Athens News Agency: Daily News Bulletin in English, 99-09-23

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

CONTENTS

[01] FM Papandreou calls for 'coherent, consistent' approach by int'l community in Balkans

[02] Athens bourse to change trading rules for suspect stocks

[03] General gov't deficit to drop this year

[04] Stocks edge up in wake of correction

[05] Germany is Greece's top trade partner

[06] No gov't intervention in Athens bourse

[07] Building materials price index noses up in August

[08] Composite industrial output rises in June

[09] Goody's donates Dr 25 million to quake victims

[10] Aspis Pronia buys Nordstern insurers

[11] Aluminium de Grece denies buyout rumour

[12] OA route to Skopje

[13] Athens Foreign Exchange

[14] Turkey must show political will, Tsohatzopoulos says

[15] Clerides, Albright focus on possibility of Cyprus talks' resumption

[16] Gov't says 'non-tension' now apparent in Greek-Turkish relations

[17] Tirana again fails to open Greek-language schools in 2 districts

[18] BSEC environment ministers in Thessaloniki

[19] Patriarch cites wish for 'new beginning' in Turkish society

[20] Archbishop Dimitrios receives State Dept.'s Grossman

[01] FM Papandreou calls for 'coherent, consistent' approach by int'l community in Balkans

NEW YORK, 23/09/1999 (ANA)

"We must strive to develop three pillars of the Stability Pact for Southeastern Europe: Democracy, Security and ReconstructionIWe need to build democratic institutions, judicial and financial systems, competitive business and free media communities...We need to be aggressive in ensuring that all forms of likely threat to security within and among our countries are dealt with directly, openly and with vigour. The protection of minorities is of fundamental importance," he noted in his address to the 54th session of the United Nations General Assembly.

"We need to provide basic economic help that will fight against the poverty and degradation that leads to ethnic and religious fanaticism...

"Greece has drawn for itself a creative and effective role in the Balkans, supporting all efforts to deepen democracy in the region. A total Balkan approach to democracy, security and reconstruction will pave the way for our neighbours to enter the European Union...

"We have delivered humanitarian assistance and peacekeeping forces, we have conducted multilateral diplomacy...There is simply no truth in the saying that we in the Balkans are trapped, that we have produced more history than we can consume and that we are prisoners to past conflicts and hatreds. History is not duressunless one makes it so. The challenge to every generation of Greeks, the challenge to our neighbours is to learn from our history - not to become slaves to it. We are building a new vision for the region, slowly but surely," he said.

Mr. Papandreou noted the recent spectacular improvement of climate in Greek- Turkish relations.

"My Turkish counterpart, Ismail Cem, and I have been engaged in careful diplomacy for many months. We recently inaugurated discussion committees to address a number of bilateral concerns , including trade, tourism and the environment, where we feel our two countries have much to gain from mutual cooperation.

"Peoples' aspirations for the principles of democracy, security and prosperity can overcome historical strife. In this democratic spirit, we believe that our security is bound by the stability in the region; that our neighbours' strength is our own stre ngth.

"From the outset, Greece shared with Turkey the vision that one day Turkey will become a worthy member of a United Europe...

"The terrible earthquakes that shook both our countries have accelerated the process...I, for one, shall never forget the sweat, tears and the genuine expressions of solidarity and friendship shared by so many non- governmental organisations and particular ly by members of the Greek and Turkish rescue workers sifting over the rubble of buildings destroyed by the earthquakes. These people did not wait for us to act. Their actions globalise democracy.

"This is one more lesson for democracy. International relations, humanitarianism, peace and cooperation have much to gain if we allow 'citizens diplomacy' and give our full support to constructive roles for non-governmental organisations in this world. Building on this unique experience, in our first joint act as members of this organisation, I join hands today with my Turkish counterpart Ismail Cem. I join hands with him to announce to the UN Assembly the establishment of a joint stand-by disaster res ponse unit (SDRU), comprised of contingents drawn from governmental and non-governmental agencies of both countries to reinforce the UN capacity in this field," he stressed.

Referring to the Cyprus issue, Mr. Papandreou expressed hope that the impasse would be lifted after the latest developments (a declaration by the G8, and UN resolutions) and that the accession of the island republic to the EU would benefit both communities.

Speech at FPA : In an address on Tuesday, Mr. Papandreou said that balancing Greece's obligations as a member of NATO and the European Union with the fact that the country is geographically situated in the Balkans enabled the country to play the new role of interlocutor during the difficult hours of the Kosovo crisis.

