Athens News Agency: Daily News Bulletin in English, 97-06-05
From: The Greek Press & Information Office, Ottawa Canada <grnewsca@sympatico.ca>
ATHENS NEWS AGENCY BULLETIN (No 1204), June 5, 1997
Greek Press & Information Office
Ottawa, Canada
E-Mail Address: grnewsca@sympatico.ca
CONTENTS
[01] Greece, Sweden express similar views on EU expansion, EMU
[02] Ipekci Prizes awarded
[03] Greek congratulations to new FYROM FM
[04] Holbrooke appointed special US envoy on Cyprus issue
[05] Ankara reports on Greek-Turkish differences to Dutch EU
presidency
[06] World Environment Day inspires political messages
[07] Demirel expresses optimism over Greek-Turkish relations
[08] Greece joins WEU multinational land, sea forces
[09] Athens stresses need for calm, trust prior to direct talks on
Cyprus
[10] Protopapas comments on question concerning lost citizenship
[11] 'Patriot' test firing on Crete
[12] New WWF guide to plants in ancient Agora
[13] First-ever performance in Greece of Strauss' 'Salome'
[14] Bulgarian justice minister meets with EU ambassadors
[15] Drug courier dies in train jump after trying to flee authorities
[16] ND examines position on social dialogue
[17] Prosecutor says file on terrorism doesn't contain suspects' names
[18] Greece buys $50 million Dutch frigate
[19] Beijing to support Athens' bid for Security Council in
1999-2000
[20] Greek film wins prize at Moscow festival
[21] Museum of ancient art high on Australian state PM's agenda
[22] Ceilings for marine pollution fines increased
[23] Eurocourt rules against Greece on tax exemption for car import
[24] Port upgrades announced
[25] Intercity trains to Orestiada
[26] Gov't presents bill on derivatives
[27] Profit taking hits Athens bourse
[28] Mutual funds assets reach 5.2 billion Dr.
[29] Bulgaria's Supreme Court clears Bulfon case
[30] National Bank of Greece in 200 mln. dollar loan
[31] Titan Cement sales rise in 1996
[32] Cyprus stock market attracts interest
[33] Greek products in Zagreb trade fair
[34] Bulgaria seeks business links with southeast Europe
[35] Better collection rate for building code fines decided
[36] London-based firm raises Greece's credit rating
[01] Greece, Sweden express similar views on EU expansion, EMU
Stockholm, 05/06/1997 (ANA - S. Liarellis/N. Servetas)
The European Union should expand its membership but observe the
same accession criteria for all, Prime Minister Costas Simitis
said yesterday following his meeting with his Swedish
counterpart Goran Persson.
Speaking to reporters in Stockholm, Mr. Simitis said "it is
important that as many countries as possible participate in the
Economic and Monetary Union (EMU), and that criteria be the same
for all."
He added that "European unification will be completed better and
more effectively if there are as few differentiations as
possible (between members)."
Mr. Simitis said Greece supports decisions affecting EU
expansion to other countries that guarantee convergence and
create a better integrated group.
"Greece believes that it is important to take into account the
tendencies, developments and efforts taking place in various
countries", Mr. Simitis said, referring to recent political
changes in France and Britain.
Concerning Greece-Sweden relations, the premier said that both
agreed on the inclusion of special reference to employment and
environmental protection in the EU's agenda.
Both countries also agreed on EU structural issues, noting that
"there must not be any changes that would make the position of
smaller countries more unpleasant and create difficulties in
decisions," he noted.
Mr. Simitis later gave a joint press conference with Mr.
Persson, in which an identity of views on many issues was
affirmed.
The prime minister is accompanied by Alternate Foreign Minister
George Papandreou, with whom he will attend the European
Socialist leaders' summit, opening in Malme today.
Besides meeting with the Swedish prime minister, Mr. Simitis
also met with Sweden's parliament president Brigitta Dal.
National Defense Minister Akis Tsohatzopoulos was expected to
arrive in Malme late yesterday to attend as secretary of the
European Socialist Party. He will be accompanied by Foreign
Under-secretary Yiannos Kranidiotis.
[02] Ipekci Prizes awarded
Istanbul, 05/06/1997 (ANA - M. Zarkadis)
The Abdi Ipekci Peace and Friendship Prizes were handed out here
yesterday.
Awards were given to honorary New Democracy leader Constantine
Mitsotakis and Synaspismos Eurodeputy Michalis Papayiannakis, as
well as to Alternate Foreign Minister George Papandreou
(represented by his brother Nick Papandreou), Turkish Alternate
Foreign Minister Onur Oymen, Turkish Chief of Staff Gen. Ismail
Hakki Karadayi (received by a representative), and others.
