Athens News Agency: News in English, 00-11-17

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

CONTENTS

[01] Polytechnic-Anniversary-March-US embassy

[02] Greece-Germany-economy

[03] Greece-bond market report

[04] Greece-bond auction

[05] ASE-close

[06] Greece-current accounts deficit

[07] Greece-Olympic Airways

[08] Greece-foreign exchange

[09] Greece - Albania - Minority - Borders

[01] Polytechnic-Anniversary-March-US embassy

Three-day celebrations on the 27th anniversary of the November 17, 1973, student uprising at the Athens Polytechnic against the military junta ruling the country at the time came to an end on Friday with a march to the well-guarded US embassy in Athens.

The march started at 4 p.m. and was headed by a group of students carrying the Polytechnic's bloodstained flag. Two hours later it reached the US embassy, where police prevented demonstrators from approaching the building, and ended at about 7 p.m.

At the end of the march, members of the ruling socialist PASOK party's youth organisation were attacked with stones and sticks near Mavili Square, close to the US embassy, by other youths. However, the troublemakers were switfly isolated and driven away.

An American flag held at the head of the march was daubed with swastikas instead of stars, while slogans chanted were anti-imperialist and, primarily, anti-American and became stronger in front of Parliament and the US embassy.

[02] Greece-Germany-economy

National Economy and Finance Minister, Yiannos Papantoniou, will present Greek economic developments and prospects after EMU entry to a seminar organised by the German Chambers' Union next Tuesday in Berlin.

During his three-day visit in Berlin, Papantoniou will meet with Economy Minsiter Dr. Werner Muller and Finance Minister Hans Eichel and with German business representatives.

The Greek minister will inaugurate a "Greek Week" in Germany, organised by the German Chambers' Union.

[03] Greece-bond market report

Greek bond spreads remained stable below 69 basis points on Friday, reaffirming the domestic market's stable condition, despite limited activity due to a half-day holiday in the country.

Traders said buying interest for Greek securities focused on 10-year and 20-year bonds. Turnover totalled 14 billion drachmas. The Greek 10-year bond yield closed at 5.86 percent while the German 10-year Bund's yield was 5.16 percent.

In the domestic interbank market, short-term rates rose due to tigher liquidity conditions in the market. National Bank's overnight rate rose to 8.5 percent. Its two-day rate was 8.5 percent while the one-month and the 12-month rates were stable at 7.20 percent and 5.50 percent, respectively.

The drachma eased against the US dollar and the euro currency at the day's fixing to 396.930 drachmas per dollar and to 340.200 drachmas per euro.

[04] Greece-bond auction

The Greek state will auction a 12-month treasury bill issue in paperless form, worth 50 billion drachmas, and a three-month T-bill issue, worth two billion drachmas, next Tuesday, November 21.

Settlement date was set Friday 24, November. The finance ministry will pay a 0.45 percent and a 0.15 percent commissions for the two issues, respectively.

[05] ASE-close

Equity prices ended the last trading session of the week sharply lower, pushing the general index to new lows for the year on the Athens Stock Exchange.

Blue chips came under strong pressure leading the market's decline. Panafon fell 4.51 percent, Hellenic Telecoms dropped 3.77 percent, Alpha Bank eased 3.21 percent and Eurobank fell 2.48 percent. On the other hand, smaller capitalisation stocks showed greater resistance.

The general index ended 1.87 percent lower at 3,411.76 points, breaking its previous record close for the year at 3,429.64 in August 30, 2000. The index showed a net loss of 5.72 percent in the week. Turnover was a low 55.85 billion drachmas.

The FTSE/ASE 20 index for blue chip and heavy traded stocks ended 2.04 percent lower at 1,942.03 points, and the FTSE/ASE 40 index eased 0.35 percent to 414.69 points.

The parallel market index for smaller capitalisation stocks ended 0.04 percent lower at 361.31 points.

[06] Greece-current accounts deficit

Greece's current account deficit jumped to 344 billion drachmas in the July-August period, from a surplus of 163 million euros in the same period last year, official figures showed on Friday.

This negative development is attributed to soaring oil prices in international markets and to a significant rise in imported car and machinery prices.

The country's current account deficit rose by 41 percent to 4.618 billion euros, from 2.256 billion last year.

Export revenues totalled 6.9 billion drachmas, leaving the country's trade balance with a shortfall of 14.2 billion euros, up from 10.2 billion in 1999.

Greece's services balance showed a surplus of 5.5 billion euros in the first eight months of 2000, up from 4.6 billion euros last year, reflecting higher revenues from transport services.

Greece foreign exchange reserves totalled 14.9 billion euros at the end of October.

[07] Greece-Olympic Airways

Investors will show interest for Olympic Airways' healthly parts, Transport Minister Christos Verelis said on Friday.

Speaking in parliament, Verelis urged OA's workers to help in an effort to privatise the national carrier and reiterated that Olympic Airways would be relocated to a new Athens airport in Spata by March 1, 2001.

Main opposition political party ND's deputies accused the government of intendedly demeriting the airline company to sell its healthy parts to vested interests.

[08] Greece-foreign exchange

The drachma eased moderately against the US dollar on Thursday reflecting pressures on the euro/dollar rate in international markets ahead of an European Central Bank's meeting to discuss monetary policy.

The Greek currency eased to 396.440 drachmas against the dollar at the day's fixing, from 395.760 drachmas the previous day.

The drachma was stable against the euro currency at 340.180 drachmas per euro.

[09] Greece - Albania - Minority - Borders

Athens wants Albanian leadership to better promote democracy, protect the rights of the ethnic Greek minority in that country and step up patrols on the Greek-Albanian borders, the Greek foreign ministry announced on Thursday.

According to a foreign ministry spokesman in Athens, ministry general secretary George Savvaidis is currently in Tirana for meetings with Albanian Prime Minister Ilir Meta and Foreign Minister Pascal Milo on Thursday. The Greek diplomat is expected to convey messages from Greek PM Costas Simitis and Foreign Minister George Papandreou, respectively.

The spokesman said the messages stress the need for democratic reforms in Albania to proceed more rapidly; that the human rights and property of Albania's ethnic Greek population to be respected and for additional measures by Albanian officials to police borders with Greece. Thousands of illegal immigrants attempt to cross into Greece from impoverished Albania every year, while drugs and weapons smuggling is also very worrisome for Athens.

Spokesman Panos Beglitis said a letter on the same issues has been sent by Papandreou to the EU Commissioner responsible for external relations, Christopher Patten, in which the Greek minister points to the problems created by a "democratic deficit" in the neighbouring country.

Greece's diplomatic initiative takes place prior to a summit between the EU and the western Balkan nations next week in Zagreb.

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