Athens News Agency: Daily News Bulletin in English, 99-10-01

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

CONTENTS

[01] New emblem for Athens 2004 Olympic Games unveiled

[02] Premier chairs meeting focusing on upcoming EU summit

[03] FM Papandreou: Greece will not be discouraged by Ecevit statements

[04] G. Papandreou addresses in Istanbul

[05] SAE calls latest Clinton-Ecevit meeting 'disappointing, meaningless'

[06] Gov't condemn arson attempt against mosque

[07] Second day of Poulantzas conference focuses on `globalisation`

[08] Karamanlis: No sign of change in Ankara's behaviour to justify EU candidacy

[09] Karamanlis on possible elections

[10] Papantoniou: Early elections would not benefit economy, EMU course

[11] Current account deficit narrows in Jan-Mar

[12] Consumer credit stays high in July

[13] Eurobank, Bank of Crete sign merger deal

[14] Stocks rise, driven by small-cap trade

[15] Bonds drop in light trade, drachma under attack

[16] Reverse bond auction held

[17] Central Macedonia to get lion's share of funds

[18] Sanyo Hellas buys stake in Nintendo rep

[19] Lufthansa celebrates 40 years in Greece

[01] New emblem for Athens 2004 Olympic Games unveiled

Athens, 01/10/1999 (ANA)

The azure and dark blue colours used in the emblem symbolise the sky and sea of Greece, according to the 2004 Games' organisers.

An unveiling ceremony for the new emblem was held in central Athens' Zappeion Hall, with International Olympics Committee President Juan Antonio Samaranch, President of the Republic Kostis Stephanopoulos, Prime Minister Costas Simitis as well as most of Greek leadership attending.

"We knew the difficulties involved. The Olympic Games are an institution of worldwide stature, and our primary goal was for the 2004 Games to be a landmark event. Athens will be a new city in 2004. We have the support of the entire Greek people and the Olympic family," said Culture Minister Elizabeth Papazoi.

On his part, Mr. Samaranch said "this emblem will draw the attention of the entire world. It will remain engraved in the history of the Olympic Movement after the end of the 2004 Games. The factors of Greek success are three: your successful candidacy, the organisation, which I believe will be impeccable, and the performances of Greek athletes."

Athens Mayor Dimitris Avramopoulos said the Greek capital had a vision of organising the best Olympic Games ever.

The president of the Athens 2004 Organising Committee, Panayiotis Thomopoulos said, "the emblem is a global symbol and our wish is that it reaches the end of the earth. Our effort is marked by unanimity and we shall succeed in the organisation of the Games, which will be worthy of our tradition.

Simitis-Samaranch meeting : Earlier yesterday, PM Simitis and Mr. Samaranch held an hour-long meeting on issues related to the Athens 2004 Games.

Mr. Samaranch was accompanied by coordinating committee president Jacques Rogge and other senior IOC officials.

Members of the IOC's executive committee, including Athens 2004 President Panayotis Thomopoulos and Managing Director Costas Bakouris and Deputy Minister for Sports Andreas Fouras joined the meeting at a later stage.

Ms Papazoi told reporters that there had been an "analytical discussion on everything related to the 2004 Olympics."

She said Mr. Rogge had expressed his satisfaction at the work done by the organising committee so far in important issues such as hospitality and sports-related matters.

Earlier in the day, Mr. Samaranch met with Foreign Minister George Papandreou. The two men discussed Athens' proposal for an "Olympic Truce" during the holding of the 2004 Games and future Games.

Athens News Agency

[02] Premier chairs meeting focusing on upcoming EU summit

Athens, 01/10/1999 (ANA)

The summit will deal with issues such as security of the citizen, illegal immigration and cross-border crime activities, as well as the promotion of a climate of liberty, security and justice in the Union.

FM George Papandreou, who took part in the meeting, said such issues were very important for the European citizen, while Greece will have specific proposals to make at the summit, hoping that "we shall achieve significant progress".

Other ministers taking part were of Interior and Public Administration Vasso Papandreou and of Public Order, Mihalis Chrysohoidis.

