Athens News Agency: Daily News Bulletin in English, 97-04-05
From: The Greek Press & Information Office, Ottawa Canada <grnewsca@sympatico.ca>
ATHENS NEWS AGENCY BULLETIN (No. 1156), April 5, 1997
Greek Press & Information Office
Ottawa, Canada
E-Mail Address: grnewsca@sympatico.ca
CONTENTS
[01] Simitis calls for comprehensive action plan for Balkans
[02] Nano, Pirinski
[03] Scharping, Green
[04] Press conference
[05] Inflation drops to 6.0 per cent in March
[06] Tourism show opens next week
[07] Greece proposes Vranitzky to head Albanian restoration efforts
[08] Multinational force could land by April 14
[09] Fino comments
[10] Violence continues
[11] Apostolakis to head WEU delegation's US visit
[12] Second IOC member arrives in Athens
[13] Gov't emphasizes social nature of EU in IGC deliberations
[14] Unions, social groups prepare for IGC
[15] Conclave meeting
[16] Sioufas appointed ND parliamentary representative
[17] Imia of enormous national importance, Gov't emphasizes
[18] New Democracy
[19] Turkish parliament president due in Athens today
[20] Greek, Turkish self-administration officials meet in Cesme
[21] Pangalos interview to Swiss paper
[22] Five-nation Pangalos tour
[23] Interior minister tours eastern Macedonia, Thrace
[24] National Bank payments linked to consumer loans increase
considerably
[25] Prosegisis programme to be presented next week
[26] GSEE unveils rare photos of pre-war labour movement
[27] Gov't decides on second OTE share offer
[28] IOBE study says reduction in work hours doesn't increase
employment
[01] Simitis calls for comprehensive action plan for Balkans
Athens, 5/4/1997 (ANA)
Balkan countries need a comprehensive action plan aimed at
supporting their economies and consolidating democratic
institutions in order to overcome current crises, Prime Minister
Costas Simitis said in Thessaloniki yesterday.
The premier made the statement at the opening of a two-day
conference of the European Socialist Party (ESP) covering the
Balkans.
"The first priority is the provision of emergency aid so as to
achieve economic stabilization and consolidate the hopeful
political solutions, which are already on course," he said.
He reiterated that the European Union does not yet have a
comprehensive policy which will effectively support Balkan
countries during this fluid period of transition to the free
market economy, calling on EU countries to assume their
responsibilities.
"There is a danger of a deadlocked course towards a generalized
crisis," he warned, pointing out that there are already "hot
spots" of crisis, such as in Kosovo and in the Tetovo region of
FYROM.
"The solution does not lie in ships that sink other ships," he
stressed, in obvious reference to the policy of using force to
prevent the outflow of refugees from Albania, "but in how we
shall prevent the hunger that is threatening countries of the
Balkan s, such as Bulgaria".
He asked ESP to promote an all-round policy for eastern Europe,
given that particular measures are not by themselves sufficient,
and called for the mobilization and intervention of other
international organizations, such as NATO, the Western European
UN ion, OSCE, as well as the governments of all countries that
directly or indirectly influence developments in Europe.
Addressing Greece's EU partners, he stressed the need for equal
treatment of the countries of central and eastern Europe
regarding their common goal for membership in the 15-member
Union and NATO.
Referring to the EU response to the current crisis in Albania,
Mr. Simitis said it was correct but not sufficient.
"What is necessary is the prevalence of another perception of
'medium-to-longterm' dealing with the problems," he said.
Analyzing the need for special mobilization and action in the
Balkans, he referred to the problems of development and
infrastructure that existed before, and resulted in dampening
the initial force of reforms.
"The provision of technical aid for the consolidation of
institutions in the domains of justice, separation of powers and
elections is as important as the provision of economic aid by
all the countries of the EU, as no single country can shoulder
that burden by itself," he said.
[02] Nano, Pirinski
Athens, 05/04/1997 (ANA)
On the sidelines of the conference, the prime minister and
National Defense Minister Akis Tsohatzopoulos met with Albanian
Socialist Party leader Fatos Nano.
