first half of the year to support a restructuring of its investment, borrowing and acquisition programmes. Xifias exports to more than 40 countries. In February and March it participated in three international food trade fairs in London, Moscow and Thessaloniki. Athens News Agency[09] GSEE tables 35-work week request to employers' groupsAthens, 16/03/1999 (ANA)The first meeting yesterday between the General Confederation of Workers of Greece (GSEE) and employers' groups on the 35-hour work week was held in a positive climate, according to reports.However, no results were achieved, but this is considered natural since dialogue has only just started. All sides agreed to continue the discussion and the next meeting will take place in early May. GSEE President Christos Polyzogopoulos said the confederation raised the issue in its "purest" form, requesting a 35-hour work week without a decrease in salaries, with a five-day continuous workhour system and respect for labour legislation and relevant agreements. Federation of Greek Industries (SEB) President Iason Stratos, on his part, said that the Greek business world cannot accept solutions which will worsen the position of businesses. SEB assesses that the country will join Economic and Monetary Union (EMU) by the end of the year, but Mr. Stratos added that it will only fulfil nominal criteria since the difference in competitiveness with European businesses will remain. Athens News Agency[10] Athens Foreign ExchangeAthens, 16/03/1999 (ANA)Bank of Greece closing rates of: March 15, 1999Parities in Drachmas Banknotes Buying Selling US Dollar 290.964 297.710 Can.Dollar 190.563 194.982 Australian Dlr 183.981 188.247 Pound Sterling 472.688 483.647 Irish Punt 404.829 414.215 Pound Cyprus 550.937 563.711 Pound Malta 701.270 730.490 Turkish pound (100) 0.073 0.076 French franc 48.605 49.732 Swiss franc 199.179 203.797 Belgian franc 7.904 8.087 German Mark 163.014 166.794 Finnish Mark 53.624 54.867 Dutch Guilder 144.678 148.033 Danish Kr. 42.892 43.887 Swedish Kr. 35.871 36.702 Norwegian Kr. 37.398 38.265 Austrian Sh. 23.170 23.707 Italian lira (100) 16.466 16.848 Yen (100) 247.266 252.999 Spanish Peseta 1.917 1.961 Port. Escudo 1.590 1.627 Foreign Exchange Buying Selling New York 290.964 297.710 Montreal 190.563 194.982 Sydney 183.981 188.247 London 472.688 483.647 Dublin 404.829 414.215 Nicosia 550.937 563.711 Paris 48.605 49.732 Zurich 199.179 203.797 Brussels 7.904 8.087 Frankfurt 163.014 166.794 Helsinki 53.624 54.867 Amsterdam 144.678 148.033 Copenhagen 42.892 43.887 Stockholm 35.871 36.702 Oslo 37.398 38.265 Vienna 23.170 23.707 Milan 16.466 16.848 Tokyo 247.266 252.999 Madrid 1.917 1.961 Lisbon 1.590 1.627 Athens News Agency[11] Santer solidarity to Athens over recent Turkish threatsBRUSSELS, 16/03/1999 (ANA - Y. Zitouniati)European Commission President Jacques Santer expressed understanding and solidarity for Greek positions in a meeting with Alternate Foreign Minister Yiannos Kranidiotis here yesterday.He also stressed the need for strong and provocative statements by Turkey to be avoided, which do not contribute to cooperation and peace in the region. In presenting Greek positions, Mr. Kranidiotis said that Turkey's exaggerations and inaccuracies are due to the pre-election period it is going through, underlining that "it must leave Greece out of its domestic problems." Referring to the "Agenda 2000", namely the reform of the European Union's fiscal issues, Mr. Kranidiotis placed particular emphasis on maintaining the conviction existing on economic and social cohesion and that the effort to fund development projects in Greece must continue. On the occasion of the European Commission's report on mismanagement, Mr. Kranidiotis said Greece is in favour of transparency and good management as a contribution to democracy. Mr. Kranidiotis also met during his visit to Brussels Foreign Affairs Commissioner Hans van den Broek, Greek Commissioner Christos Papoutsis and members of the permanent Greek delegation (MEA). Athens News Agency[12] Latvian President Ulmanis in Thessaloniki this weekAthens, 16/03/1999 (ANA)Latvian President Guntis Ulmanis will arrive in Thessaloniki on Friday following his official visit in Athens.Mr. Ulmanis will arrive in Thessaloniki at 11 a.m. and will depart for Mount Athos by helicopter. Later in the day he will visit with Thessaloniki Mayor Vassilis Papageorgopoulos, while Macedonia-Thrace Minister Yiannis