Athens News Agency: Daily News Bulletin in English, 97-06-19

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From: The Greek Press & Information Office, Ottawa Canada <grnewsca@sympatico.ca>

ATHENS NEWS AGENCY BULLETIN (No 1215), June 19, 1997

Greek Press & Information Office
Ottawa, Canada
E-Mail Address: grnewsca@sympatico.ca

CONTENTS

[01] Simitis calls Amsterdam summit a step forward

[02] Reactions

[03] Karamanlis harshly criticizes Gov't over Amsterdam Summit, economy

[04] PASOK executive bureau focuses on Amsterdam Summit

[05] Gov't: economy moving towards rapid development, lower inflation

[06] Gov't on economic policy

[07] Opposition

[08] Greece supports Turkey's course towards Europe, Papandreou says

[09] Ciller statements gain question Aegean's status quo, Greece warns

[10] Events in memory of A. Papandreou

[11] Greek-FYROM name talks probably in early August

[12] Greek cultural foundation inaugurated in Munich

[13] BSEC assembly decides to open Black Sea Development Bank in July

[14] Bulgaria joins BSEC

[15] Stephanopoulos

[16] Pangalos meets with Egyptian defense minister

[17] IOC delegate from Ecuador visits

[18] Gov't, unions disagree on social insurance proposals

[19] Nokia to provide OTE's mobile telephony subsidiary with equipment

[20] Greece warns of unemployment threat to EU's merchant shipping

[21] Greece until 2001 to open telecoms market

[22] Laliotis calls metro consortium to finish job

[23] OA general assembly ratifies purchase of subsidiary, new planes

[24] Greek stocks slump 2.30 pct at close

[25] Greek Xiosbank launches mutual fund center

[26] Greek businessman abducted

[27] Greece sends more aid to Albania

[28] Distinctions at Mediterranean Games

[01] Simitis calls Amsterdam summit a step forward

Amsterdam, 19/06/1997 (ANA - M. Spinthourakis)

"The European Union is moving forward towards its integration with small but certain steps. The Treaty of Amsterdam is a successful effort in that direction," he said at a press conference.

The Greek premier praised the treaty for having social sensitivity, ensuring the equal participation of the bloc's smaller countries, and for preserving a member-state's right of veto when its vital interests are at stake.

On the Common Foreign and Security policy, Mr. Simitis told reporters in Amsterdam that the references concerning respect of the EU's integrity and external borders and on the development of a mutual policy of solidarity among the member-states were also satisfactory.

He described as particularly positive the agreement reached that foreign policy decisions of strategic importance to the EU would be made unanimously.

Mr. Simitis also said the compromise reached on strengthening the 10-member Western European Union's ties with the EU and keeping open its prospective incorporation into the latter in the future was "a very important decision that lays the groundwork for a common European defense".

"The European Union is proceeding with small but firm steps towards its completion. The Amsterdam Treaty we agreed on early this morning is a successful effort in that direction," Mr. Simitis said after the marathon talks.

He added that the Intergovernmental Conference (IGC) decisions on EU institutional reform and common foreign and security policies satisfied Athens, while the completion of the IGC talks paved the way for EU enlargement towards the countries of central and eastern Europe as well as Cyprus.

Concerning institutional reform, Mr. Simitis said institutional balance had been preserved despite "strong efforts" to alter it, thus ensuring the equal participation of Greece and the other small, with respect to population, member-countries, while the principle of each member-state having at least one Commissioner in the European Commission had also been maintained.

Mr. Simitis said that following the resolution of its institutional problems during the two-day summit, the EU would now enter into a new round of talks, in view of enlargement, which would focus on Common Agricultural Policy (CAP), the actions of the various funds and other issues.

The premier further welcomed the references to the citizens' relations with the EU, particularly the introduction of a new chapter on promoting employment and coordination of member-states' policies in that area, as well as the references on protection of public health, boosting regulations on consumer protection and the undertaking of actions aiming at respect and projection of the diverse character of the member-states' cultures.

He also hailed the introduction of regulations in the new treaty for the development of the Community's islands via EU structural policy as "exceptionally positive" for the Greek islands.

Commenting on a "Financial Times" article on Tuesday, according to which Greece was the only country certain to remain outside Economic and Monetary Union (EMU), Mr. Simitis said the aim was the fulfillment of Maastricht criteria in 1998, and that any evaluation at the moment was premature.

"Let's not be so hasty, because some who were considered certain to fulfill the Maastricht criteria do not appear so, after all," he said.

Speaking at the same press conference, Alternate Foreign Minister George Papandreou said that the success of having Greek pursuits included in the new treaty was due to the prudent economic policy exercised by the Greek government in the last few years, which is now bearing fruit.

[02] Reactions

Athens, 19/06/1997 (ANA)

Further, he claimed that no clear guarantee of Greek borders was secured, adding that "the creation of great and deceptive expectations by the government is dangerous, because their expected refutation can only cause lack of confidence in European integration".

Finally, he called on the government to "state what course it will follow on fiscal stability".

Communist Party of Greece (KKE) Secretary General Aleka Papariga used harsh language regarding the way the government presented the results of the summit.