Discussion centered on the situation in Albania, prospects for
its resolution and Greece's stand.
Speaking at the conference, Mr. Nano described the Balkans as
Europe's soft underbelly, and stressed his party's stand would
remain a moderate one, and that Albania needed multiform aid and
support. He asked for the help of European Socialists in
ensuring that planned elections in his country in June will be
fair and honest.
On its part, the ESP group in the European Parliament invited
Mr. Nano to visit Strasbourg during the plenum of next week, for
a briefing on the Albanian crisis.
Former Bulgarian foreign minister George Pirinski, who also
spoke at the conference, said the situation in the Balkans was
sending out an urgent signal, and agreed with Mr.
Tsohatzopoulos' proposal for the establishment of a Balkan
security council.
[03] Scharping, Green
Athens, 05/04/1997 (ANA)
ESP President Rudolf Scharping, who spoke before Mr. Simitis,
pointed out the lack of democratic institutions in countries of
the Balkans, and stressed the need to avoid mistakes.
The president of the Socialist Group in the European Parliament,
Pauline Green, added that the disputing of Greece's sovereign
rights by Turkey constituted a threat to the borders of the EU.
"We must consider how we define the borders of the EU," she
said, and wondered how the Union would react if the situation in
Russia deteriorated in the coming years, leading to a climate of
instability and insecurity whereby that country began posing a
threat to the borders of Finland.
She said priority should be given to Greece regarding problems
in the Balkans, as no other country in the EU had "the age-old
experience of Greece" in the region, and consequently, the
ability to best understand its political, cultural and other
peculiarities.
Ms. Green called on the other EU member-states to take seriously
into account the fact that Greece was the only EU member with
borders only in the Balkans.
[04] Press conference
Athens, 05/04/1997 (ANA)
In a press conference earlier, the ESP presidium noted that
stability in the Balkans is a prerequisite for security in the
whole of Europe.
ESP President Scharping said that dialogue among the political
forces of the Balkans could play a decisive role in developments
in the region "since the ultimate objective must be the
political resolution of problems, because otherwise we will have
an outbreak of conflict". In this respect, he added, the fact
that representatives of socialist parties from countries of the
Balkans would be participating in the ESP conference for the
first time was of particular significance.
In a similar vein, Mr. Tsohatzopoulos said that the ESP would at
its upcoming conference in Sweden submit a collective proposal
on security, which would include the Balkans.
Asked by reporters about EU enlargement, Mr. Scharping said the
ESP believed that those countries wishing to participate in
enlargement should be allowed to do so, following necessary
negotiations.
He added, however, that in the case of certain states, such as
the Balkan countries which have particular problems, efforts
were being made to establish co-operation on a third level -
"that of regional co-operation" - which will open the path to
the Union .
Replying to another question on the issue of Turkey's accession
to the EU, Mr. Scharping replied that the matter would be
discussed during the coming years and expressed concern about
domestic developments in Turkey since "the trend (towards) total
accession may lead to great difficulties".
"If Turkey wants to remain a state supported by western-style
democracy and wishes to continue to be of a secular nature, then
it must accept very cordial observations from NATO and the EU
regarding its very good democratic tradition, which is now,
however, in jeopardy," Mr. Scharping said.
[05] Inflation drops to 6.0 per cent in March
Athens, 5/4/1997 (ANA)
National Economy and Finance Minister Yiannos Papantoniou
announced shortly after a Cabinet meeting yesterday that
inflation fell to 6.0 per cent in March from 6.6 per cent in
February.
The latest drop in inflation was greater than the expectations
of the government which had hoped for an annual rate of 6.2 per
cent at the most.
According to National Statistics Service (ESYE) data released by
Mr. Papantoniou, the sharp drop was due to the fact that the
Consumer Price Index (CPI) in March rose by only 2.2 per cent,
compared to 2.7 per cent in the same month of 1996. The 2.2 per
cent rise was the result of price increases of clothing and
footwear, durable goods, household items and services, hotel,
coffee shop and restaurant services, transport -- mainly due to
increases in petrol prices, alcoholic beverages and cigarettes
and foodstuffs.
