Athens News Agency: Daily News Bulletin in English, 99-04-27

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

CONTENTS

[01] Simitis,Gligorov agree on expanded cooperation in first-ever meeting

[02] Athens offers to coordinate EU states' aid to countries affected by Kosovo crisis

[03] Gov't downplays repercussions of Kosovo crisis on EMU entry

[04] Kosovars to fly out through Macedonia Airport

[05] Gov't denies flight of AWACS out of Greek base

[06] Tsohatzopoulos comments to CNN over Kosovo

[07] G. Papandreou on Greek-Turkish relations

[08] Tsohatzopoulos says "peace and stability not abstact concepts"

[09] Swedish royal couple begins official visit to Greece

[10] Agricultural ministry plan eyes some 50% of EU funds to Greece

[11] Normandy Mining becomes TVX Gold's partner in gold project

[12] Stocks slump in low turnover

[13] Bank of Central Greece revokes rate cut

[14] Development ministry to seek higher EU funding

[15] Athenian Capital Holdings to boost equity capital

[16] Gov't considering extension of Athens metro

[17] National Bank public subscription begins

[18] Athens Foreign Exchange

[19] Greek American leaders urge Clinton to issue warning to Turkey

[01] Simitis,Gligorov agree on expanded cooperation in first-ever meeting

WASHINGTON, 27/04/1999 (ANA - T. Ellis)

The two men also said, after a 45-minute meeting, that talks on FYROM's name issue would continue in New York under the auspices of the United Nations.

Mr. Gligorov said this issue had not been covered in his meeting with Mr. Simitis but was an issue of the UN-brokered talks. However, he added, "we should see how the name talks are progressing", while the Greek premier noted his hope that a solution wi ll be found.

"We have been discussing this for some time now, and I think - and we must - reach a decision. But I agree with President Gligorov that this is a matter for discussions at the UN," Mr. Simitis said.

Asked whether the cooperation between the two counries would be extensive for the duration of the Kosovo crisis, Mr. Gligorov said relations between Greece and FYROM were "very good, and improving in a positive direction".

He said talks with Mr. Simitis centred on further cooperation, adding that a desire existed on the part of both countries.

Mr. Simitis also said there was good bilateral cooperation, adding that his discussion with Mr. Gligorov focused on expansion of cooperation.

"And this will occur because Greece and FYROM believe that it is better that they have a larger market in order to attract investors and to have joint programmes. In this way, we shall help the development of the region, and this will be of service to both our countries," the Greek premier said.

Asked if they were optimistic that the war would end soon, Mr. Gligorov said he wanted to be optimistic, "but it is very difficult for one to predict what will happen and how long the war will last."

"Every effort must be made for finding a peaceful solution as soon as possible," he said, while President Gligorov added his agreement with that position.

Athens News Agency

[02] Athens offers to coordinate EU states' aid to countries affected by Kosovo crisis

LUXEMBOURG, 27/04/1999 (ANA - M. Spinthourakis)

"Greece is contributing with all its forces to the provision of humanitarian aid and could undertake the overall coordination of European Union aid to the countries hit by the Kosovo crisis," he was quoted as telling the Union's foreign ministers' council yesterday.

The "15" focused their attention on enhancing economic sanctions against Serbia, exchanged views on the German EU presidency's Stability Pact for SE Europe, while clarifying their intention to provide economic assistance to the countries neighbouring Ko sovo.

Mr. Kranidiotis reiterated that Greece wishes to see a political solution to the conflict as soon as possible, and stressed its agreement with the German Stability Pact, to which Greek proposals have a supplementary character.

Referring to repercussions against Greece from the economic sanctions adopted by the council against Serbia, he stressed that they do not create serious problems, but this did not mean they would not affect certain sectors of the Greek economy. Concerning the oil embargo, he noted there were certain legal vacuums in relation to the compliance of non-EU members.

Speaking to Greek reporters later, Mr. Kranidiotis said the council's decisions reflected the spirit not the conclusions of the NATO summit, adding that following a Greek request, the communique contained certain references to the role of the UN in the Kosovo crisis. The council also agreed, he said, on a report on the economic effects of the crisis.