The ceremony was attended by Ecumenical Patriarch Vartholomeos,
ND deputy Dora Bakoyianni, veteran leftist politician Leonidas
Kyrkos and many Greek and Turkish personalities.
Mr. Papayiannakis, speaking during the ceremony, said that
positive steps had been taken in restoring relations between the
two countries, but more had to be done.
Mr. Oymen conceded that it was natural that two countries had
differences between them but it would be unnatural if there was
no dialogue.
Mr. Mitsotakis said that both countries should start dialogue on
the basis of mutual respect for territorial integrity, the
respect of international treaties and the rules of international
law.
[03] Greek congratulations to new FYROM FM
Skopje, 05/06/1997 (ANA - M. Vihou)
The head of Greece's liaison office in the Former Yugoslav
Republic of Macedonia (FYROM), ambassador Alexandros Mallias,
delivered congratulations to new FYROM Foreign Minister Blagoya
Hatzinski on behalf of his Greek counterpart Theodoros Pangalos.
The letter stresses that developments in the region and the
European and Euro-Atlantic framework necessitate resolving the
pending issue concerning the question of the name, which will
contribute towards consolidating common bilateral and regional
interests of the two countries and will benefit peace and
stability in the region.
Mr. Mallias also delivered an invitation to Mr. Hatzinski to
participate in the ministerial inter-Balkan conference in
Thessaloniki, which he accepted. In another development, Mr.
Mallias visited the new Defense Minister of FYROM, Lazar
Kitanovski, yesterday for an exchange of views on regional
developments and, more specifically, developments in Albania.
[04] Holbrooke appointed special US envoy on Cyprus issue
Washington, 05/06/1997 (ANA - T. Ellis)
Former US Assistant Secretary of State Richard Holbrooke has
been appointed as US President Bill Clinton's special
representative on the Cyprus issue. Replying to press questions,
US State Department spokesman Nicholas Burns said that Mr.
Holbrooke's appointment was a "renaissance and restart" of US
efforts to solve the Cyprus issue. Mr. Burns said that he will
be assisted in his new post by a special coordinator who has yet
to be appointed, while Mr. Holbrooke plans to visit Nicosia,
Athens and Ankara.
Asked to comment on whether Mr. Holbrooke would also deal with
the Greek-Turkish differences, he said he didn't know. But the
decision "to use the best and most effective negotiator" of the
United States was indicative of the importance the government
gave to solving the issue, Mr. Burns said.
The appointment was seen with satisfaction by Athens, Ankara and
Nicosia, Mr. Burns said.
US officials and Greek diplomats in Washington believe that the
appointment is an indication of the Clinton administration's
intention of upgrading the Cyprus issue and Greek-Turkish
relations to a priority.
[05] Ankara reports on Greek-Turkish differences to Dutch EU
presidency
Istanbul, 05/06/1997 (ANA)
Ankara's "experts committee", which is working on a procedure to
record Greek-Turkish differences, has sent its first report to
the Dutch EU presidency, a Turkish foreign ministry spokesman
said yesterday.
Expert committees by both Greece and Turkey were established
recently following an initiative by the Dutch EU presidency as a
step towards solving differences between the two neighbors. At a
press conference in Ankara, spokesman Sermet Atacanli said it
had been agreed upon at the Luxembourg meeting of EU foreign
ministers last month that a joint report by both countries'
expert committees would be presented to the Dutch presidency by
June 15.
"The Turkish side has sent the EU presidency its report on the
methods of solving problems, while the Greek side has rejected
an invitation by the EU presidency for a meeting of the experts
committee in the Netherlands," he said.
Greece has repeatedly stated that all territorial disputes have
been settled by the Lausanne Treaty, which Turkey has signed,
and that for any other questions Turkey wishes to raise it
should take recourse to the International Court of Justice at
The Hague.
[06] World Environment Day inspires political messages
Athens, 05/06/1997 (ANA)
Rapid technological and economic advances require a return to
the original meaning of the words development, quality of life
and environment, a PASOK statement read yesterday in light of
World Environment Day today.
Both government officials and parties spoke about the importance
of preserving the natural environment.
Main opposition New Democracy leader Costas Karamanlis said the
day should be utilized as a day of recollection and evaluation
of action on national level that would upgrade the environment.