Ms Papariga said the essence of the stability pact had been hidden (from the public), adding that "things are worsening for the people, while the convergence program remains unchanged."

She described as "painless," the conclusions of the IGC on the issue of borders and respect for territorial integrity, adding that "the law of distribution of the spheres of influence in Europe is mightier than the declarations".

Concluding, she described as "mockery" the mention of the European Union's social profile, adding that "not even a cent gets redistributed for the protection of the social policy."

Coalition of the Left leader Nikos Constantopoulos said in a press conference that the progressive revision of the Treaty of Maastricht still remains a goal, noting that "the necessary social and democratic turn in the course of the EU did not materialize".

"The compromises adopted do not touch the nucleus of the one-sided economic philosophy of Maastricht, while the reference to the issue of unemployment remains without face value".

He said that the Greek government bears a serious share of responsibility, "having gone with no national negotiating plan," and reiterated his party's call for a referendum on Maastricht.

Political Spring party leader Antonis Samaras commented that "the European institutional framework does not enhance the course of full political integration, but encourages groupings of small states with the powerful ones."

[03] Karamanlis harshly criticizes Gov't over Amsterdam Summit, economy

Athens, 19/06/1997 (ANA)

Referring to the results of the Amsterdam Summit, Mr. Karamanlis said there was no progress in matters of national interest, such as the common external and security policy, but the government was jubilant.

"This proves that the government has not only not understood the changes of the times, but also disregards the citizens, being under the impression that it can deceive them," he said.

He noted that "the country's course cannot elicit optimism if the conditions for social cohesion are not secured. It is an oxymoron for the government to be proud of its successes in the economic field when unemployment has reached 10 per cent and is increasing, and when the new EU treaty does not provide commitments and resources for unemployment".

He criticized the government for its economic policy, saying that the recovery of the economy can shoot inflation to new heights, and stressing that it is "not pushing for the freeing of healthy forces through privatization, is not trimming public waste, is not securing a serious investment environment, while administration is not functioning productively."

[04] PASOK executive bureau focuses on Amsterdam Summit

Athens, 19/06/1997 (ANA)

Prime Minister Costas Simitis said that in connection with the central committee's session to be held on June 20-21, the issue of development was discussed in all its aspects. He said substantive and important problems existed for the country such as it s position in the European Union, as well as the way with which it will achieve the target of development and said various views being heard on serious, as he said, issues were superficial talk.

Replying to a question, he said the issue of the Andreas Papandreou Foundation did not preoccupy yesterday's meeting. However, he said the executive bureau has taken a decision on the establishment of a sole foundation whose responsibility will lie with PASOK.

Mr. Simitis said that what is of importance is that the memory of Andreas Papandreou must be respected and kept alive by the Greek people and PASOK will take care of this.

[05] Gov't: economy moving towards rapid development, lower inflation

Athens, 19/06/1997 (ANA)

Mr. Papantoniou, who is also the government's finance minister, made the statements while unveiling the national economy ministry's five-month report on the economy in 1997.

Mr. Papantoniou said "the rate of GDP growth will accelerate to 3.5 per cent during 1997. Investments in the broader public sector will increase by 18 per cent and in the private sector by 9.5 per cent."

He also noted that the government expects the balance of trade to improve, with a 6.2 per cent increase in exports in 1997 compared to just 1 per cent last year, while the current accounts deficit is projected to remain at 1996 levels.

The projection concerning inflation's course at average levels corresponds with initial estimates, he said, adding that primary expenditures will remain within budget estimates, while allocations from the Public Investments Program in the first five-month period reached 382.4 billion drachmas.

Total revenue in the first five months of 1997 increased by 11.8 per cent, due to corresponding increases in tax and non-tax income, according to the minister.

Mr. Papantoniou said this was "satisfactory," since the greater part of both categories of revenue would be collected during the coming months. Even if there was a small shortfall, he said, this would be offset by spending decreases, particularly as regards interest payments.

Meanwhile, he also left open the possibility of index-linking income tax scales to inflation, which has been one of the primary demands of public sector employees.

Mr. Papantoniou added that any decisions would be taken at the end of the year, when the 1998 state budget was being prepared, indicating that decisions would be shaped on the basis of the government's ongoing "social dialogue" with employers and employees.

[06] Gov't on economic policy

Athens, 19/06/1997 (ANA)

"Our economic policy remains unchanged and there will no deviation from what has already been announced," acting government spokesman Yiannis Nikolaou said in response to reporters' questions on the possibility of changes in the government's economic policy following the EU summit in Amsterdam on Monday and Tuesday.

[07] Opposition

Athens, 19/06/1997 (ANA)

He charged that the report of the national economy ministry "reveals great truths which its accountants have been deliberately and meticulously hiding for some time now."

Referring to unemployment, the ND spokesman said that "it has reached an all-time record level", while as regards inflation he expressed the view that it has reached its "hard core" and is not decreasing at a rate the government expects.

In another statement, the Coalition of the Left and Progress (Synaspismos) accused the government of "dressing-up reality and dogmatically adhering to impasses", as well as of concealing the cost its policies have on the unemployed, wage-earners and businesses.