Finally, he reminded that Greece will soon be hosting a Balkan conference, as well as one on dealing with the humanitarian dimension of the crisis. To that end, he later met with EU Commissioner Emma Bonino.

Athens News Agency

[03] Gov't downplays repercussions of Kosovo crisis on EMU entry

Athens, 27/04/1999 (ANA)

Acting government spokesman Nikos Athanasakis told reporters that fears over developments in the Balkans and their affect on the Greek economy's attempt to meet Maastricht criteria were baseless.

Turning to the results of the NATO summit in Washington, he reiterated Prime Minister Costas Simitis's words, namely, that Greece's participation in NATO was a necessity.

"Those with an understanding of reality in the world and the operations of international organisations completely understand Greece's positions," Mr. Athanasakis said.

"Our participation in NATO aims at facilitating our own interests but our participation also creates rights and obligations."

Mr. Simitis returned to Athens yesterday afternoon.

Athens News Agency

[04] Kosovars to fly out through Macedonia Airport

Athens, 27/04/1999 (ANA)

The same reports stated that the refugees will be housed in an unused aircraft maintenance hanger, already modified for the purpose.

The refugees will arrive in Greece by coach at a rate of about 1,000 per day and will be flown to countries which pledged to receive them until the end of the war, the reports said.

Athens News Agency

[05] Gov't denies flight of AWACS out of Greek base

Athens, 27/04/1999 (ANA)

Answering to a relevant question tabled in Parliament by Communist Party of Greece (KKE) deputy Babis Aggourakis, Mr. Apostolakis said no AWACS or any other airplanes flew out of that base to participate in the military operations against Yugoslavia.

Athens News Agency

[06] Tsohatzopoulos comments to CNN over Kosovo

Athens, 27/04/1999 (ANA)

"We must realise that it is not correct and wise for neighbours to be involved in a military conflict against neighbours...because these conflicts leave many problems," he said during a televised interview with the Atlanta-based CNN network.

Mr. Tsohatzopoulos referred to the Kosovo crisis and Greece's role and also replied to questions regarding the reaction of Greek public opinion against the NATO bombings, implementation of an oil embargo against Yugoslavia, the possible dispatch of grou nd forces and a restructuring plan for the Balkans.

"The solution we desire for Kosovo must be acceptable. For this reason we must not see military action as a substitute for political and diplomatic efforts, because the final solution in Kosovo will not be a military but a political one," he said.

Mr. Tsohatzopoulos said Greece honours its commitments with NATO but has stated from the beginning that it will not participate in military operations because countries neighbouring Yugoslavia should not get involved in military conflicts. However, he said Greece is participating in humanitarian activity.

"There has been no decision for ground operations by NATO so far, but we have made it clear that we will not participate either in air strikes or in ground operations for the reasons I mentioned to you before," he said.

Mr. Tsohatzopoulos also said it was a very positive fact that both the European Union and NATO, at the NATO summit in Washington on Sunday, decided that the region's economic prospects and development depend on an appropriate resolution of the Yugoslav problem.

Athens News Agency

[07] G. Papandreou on Greek-Turkish relations

WASHINGTON, 27/04/1999 (ANA T. Ellis)

"Greece extends its friendship to Turkey not out of weakness, but out of the strength of its (Greece's) positions and in its belief that cooperation between the two countries can prove only of benefit to both of them," Mr. Papandreou said in Washington while addressing the opening of a conference on "NATO and Southeastern Europe" organised by Tufts University's Foreign Policy Institute in collaboration with the Kokkalis Foundation.

Mr. Papandreou expressed hope that the determination and desire will exist for cooperation between the two countries similar to that in facing the Kosovo crisis.

His address focussed mainly on the Kosovo developments, during which he outlined Greece's positions and described Greece as a "frank intermediary" between the opposing sides.

The address was attended by Greek industrialist and the foundation's founder Socrates Kokkalis, former Greek foreign minister Theodoros Pangalos, US Sen. Paul Sarbanes, Greek MPs, leading Greek-Americans and journalists.