He also charged the government with using the environment as an
issue to impress and advertise itself and as a rich source of
European Community funds, which however, are not absorbed.
Merchant Marine Minister Stavros Soumakis stressed the need for
environmental protection prompting everyone to realize the
responsibility to protect the environment for the generations to
come.
"We must all realize the collective responsibility which we have
against the future generations to consolidate the conditions for
life on earth," Mr. Soumakis said.
He added that "the goal for common European environmental
policies will prove to be practically non-feasible if the Greek
seas and coastlines are unprotected..."
The Coalition of the Left and Progress (Synaspismos) said that
the government shouldn't pass its responsibilities for problems
on to other parties, and criticized its handling of Attica
projects such as natural streams and creeks and reforestation of
burned areas.
The international environmental advocacy group Greenpeace warned
that climatic changes were the greatest threat humanity had to
face. Scientists have warned the public about a time-bomb in
terms of the climate, Greenpeace stated.
The group cited the example of carbon monoxide in the
atmosphere, which if doubled will practically destroy the world
economy.
Other messages concerning World Environment Day came from
Parliament President Apostolos Kaklamanis and PASOK's youth
secretariat.
[07] Demirel expresses optimism over Greek-Turkish relations
Istanbul, 05/06/1997 (ANA)
Turkish President Suleyman Demirel yesterday expressed his
optimism over the future course of Greek-Turkish relations, in a
message issued on the occasion of the Abdi Ipekci Peace and
Friendship awards.
"The existence of people who concern themselves with
Greek-Turkish friendship - and they are not few - increase our
hopes concerning the future of Greek-Turkish relations, which is
to the advantage of both countries but also to the region and
Europe," Mr. Demirel's message read.
He added that he hoped these efforts would continue.
[08] Greece joins WEU multinational land, sea forces
Paris, 05/06/1997 (ANA - Y. Zitouniati)
The Western European Union (WEU) yesterday approved Greece's
participation in the multinational land (Eurofor) and naval
forces (Euromafor), set up by southern European countries in the
European Union.
The WEU plenary session passed an amendment allowing Greece's
participation along with France, Italy, Portugal and Spain. The
WEU aims at creating an emergency task force of EU member-states
and anticipates crisis situations outside NATO responsibility.
Membership is separate from NATO.
[09] Athens stresses need for calm, trust prior to direct talks on
Cyprus
Athens, 05/06/1997 (ANA)
Greece said yesterday it was necessary for "a climate of calm
and trust" to be cultivated prior to forthcoming direct talks
between Cyprus President Glafcos Clerides and Turkish Cypriot
leader Rauf Denktash.
The talks will be held within the framework of efforts by UN
Secretary General Kofi Annan to find a solution to the Cyprus
problem.
Government spokesman Dimitris Reppas made the statement when
asked to comment on recent violations of Cyprus' airspace by
Turkish military aircraft.
While condemning what he described as Mr. Denktash's "negative
stance" prior to the talks, Mr. Reppas expressed the hope that
they would be fruitful, "despite what is happening, which does
not facilitate rapprochement between the two sides."
Mr. Reppas also noted that Nicosia was contacting international
bodies, charging that "certain powers" were trying to undermine
efforts for a Cyprus solution.
"If this is Turkey's official policy, then the chances of a
settlement are not even one in a million," he added.
[10] Protopapas comments on question concerning lost citizenship
Athens, 05/06/1997 (ANA)
Labor Under-secretary Christos Protopapas said the government
will deal with the problem of hundreds of Moslems residents of
Thrace, who lost their citizenship and consequently their
insurance and labor rights.
Mr. Protopapas was speaking in Parliament yesterday in reply to
a relevant question by Coalition of the Left and Progress
(Synaspismos) deputy Moustafa Moustafa.
Mr. Protopapas said there are individuals who must at some time
exit a "gray zone" of Greek society, but added that the issue is
complicated and co-operation with jointly responsible ministries
will be necessary.
[11] 'Patriot' test firing on Crete
Athens, 05/06/1997 (ANA)
The first test-firing of a US-made "Patriot" anti-aircraft
missile on Greek territory took place yesterday at a firing
range near Hania, Crete. Three successful tests were also
carried out with "Hawk" anti-aircraft missiles.
[12] New WWF guide to plants in ancient Agora
Athens, 05/06/1997 (ANA)
The World Wide Fund for Nature (WWF) is publishing a guide to
nature at the ancient Agora of Athens, with details about plants
found on the site and their mythological associations.
The guide was prepared by the Greek chapter of WWF in
co-operation with the Parsers school of graphic design.