Magriotis will host a dinner in his honour later in the evening. Mr. Ulmanis and his wife will depart for Latvia on Saturday following visits to various historical and archaeological sites. Athens News Agency[13] Commission report on internal fraudBRUSSELS, 16/03/1999 (ANA - M. Spinthourakis)The European Commission bears collective responsibility for the way with which it handled complaints of fraud and favouritism in its ranks, but there is no proof establishing the responsibilities of specific commissioners, a report concluded here yesterday.The report stresses that despite the fact that personal responsibilities cannot be attributed for involvement in cases of fraud, the Commission was unable to control its services and that the political respsonsibility for this situation belongs both to Commissioners and collectively to the Commission. With regard to the other Commissioners, responsibilities for smaller or bigger irregularities and for favouritism are attributed to Commission President Jacques Santer, Manuel Marin from Spain, Ema Bonino from Italy, Monika Wulf-Matthies from Germany, Erki Likanen from Finland, Joao Pinheiro from Portugal and Greek Commissioner Christos Papoutsis for cases concerning tourism and which occurred during the period when Mr. Papoutsis was not Commissioner. In connection with the Greek Commissioner, it is noted that there is no reference in name to the paragraph of the "wise men's" report of final conclusions, but it is reported that in the tourism sector both the present Commissioner (namely Mr. Papoutsis ) and his predecessor reacted in a delayed manner to indications of the existence of serious problems in the Commission's relevant services on tourism. Athens News Agency[14] Karamanlis address at Tufts UniversityBOSTON, 16/03/1999 (ANA - E. Nikolaou)Greece has a special interest in the broader Balkan region, where priority should be given to stabilisation and respect for human rights, main opposition New Democracy leader Costas Karamanlis said in a speech at Boston's Tuft s University yesterday."We must avoid any changes in borders, because this is a game with the devil and would open Pandora's Box. Greece acts as a stabilising force in the area, precisely because it stands to lose a lot from a destabilisation, " he said. He denounced Turkey's role, saying it was trying to change international treaties in the area, and that it should renounce the threat of the use of violence and territorial claims. Athens News Agency[15] Athens denies scheduled meeting between Greek, Turkish FMsAthens, 16/03/1999 (ANA)Greece yesterday denied press reports that a meeting of the Greek and Turkish foreign ministers was being planned."The government has not occupied itself with any such issue," government spokesman Dimitris Reppas said. Referring to recent press reports on the issue, Mr. Reppas said the reports could be referring to the opinions and ideas of some experts but "no decisions have been taken". Athens News Agency[16] US vice-president's wife to speak in Thessaloniki todayAthens, 16/03/1999 (ANA)Tipper Gore, the wife of US Vice-President Al Gore, arrived in Thessaloniki late yesterday afternoon.Ms Gore, invited by the American College in Thessaloniki (Anatolia) alumni, will deliver the keynote address at the school's 60th anniversary celebration. She will speak on subject of "volunteerism and social needs" at a downtown hotel at 7 p.m. today. Athens News Agency[17] Russian side wants 30 per cent increase in natural gas pricesAthens, 16/03/1999 (ANA)Development Minister Evangelos Venizelos is scheduled to meet today with the Russian ambassador to Athens Mikhail Botsarnikov to discuss the problem of natural gas delivery to Greece.The meeting follows a written notifiction forwarded to the Public Natural Gas Enterprise (DEPA) by the Russian side, saying it is resorting to arbitration for a 30 per cent increase of its gas prices.Athens News Agency[18] Pangalos: Int'l double standard being applied to foreign policy issuesAthens, 16/03/1999 (ANA)Former FM Theodoros Pangalos yesterday accused the international community of using double standards in foreign policy matters."The international community uses double standards in handling crucial foreign policy issues...for example, meetings upon meetings have been held over the situation in Kosovo, while on the contrary, this is not the case for the Kurdish issue, about which the world community is limited to vague