Outlining the chief aspects of Greece's foreign policy to the Foreign Policy Association, Mr. Papandreou said the country was proceeding with the conviction that Greece's security was founded in the consolidation of stability in the region, in other words on "reinforce-ment and implementation of the democratic institutions, reduction of the economic imbalances, and faith in the law of the just".

"Our security," he said, "stems from our participation in the European Union and NATO, and we hope that other countries of the region will in time join these organisations and reap the benefits of (the two organisations') stabilising influence."

He said the biggest threats to world stability were the violation of minorities' rights and change of the existing borders, and pointed out the "disastrous economic repercussions of the Kosovo war, which breed new tensions".

Mr. Papandreou noted the "fre-quent contacts" he had with his Turkish counterpart Ismail Cem throughout the Kosovo crisis, and also referred to the dialogue commenced between Greece and Turkey in several sectors, such as tourism, the environment, culture, trade cooperation and security matters.

"I believe that Greek-Turkish relations have entered a new stage of rapprochement and dialogue that is in line with the principles of our foreign policy," Mr. Papandreou said.

"In this context, we are of the opinion that Turkey can and should formally seek candidacy for European Union entry, which Greece is willing to support, " the foreign minister said.

"It is, however, anticipated that the course of Turkey's candidacy will be a long and painful one, as it will have to manifest the immense political courage necessary and go ahead with substantial reforms and changes to meet the strict criteria demanded by the European Union," Mr. Papandreou added.

Athens News Agency

[02] Athens bourse to change trading rules for suspect stocks

Athens, 23/09/1999 (ANA)

Mr. Kouniakis said that the number of listed companies in the new category would not initially exceed five, in addition to shares already being supervised under the old regime.

The shares in this category would be traded in a different way on the stock market.

Buying and selling prices would be set during the session at regular intervals based on the total of bid and offer orders in the system, he said.

The normal method is for prices to emerge real-time from the flow of orders.

The new trading system would resemble pre-trading, or price-setting practices before the official start of daily trade, Mr. Kouniakis said.

Companies that fell short of their commitments towards both the market and investors (eg a failure to report corporate news and financial data including changes in ownership structure, or a failure to respond adequately to talk surrounding the firms' ac tivities) would be included in this category.

Mr. Kouniakis said he could not comprehend anti-reactions to measures planned to enhance transparency in the market.

He categorically rejected that Tuesday's sharp fall in prices was connected with the measures but said that the market had been ripe for a correction.

PM sees calm returning to bourse : Prime Minister Costas Simitis said yesterday that equilibrium would return to the Athens Stock Exchange in a day or two, according to sources.

Mr. Simitis, who was addressing the ruling PASOK party's executive bureau, said there was no problem at the bourse.

New Democracy asks bourse for stock data : According to sources, main opposition New Democracy party leader Costas Karamanlis has sent a letter to the authorities of the Athens bourse, asking for information regarding transactions in shares of state-controlled Hellenic Telecommunications Organisation (OTE) and Hellenic Petroleum from September 1 through 21.

Party officials claimed that the government was attempting to manipulate the stock market through transactions in securities of state utilities. ND spokesman Aris Spiliotopoulos, meanwhile, expressed satisfaction over the restraint and responsible atti tude shown by the investing public yesterday, which contrasted with that of the government.

Athens News Agency

[03] General gov't deficit to drop this year

Athens, 23/09/1999 (ANA)

Addressing a parliamentary debate on a tax reform bill, the minister also underlined the social face of the government's economic policy.

Athens News Agency

[04] Stocks edge up in wake of correction

Athens, 23/09/1999 (ANA)

The general index ended 0.56 percent higher at 6,054.76 points, sharply off the day's high of 6,169 points.

Traders said a wave of profit taking late in the session substantially reduced earlier gains.

Turnover was 465.9 billion drachmas with 44,780,000 shares changing hands.

The Banks and Construction sectors came under pressure to end 0.84 and 1.15 percent lower, respectively.

Other sector indices ended as follows: Insurance (-0.25 pct), Miscellaneous (+2.87 pct), Leasing (+2.05 pct), Investment (+4.20 pct), Industrials (+2.10 pct) and Holding (+2.94 pct).

The parallel market index for smaller capitalisation stocks fell 2.66 percent while the FTSE/ASE 20 index for blue chip and heavily traded stocks eased 0.27 percent to 3,138.77 points.

Sources said that the market was looking for a new support level following two volatile sessions.

Broadly, advancers led decliners by 156 to 145 with another seven issues unchanged.

A total of 31 shares ended at the day's 8.0 percent limit up, while another 33 ended at the day's limit down.

Hellenic Petroleum and Ergo Invest were the most heavily traded stocks.