[13] First-ever performance in Greece of Strauss' 'Salome'
Athens, 05/06/1997 (ANA)
Richard Strauss' opera "Salome" will be performed by the
National Opera on June 10, 11 and 12 at the ancient Herod
Atticus Theater Renate Bele is in the lead role.
The opera has never before been performed in Greece, mainly
because of its demanding first role and the large number of
orchestra members needed (105 musicians).
Other singers include Marina Krilovic, Michael Pabst and Oscar
Hilbrandt. Costumes are by Yiannis Metzikov and the set by
Apostolos Vettas.
[14] Bulgarian justice minister meets with EU ambassadors
Sofia, 05/06/1997 (BTA/ANA)
The Minister of Justice and Legal Euro-Integration Vassil Gotsev
on Tuesday received the ambassadors of the Netherlands Vilen
Theophilus Sicks, Italy Tomaso Troise and Greece Panayotis
Karakasis, the ministry's press office said.
Mr. Gotsev briefed the ambassadors on the state of the Bulgarian
judiciary system and the Cabinet's priorities in the
administration of justice.
The ambassadors stressed the presence of an effective justice
system in a country is an incentive for investment in its
economy.
On his part, Mr. Gotsev expressed his belief the ministry will
operate according to European standards.
Four groups of legal experts from the main political forces are
now working on texts on crime control to be submitted to
Parliament next month.
Mr. Gotsev stressed a main objective of the Cabinet was to put
the legal mechanisms of crime control in place before the end of
its first 100 days in office.
[15] Drug courier dies in train jump after trying to flee authorities
Athens, 05/06/1997 (ANA)
A 24-year-old US national fell to his death yesterday when he
attempted to flee customs officials by jumping off a moving
train.
Fifty-five egg-shaped packets of heroin, totaling some 850
grams, were later detected in the man's stomach, reports state.
Police tentatively identified the man as Damon Russell Gwinn.
According to reports, he jumped out of the window of a
Skopje-to-Thessaloniki railcar while customs officers questioned
him.
Customs officers first suspected that Gwinn was traveling with a
false passport, subsequently asking him to sign his name for a
comparison with the signature on the passport.
Thessaloniki police are conducting an investigation to verify
his exact identity.
In an unrelated incident, a 22-year-old Albanian national was
arrested in Aiginio, Pieria prefecture yesterday when he
attempted to sell more than 15 kilos of hashish to an undercover
policeman.
Alpini Zarisi was arrested by drug squad officers after agreeing
to sell the hashish, which he reportedly smuggled into the
country from neighboring Albania, for 2.25 million drachmas.
[16] ND examines position on social dialogue
Athens, 05/06/1997 (ANA)
Main opposition New Democracy's position on social dialogue,
changes to the job market between the government, unions and
employers were examined at a meeting at party headquarters
yesterday.
ND leader Costas Karamanlis is due to give a speech on the issue
on Tuesday in Parliament.
According to comments from leading party members, ND will
request a revision of the agenda of the dialogue to give
emphasis on the triptych "unemployment, productivity, social
protection" and will call on the government to ensure that the
talks are not pre-emptive.
The results of the French elections and its impact on Maastricht
were also discussed at the meeting.
[17] Prosecutor says file on terrorism doesn't contain suspects' names
Athens, 05/06/1997 (ANA)
A file of proceedings referring to terrorism and the
investigation assigned to the eighth regular investigator Thomas
Gatzoyiannis do not contain evidence on the names of specific
suspects, according to replies given to reporters yesterday by
Athens prosecutor Anastasios Kanellopoulos.
Reporters were acting on statements made several months ago and
reiterated recently by former public order minister Stelios
Papathemelis, namely, that evidence exists on the terrorist
organization "November 17", which has not been suitably utilized.
Mr. Papathemelis had been summoned twice by a prosecutor last
year to provide clarifications on similar statements. However,
he did not appear before the prosecutor and preferred to address
a letter in which he stressed that all relevant evidence on
terrorism is in the possession of relevant services of the
public order ministry and judicial officials.
According to reports, the eighth regular investigator has
already completed his work and has evaluated all evidence,
including the archives of the former East German intelligence
organization Stasi, which however, did not provide ground for
the identification of offenders.
In a related development, Public Order Minister George Romeos
told Parliament last night that police investigations and
efforts to crack down terrorist groups do not have a specific
orientation, "everything is examined everywhere."
