Economy minister underlines targets: The use of funds from a Third Community Support Framework, deregulation of markets and improving competitiveness will lead to a further development of the Greek economy, Christodoulakis said.

Presenting next year's budget to the state general accounting office, Christodoulakis said the budget had two main characteristics: first, it was drafted in the framework of an international environment of uncertainty and second, that the Greek economy was growing faster than any other EU member-state.

"Strong and powerful economies, like the US and Japan, are showing strong signs of slowdown, with international forecasts referring to slower growth," he said.

Christodoulakis said that the 2002 state budget's targets were slightly reviewed with initial forecasts a few months ago. International organizations were offering different forecasts for Greek economic growth in 2002. The European Union said that Greek gross domestic product would rise by 3.5 percent next year, the OECD predicted a 4.0 percent growth rate and the IMF said it expected GDP growth of 3.0 percent.

"All the above forecasts were taken into consideration, but we think as realistic a target for a GDP growth of 3.8 percent," Christodoulakis said.

The Economy and Finance Minister said the government's priority was to contain the public sector's consumer spending and said that monitoring of spending would be strict in order to save money to fund economic development.

He said that Greece's public debt was forecast to fall to 97.3 percent of GDP in 2002, below the 100 percent level for the first time in many years.

Christodoulakis predicted revenues of 650 billion drachmas from privatization and said that net tax revenues would be lower in 2002 compared with the current year.

Parliament to debate 2002 budget on Dec 17-21: A house debate on the government's budget for 2002 will be held on December 17-21, government officials said on Wednesday.

The budget, the first in euros and last in drachmas, was formally submitted to parliament, with its passage through committee stage due to begin on Tuesday.

The euro will be introduced as a currency in circulation on January 1.

Prime Minister Costas Simitis told a cabinet meeting earlier in the day to endorse the new budget that the economy had shown its resilience in a climate of global uncertainty, maintaining a relatively high rate of growth.

"The most important thing for the success of our policy is the fact that there is a sense of security and certainty around the economy," the government spokesman quoted Simitis as telling his cabinet ministers.

The economy had been adversely affected by terrorist attacks in the US on September 11, but to a lesser extent than many other countries, the prime minister said.

"We must lay emphasis on stability, implement the stability pact and our international commitments, and make known the good image of our economy. And the image is good, as shown in OECD forecasts," he added.

Gov't to keep fiscal discipline in 2003-2004: The government is to retain fiscal discipline in 2003-2004, according to draft budgets for those years contained in the 2002 budget that was sent to parliament on Wednesday.

In the two advance budgets, the government will embark on the second phase of an overhaul of the tax system that will widen the tax base; lower tax rates; transfer the tax burden from intermediary production to final consumption, lowering output costs; and transfer the tax burden from labor to other parts of the production process and to consumption, boosting employment.

Under the two drafts, spending on wages in 2003 is to rise by 3.2 percent and in 2004 by 4.0 percent, with a pension increase of 4.9 percent for each year.

Spending on subsidies to social insurance funds is to rise by 6.8 percent in 2003 and by 6.7 percent in 2004. Subsidies to other bodies will increase by 0.9 percent in 2003 and 0.4 percent in 2004.

Consumer expenditure is to drop by 0.4 percent in 2003, rising by 4.1 percent in 2004.

In addition, the budgets for each of the two years contains a freeze on public sector hiring.

Government spending on investments is to rise by 9.6 percent in 2003 to 9,811 million euros, and by 11.2 percent in 2004 to 10,911 million euros.

Regular budgetary revenue is to rise by 7.0 percent in 2003 to 41,632 million euros; and by 6.9 percent in 2004 to 44,505 million euros.

Party reactions to new state budget: Parties of the opposition on Wednesday criticized the content of the government's new state budget for 2002, with the New Democracy accusing the government of continuing to "apply creative accounting".

ND Economic Affairs Coordinator George Alogoskoufis said "the extensive use of creative accounting, the extravagant policy in the public sector are continuing and wage earners, pensioners, self-employed professionals, farmers, the unemployed and small and medium-size enterprises are again called on to pay for the burden."

"The country needs a different policy. Sincere budgets are necessary. The Greeks have had their fill of bogus surpluses," Alogoskoufis added.

The Coalition of the Left and Progress party's economic and social policy department chief Dimitris Papadimoulis said the budget "anticipates an incomes policy below inflation and it perpetuates tax injustice, worsening the ratio between direct and indirect taxes and maintaining exorbitant expenditures for armaments."