Mr. Papantoniou said that the government's target of 4.5 per
cent inflation in 1997 - three percentage points lower than
inflation last year - had been half-achieved in the first
quarter of the year.
Forecasting further reductions in the coming months, Mr.
Papantoniou said the rapid drop in inflation reflected the
effectiveness of the government's economic policy.
[06] Tourism show opens next week
Athens, 5/4/1997 (ANA)
"Tourism Panorama 1997", organized by the financial newspaper
Express under the auspices of the Greek National Tourism
Organization (EOT) opens at the Peace and Friendship Stadium on
April 9. It will be inaugurated by EOT Secretary- General Nikos
Skoulas.
Over 400 exhibitors from all over Greece, including hotels,
local government and travel agents will be participating in the
fair, which runs until April 13. This year's theme is the
Aegean, which is to be celebrated in a multimedia show.
[07] Greece proposes Vranitzky to head Albanian restoration efforts
Athens, 5/4/1997 (ANA)
Foreign Minister Theodoros Pangalos yesterday briefed the
cabinet on his recent talks with the OSCE envoy on the Albanian
crisis Franz Vranitzky and the EU's rotating council president,
Dutch Foreign Minister Hans van Mierlo.
Speaking to reporters after the cabinet meeting, government
spokesman Dimitris Reppas referred also to proposals put forth
by Greece during ongoing consultations in Rome concerning the
multinational protection force (COMANDFOR) to be sent to Albania.
"We proposed that Mr. Vranitzky be placed as head of the effort
for the restoration of order and the dispatch of humanitarian
aid to Albania, and that a representative of the Dutch (EU)
presidency be placed under Mr. Vranitzky," Mr. Reppas said.
The spokesman added that Athens had proposed that these two
officials should be supported by groups of specialists in
military, economic and institutional issues.
"These proposals were accepted by all sides," Mr. Reppas said.
Meanwhile, the health ministry said yesterday that it was
prepared to offer medical services to Albania, but that it could
only do so if a request from Tirana was forthcoming.
"The health ministry cannot offer health services to Albania
unless its government asks for them," Health Under-secretary
Manolis Skoulakis told Parliament in response to main opposition
New Democracy deputy George Sourlas' suggestion for the
formation of Greek medical units to be sent to Albania.
[08] Multinational force could land by April 14
Rome, 5/4/1997 (ANA/L. Hatzikyriakos)
In a related development, the political department committee,
composed of representatives of foreign ministers from countries
participating in the multinational protection force, announced
that the force's departure for Albania could start as of April
14, along with the arrival of humanitarian aid.
The meeting, held at the Italian foreign ministry, was attended
by diplomats from Italy, France, Spain, Greece, Austria, Turkey,
Romania and Denmark.
[09] Fino comments
Gjirokaster, 5/4/1997 (ANA/P. Barkas)
"Going to Greece feels like going home," Albanian Prime Minister
Bashkim Fino said before leaving Athens yesterday.
At the end of his official visit to Greece, Mr. Fino held a
private meeting with Vassilis Bornovas, Greece's consul in
Gjirokaster when Mr. Fino was mayor.
[10] Violence continues
Athens, 5/4/1997 (ANA)
Back in the strife-ridden nation, armed gangs caused widespread
damage yesterday in the southern Albanian port of Vlore,
destroying the city's theater, stadium, football field (which
they mined) and the municipal library, one of the oldest in
Albania, reports stated.
Gunmen also tried to destroy the city's telecommunications
center but were prevented by local residents and police.
The acts are believed to have been politically motivated as they
came immediately after an announcement by the Vlore "National
Salvation Committee" expressing satisfaction with a recent
meeting between Italian Prime Minister Romano Prodi and his
Albania n counterpart Mr. Fino.
However, the committee reiterated that it was not abandoning its
demand that Albanian President Berisha resign.