National Bank of Greece ended at 26,610 drachmas, Commercial Bank at 29,800, Alpha Credit Bank at 30,000, Minoan Lines at 8,600, Intracom at 27,550, Titan Cement at 37,900, Hellenic Petroleum at 6,785, Hellenic Telecoms at 7, 340 and Panafon at 8,950.

Bonds flat in negligible trade : Secondary bond market prices held their low levels in minimal turnover yesterday after shedding 20 to 30 basis points in the previous session. Electronic trade totalled 4.0 billion drachmas from 55 billion drachmas the previous day and 31 billion drachmas on Monday.

The benchmark 10-year bond, which was still trading below par, was flat after losing 15 to 20 basis points a day earlier.

It showed a yield of 6.65 percent from 6.64 percent in the previous session and 6.61 percent on Monday.

The 10-year paper's yield spread over German bunds was 158 basis points from 154 basis points in the previous session and 153 basis points on Monday.

At the central bank's daily fix, the euro rose against the drachma.

The euro was set at 327.030 drachmas from 326.990 drachmas a day earlier and 326.570 drachmas on Monday.

The dollar lost against the drachma. At the fix, it was set at 310.910 from 313.290 drachmas in the previous session.

Athens News Agency

[05] Germany is Greece's top trade partner

Athens, 23/09/1999 (ANA)

German imports increased 20 percent in the last five years, marking an annual average growth rate of 5.0 percent.

They totalled 2.96 billion ecus in 1994, rising to 3.28 billion ecus the following year, but declining to 3.18 billion ecus in 1996.

They rose again in 1997 and 1998 to 3.235 and 3.56 billion ecus respectively.

On the other hand, Greek exports to Germany remained stable in 1998 at 1994 levels to total 1.676 billion ecus, despite small increases in 1995 and 1997.

Greece's main export products to Germany were clothing (542 million ecus), knitwear (125 million ecus) and foodstuffs (368 million ecus).

German exports to Greece are dominated by machinery (945 million ecus), chemical and plastic products (618 million ecus) and vehicles (613 million ecus).

Greek and German businesses will have the opportunity to discuss future alliances at the Europartenariat trade fair and forum to be held in Potsdam, Germany, on October 28-29.

Athens News Agency

[06] No gov't intervention in Athens bourse

Athens, 23/09/1999 (ANA)

Mr. Reppas also denied an ANA report on Tuesday according to which national economy ministry officials said that "tomorrow we buy" after a sharp correction of prices on the Athens Stock Exchange the same day.

"I dismiss such a possibility. These comments are misplaced and have already been denied by Mr. Stournaras", he said.

Yiannis Stournaras is the head of the national economy ministry's team of advisers.

Mr. Reppas reiterated that the government's policy on the stock market was absolutely clear and denied comment on talk of interference by government officials in the market's performance over two sessions.

Mr. Reppas, also speaking as Press and Media Minister, defended the autonomous operation of the Athens News Agency, which is an SA company.

He added that the government could not intervene in the work of its reporters.

Athens News Agency

[07] Building materials price index noses up in August

Athens, 23/09/1999 (ANA)

The building materials price index rose by 3.3 percent year on year in August against the same month of last year, NSS said in a statement. The NSS said the month on month increase in August reflected higher prices in fuel, construction machinery a nd components.

Athens News Agency

[08] Composite industrial output rises in June

Athens, 23/09/1999 (ANA)

The electricity-natural gas index jumped 38 percent, while the mining output index fell by 10.9 percent and the manufacturing index dropped 0.2 percent in June.

The NSS said that the composite industrial output index increased by 3.9 percent in the first six months of 1999 compared with the same period last year.

The mining index fell 16.5 percent, the manufacturing index eased 0.1 percent but the electricity-natural gas index surged 40.4 percent during the first half of 1999.

Athens News Agency

[09] Goody's donates Dr 25 million to quake victims

Athens, 23/09/1999 (ANA)

The company donated the sum to the education ministry to rebuild two schools badly damaged in the temblor.

The company has also donated free meals to 10,000 people made homeless in the quake through a subsidiary, Hellenic Catering.

Athens News Agency

[10] Aspis Pronia buys Nordstern insurers

Athens, 23/09/1999 (ANA)

Insurer Aspis Pronia and Axa Colonia Konzern AG said in a joint statement that the two Nordstern subsidiaries would continue to operate under their existing names in coming years.

In addition, the German company would retain two seats on its former subsidiaries' boards.

Athens News Agency

[11] Aluminium de Grece denies buyout rumour

Athens, 23/09/1999 (ANA)

Stating that it was not up for sale, the company recalled in a statement that 60 percent of its capital was owned by Pechiney of France.