Athens News Agency

[03] FM Papandreou: Greece will not be discouraged by Ecevit statements

Athens, 01/10/1999 (ANA)

"His positions don't surprise us. We know them. But we will not give up," Mr. Papandreou told reporters after meeting with Prime Minister Costas Simitis on preparations for a forthcoming EU summit on security, illegal immigration and cross-border crime.

Mr. Ecevit said this week that prospects of resolving the Cyprus were a 'chimera' if Greece and Turkey did not first sit down to discuss problems in the Aegean.

Mr. Papandreou said that he would meet tomorrow with Finnish Prime Minister Paavo Liponnen on issues related to the preparation of the Finnish summit in Helsinki at the end of the year, when Finland completes his six-month term in the EU presidency.

These issues include EU expansion, and, by extension, the issue of Turkey's candidacy for EU membership.

Cem cites 'better understanding' of Turkey : ISTANBUL (ANA - A. Kourkoulas) - On his part, Turkish Foreign Minister Ismail Cem said he believes the "new shape" of relations between Greece and Turkey has contributed to better understanding for Turkey in Europe.

"The new shape of relations with Athens has a positive repercussioon on Turkey's relations with the EU," he said, and explained that the EU is shaping a policy which reflects and protects the interests of all its members.

"The EU's member-states believe that they should take a position at the side of every member-state," Mr. Cem said in an interview with the newspaper 'Turkiye'.

Replying to a question on whether "the Cyprus issue or the issues of the Aegean" can create complications in Greek-Turkish relations, he said that "we have shaped a realistic framework to see that this will not happen."

Mr. Cem said the Cyprus issue is not a bilateral issue, adding that "we can discuss the Aegean issues and see afterwards whether or not preconditions have been created for solutions."

Referring to the Cyprus issue in particular, Mr. Cem said "the US, indeed, ardently desires a solution to the Cyprus issue in the framework of its own conceptions. We see this issue from a different angle," adding that "we are not those to whom they sho uld appeal (over the Cyprus issue)" and that "he is Mr. (Turkish Cypriot leader Rauf) Denktash."

Athens News Agency

[04] G. Papandreou addresses in Istanbul

Athens, 01/10/1999 (ANA)

On Monday, Mr. Papandreou will give a speech at Istanbul University on the role of the society of citizens and of the two peoples in shaping the climate in Greek-Turkish relations.

He will later attend a dinner given in his honour by the university's deanery. His Turkish counterpart Ismail Cem has also been invited.

Athens News Agency

[05] SAE calls latest Clinton-Ecevit meeting 'disappointing, meaningless'

Athens, 01/10/1999 (ANA)

"The Hellenic American community and all Americans who are concerned about human rights and international legality are deeply disappointed about the results of the talks of President Clinton with Turkish Prime Minister Bulent Ecevit," an announcement by the SAE, the North and South America Region, read.

SAE cited the transcript of the White House briefing stating that Mr. Clinton and Mr. Ecevit "agreed that there cannot be a solution to the problem of Cyprus that would return the situation to what it was before 1974", prior to the Turkish invasion and occupation of the northern part of the island republic, and that Mr. Ecevit "supported the US president's idea to send his special envoy for Cyprus, Al Moses, to the region probably as early as next week to explore ways for moving forward toward a negotia tioned settlement".

"With high expectatins for reaching a solution for Cyprus, the result of the meeting was a meaningless 'concession' of the Turkish prime minister, the substance of which was that he supports the idea of yet another presidential e nvoy to the region, after so many others, for yet another consultation," SAE said.

Noting that "the same activity has been carried on for the last 25 years since the invasion, with no results", SAE warned that unless the American administration "takes a firmer stand and presses the Turkish government to comply with international law a nd the numerous UN Resolutions", Turkey's "illegal occupation of Cyprus and the egregious violation of human rights of the Cypriot people will continue".

"To the detriment of our national interest, peace and stability in the eastern Mediterranean will continue to elude us," SAE warned.

Athens News Agency

[06] Gov't condemn arson attempt against mosque

Athens, 01/10/1999 (ANA)

Glafki is a mixed village of Christians and Moslems in Xanthi prefecture. The fire caused damage estimated at 100,000 drachmas before being put out by local residents.

The attack coincided with the visit to the region of a Council of Europe (CoE) delegation, examining relations between the two religious communities.