[11] Apostolakis to head WEU delegation's US visit
Athens, 5/4/1997 (ANA)
National Defense Under-secretary Dimitris Apostolakis will leave
for the United States today in his capacity as president of a
delegation of West European Union (WEU) member-states.
The delegation will visit the United States in the framework of
cross-Atlantic WEU contacts, with the delegation to meet the
UN's alternate secretary-general responsible for peace mission
issues, politicians and media representatives. Greece holds the
Transatlantic Forum's presidency from July 1, 1996 to June 30,
1997.
Mr. Apostolakis will also meet Archbishop of Spyridon, in
addition to addressing a gathering of Greek expatriates.
[12] Second IOC member arrives in Athens
Athens, 5/4/1997 (ANA)
The president of Lebanon's Basketball Federation, Tony Khouri,
will be the second member of the International Olympic Committee
(IOC) to visit Athens since the Greek capital was short-listed
to contest in September the Olympic Games of 2004.
Mr. Khouri is arriving tomorrow and will stay until Friday,
during which time he will be briefed on Athens' candidacy, while
he will also symbolically participate in various events. The
most prominent of them will be the planting of a second tree in
the specially designated "IOC members' olive grove".
Branches from the olive trees will be used to crown Olympic
champions if the city wins the 2004 nomination.
[13] Gov't emphasizes social nature of EU in IGC deliberations
Athens, 5/4/1997 (ANA)
The government wants emphasis to be placed on the social nature
of the European Union, government spokesman Dimitris Reppas said
after the cabinet discussed the course of the Inter-governmental
Conference (IGC) yesterday.
The government, Mr. Reppas added, had certain reservations about
"flexibility" with respect to decisions by EU bodies, a concept
supported by the more powerful countries of the Union, favouring
instead the principle of unanimity and institutional equality
and balance between member-states.
Mr. Reppas said that Greece was interested in the strengthening
of the EU's common foreign policy and described as successful
Athens' efforts for the acceptance by its Community partners of
the notion of guarantees for territorial integrity and
solidarity among EU member-states.
[14] Unions, social groups prepare for IGC
Athens, 05/04/1997 (ANA)
The "Committee for Initiatives for a Europe Without
Unemployment, Under-employment and Social Exclusion" will
organize Greece's participation in a pan-European protest to be
held in Amsterdam on June 14-15, during a IGC meeting to revise
the Maastricht treaty.
Committee members from Greece will include members from the
Coalition of the Left and Progress as well as feminist and
anti-racist groups. Also involved are members of the General
Confederation of Workers of Greece (GSEE) and the Athens, Patra
and Thessaloniki labour centers, some of whom are members of the
ruling PASOK party.
[15] Conclave meeting
Athens, 05/04/1997 (ANA)
Issues concerning the European Union's common foreign policy and
defense policy (KEPPA) and institutions (number of commissioners
and votes at the Council of Ministers) will be examined by the
Conclave, to be held in Noordwijk, the Netherlands, on Monday.
Greece will be represented at the Council of Ministers by
Alternate Foreign Minister George Papandreou, who detailed Greek
positions at the cabinet meeting yesterday and the course of
negotiations on revising Maastricht.
Mr. Papandreou predicted considerable clashes between larger and
smaller countries during the EU's European Summit Council on the
Intergovernmental Conference in Amsterdam in June.
Mr. Papandreou said the larger countries favour flexibility in
decisions which, he added, means pressure for a multi-speed
Europe, namely that some countries will proceed faster than
others.
Greece, together with other countries, is opposed to this
prospect and insists on unanimity in decisions concerning vital
interests.
[16] Sioufas appointed ND parliamentary representative
Athens, 5/4/19977 (ANA)
The main opposition New Democracy party's new parliamentary
representative is Dimitris Sioufas, in accordance with the
decision of party leader Costas Karamanlis.
Mr. Sioufas's alternates are Anna Psarouda-Benaki (justice and
institutions), Vangelis Meimarakis (economy) and Savvas
Tsistouridis (European and agricultural issues).