Athens News Agency

[08] Tsohatzopoulos says "peace and stability not abstact concepts"

WASHINGTON, 27/04/1999 (ANA- T. Ellis)

"The dangers are not related to elections, but to our lives. For Greece the concepts of peace and stability in the Balkans are not abstract, but an issue which directly influences collective prospects and citizens' personal lives," he said, stressing that NATO ought to commit itself that issues of security would take account of the significance of political, economic, social and environmental factors.

"NATO must act in accordance with international legality and not substitute for it," he further emphasised.

Athens News Agency

[09] Swedish royal couple begins official visit to Greece

Athens, 27/04/1999 (ANA)

The Swedish royals were greeted at Athens airport by President of the Republic Kostis Stephanopoulos, Development Minister Vasso Papandreou and former premier Tzannis Tzannetakis on behalf of the main opposition New Democracy party.

Mr. Stephanopoulos, during a private meeting with the Swedish royal couple, stressed the need for a political solution to the Kosovo crisis and expressed Greece's interest in the situation throughout the Balkans, as well as his great concern over "the humanitarian aspect of the crisis, since waves of refugees have swarmed neighbouring countries." He also expressed the hope for a solution through political and diplomatic means, saying Greece's "policy in the Balkans is summarised in the principle of resp ect toward existing borders and we wish that all differences are resolved exclusively through peaceful means..."

The president, speaking later last night at the official dinner he hosted in honour of his royal guests, referred to the friendly ties between Greece and Sweden as well as to their productive cooperation within the European Union, while he pointed to the "valuable services offered by Swedish citizens during World War II. He also referred to Greece's gratitude for Sweden's assistance to the Greek people in their struggle against the military junta during 1967-74.

King Carl Gustaf in turn referred to the ties between the two countries in all sectors, particularly in the trading and defence sectors, while he praised Melina Mercouri's initiative for the creation of the Cultural Capital of Europe institution.

"In Sweden we fully comprehend the significance of this initiative after the great cultural events held in Stockholm, last year's Cultural Capital of Europe", the Swedish king said.

Mr. Stephanopoulos bestowed the Grand Cross of the Savior's Order on King Gustaf and the Grand Cross of the Honour Order on Queen Silvia.

The Swedish royal couple also had a 20-minute meeting with Parliament President Apostolos Kaklamanis, who expressed to them the concern of the Greek people over the events in Yugoslavia and their consequences in the broader Balkan region.

The royal couple is scheduled to meet with Prime Minister Costas Simitis today.

Athens News Agency

[10] Agricultural ministry plan eyes some 50% of EU funds to Greece

Athens, 27/04/1999 (ANA)

Agriculture Minister George Anomeritis announced that the plan proposed expeditures to the tune of 4.1 trillion drachmas out of the approximately nine trillion drachmas budgeted for the 2000-2006 period.

He said 3.8 trillion drachmas would be funelled to agriculture while the rest would be spend on commercial fishing activities, under such a plan.

Mr. Anomeritis said the funds will not constitute direct subsidies alone, rather a large portion will be spent on infrastructure, aimed at lowering production costs and increasing quality.

He added that funds will also be allocated for the creation of 37 information centres around the country, as well as the creation of eight educational centres.

Mr. Anomeritis also said the programme proposes larger farm land holdings, "agri-tourism" and support for collective farm initiatives.

As for commercial fishing, he said the programme includes a 5 per cent renewal of Greece's fishing fleet.

Athens News Agency

[11] Normandy Mining becomes TVX Gold's partner in gold project

Athens, 27/04/1999 (ANA)

TVX Hellas, the Canadian miner's Greek subsidiary, said in a statement yesterday that the choice of Normandy as a 50 percent partner was made after talks with firms who showed interest in an equity holding in the project.

An injection of fresh capital by Normandy Mining will ensure financing for investment plans by TVX Hellas-Hellenic Gold in Olympiada and Skouries in Halkidiki, the statement said.

TVX Gold retains 100 percent ownership of TVX Hellas, it added.

Protests by local residents have severely delayed the project, which TVX originally planned to carry out alone.

Athens News Agency

[12] Stocks slump in low turnover

Athens, 27/04/1999 (ANA)

The general index ended 1.83 percent down at 3,252.09 points, off the day's lows.