Athens News Agency

[07] Second day of Poulantzas conference focuses on `globalisation`

Athens, 01/10/1999 (ANA)

Among the speakers at the afternoon session was City University of New York professor Stanley Aronowitz and Lancaster University professor Bob Jessup, a scholar on Poulantzas. Mr. Aronowitz, among others, cited what he called the "demobilisation" of the Left - apparent in Poulantzas' work - years before the collapse of the Soviet Union, adding that communist states had become a "mirror image" of bourgeois society. He also reiterated that many of the parties of the Left when nearing power become "state parties".

In other comments, he cited the "economic crisis of the 1970s", the "dominance of transnational companies" and Poulantzas' writings on "authoritarian statism". In terms of labour movements, he said they face a choice today, namely, whether or not to bec ome even more dependent on capital.

Finally, the noted US sociology professor cautioned against what he said was the "emergence of a new ferocity of the (repressive) state apparatus (in the United States) - Schools have become day prisons in New York," he said characteristically.

Mr. Jessop focused on the issue of "strategic selectivity of the state" vis- a-vis the works of Poulantzas, dividing his initial remarks into three sections: institutional separation of society; institutional materiality and what he called "inter-imperia listic" contradictions. Specifically, the British scholar stressed that the form of globalisation at present attempts to secure social cohesion in a class-divided society.

"The state cannot contest globalisation due to the inter-imperialistic conflicts within the state (i.e. multiple centres of capital)."

He also pointed to what he identified as three new contradictions that can be substantiated through Poulantzas' work, including the "globalisation of finance capital"; what he called "short-termism" (day-trading, computer trading etc.), and the informat ion economy versus the information society.

"For instance, we now have national money versus international currency," he emphasised.

Poulantzas, who died in September 1979, is the author of such books as "Marxist Theory & Political Struggle", "Les Classes Sociales dans le Capitalisme d'Aujourd'hui", "Fascisme et Dictature", "For Gramsi: Between Sartre and Althusser", "L'Etat, le Pouv oir, le Socialisme".

At an earlier session in the morning, Samir Amin, from the universities of Paris VIII and Dakar ; Richard Collard from Columbia and Frances Fox Pivenz from New York's City; Leo Panitch from York University in Toronto; Athens University's Dimitris Harala mbis as well as Emir Sader from the Universite de Rio de Janeiro all spoke on the life and work of Poulantzas.

Athens News Agency

[08] Karamanlis: No sign of change in Ankara's behaviour to justify EU candidacy

BRUSSELS, 01/10/1999 (ANA - M. Spinthourakis/A. Panagopoulos)

"The only thing which seems to interest Turkish political leadership is the 'European passport'," he told Greek reporters, noting that there was a trend towards recognising Turkey as a candidate-country at the upcoming EU summit in Finland.

Regarding Cyprus' accession to the EU, Mr. Karamanlis said it should not be made dependent on a solution of the island's political problem. Any guarantees that might be given by the "15" in that respect would no doubt be a positive factor, but did not change the problem of Turkey's stand on the issue.

The ND leader, who met with the presidents of the European Committee and the European Parliament, said the forthcoming institutional reform in the EU ahead of enlargement should take a permanent total character and give emphasis on the issues of foreign policy and security. Further, he expressed satisfaction regarding the adoption by the council summit of the European Peoples' Party (EPP) of a plan submitted by ND last June for the stability, development and reconstruction in the Balkans, which he described as a national success.

Athens News Agency

[09] Karamanlis on possible elections

BRUSSELS, 01/10/1999 (ANA - A. Panagopoulos)

He made the statement in response to a question by Spanish Commissioner and vice-president of the European Commission, Loyola de Palacio, and in the presence of reporters.

Asked by ANA, Mr. Karamanlis declined to comment on whether he had made any definitive decisions regarding next year's elections or which person he would propose for president of the republic when the present term expires in March.

Several of his aides insisted that ND was ahead of ruling PASOK in voters' preferences, despite some latest opinion polls apparently showing the opposite.

Athens News Agency

[10] Papantoniou: Early elections would not benefit economy, EMU course

NEW YORK, 01/10/1999 (ANA - M. Georgiadou)

"I suppose that with early elections you mean elections at the end of March in the event the Greek Parliament fails to elect a president of the republic. The assessment of both the government and myself is that elections in March will not benefit our ca se for accession to EMU, because they will upset the political timetable for accession," he told reporters.