The party's council of president of prefectural committees will
meet on Wednesday to appoint the 20 members to participate in
the party's Central Committee, which will meet on Friday to
appoint a new Executive Committee. Today, Mr. Karamanlis will
visit his constituency of Thessaloniki for the first time since
his election as party leader.
[17] Imia of enormous national importance, Gov't emphasizes
Athens, 5/4/1997 (ANA)
The government underlined yesterday that the issue of the Greek
islet of Imia was one of enormous national importance and
sensitivity for Greece, in reply to recent comments by US State
Department spokesman Nicholas Burns.
Greece and Turkey nearly went to war over Imia early last year
after Ankara openly disputed Greek sovereignty of the
uninhabited rocky islet.
In Washington, Mr. Burns reportedly said that the Imia issue was
one of sovereignty, which would be resolved in a process of
consensus between Greece and Turkey.
Responding to Mr. Burns' statement that "Imia is very small",
government spokesman Dimitris Reppas noted that "greatness is
not measured in square meters".
Asked to comment on Mr. Burns' persistence in using the Turkish
name Ankara uses for the islet - Kardak - Mr. Reppas said "this
is not something which will determine policies".
He also referred to a rock concert being organized for Imia by
the new monthly magazine "Nemesis", scheduled for May 25.
"Such matters should be handled with sensitivity, discretion, a
sense of patriotism, responsibility and seriousness," the
spokesman said.
He added that the government had not been involved in the matter
from the point of view of granting a permit for the concert,
underlining that access to Greek territory was free for all.
[18] New Democracy
Athens, 05/04/1997 (ANA)
An announcement by the main opposition New Democracy party
yesterday said that even an elementary reading of the rules of
interna-tional law governing the region is sufficient to
demonstrate the indisputability of Greek sovereignty over the
Imia islets.
The announcement was in response to the statement by Mr. Burns
that a question exists on Imia's sovereignty.
ND stated that the "latest unfortunate statements" by Mr. Burns,
provided, of course, that they reflect his government's
positions, render the effectiveness of whatever future
intervention by the US to normalize Greek-Turkish relations
problematic.
[19] Turkish parliament president due in Athens today
Ankara, 5/4/1997 (ANA/AFP)
The president of the Turkish national assembly, Mustafa Kalemli,
will be in Athens today to take part in a conference of
parliament presidents of countries that have signed the
"Barcelona Declaration". The conference will begin in Athens
tomorrow and is taking place 10 days before the second
Euro-Mediterranean conference, which is scheduled for Malta on
April 15-16. Mr. Kalemli will address the Athens meeting and
meet his Greek counterpart Apostolos Kaklamanis. The first
Euro-Mediterranean conference was held in Barcelona in 1995 with
the participation of the 15 EU member-states and 12 non-EU
Mediterranean countries. Mr. Kaklamanis will have a meeting in
his office with Mr. Kalemli on Monday.
According to reports, the meeting between Mr. Kaklamanis and Mr.
Kalemli is of a courtesy nature and has no agenda.
[20] Greek, Turkish self-administration officials meet in Cesme
Istanbul, 5/4/1997 (ANA)
Officials of first and second stage local administration bodies
from several Greek islands in the northeastern Aegean met
yesterday in Cesme with counterparts from Turkish
self-administration bodies from coastal cities in Asia Minor.
The meeting was attended on behalf of Greece by the prefect of
Lesvos, Alexandros Mathiellis; the prefect of Hios, Georgios
Kaloutas; the prefect of Samos, Pythagoras Vardikos; the mayor
of Hios, Georgios Varkaris; the mayor of Samos, Petros Gryllos,
and by several businessmen and reporters. Problems faced in the
northeastern and central Aegean were discussed during the
meeting, as well as proposals and ways of tackling them,
particularly in relation to the environment.
[21] Pangalos interview to Swiss paper
Bonn, 5/4/1997 (ANA/P. Stangos)
The Swiss German-language newspaper "Neue Zuercher Zeitung"
published a long interview with Foreign Minister Theodoros
Pangalos in yesterday's issue, under the title "The Balkans are
also Europe."