Turnover was 70.6 billion drachmas, a record low for the year, and volume was 16,219,439 shares.

Traders said investors were expecting a further decline in prices to more attractive buying levels with no particular event on the horizon likely to spark a strong upturn.

A number of foreign financial institutions expressed their reservations about the domestic market's short-term outlook due to the Kosovo crisis, although they retained their confidence in the market's long-term prospects.

Dealers said yesterday's fall was more a result of lack of demand than of heavy selling.

Sector indices suffered losses. Banks dropped 2.04 percent, Leasing eased 2.0 percent, Insurance fell 1.08 percent, Investment plunged 4.95 percent, Construction ended 1.82 percent off, Industrials fell 1.09 percent, Miscellaneous ended 1.15 percent down and Holding fell 1.33 percent.

The parallel market index for small cap companies ended 0.61 percent higher reflecting an appetite for smaller capitalisation stocks.

The FTSE/ASE 20 index ended 1.82 percent off at 2,033.50.

Broadly, decliners led advancers by 192 to 92 with another 13 issues unchanged.

Thessaliki, Metka, Oinerga and Eskimo were the most heavily traded stocks.

Electra jumped 99 percent on the first day of trading in the parallel market. Britannia, Barba Stathis, Fanco, Ridenco, Technodomi, Zampa, Fintexport, Gekat and Doudos scored the biggest percentage gains hitting the day's 8.0 percent limit up.

Minerva, Exelixi, Hellenic Biscuits, Atemke, Xifias, Benroubi, Halyps Cement, Development Invest and Parnassos suffered the heaviest losses.

National Bank of Greece ended at 19,100 drachmas, Alpha Credit Bank at 19, 050, Ergobank at 24,330, Ionian Bank at 16,800, Titan Cement at 21,890, Hellenic Petroleum at 2,260, Intracom at 17,090, Minoan Lines at 7,000, Panafon at 7,740 and Hellenic Telecoms at 6,625.

Bond, forex markets dull in scant trade : Secondary bond trading was slim yesterday with the spread between bid and ask prices widening on a lack of interest by investors at home and abroad.

Electronic trade totalled 12 billion drachmas.

The new ten-year-bond was priced at 102.95, showing a yield of 5.89 percent. The yield spread with German bunds was flat at 2.01 percent.

In the foreign currency market, the drachma retreated slightly against the euro.

At the central bank's daily fix, the euro ended at 326.460 drachmas from 326.240 drachmas in the previous trading session.

In the money market, the interbank overnight rate was steady at 9.90 percent.

Athens News Agency

[13] Bank of Central Greece revokes rate cut

Athens, 27/04/1999 (ANA)

The Bank of Central Greece said in a statement that the original decision had aimed to bring rates into line with the rest of the market, and had been taken before the credit expansion curbs.

Athens News Agency

[14] Development ministry to seek higher EU funding

Athens, 27/04/1999 (ANA)

Mr. Venizelos was addressing a seminar to present the ministry's proposals on the European Union's 3rd Community Support Framework, which is currently being formulated.

He said the ministry intends to seek 4.9 trillion drachmas, up from 3.8 trillion drachmas under the second Community Support Framework.

He said that the ministry would earmark 2.2 trillion drachmas for the manufacturing and services sector, up from 1.1 trillion, while tourism would absorb 700 billion drachmas, sharply up from 170 billion under the 2nd Community Support Framework.

The energy budget was expected to be reduced slightly while research and technology would see a small increase in funds.

Mr. Venizelos said the ministry's final proposals were expected to be completed by June following talks with the parties involved.

Athens News Agency

[15] Athenian Capital Holdings to boost equity capital

Athens, 27/04/1999 (ANA)

Of the total amount raised, 12.886 billion drachmas will become share capital and the remaining 19.9 billion drachmas a special reserve.

The equity to be acquired by Athenian Capital Holdings lies mainly in financial services companies. The rest will be in industrial and commercial firms.

Among Athenian Capital's plans are the creation of a mutual fund manager with an institutional investor in which it will hold 40-45 percent of shares.

It also plans to set up an investment company with individuals and institutional investors at home and abroad, and an investment bank.