Replying to a relevant question by Communist Party of Greece
(KKE) deputy Stratis Korakas, Mr. Romeos said that according to
his own information and assessments, terrorism is a very
difficult problem to crack.
He declined any comment on statements by his predecessors,
saying "if they have evidence I suppose they left it before
leaving. My office is open if they want to co-operate with me.
What is necessary for these issues is seriousness and
responsibility. I will not speak with scenarios and innuendoes
but only if I have specific evidence."
Mr. Korakas said the case of the November 17 organization
involves foreign and Greek intelligence services. He said
statements by Mr. Papathemelis and former minister Ioannis
Skoularikis should be examined, as well as statements by the
public order ministry's former adviser, Maria Bossi.
[18] Greece buys $50 million Dutch frigate
Athens, 05/06/1997 (ANA)
Greece yesterday signed a $50 million contract for the purchase
of an S-type frigate from the Dutch Royal Navy, following talks
here between defense ministers Akis Tsohatzopoulos and Joris
Voorhoeve.
The frigate is due to be delivered by the end of the year,
following modifications to enable it to join the Greek fleet.
Mr. Voorhoeve said the signing of the contract indicated the
long-standing co-operation between the navies of the two
countries, adding that there was also a possibility of further
co-operation in regard to weapons sales for the Greek army.
Mr. Tsohatzopoulos described co-operation between the two
countries in the defense sector as "substantial".
The talks between the two ministers focused on the enlargement
and new structure of NATO, the role of the Alliance in eastern
Europe and the eastern Mediterranean and issues related to
security in Europe.
Mr. Voorhoeve praised the role played by Greece in the region,
commenting in particular on its participation in peace efforts
in Bosnia and Albania.
[19] Beijing to support Athens' bid for Security Council in
1999-2000
Athens, 05/06/1997 (ANA)
In a message to his Chinese counterpart Qian Qichen, Foreign
Minister Theodoros Pangalos expressed Athens' appreciation for
Beijing's decision to support Greece's candidacy for a
non-permanent seat at the Security Council during the 1999-2000
period.
"This decision constitutes yet another token of the friendly
relations linking our peoples and is the result of our mutual
understanding and co-operation," he said.
In his message to Mr. Qichen on the occasion of the 25th
anniversary of diplomatic relations being established between
Greece and China, Mr. Pangalos said that "during this period we
witnessed a noteworthy development in our bilateral relations,
which strengthened the traditional ties of friendship linking
our peoples.
"At present the international scene is experiencing great
changes. The role played by China is acquiring increased
importance. Its speedy economic development renders its presence
in the world economy stronger and constitutes a cause for
admiration.
Being a permanent member of the Security Council, it has proven
that it can meet its increased responsibilities for world peace
and security. In addition, its active participation in the
Regional Forum ASEAN can contribute to the achievement of
targets set by this Forum," he said.
"Greece, being a member of the European Union, a major political
and economic force in the Balkans and a country located at the
crossroads between Europe, Asia and Africa, is playing an active
role in regional developments and constitutes a useful gateway
for third countries which are seeking access to European and
Balkan regions. It also constitutes a country which is fully
committed to the ideals and principles of the UN and supports
every effort by the organization for peace and development," he
added.
[20] Greek film wins prize at Moscow festival
Moscow, 05/06/1997 (ANA - D. Konstantakopoulos)
A Greek film yesterday won an award at the 6th International
World Orthodoxy Festival "Golden Knight", currently being held
in Moscow in the framework of events to celebrate the city's
850th anniversary.
"Meteora - the catacombs of the sky" is directed by Greek
director Vasilis Marou and was awarded the prize for "best
meeting the aims of the festival and contributing to Christian
ideas".
Meanwhile, "Russian painters and Greece" is the title of a major
exhibition being held at the Tretiakof Gallery with the
co-operation of the Greek embassy in Moscow and the Pushkin
Museum.
The exhibition showcases leading Russian artists of the 19th and
20th centuries inspired by their visits to Greece, Greek
landscapes and the revolution of 1821.
[21] Museum of ancient art high on Australian state PM's agenda
Melbourne, 05/06/1997 (ANA - S. Hatzimanolis)
The establishment of a museum of ancient Greek art here will be
the focus of talks when Victoria State Premier Jeff Kennet
visits Greece soon.
Mr. Kennet is scheduled to meet Prime Minister Costas Simitis,
and Culture Minister Evangelos Venizelos in his fourth visit in
as many years to Greece.
The state premier is reported to be considering requesting
genuine antiquities for the museum from Athens, on which work
has already begun.