Athens News Agency

[12] OA route to Skopje

Athens, 23/09/1999 (ANA)

Two flights a week will take place from Athens to Skopje. Every Tuesday at 11 a.m. and every Saturday at 9 a.m. until Oct. 30, and from Oct. 31 until March 25, 2000 every Monday, Wednesday and Saturday at 7:30 a.m.

Athens News Agency

[13] Athens Foreign Exchange

Athens, 23/09/1999 (ANA)

Parities in Drachmas

Banknotes             Buying  Selling
US Dollar             308.423 315.574
Can.Dollar            209.649 214.510
Australian Dlr        201.019 205.680
Pound Sterling        503.757 515.437
Irish Punt            411.920 421.471
Pound Cyprus          561.472 574.490
Pound Malta           723.114 753.244
Turkish pound (100)     0.061   0.064
French franc           49.456  50.603
Swiss franc           202.393 207.085
Belgian franc           8.042   8.229
German Mark           165.870 169.716
Finnish Mark           54.562  55.827
Dutch Guilder         147.213 150.626
Danish Kr.             43.656  44.668
Swedish Kr.            37.631  38.503
Norwegian Kr.          39.432  40.346
Austrian Sh.           23.576  24.122
Italian lira (100)     16.755  17.143
Yen (100)             295.408 302.257
Spanish Peseta          1.949   1.994
Port. Escudo            1.618   1.655

Foreign Exchange      Buying  Selling
New York              308.423 315.574
Montreal              209.649 214.510
Sydney                201.019 205.680
London                503.757 515.437
Dublin                411.920 421.471
Nicosia               561.472 574.490
Paris                  49.456  50.603
Zurich                202.393 207.085
Brussels                8.042   8.229
Frankfurt             165.870 169.716
Helsinki               54.562  55.827
Amsterdam             147.213 150.626
Copenhagen             43.656  44.668
Stockholm              37.631  38.503
Oslo                   39.432  40.346
Vienna                 23.576  24.122
Milan                  16.755  17.143
Tokyo                 295.408 302.257
Madrid                  1.949   1.994
Lisbon                  1.618   1.655

Yugoslav Foreign Minister Zivadin Jovanovic is in New York where he is due to address the UN General Assembly.

Athens News Agency

[14] Turkey must show political will, Tsohatzopoulos says

TORONTO, 23/09/1999 (ANA - I. Frangouli)

According to reports, their discussion was held within a positive climate, while the Greek minister later told a press conference that there should be no "illusions over the improvement of Greek-Turkish relations, which necessitate political will by the neighbouring country."

In addition, Mr. Tsohatzopoulos underlined that Turkey is also judged on the Cyprus issue.

Meanwhile, the situation that has arisen in the Balkans following the Kosovo crisis and after the signing of the agreement for disarmament of the so-called "Kosovo Liberation Army" (KLA) was the focus of the first day of talks at the meeting, which ended yesterday.

The "positive" aspect was that "an unarmed force is being set up under the responsibility of the UN Secretary General's representative in Kosovo, that numbers 3,000 persons and will function as a civilian corps, as a civil force for the protection of the minorities of the region," Mr. Tsohatzopoulos told a press conference.

He said the international community must shoulder its responsibilities, adding that the multinational force could not be a hostage of the designs of any particular nationalistic circles of the Albanian population.

Further, he said the mission of the KFOR "deals with the implementation of international law and of peacekeeping in a province of an independent state, as is Yugoslavia, and has the responsibility of ensuring the same rights to all the minorities of the region".

Mr. Tsohatzopoulos expressed reservations as to the rate of progress in the region because "many countries have not yet responded to the call for their participation in the new force".

As for Greece's relations with Turkey, Mr. Tsohatzopoulos said there has been a rapprochement between the two peoples when they faced a natural disaster, "but improvement of relations between the two countries requires political will on the party of Turkey".

The major issue, he said, was the promotion of Cyprus' European Union membership course, and reiterated Greece's reservations over the prospective construction of a nuclear plant in the highly seismic area of Akkuyu Bay in southeastern Turkey.

Regarding the Greece-Cyprus joint defence doctrine, Mr. Tsohatzopoulos said it continued to be in force as a strategic defence of Hellenism.

On the sidelines of an official working lunch on Tuesday, Mr. Tsohatzopoulos had a private meeting with Canadian counterpart Art Eggleton, during which they had a general discussion on the two countries' defence policies and on security issues concerning the wider Balkan area.