The interview focuses on the Albanian crisis, relations with the
Former Yugoslav Republic of Macedonia (FYROM), Greek-Turkish
relations and the Cyprus issue, characterizing what it calls the
west's logic that Europe "ends somewhere between Zagreb and
Belgrade" inconceivable.
On the question of Greek-Turkish relations, Mr. Pangalos set out
the view that there will be great prospects of co-operation when
the neighbouring country turns indeed to Europe and contributes
to a solution to the Cyprus issue, while at the same time he
denounces Germany and Britain over the tactic of undermining
Cyprus' accession to the European Union, terming the stance by
Bonn as London as being "against every concept of political
ethics".
Commenting on Albania, Mr. Pangalos said Greek foreign policy
acts on the principle that "we respect the territorial integrity
of Albania in the framework of existing borders and we do not
encourage any secessionist movement."
Referring to his recent visit to FYROM, Mr. Pangalos said that
he carried it out "with the conviction that our difference on
the name is of secondary significance compared to the need to
safeguard stability in the region."
[22] Five-nation Pangalos tour
Athens, 5/4/1997 (ANA)
Foreign Minister Theodoros Pangalos is starting on official tour
of five nations tomorrow.
His first stop will be Prague, going on to Bratislava, Slovakia
on Monday. Both countries have applied to join the EU, and it is
expected that talks will focus on EU and NATO enlargement. Mr.
Pangalos will leave for Yerevan, Armenia on Tuesday, going on to
Georgia on Thursday and Azerbaijan on Friday.
[23] Interior minister tours eastern Macedonia, Thrace
Athens, 5/4/1997 (ANA)
Interior, Public Administration and Decentralization Minister
Alekos Papadopoulos began a three-day tour of prefectures in
eastern Macedonia and Thrace yesterday, making Alexandroupolis
his first stop.
Speaking at a conference of the Local Union of Municipalities
and Communities of the Evros prefecture on the five-year program
"Ioannis Kapodistrias", and on compulsory local government
mergers, Mr. Papadopoulos said "deep incisions are necessary to
enable the state and public administration to withstand strong
competition from unified Europe. The state cannot operate with
the structures of the past century, while the entire
restructuring effort has an expiry date in 33 months from now,
namely, when t he third phase of Economic and Monetary Union
will begin."
Mr. Papadopoulos called on local bodies to submit their own
proposals on mergers and announced that the five-year program
will be funded with more than 800 billion drachmas.
Similar events are scheduled to take place in Komotini, Xanthi,
Drama and Kavala.
[24] National Bank payments linked to consumer loans increase
considerably
Athens, 5/4/1997 (ANA)
The work of the National Bank of Greece's means of payments
linked to consumer credit loans and the Ethnokarta and
Mastercard credit cards increased considerably in 1996,
according to an announcement by the Ethnokarta-National (EAEDO)
company which is responsible for this work.
The managing director of Ethnokarta-EAEDO, P. Haikalis, said
that in 1996 an upward trend was observed in all sectors of the
company's activities resulting in its profits amounting to 2.5
billion drachmas, registering a 45 per cent increase compared to
1995.
Mr. Haikalis said that in 1996, compared to 1995, the amount of
direct consumer loan credit loans granted increased by 19 per
cent, while the turnover for credit cards increased by 20 per
cent.
[25] Prosegisis programme to be presented next week
Athens, 5/4/1997 (ANA)
The European Union's "PROSEGISIS" program, aimed at promoting
and implementing innovative administrative techniques for
small-and medium-sized enterprises (SMEs) will be presented at
the National Research Foundation on Tuesday.
The program is part of the wider action of the European
Commission's "INNOVATION" programme, which constitutes the
spearhead for implementing the Union's policy on SMEs.
In Greece, the program is being implemented by the Greek joint
venture PROSEGISIS, while the Athens Economic University's
research center has undertaken the coordination. The joint
venture is supplemented by three companies, as well as by the
Technological Park of Thessaloniki and the Scientific Park of
Patras.