Democratic Social Movement (DHKKI) leader Dimitris Tsovolas spoke of "austerity for the many and super profits for the few, while in parallel the decrease of the social state and of national wealth is continuing", adding that with such a policy unemployment will increase and the production economy will become disorganized.

General Confederation of Workers of Greece (GSEE) President Christos Polyzogopoulos said the policy looming through the budget is an effort to reallocate wealth produced.

He said this effort is not enough and called for social inequalities created during the period of Economic and Monetary Union (EMU) to be erased.

The Civil Servants Supreme Administrative Council (ADEDY) President Spyros Papaspyros said the new budget is at a "distinct distance from the claims of working people". Settlements for incomes policy and family benefits are moving in a restrictive direction, particularly for the public sector, and will fuel new mobilizations, he added.

[02] Iliescu and Stephanopoulos discuss Romania's EU accession prospects

Athens, 22/11/2001 (ANA)

Iliescu arrived in Greece on Wednesday morning at the head of a 80-member business delegation for a three-day official visit. He was commenting on a statement by French Foreign Minister Hubert Vedrine, who said that all 12 candidate-states had to join the EU, including Romania and Bulgaria.

Stephanopoulos described Vedrine's statement as "positive" but noted that Romania had lagged behind in the accession process because of the slow growth of its economy.

He pledged Greece's support but noted that only Romania itself could achieve higher growth rates, while he reiterated Athens' backing for Romania's entry into the EU and NATO.

The two men also discussed Greek-Romanian bilateral relations and cooperation, especially in the framework of international organizations such as the OSCE, of which Romania is currently president.

President hosts dinner in honor of Romanian counterpart: President of the Republic Kostis Stephanopoulos said on Wednesday night that the active rallying of all the civilized states will contribute decisively in confronting the phenomenon of terrorism.

Speaking at a dinner he hosted in honor of visiting Romanian President Ion Iliescu, Stephanopoulos said that this goal cannot be achieved through military operations alone. He noted that "we are obliged at the same time to examine and confront the real causes of the evil, to strive for the lessening of human suffering, to solve prolonged international problems and to really respect human rights."

The President of the Republic added that the problems should be confronted through a sincere and substantial dialogue on the basis of the principles of humanism, which European civilization represents.

Stephanopoulos expressed the hope that through this crisis, the world will emerge richer in experiences and determined to at long last implement the principles of the United Nations Charter, of other international organizations and of the European Union in settling differences, that of foreign occupation such as the protracted Cyprus problem and border disputes.

Stephanopoulos added that "the only path for a better tomorrow is peace, cooperation and democracy."

Stephanopoulos also referred to Greek-Romanian relations, reiterating Greece's support to Romania's accession to the Euro-Atlantic structures, noting that Iliescu's visit to Athens will further enhance bonds of friendship and cooperation between Athens and Bucharest in all sectors, particularly in the economic.

Iliescu attends presentation of his book in Marousi: Later on Wednesday, Iliescu attended an event organized by the mayor of the north Athens suburb of Marousi, at which Iliescu's book entitled "Romania - the renaissance of hope" was presented. The Marousi municipality arranged the publication of the book.

Athens University awards Silver Medal to visiting Romanian president: Romanian President Ion Iliescu on Wednesday was awarded the Silver Medal of the University of Athens, during a ceremony at the university's main administration building.

Athens University Rector George Babiniotis, welcomed the visiting president to Athens and the university and lauded Iliescu's literary work before presenting the medal along with a golden wreath, a copy of those that were found in the Vergina ancient Macedonian tombs.

The visiting Romanian president spoke on the future of European integration. His speech entitled "The social European model, a Romanian perspective" emphasized the need for an alternative political look at the future and stressed Romania's commitment to enter the European Union and NATO.

"I am very honored to have the occasion of addressing you and putting forward some ideas concerning the European social model and the consequences of the process of globalization," he said.

Iliescu stressed that the open market policies should be coupled with a strong social state, which should be able to provide a net of protections for citizens. He brought up the Swedish model of development to make his point.

"We know enough examples in which the free trade and the free circulation of capital has brought about serious internal and external disruptions. The effects of those severe economic phenomena are mostly felt at the level of society," he added.

"The prime objectives of this model are, among others the assurance of a minimum guaranteed social protection and the adoption by the member countries of a minimum of social standards. This social model is a strongly re-distributive one, which promotes social integration and rejects the exclusion or marginalization of large social categories," he noted.