In addition, Athenian Capital wants to buy minority stakes in one or two insurance companies.

Athens News Agency

[16] Gov't considering extension of Athens metro

Athens, 27/04/1999 (ANA)

Public Works Minister Costas Laliotis announced that Athenian residents could begin using the lines from Sepolia in the west to Syntagma and pentagon (east) to Syntagma by December this year.

Up to 88 per cent of the project has been completed and the metro is expected to be fully operational by October 2000, he said.

Also under consideration are plans to extend the metro by a total of 27.5 kilometres. The extended lines would cost an extra 705 billion drachmas, while Mr. Laliotis said some of the cost could be covered by the Third Community Support Framework.

Athens News Agency

[17] National Bank public subscription begins

Athens, 27/04/1999 (ANA)

The increase will be carried out through a cash payment with the issue of 14,843,024 new common shares, each with a face value of 1,450 drachmas.

Old shareholders will have preferential choice of the 14,160,698 shares at a ratio of 1:10.

Athens News Agency

[18] Athens Foreign Exchange

Athens, 27/04/1999 (ANA)

Parities in Drachmas

Banknotes             Buying  Selling
US Dollar             305.109 312.184
Can.Dollar            206.534 211.323
Australian Dlr        198.822 203.431
Pound Sterling        492.607 504.029
Irish Punt            411.203 420.737
Pound Cyprus          558.298 571.242
Pound Malta           729.329 759.718
Turkish pound (100)     0.072   0.075
French franc           49.371  50.516
Swiss franc           202.130 206.816
Belgian franc           8.028   8.214
German Mark           165.581 169.420
Finnish Mark           54.468  55.731
Dutch Guilder         146.956 150.363
Danish Kr.             43.592  44.603
Swedish Kr.            36.396  37.240
Norwegian Kr.          39.144  40.052
Austrian Sh.           23.535  24.081
Italian lira (100)     16.725  17.113
Yen (100)             256.333 262.276
Spanish Peseta          1.946   1.991
Port. Escudo            1.615   1.652

Foreign Exchange      Buying  Selling
New York              305.109 312.184
Montreal              206.534 211.323
Sydney                198.822 203.431
London                492.607 504.029
Dublin                411.203 420.737
Nicosia               558.298 571.242
Paris                  49.371  50.516
Zurich                202.130 206.816
Brussels                8.028   8.214
Frankfurt             165.581 169.420
Helsinki               54.468  55.731
Amsterdam             146.956 150.363
Copenhagen             43.592  44.603
Stockholm              36.396  37.240
Oslo                   39.144  40.052
Vienna                 23.535  24.081
Milan                  16.725  17.113
Tokyo                 256.333 262.276
Madrid                  1.946   1.991
Lisbon                  1.615   1.652

Athens News Agency

[19] Greek American leaders urge Clinton to issue warning to Turkey

WASHINGTON, 27/04/1999 (ANA/CNA)

"NATO's credibility and moral authority for its mission in Kosovo and NATO's image will be seriously undercut if Turkey's military occupation of Cyprus is not put to an immediate end and the Cypriots, who were ethnically cleansed by Turkey, are not allo wed to return to their homes in safety", a letter to Mr. Clinton says.

The letter, signed by 115 Greek American leaders, notes that NATO's determined response to the recent ethnic cleansing in Kosovo can greatly help Mr. Clinton's desire to end the forcible division of the Republic of Cyprus.

If Turkey receives such a messsage from the US and other NATO allies, "it can come away from this meeting with a very good reason for ending the status quo on Cyprus".

Their political and military leaders can begin to see that as their ethnic cleansing policies on Cyprus begin to erode the credibility and moral authority of NATO, so also will Turkey's stature within NATO begin to erode, the letter says.

It also points out that the Turkish side has blocked US efforts with unacceptable preconditions whereas the government of Cyprus has shown both political will and positive attitude towards Mr. Clinton's efforts.

"Its recent courageous and conciliatory decision to cancel the order of surface-to-air missiles is a remarkable example of the positive behaviour of the government of Cyprus", Greek American leaders say.

Athens News Agency

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