Mr. Papantoniou added that "the application for EMU accession will be submitted in early March, in the first fortnight in March. Therefore, it will be in the midst of a possible election period. Therefore, this will be negative because some time will be lost to support this candidacy."

"Despite the fact that good news travels slowly," the business and investment world of the US has now realised the very great improvement and the extremely important changes which the Greek economy has achieved with speedy rates over the past 5-6 years, he also said.

Mr. Papantoniou noted that US President Bill Clinton's visit to Greece between Nov. 21-23 along with the possible participation of the US trade secretary or assistant secretary, is also expected to contribute to a speedup in the inflow of US investments , while the holding of the Olympic Games in Athens in 2004 constitutes yet another magnet for US and international investors.

Athens News Agency

[11] Current account deficit narrows in Jan-Mar

Athens, 01/10/1999 (ANA)

The trade deficit shrank by 465 million euros due equally to a reduction in net import fuel prices and an improvement in the trade deficit excluding fuel.

Capital inflows for stock and bond purchases in the same period totalled 5.5 billion euros, the central bank said.

Athens News Agency

[12] Consumer credit stays high in July

Athens, 01/10/1999 (ANA)

Commercial bank balances in July for personal loans, consumer loans and credit cards totalled 1,174.9 billion drachmas, up 45.6 percent from the same month of 1998 and 22.9 percent higher than December 1998.

Equivalent rises in June were 46.4 percent and 20.1 percent respectively.

Foreign currency loans in July totalled 3,414.1 billion drachmas, up 31.7 percent year on year.

Drachma loans came to 7,268.9 billion drachmas showing a year on year rate of increase of 7.8 percent.

Athens News Agency

[13] Eurobank, Bank of Crete sign merger deal

Athens, 01/10/1999 (ANA)

Of Bank of Crete's 86 branches, 46 are now operating under the EFG Eurobank logo.

By October 20, the remaining branches will have been converted.

Athens News Agency

[14] Stocks rise, driven by small-cap trade

Athens, 01/10/1999 (ANA)

The general index ended 1.26 percent higher at 5,667.60 points.

Turnover dropped to 340.796 billion drachmas from 370.259 billion drachmas a day earlier with 36,459,000 shares changing hands.

Interest in what traders call marginal stocks began to revive in the previous session after retail investors, their main buyers, shunned the paper for a time on doubts of the viability of some of the companies.

Banking stocks were sold, driving down the heavily weighted banking sector index.

The market is seeking to consolidate around 5,600 points after a phase of extreme shifts.

Analysts were still reluctant to forecast the short-term outlook.

Sector indices ended as follows: Banking (-0.75 pct), Insurance (+2.28 pct), Construction (+6.01 pct), Miscellaneous (+4.88 pct), Leasing (+4.50 pct), Investment (+3.41 pct), Industrials (+1.40 pct) and Holding (+2.81 pct).

The parallel market index for smaller capitalisation stocks jumped 6.59 percent while the FTSE/ASE 20 index for blue chips and heavily traded stocks rose 0.58 percent to finish at 2,998.45 points..

Of 308 stocks traded, advances outpaced declines at 263 to 42 with three shares remaining unchanged.

A total of 120 shares, all of them small and medium capitalisation stocks, ended at the daily 8.0 percent upper volatility limit and one ended at the daily limit down, which is also 8.0 percent.

The day's most heavily traded stocks were Viosol and Hellenic Telecommunications Organisation.

National Bank of Greece ended at 24,700 drachmas, Commercial Bank of Greece at 28,500, Alpha Credit Bank at 24,750, Minoan Lines at 7,750, Intracom (common) at 26,200, Titan Cement (common) at 35,990, Hellenic Petroleum at 6,060, Hellenic Telecommunications Organisation at 7,200 and Panafon at 8, 400 drachmas.

Athens News Agency

[15] Bonds drop in light trade, drachma under attack

Athens, 01/10/1999 (ANA)

Electronic trade totalled 29 billion drachmas from 8.0 billion drachmas in the two previous sessions and 1.0 billion drachmas on Monday.

Of yesterday's turnover, sell orders accounted for 26 billion drachmas of the total.