The Romanian president also focused on the North-South European development deficit, stressing that a model of development should be devised within the European Union that would allow smaller less developed regions of the Union to equalize their standard of living with those of the more developed north.

Romania is a European Union candidate member-state and it has been working to achieve its entry to NATO.

Iliescu meets development minister, party leaders: Romanian President Ion Iliescu, currently on an official visit to Greece at the invitation of his Greek counterpart Kostis Stephanopoulos, had separate meetings on Wednesday with Development Minister Akis Tsohatzopoulos, main opposition New Democracy (ND) party leader Costas Karamanlis and Coalition of the Left and Progress (Synaspismos) leader Nikos Constantopoulos.

In statements following his meeting with Iliescu, Tsohatzopoulos referred to the broader cooperation between Greece and Romania, noting that there should exist a common prospect of collective security within the framework of NATO. He added that a new economic space should also be shaped in southeastern Europe and in 2002, with the enlargement of NATO, a new basis for cooperation.

On his part, Karamanlis said they had a very interesting discussion, noting that bilateral relations were on a very good level.

The main opposition leader added that a message of stability should be sent to southeastern Europe, noting that he had expressed to Iliescu his party's firm position for the prospect of Romania's accession to the European union.

Iliescu attends Greek-Romanian Business Council dinner: Visiting Romanian President Ion Iliescu discussed Greek investments in his country and issues relating to bilateral economic cooperation during a dinner in Athens on Wednesday organized by the Greek-Romanian Business Council.

Iliescu is in Athens for a three-day official visit at the head of a Romanian government delegation.

[03] FM and Romanian counterpart discuss bilateral issues

Athens, 22/11/2001 (ANA)

Papandreou reassured Geoana of Greece's support for Romania's process of rapprochement with Euro-Atlantic structures and for support for the proposal presented by French Foreign Minister Hubert Vedrine on an enlarged accession to the European Union which will include 12 countries, with Romania being among them.

Papandreou underlined that Romania should speed up its preparation for the pre-accession process and thanked his counterpart for the constructive work he is doing as OSCE president.

Papandreou also said bilateral relations are proceeding at an excellent rate and still have bigger possibilities for improvement. In any case, Greece is cooperating with Romania and Bulgaria at a tripartite level as well.

On his part, Geoana said a more dynamic course for Romania to the EU is being promoted and the Romanian government is working hard to this end.

He thanked Papandreou for support extended by Athens and expressed the hope that the idea discussed in Goteborg for Romania and Bulgaria to be included among candidate countries will become a reality.

[04] FM addresses Parliament on Olympiad security, terrorism

Athens, 22/11/2001 (ANA)

Papandreou was replying to a question by ruling PASOK party Deputy Yiannis Kapsis on statements made recently by former U.S. Ambassador to Athens Thomas Niles on the issue of terrorism in Greece. Niles had said in an interview with the Mega television station that in 1995 he had delivered to the government a list containing the names of suspects for participation in the elusive November 17 organization.

"Terrorism and the activity of 'November 17' has become the object of exploitation at times," Papandreou said and spoke of the existence of "exaggeration and scenarios."

He said the phenomenon is observed with "specific journalists in the U.S. and in a few former U.S. administration officials" and added, however, that the U.S. government "took distances" and says it has nothing to do with the Niles statements.

Papandreou said Greece and the U.S. have good cooperation in the handling of terrorist activities and that the credibility and will of the country's political world is the best reply to such statements.

He reminded that at times he has called on the previous U.S. Ambassador to Athens Nicholas Burns, as well as the new U.S. Ambassador Thomas Miller and told them that if they have evidence the simplest thing to do is to deliver it to the public order ministry.

Papandreou further said that fortunately close cooperation exists with the public order ministry and "as long as they have reliable evidence, we need it and it will be evaluated", but the reliability and will of the government and the police cannot be doubted.

[05] FM Papandreou meets U.S. Ambassador Miller

Athens, 22/11/2001 (ANA)

After the meeting, Miller reiterated that the U.S. government is very satisfied with the cooperation it has with the Greek government and described bilateral relations as very good.

Asked by journalists to comment on newspaper reports according to which a pamphlet found at the defense ministry in Kabul contained the name of a Muslim who had passed through Athens, Miller said that he had nothing more to add.