Greece has already promised to send an exhibition of antiquities
to Sydney for the 2000 Olympics.
Mr. Kennet is also due to visit Thessaloniki and the monastic
community of Mount Athos, after an invitation by Ecumenical
Patriarch Vartholomeos.
[22] Ceilings for marine pollution fines increased
Athens, 05/06/1997 (ANA)
Ceilings imposed on fines for perpetrators found guilty of
violating marine environment protection legislation will
increase.
Specifically, fines by port authorities will increase from two
million to five million drachmas, while fines imposed for every
day in excess of the time limit set by port authorities for the
restoration of damage increase from one million to two million
drachmas and the ceiling for fines imposed by decision of the
merchant marine ministry in the event of serious pollution
increases from 150 million to 250 million drachmas.
In addition, fines imposed by decision of the relevant prefect
increase from between five million and 10 million drachmas.
Fines imposed by joint decision of the merchant marine minister
and the environment, town planning and public works minister
increase from between 10 million and 100 million drachmas.
[23] Eurocourt rules against Greece on tax exemption for car import
Brussels, 05/06/1997 (ANA - G. Daratos)
The European Court has decided that Greece must provide tax
exemption for all private-owned cars imported temporarily into
the country by citizens from other EU member-states and not only
for the first imported by a EU citizen in chronological order,
as Greek customs authorities have been doing to date. The
complaint was filed by a German citizen.
The fact that Greece restricts this temporary tax exemption to
one car alone contributes towards obstructing of the free
movement of citizen s in the EU, which is contrary, according to
the European Court's ruling, to the EU directive issued on March
28, 1983.
According to the clauses of this directive, citizens of EU
countries must be able to circulate freely without being
obstructed by national taxation legislation. A person might have
to bring a second car temporarily into Greece (or any other EU
country), according to the ruling, due to illness, either a
breakdown in the first car or an accident, or because he has a
large family which needs more than one car to travel.
The European Court recognizes the dangers posed for tax evasion
in Greece, particularly in the private vehicle sector, but
believes that the means exist to control such tax evasion.
[24] Port upgrades announced
Athens, 05/06/1997 (ANA)
Merchant Marine Minister Stavros Soumakis announced yesterday
that 300 million drachmas will be provided for projects at 45
insular ports. Mr. Soumakis said the Piraeus Port Authority
(OLP) has made many interventions at the port of Piraeus, while
an increased presence of port officials will take place during
peak periods.
Mr. Soumakis held talks with OLP's administration yesterday and
ways were examined to improve services rendered in the sector of
the port where cruise ships dock.
[25] Intercity trains to Orestiada
Athens, 05/06/1997 (ANA)
State-of-the-art Intercity trains have begun traveling to
Orestiada in the Evros prefecture. The administration of the
Hellenic Railways Organization (OSE) has included Intercity
trains on the Alexandroupoli-Orestiada route on a daily basis
since the beg inning of the month. The train will leave
Orestiada on a daily basis at 3:27 p.m. and arrive in
Thessaloniki at 10:54 p.m. On the other hand, the train leaves
Thessaloniki at 7:25 a.m. and arrives in Orestiada at 2:47 p.m.
[26] Gov't presents bill on derivatives
Athens, 05/06/1997 (ANA)
National Economy and Finance Minister Yiannos Papantoniou
presented a bill setting the rules for derivatives to be traded
on the Athens Stock Exchange and the bourse's part-privatization.
The bill, which constitutes the government's final legislative
intervention in 1997 to modernize the stock market, will be
submitted to parliament in coming days, Papantoniou said.
Clauses in the bill set the terms for creation of an organized
derivatives market in Greece, and measures to control
transactions.
The bill also allows the partial privatization of the Athens
Stock Exchange through the sale of 33 percent of its share
capital. The sale process is expected to be completed by autumn.
[27] Profit taking hits Athens bourse
Athens, 05/06/1997 (ANA)
Stock prices came under mild pressure on the Athens Stock
Exchange to end lower after two days of strong upward movement.
he general index closed 0.85 percent lower at 1,670.03 points in
very heavy trading with turnover at 34.6 billion drachmas.
Most sector indices lost ground. Banks fell 1.24 percent,
Leasing was 0.84 percent off, Insurance dropped 0.53 percent,
Investment eased 1.52 percent, Construction dropped 0.81
percent, Miscellaneous eased 0.30 percent, but Industrial and
Holding ended 0.47 and 0.39 percent higher respectively. The
Parallel Market index rose 0.05 percent.