The benchmark 10-year bond, which was still trading below par, shed 30 to 40 basis points to show a yield of 6.73 percent from 6.67 percent a day earlier and 6.62 percent in the two previous sessions.

The 10-year paper's yield spread over German bunds was 161 basis points from 158 basis points in the two last sessions.

Central bank steps in to prop up drachma : In the foreign exchange market, the drachma came under strong pressure against the euro yesterday in sales of the national currency traders said were linked to a recent slump on the Athens Stock Exchange and institutional investors abroad closing their positions.

The Bank of Greece intervened in the market to push up the drachma, selling around 570 million euros when the European currency hit 329.20 drachmas.

The central bank, which has stepped into the market a number of times in around a week, was sending a signal to players that it had no intention of allowing a rapid, unbridled depreciation of the drachma. This was the highest recent intervention.

The drachma will eventually slide to its central parity of 353.1 to the euro in the European Union's exchange rate mechanism II.

At the central bank's daily fix, the euro rose against the drachma. The European currency was set at 328.600 drachmas from 328.320 drachmas in the previous session and 327.900 drachmas on Tuesday.

The dollar dropped versus the drachma.

At the fix, it was set at 308.270 drachmas from 311.290 drachmas a day earlier and 312.880 on Tuesday.

Athens News Agency

[16] Reverse bond auction held

Athens, 01/10/1999 (ANA)

Bids submitted totalled 362.8 billion drachmas in the whole auction, and the ministry accepted 150 billion drachmas worth of bids, the original amount being tendered, the ministry said in a statement.

Athens News Agency

[17] Central Macedonia to get lion's share of funds

Athens, 01/10/1999 (ANA)

Addressing the Regional Council of Central Macedonia in Thessaloniki, Mr. Pahtas said the decision was dictated by a government plan to aid rapid growth in the region, due to the role it is expected to play as a springboard for the Balkans.

Athens News Agency

[18] Sanyo Hellas buys stake in Nintendo rep

Athens, 01/10/1999 (ANA)

Athens News Agency

[19] Lufthansa celebrates 40 years in Greece

Athens, 01/10/1999 (ANA)

The airline's first flight to Greece, which was via Hamburg, Dusseldorf, Frankfurt and Monaco, was on May 10, 1959 using a Vickers Viscount 814.

Lufthansa now ranks second after Olympic Airways in the number of passengers and flights, and turnover.

Athens News Agency Athens 01/10/1999 (ANA)

ATHENS FOREIGN EXCHANE

Bank of Greece closing rates of: September 30, 1999

Paarities in Drachmas

Banknotes             Buying  Selling
US Dollar             305.804 312.894
Can.Dollar            208.518 213.353
Australian Dlr        199.179 203.797
Pound Sterling        503.539 515.214
Irish Punt            413.898 423.495
Pound Cyprus          564.607 577.697
Pound Malta           716.974 746.848
Turkish pound (100)     0.060   0.063
French franc           49.694  50.846
Swiss franc           204.263 208.999
Belgian franc           8.081   8.268
German Mark           166.667 170.531
Finnish Mark           54.825  56.096
Dutch Guilder         147.919 151.349
Danish Kr.             43.888  44.906
Swedish Kr.            37.416  38.284
Norwegian Kr.          39.511  40.427
Austrian Sh.           23.689  24.238
Italian lira (100)     16.835  17.226
Yen (100)             289.773 296.492
Spanish Peseta          1.959   2.005
Port. Escudo            1.626   1.664

Foreign Exchange      Buying  Selling
New York              305.804 312.894
Montreal              208.518 213.353
Sydney                199.179 203.797
London                503.539 515.214
Dublin                413.898 423.495
Nicosia               564.607 577.697
Paris                  49.694  50.846
Zurich                204.263 208.999
Brussels                8.081   8.268
Frankfurt             166.667 170.531
Helsinki               54.825  56.096
Amsterdam             147.919 151.349
Copenhagen             43.888  44.906
Stockholm              37.416  38.284
Oslo                   39.511  40.427
Vienna                 23.689  24.238
Milan                  16.835  17.226
Tokyo                 289.773 296.492
Madrid                  1.959   2.005
Lisbon                  1.626   1.664

Athens News Agency

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