After the informal summit, the Greek minister departed for the United States with his US counterpart William Cohen. He is scheduled to visit Washington, Boston and California before returning to Athens.

Athens News Agency

[15] Clerides, Albright focus on possibility of Cyprus talks' resumption

NEW YORK, 23/09/1999 (ANA - I. Afentouli)

"During the meeting all important aspects that could lead the two sides on the island republic to a resumption of talks" for finding a solution to the problem were discussed, Cyprus government spokesman Michalis Papapetrou told reporters.

He said Mr. Clerides underlined to Ms Albright that he was willing to go to the talks on an absolutely equal basis as representative of the Greek Cypriot community and discuss with Turkish Cypriot leader Rauf Denktash, who must accept an invitation by UN Secretary-General Kofi Annan and come to the talks as the representative of the Turkish Cypriot community.

Mr. Clerides also underlined to Ms Albright that the Cyprus government's intention was to have substantive talks resulting in a solution of the Cyprus problem and "not merely a resumption of talks for petty expediencies".

"President Clerides is determined to work conscientiously for the success of this effort. We want not just a resumption of talks but a solution to the Cyprus problem," Mr. Papapetrou said.

US Assistant Secretary of State for European and Canadian Affairs Mark Grossman, State Department special envoy on Cyprus George Weston and other senior US officials participated at the meeting.

Athens News Agency

[16] Gov't says 'non-tension' now apparent in Greek-Turkish relations

Athens, 23/09/1999 (ANA)

"There is a climate of non-tension," government spokesman Dimitris Reppas said when asked to comment on the present state of relations between the neighbouring countries.

Mr. Reppas said a second round of talks between Greek and Turkish officials on finding common ground for rapprochement had ended and that a third round would begin at the end of October.

He said that Turkey's consideration as a candidate country would be an issue discussed at the EU summit in Helsinki at the end of the year. "That is where we will set out our positions," he said.

"Turkey must show such behaviour which will illustrate that it is coming into line with the 'acquis communautaire'".

"We desire a European Turkey and not a Turkey which could have an 'a la carte' relationship with the EU," he said.

Mr. Reppas denied that Foreign Minister George Papandreou had ever raised an issue of rapprochement with Turkey without conditions or prerequisites.

Athens News Agency

[17] Tirana again fails to open Greek-language schools in 2 districts

Athens, 23/09/1999 (ANA)

The "Omonoia" ethnic Greek organisation issued a strongly worded statement, describing the ministry's decision as "a brutal violation of the Greek community's constitutional right to education in their mother tongue, a right established by the Internati onal Court at The Hague".

The Greek school in Heimarra was reopened after a ruling by the Court in 1935, along with all other Greek scools in Albania, but was shut again with some others by the communist government of the country in 1947.

Athens News Agency

[18] BSEC environment ministers in Thessaloniki

Athens, 23/09/1999 (ANA)

The countries participating in the meeting are Greece, Turkey, Armenia, Azerbaijan, Ukraine, Georgia, Romania, Bulgaria, Albania, the Russian Federation and Moldova.

Athens News Agency

[19] Patriarch cites wish for 'new beginning' in Turkish society

ISTANBUL, 23/09/1999 (ANA - A. Kourkoulas)

He was speaking yesterday at a conference organised by the Foundation of Journalists and Writers on the issue of "The Technique of Living Together." It was organised in the framework of celebrations marking the 700th anniversary of the founding of the Ottoman state.

"May the earthquakes activate in the hearts of all the fire of love existing there to enable it to burn the ruins of the past and us to build a new open, multi-national, multi-cultural and multi-religious society in their place, in which each person will choose freely his way of life with absolute respect for the choice of his fellow man. Then we will have applied the technique of living together and we will have vindicated our human capacity," he said.

Athens News Agency

[20] Archbishop Dimitrios receives State Dept.'s Grossman

NEW YORK, 23/09/1999 (ANA - M. Georgiadou)

"An exchange of substantive ideas took place on issues of mutual interest and, among others, the issue of the Halki Academy of Theology," the Archbishop said after the 30-minute meeting, adding that "we are grateful for the visit, as well as the essence , spirit and cordiality of this brief discussion."

On his part, Mr. Grossman reminded that his relation with the Greek community in the US and Turkey started a decade ago.

"I am trying to give the greatest attention possible to issues of interest to this community, both from my professional and personal point of view," Mr. Grossman said.

"I had a good exchange of views on this issue. I told the Archbishop that I have been working for this since the very first day, because I am convinced that the reopening of the academy will be to the benefit of both the Orthodox community and Turkey," Mr. Grossman said in reply to a question of the reopening of the Halki Academy.

Athens News Agency

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