Traders said the market needed some correction as it approached
the 1,700 barrier once more but that the underlying trend of the
market remained positive in anticipation of the second tranche
of a flotation of Hellenic Telecommunications Organization (OTE)
during the summer.
Broadly, decliners led advancers by 158 to 56 with another 33
issues remaining unchanged. Demetriades, Pairis and Eskimo were
top gainers, while Vis, Ippotour, Elviemek and Boutaris suffered
the heaviest losses of the day.
National Bank of Greece ended at 37,750 drachmas, Ergobank at
19,220, Alpha Credit Bank at 19,995, Titan at 27,465, Intracom
at 13,750 and OTE at 7,200 drachmas.
[28] Mutual funds assets reach 5.2 billion Dr.
Athens, 05/06/1997 (ANA)
Cumulative assets of Greek mutual funds grew to 5.2 trillion
drachmas at the end of May, accounting for 30.37 percent of
total deposits in drachmas. Positive developments in the stock
market boosted demand for growth mutual funds. The sector
increased its share in the broader mutual funds market for the
fourth consecutive month.
[29] Bulgaria's Supreme Court clears Bulfon case
Athens, 05/06/1997 (ANA)
Bulgaria's Supreme Court rejected a petition by the country's
general prosecutor that telecoms operator Bulfon, in which
Greece's Intracom SA has a majority stake, should be declared
illegal.
The Supreme Court accepted Intracom's argument and ruled that
the company's establishment was lawful. In his petition, general
prosecutor Ivan Tatartsev claimed that Bulfon, which also deals
in informatics, had no right to use the description "Bulgarian "
because 68 percent of its shares, a majority holding, belonged
to the Greek partner.
The manner in which Bulgarian Telecommunications Organization
(BTK), which owns the remaining 32 percent of shares, had
decided to take part in the company was illegal, according to
Tatartsev's petition. Bulfon has undertaken the installation,
operation and management of a national network of card phones in
Bulgaria.
On the basis of strategic agreements it also provides BTK with
digital broadcasting systems. Bulfon operates in 32 Bulgarian
towns, employs 1,320 people, owns two factories in Sofia and
Plovdiv, and represents one of the largest strategic Greek
investments in Bulgaria. The Greek-Bulgarian company's turnover
in 1996 was 6.2 million dollars.
[30] National Bank of Greece in 200 mln. dollar loan
Athens, 05/06/1997 (ANA)
National Bank of Greece issued a limited coverage 10-year, 200
million dollar subordinated Floating Rate Note (FRN) on
international capital markets. Interest was set at three-month
dollar Libor plus a margin of 60 basis points.
The issuer has the right to withdraw the FRN after a five-year
period at its nominal value. Final settlement has been set for
June 2007.
The loan was fully covered after a series of presentations to
foreign institutional investors. It was given a Baa2 credit
rating by Moody's Investor Services. National Bank of Greece's
rating is Baa1.
Salomon Brothers and Chase Manhattan acted as underwriters for
the issue, while Morgan Stanley, BZW Smith Barney, HSBC, Bear
Sterns and the National Bank's London branch managed the issue.
[31] Titan Cement sales rise in 1996
Athens, 05/06/1997 (ANA)
Sales of Titan Cement SA rose by 20 percent in the first five
months of 1997, according a statement released at the company's
annual general shareholders' meeting. Last year's turnover rose
to 19.2 billion drachmas, up 63 percent on a consolidated base,
while the parent company's turnover rose 50.2 percent to 15.7
billion.
Consolidated sales were 108.2 billion, showing a 10.3 percent
rise from the previous year.
The company will pay a 1996 dividend of 460 drachmas per share.
The meeting postponed a decision on a new share scheme, which
will be debated at a new meeting set for June 17.
Speaking to shareholders, Titan's chairman A. Kanellopoulos said
that the company was still interested in acquiring a stake of no
less than 50 percent in Halkis Cement, controlled by
AGET-Heracles.
He also said that the company was considering expansion into
other markets, but not into the neighboring Balkans due to the
unattractive terms set for the privatization of cement companies
in Albania and Bulgaria. Titan, however, was considering
expansion in North Africa and particularly in Algeria, as well
as establishing a distribution center in Egypt.
The Greek company also was examining expansion in the North
American market through its subsidiary Carolinas Cement Co. The
company's exports dropped 5.8 percent in 1996 due to an increase
in sales in the domestic market.
The shareholders meeting approved a plan for signing an
international bond loan worth 15 billion drachmas.