He reiterated that the U.S. government has very close cooperation with the Greek authorities and also with all the other European governments on possible connections of Al Qaeda in other countries.

[06] National Armed Forces Day celebrated

Athens, 22/11/2001 (ANA)

National defense minister Yannos Papantoniou said after the ceremony that Greece had a strong and efficient Armed Forces capable of defending the homeland against any threat.

"The Armed Forces, together with the country's strong economy, constitute the foundations for the strong Greece we have created," the defense minister said.

Main opposition New Democracy (ND) leader Costas Karamanlis called on the State to provide moral and material support for the Armed Forces staff.

[07] Deputy FM Magriotis meets Ecumenical Patriarch Vartholomeos

ISTANBUL, 22/11/2001 (ANA - A. Kourkoulas)

Vartholomeos and Magriotis discussed the forthcoming inter-religious conference which the Ecumenical Patriarchate will organize in parallel with the European Union summit in December in Brussels.

Magriotis made a stopover in Istanbul to visit the Ecumenical Patriarch, returning to Athens from Azerbaijan.

[08] Gov't spokesman comments on military installation espionage

Athens, 22/11/2001 (ANA)

Protopappas said the interrogatory process has been activated for those arrested and an investigating magistrate and a public prosecutor are addressing the issue.

He added that after the relevant investigation being carried out it will be decided whether charges will be filed against them and if someone will be remanded in custody, and clarified that the government is watching the issue, "but the judiciary is independent and there is no ground for interventions".

Replying to a question by the press on whether the government is concerned about such phenomena, "which appear to be increasing lately", when certain people photograph military bases or warplanes as a sport, Protopappas said notices exist in such regions that taking photographs is forbidden.

From then on, he added, every citizen from whatever country should bear in mind that he is undertaking the responsibility for his actions in doing such acts.

The 14 had been arrested on November 8, on the day of the annual feast day of Michael and Gabriel, patron saints of Greece's air force. Military air bases are usually open to the public on that day or the following weekend.

However, photographing or videotaping military bases is prohibited, with a few arrests reported from time to time.

[09] IMF sees Greek growth dropping to 3.0 pct in 2002

Athens, 22/11/2001 (ANA)

Earlier in the day, the government released its budget for 2002, which forecast a rise in gross domestic product of 3.8 percent for that year.

The IMF welcomed the domestic economy's robust performance, which it said had led to a rise in real income well above the eurozone average.

It also called on Greece to make the most of consensus that had been achieved in an economic overhaul in order to widen and deepen the reform drive.

At the same time, Greek tourism would be more adversely affected than other European countries by the fallout from terrorism attacks in the US on September 11, which led to a reluctance by the public to travel by air.

In addition, the IMF said that Greek wage rises were above the eurozone average, leading to the maintenance of underlying inflation at a relatively high level.

"As a result, the outlook for a further drop in inflation will depend to a great degree on the next national wage agreement," the report said.

It urged the formulation of clear ceilings for public spending in order to help attain fiscal surpluses, which were essential.

Overall, the 2002 budget would ensure fiscal revitalization, although three points of uncertainty remained:

Turning to social insurance, the IMF said that reform should be a priority leading to the establishment of an equitable and viable pension system; and that time was of the essence in creating it with delays jeopardizing the government's commitments.

It described the country's tax system as excessively complex, distorted, and unfair. The tax burden should be lowered and spending proportionally reduced, in line with moves in other European countries.

Finally, the IMF forecast that changes made in the labor market were unlikely to lower the unemployment rate; and that privatization should be accompanied by more structural changes and bolder deregulation.

[10] IMF urges caution over National, Alpha bank merger

Athens, 22/11/2001 (ANA)

"With an eye to the future, and given the high level of concentration in the Greek banking market, the impact of further concentration on competition and stability of the financial system must carefully examined," the IMF said in a country report on Greece.

"The Bank of Greece, as the supervisory authority, must continue to show caution regarding hazards to the stability of the financial system that could emerge from the creation of banks controlling a large chunk of the banking system, on the basis of assets and liabilities," the report said.

Both commercial banks are blue chips on the Athens Stock Exchange.

[11] Commission projects positive performance for Greek economy

BRUSSELS, 22/11/2001 (ANA / V. Demiris)

In a Commission report issued Wednesday noon in Brussels, the chapter on Greece anticipated GDP growth at 4.1 percent this year, more than double the average for the entire EU.

The report further predicted GDP growth rates of 3.5 percent in 2002 and 4.2 percent in 2003.