wishes." He was speaking during the unveiling of a book by prof. Dimitris Constas. Mr. Constas, who served as ambassador to the European Council for the past two years, noted that "Turkish delegations to international organisations systematically tie the Kurdish refugee issue with a 'mythology' about Greece's cooperation with international terrorism and the PKK." Athens News Agency[19] Scan with US bonds uncoveredAthens, 16/03/1999 (ANA)The financial crimes squad (SDOE) said yesterday it had uncovered a scam in which 300 investors bought into what turned out to be counterfeit bonds by a US-based company, to the tune of three billion drachmas.Owing to the possibility that counterfeit bonds which have not yet matured may be in the hands of other investors, authorities said the total amount swindled may be as high as six billion drachmas. According to SDOE, which said it had been investigating the case for the past six months, the investors had been given assurances of high returns of up to 14 per cent on their investments. In most cases,each investor purchased bonds supposedly worth between 20 and 50 million drachmas. However, the majority of investors discovered when they went to collect coupon payments in 1998, that no payments were being made. SDOE said the alleged mastermind behind the scam was a man identified as Sigurdur Nordal, a citizen of Iceland, who had come to Greece in late 1996 as president of the US company Nordic American Inc., bought out the insurance company Standard Hellas S.A . and in cooperation with the Corinth- based firm Horizon Investment, started selling bonds issued by the US company. Undertaking the exclusive sale of the bonds, Horizon built up a sales network of insurance agents in Corinth, Patras, Kalamata, Larissa, Volos, Athens and elsewhere. Horizon's insurance licence was subsequently revoked in November 1997 because it was not fulfilling its obligations with respect to the payment of indemnities and was unable to form the technical reserves required by law. In order to gain their confidence, Horizon representatives showed investors a photocopy of a 10-million dollar bond issued by Nordic Bancorp Inc. (Nevada, USA) which they presented as being some sort of collateral in favour of Horizon. The bond supposedly corresponded to participation in underground gold deposits in Zimbabwe and is contrary to international banking practice because there is no way of assessing the actual existence or size of such reserves in the ground. Investers were also encouraged to personally deposit their funds in a Nordic account at the reputable financial organisation Merrill Lynch. But after being deposited, the funds were automatically transferred to a Nordic account which was exclusively controlled by Sigurdur Nordal personally. In other words, the funds unconditionally ended up in the hands of a private individual. Citing information, SDOE said Nordal had organised a similar scam in Venezuela in 1996, leaving behind outstanding debts totalling 1.5 million dollars to investers in the South American country. Athens News Agency[20] AIDS cases in GreeceAthens, 16/03/1999 (ANA)Greece documented an extra 47 full-blown AIDS cases in the last quarter of 1998 although experts said yesterday that the true number of AIDS and HIV- infected persons was higher than the number on the books."Unfortunately, in Greece we have not properly documented the cases which are regarded as obligatory to register," one expert said at a news conference. About 2,500 AIDS patients are receiving treatment at the moment, according to the ministry's figures. However, speakers said that the real number of cases was probably higher as new infections were being presented at information and support centre by the day. "Early detection is important. We say to all those who are sexually active that they need not fear taking the test. It is the only way they can possibly save their lives," Deputy Health Minister Theodoros Kotsonis said. Mr. Kotsonis announced a plan to inform teenagers of the dangers of AIDS and of preventative care, with a pilot programme getting under way at 20 junior high schools as of September. Experts from the Centre for Communicable Diseases said more work could be done to inform the general populace of the disease. Athens News AgencyAthens News Agency: Daily News Bulletin in English Directory - Previous Article - Next Article |
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