[32] Cyprus stock market attracts interest
Athens, 05/06/1997 (ANA)
Greek companies have shown growing interest in listing their
shares on the Cyprus stock market. Key companies such as Delta,
Nikas and Edrasis have recently expressed interest in joining
the Cyprus market, and Interamerican is keen to promote mutual
funds in the island.
The Cypriot finance ministry has backed listing for major
off-shore companies operating in Cyprus by means of share issues
in foreign currency. The plan is expected to boost growth of the
Cyprus market as more than 30,000 off-shore companies with a
total capital of 400 million dollars have come to the island.
[33] Greek products in Zagreb trade fair
Athens, 05/06/1997 (ANA)
The Hellenic Export Promotion Organization (OPE) has announced
Greece's participation in the Zagreb International Autumn Fair
of consumer goods to be held in the Croatian capital from 15-21
September.
According to an OPE statement, Croatia's market offers
opportunities to Greek exporters for the promotion of trade,
investment and other financial activities. Croatian authorities
recently decided to fully harmonize the country's tariff and
customs system with that of the European Union, taking effect on
January 1, 1998.
Guarantees would be offered to foreign businessmen as an
incentive to trade, the statement said.
[34] Bulgaria seeks business links with southeast Europe
Athens, 05/06/1997 (ANA)
Bulgarian Foreign Minister Nadezda Michailova will lead the
neighboring country's delegation at a ministerial meeting of
southeast European countries to be held in Thessaloniki on June
9-10.
Foreign ministry press spokesman Radko Vlaikov said in Sofia
that the Bulgarian government would give special emphasis to
meetings on business that would take place on the sidelines of
the meeting, which is held annually. Of special interest were
energy, transport, telecoms, banking and privatization, Vlaikov
said.
[35] Better collection rate for building code fines decided
Athens, 05/06/1997 (ANA)
National Economy Minister Yiannos Papantoniou and Environment,
Town Planning and Public Works Minister Costas Laliotis
yesterday decided on intensive controls to detect violations of
the town planning codes, as well as an acceleration in the
payment of fines already imposed on owners of unauthorized
buildings.
After a meeting chaired by Mr. Papantoniou yesterday morning,
Mr. Laliotis said the payment of fines for violations of the
town planning code is extremely slow since there is a notable
lack of collectors. Confirmed fines imposed since 1984 for the
legalization and maintenance of unauthorized buildings exceed
200 billion drachmas.
The 1997 budget includes receipt of 25 billion drachmas from
this amount. Fines start from 200,000 and in certain cases
exceed two million drachmas. The ineffective receipt of the
fines is due to bureaucratic processes and the ineffective
operation of t he relevant receiving mechanisms.
Mr. Laliotis said 75 per cent of the money to be received will
be provided for the creation of infrastructure works and 25 per
cent to support the budget.
The meeting was also attended by Environment, Town Planning and
Public Works Under-secretary Christos Verelis, Justice Minister
Evangelos Yiannopoulos and Finance Under-secretary George Drys.
[36] London-based firm raises Greece's credit rating
Athens, 05/06/1997 (ANA)
The Greek economy has improved its image internationally,
according to the financial risk evaluation organization IBCA,
which yesterday upgraded the country's rating from BBB-minus to
BBB.
The respected London-based organization's rating pertains to
Greece's ability to pay off its foreign debt, which totals
US$29.9 billion.
According to an IBCA report, Greece was given an improved rating
because it had "made steady progress in its public finances and
macro-economic stability."
The Bank of Greece is also praised for its "reliable and prudent
monetary and exchange policy" which enabled the "drastic"
reduction of inflation.
IBCA also notes that Greece's economy is growing at a faster
rate than any other European Union member-state.
The report forecasts a continued increase in the gross external
debt as a percentage of GDP this year, but predicts a drop in
the net external debt in 1998.
In addition, the organization underlines that the absorption of
Community Support Framework funds has already improved
considerably due to better coordination of the state
administration. IBCA considers "ambitious" the government's
target of a reduction of the public deficit to 4.2 per cent of
GDP by the end of 1997, from 7.4 per cent last year.
"It is not clear whether the PASOK government is strong enough
to push through the measures necessary to attain this target,"
the report assesses, while expressing the view that "the Greek
economy is being held back by the enormous bureaucratic public
sector and the structural inflexibility which prevent Greece
from acquiring a modern, flexible economy."
The report stresses the importance of Prime Minister Costas
Simitis' firm refusal to give in to strikers workers' demands,
saying it had increased the confidence of capital markets in his
government.
End of English language section.
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