Inflation was expected to close at 3.6 percent at the end of the year, falling to 2.7 percent in 2002 and inching up to 2.9 percent in 2003, according to the same report.

The Greek public debt is expected to amount to 99.8 percent of GDP in 2001 and will drop further to 98.5 percent in 2002 and 95.1 percent in 2003.

Moreover, the fiscal deficit will disappear in Greece in 2001, while a 0.3 percent surplus will be created in 2002, which will increase to 0.8 percent of GDP in 2003.

Unemployment in Greece will also follow a downward trend and will amount to 10.6 percent of the workforce in 2001. It will further decrease to 10.1 percent in 2002 and to 9.6 percent in 2003.

Unemployment in the EU will amount to 7.7 percent in 2001, 8 percent in 2002 and 7.6 percent in 2003, while in the eurozone it will be 8.3 percent, 8.6 percent and 8.2 percent respectively.

[12] European Commission proposes extension of tobacco subsidies

BRUSSELS, 22/11/2001 (ANA - V. Demiris)

The European Commission's proposal anticipates a three-year extension of the existing status with a substantive amendment concerning a 10 percent decrease in subsidies for eastern-type tobacco.

The proposal is considered favorable for tobacco producing countries (Greece, Italy and Spain), since tobacco producers will benefit from EU subsidies until the 2004 commercial period and in this way their income will be safeguarded until 2005.

It is also expected that the extension will provide time for the promotion of structural measures aimed at turning tobacco producers to other crops.

Greek tobacco producers strongly protested against EU plans to abolish subsidies for tobacco and staged earlier this week an important rally in Thessaloniki, northern Greece.

[13] EFG Eurobank sign memorandum for Banc Post's sale

Athens, 22/11/2001 (ANA)

The President of Romania Ion Iliescu signed the memorandum on the occasion of the visit to Greece.

Both parties emphasized their willingness and dedication to assist Banc Post in becoming a significant player in the Romanian Banking Sector. EFG Eurobank Ergasias will work on this direction together with the other shareholders and the management of Banc Post.

Banc Post is a major bank in Romania with a branch network of 126 units, and 2,650 additional points of sale through its association with the Romanian Post office. The bank operates the largest ATM network and is the largest debt/credit card issuer in Romania.

EFG Eurobank Ergasias together with its partner Banco Portuguese de Investimento, is planning for the growth and increase of Banc Post's activities.

[14] Vernicos Yachts wins tender for marina in Pylos

Athens, 22/11/2001 (ANA)

The contract has a duration of 50 years and envisages that Vernicos Yachts has to complete the construction of harbor facilities, worth 1.5 billion drachmas. The marina has a capacity of harboring 220 vessels.

The Pylos marina is the fifth to be awarded to a consortium including Vernicos Yachts in Greece.

[15] Greek stocks fall slightly on ASE

Athens, 22/11/2001 (ANA)

The general index ended 0.40 percent lower at 2,765.56 points, with turnover an improved 86.78 billion drachmas, or 254.7 million euros.

The Textile and Wholesale sectors recorded the biggest percentage gains (up 3.01 percent and 3.0 percent, respectively), while the Bank and Telecoms sectors suffered the heaviest losses (1.55 percent and 0.65 percent, respectively).

National Bank's shares fell another 2.05 percent, while Alpha Bank ended 0.74 percent lower as investors took early profits.

The FTSE/ASE 20 index for blue chip and heavy traded stocks ended 0.87 percent lower, the FTSE/ASE MID 40 index rose 0.66 percent and the FTSE/ASE SmallCap 80 index jumped 2.05 percent.

Broadly, advancers led decliners by 280 to 67 with another 16 issues unchanged.

The most heavily traded shares were Koumbas, Hellenic Telecommunications Organization, National Bank of Greece, Alpha Bank and Kreka.

Derivatives show 14.0 pct volume drop in Oct vs. Sept: The Athens Derivatives Exchange in October posted a 14.0 percent drop in the number of contracts traded versus September, authorities said in a statement on Wednesday.

Contracts in July totalled 338,146 contracts from 392,492 deals in June, the statement said.

Bond prices rise in heavy trade: Bond prices in the domestic secondary market on Wednesday finished higher in heavy trade focusing on ten-year paper.

The Greek benchmark 10-year bond showed a yield of 4.93 percent, and the yield spread over German bunds was 41 basis points.