For more information call the joint venture at 82.35.277.
[26] GSEE unveils rare photos of pre-war labour movement
Athens, 5/4/1997 (ANA)
Rare archival photographs of the Greek labour movement in the
period 1920-1940 will go on show at the General Confederation of
Workers of Greece (GSEE) building on Patission Avenue from April
7 to May 9 as part of celebrations for Labour Day on May 1.
The photos include depictions of the founding GSEE conference in
Piraeus in 1918, telephonists in Athens in 1918, striking
railway workers in Macedonia in 1920, impri-soned unionists in
1922, rallies and demonstrations during the pre-WWII
dictatorship and photos of women working in border hospitals in
1943, as the civil war got underway.
The exhibition is accompanied by documents, films, flags and
banners and other material.
[27] Gov't decides on second OTE share offer
Athens, 5/4/1997 (ANA)
The government decided yesterday to offer 10.7 percent of the
Hellenic Telecommunications Organization (OTE) to Greek and
foreign investors and employees of the telecommunications
organization on the stock exchange.
The decision was taken at a Cabinet meeting yesterday chaired by
Prime Minister Costas Simitis.
National Economy and Finance Minister Yiannos Papantoniou and
government spokesman Dimitris Reppas said it had been decided to
sell 45 million shares, corresponding to 10.7 per cent of OTE's
share capital, to Greek and foreign investors and employees of
the telecommunications organization.
They said the current value of the shares to be sold totaled 270
billion drachmas, with 60 per cent of the proceeds going to OTE
for investment programs and the remaining 40 per cent to the
state.
The first offer last year saw the sale of 8.0 per cent of OTE's
shares on the Athens Stock Exchange, at an admission price of
4,000 drachmas per share. The initial public offer was greeted
with enthusiasm by investors, with four times as many requests f
or subscriptions than shares available.
The current price of the share is 6,000 drachmas.
The procedures for this second share offer are expected to have
been completed by mid-June.
Commenting on the Cabinet's decision, Mr. Reppas said the
present offer came at a time when developments in the economy
were favourable and strengthened investor interest in the Greek
capital market.
Mr. Papantoniou later told reporters that the OTE offer was the
biggest share offer in the Greek market and one of the biggest
by telecommunications companies in the European market.
He added that the shares would be sold to Greek and foreign
institutional investors using the 'book building' method, and to
private investors, OTE employees and pensioners through public
subscription. In the event of excess demand, Mr. Papantoniou
added, the state would be entitled to sell a further 2.0 per
cent of OTE shares.
[28] IOBE study says reduction in work hours doesn't increase
employment
Athens, 5/4/1997 (ANA)
The Institute for Economic and Industrial Research (IOBE) has
issued a new study yesterday on "Repercussions From the
Reduction of Conventional Working Hours", with conclusions
noting that a decrease in working hours does not generally bring
about an increase in employment.
Even in marginal cases where positive repercussions appear for
increased employment, they appear to be unfavourable for
production, exports and investments.
In addition, if the nominal wage remains stable, a decrease in
working hours leads to a fall in the real income of each worker
due to an increase in inflation caused by the measure. Negative
repercussions also follow in the balance of payments and the
public sector deficit.
These conclusions were reached both by theoretical analysis and
by the practical implementation of similar policies in Greece
and abroad.
According to IOBE's study, a decrease in conventional working
hours to less than 40 a week in various countries had more
unfavourable than favourable repercussions. In the case of
France, some jobs were created but much fewer than expected.
Moreover, these jobs were almost always created in large (more
than 500 workers) businesses. The most common result in small
businesses was a decrease in production.
In Greece during the past few years, and particularly over the
1979-1982 when a considerable decrease in weekly conventional
working hours occurred, developments were negative in the rates
of unemployment, employment and production.
IOBE's study concludes that the measure of decreasing weekly
conventional working hours has a considerable cost both for the
economy and businesses.
End of English language section.
|