Turnover through the central bank's electronic system totalled 2.8 billion euros.

Buy orders accounted for the bulk of turnover.

[16] Alevras and ATHOC chief inspect Olympics projects

Athens, 22/11/2001 (ANA)

Angelopoulos visited the construction sites for the in-door weight-lifting facilities in Nikaia, a wrestling gym in Ano Liosia and a ping-pong and gymnastics hall in Galatsi.

ATHOC sources said that Angelopoulos had stepped up her activities over the past few days to mark the start of a new "sprint" in Olympics preparations and to highlight the need for more action and fewer words, as well as to show that reported 'coolness' in relations between ATHOC and government officials were just a minor aside in the context of the great effort to organize the Olympics.

[17] Agreement signed on Olympic media village

Athens, 22/11/2001 (ANA)

A total of 200 houses will be built, covering an area of 28,000 square meters, which will house about 1,600 journalists. The buildings will be equipped with all necessary facilities and technological benefits.

The project is expected to begin at the end of March, 2002, and will be completed in May, 2004, while the total budget is estimated to reach 19 billion drachmas.

[18] Greek event at Euro-Parliament on Eureka research program

BRUSSELS, 22/11/2001 (ANA - Y. Zitouniati)

Greece, which has assumed since last June, and for a year, the presidency of "Eureka", is organizing a series of events on the program's significant contribution in supporting European industry and small and medium-size enterprises.

Development Minister Akis Tsohatzopoulos was represented at the event by Research and Technology General Secretary Dimitris Deniozos who referred to the role which "Eureka" can play in the European field of research.

Participating in the successful event were Eurodeputies, representatives of the European Commission, industry, enterprises and universities.

[19] Spokesman: Clerides-Denktash meeting prospects uncertain

NICOSIA, 22/11/2001 (CNA/ANA)

The spokesman said the government hopes that Denktash will participate in this meeting, which he proposed, with a fresh disposition but warned that if he does not change his tune, there simply will be no progress towards a solution.

Speaking after Wednesday's cabinet meeting, Papapetrou said Denktash sent a letter to UN Secretary General Kofi Annan, dated November 12, reiterating his support for confederation and the creation of two states in Cyprus with separate sovereignty, positions which are contrary to UN resolutions.

"If Mr. Denktash comes to the face to face meeting with the President with this kind of disposition, then it is all but certain that the meeting will not achieve its objective, to break the current stalemate and pave the way for a settlement," Papapetrou said, adding that the government would like to hope that despite its pessimism, Denktash will display a new approach at the December meeting, scheduled for Tuesday 4 in Nicosia.

The December meeting is the result of an exchange of letters between the president and Denktash in the past two weeks, in which the latter proposed a face to face meeting to push the stalled peace process forward and the former said this should be within the framework of the UN Secretary General's good offices mission.

Kofi Annan's Special Adviser on Cyprus Alvaro de Soto arrives in Cyprus on December 2 to attend the meeting.

In November last year, Denktash, backed by Ankara, abandoned the UN process and in September this year he declined a UN invitation to return to talks. The UN described the decision "unjustified." He then proposed a face-to-face meeting and said he accepts Annan's good offices.

Replying to questions, the spokesman said President Clerides was not aware of Denktash's letter to Annan when he accepted the Turkish Cypriot leader's proposal to meet, in the presence of de Soto.

The spokesman said he had no wish to engage in a public debate with the Turkish Cypriot side and stressed that "for the Greek Cypriot side the basis of the talks is the UN relevant resolutions which provide the framework in which a settlement must be pursued."

This is the first time since August 1997 that Clerides and Denktash will meet face-to-face. They have been engaged in proximity talks since December 1999, which Denktash has abandoned.

[20] EU Commission: Cyprus' economy ahead of the other EU candidates' economies

BRUSSELS, 22/11/2001 (CNA/ANA)

In its report given to publicity on Wednesday, the Commission concludes that the worsening of the international economy has had a negative impact on the progress of the candidate countries' economies and that of the EU member states.

According to the Commission's Report, despite the economic crisis, Cyprus' economy is clearly ahead among those of the candidate countries, a fact verified by the relevant Indices of the Commission's predictions.

The Report states that Cyprus appears to have the lowest unemployment rate for 2001 and 2002, the lowest inflation rate during 2001 and the highest increase rate of the Gross Domestic Product.

The Commission notes that in almost all Indices, Cyprus' economy reaches EU member state standards.

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