[08] Greece supports Turkey's course towards Europe, Papandreou says

Munich, 19/06/1997 (ANA)

"All the countries following this course must meet those criteria which are common for all member-states and which concern the economy, democracy, respect for human rights as well as for international treaties and the borders of other countries," Mr. Papandreou said, speaking at Munich's Press Club.

Stressing that Greece was not demanding anything from Turkey, Mr. Papandreou said "the only thing we are asking is for Ankara to respect our rights, the treaties which we have signed and the international treaties which stipulate that countries should settle their difference without resorting to force."

Unfortunately, he continued, in recent years there has been a resumption of Turkey's increased demands against Greece.

"Instead of resolving the problem of the (Aegean) continental shelf, we have had new demands from Turkey. Yesterday it was Imia. We told them that if they have a problem they should have recourse to the International Court at the Hague. They didn't accept this. Later, they said it wasn't just Imia, but other islands too, and then they started referring to so-called 'gray zones'. Subsequently they went even further and began talking about 'geographical zones'. After this, it was Gavdos and lastly, they threatened us with war if we extend our territorial waters to twelve miles, as we have every right to do," Mr. Papandreou said.

"We believe that Turkey is missing a great opportunity to have Greece as a companion and to approach the EU, rather than raising issues which challenge international treaties and creating instability in the region, which at the end of the day do not benefit Ankara," he said.

Replying to questions, Mr. Papandreou underlined that Greece's armaments program required enormous sums of money "which of course makes it more difficult for Greece to rapidly attain the Maastricht targets."

Asked about the precise amount involved, he said it was roughly the size of EU funds to Greece. On the EU summit in Amsterdam, Mr. Papandreou, who was to return to Greece last night, said important steps had been made towards European integration.

[09] Ciller statements gain question Aegean's status quo, Greece warns

Athens, 19/06/1997 (ANA)

The comments by the Turkish coalition government's junior partner were almost immediately followed by Turkish foreign ministry spokesman Omer Akbel yesterday, who criticized a monument dedicated last week in Xanthi to the memory of Black Sea Greeks killed or expelled by Turkish troops in 1919.

"Turkey is once again questioning international law and more specifically the Lausanne Treaty, which has defined the legal status in the Aegean with accuracy," foreign ministry spokesman Costas Bikas replied yesterday, adding:

"In addition, the use by the Turkish foreign minister of expressions such as 'Turkey is behaving as a major country' as well as the invocation on her part of the concept of power in an effort to impose its positions shows precisely that the neighboring country is attempting to define our bilateral relations on a dimension of inequality, a dimension which Greece will not accept, because neither does it live up to reality nor is it compatible with international law."

"Major countries are those which respect international law, have shaped such social and political conditions so as to enable democratic institutions to function and human rights to be consolidated, and not those which have been pinned down on the same problems for decades," he added.

Referring to protests on the monument for Hellenism in the Black Sea and Asia Minor in Xanthi, he said there is no sense in calling on Greece to forget its history, part of which is also the genocide of Black Sea Hellenism and, of course, nor can it be taken seriously that mere references to places where Black Sea and Asia Minor Hellenism in general lived and developed constitutes a territorial claim against Turkey.

"In any case, the Greek government will not reply systematically in the future to such statements, which evidently reflect the instability and confusion prevailing in the neighboring country's political life," he said. Meanwhile, according to an ANA dispatch from Istanbul, Ms Ciller stated during a press conference that "there isn't the slightest evidence that all the islands and rocky islets of the Aegean belong to Greece".

She was responding to relevant statements by President of the Republic Kostis Stephanopoulos last weekend.

"Turkey, behaving as a major country, and with a sense of justice, declares to the whole world that all these (Mr. Stephanopoulos' comments) have no legal basis," she said.

"What he said must be considered an expression of Greece's expansionist policy. Turkey will not allow such a thing, and has the power not to allow it," she cautioned.

On his part, Turkish foreign ministry spokesman Omer Akbel said that "the legal status quo in the Aegean does not confirm the views of the Greek president," which, had to be considered as "a sign of their expansionist wishes.

He further went on to say that Turkey lends great significance to the maintenance of the prevailing status quo in the region and is sensitive on this issue, referring to reports in the Greek press regarding the Imia islet, the focus of a tense stand-off between the two countries earlier last year.

"(Last) Friday we noticed certain suspicious movements in the region of 'Kardak' (Imia) and asked for information from the Greek side," he said.

"We ascertained that there was nothing to be concerned about and that there was no new 'development'," he added.

He said that information had been requested by phone from the Greek ambassador in Ankara Dimitris Nezeritis, who reportedly said there was "no situation which had disrupted the prevailing status quo".

"Our observations confirmed this," Mr. Akbel said. The Turkish press yesterday claimed that the Greek envoy had been summoned on June 13 to the Turkish foreign ministry and told that Turkey would send a naval force to the Imia region if small Greek speedboats observed there did not leave.

[10] Events in memory of A. Papandreou

Athens, 19/06/1997 (ANA)

A te deum service will be held at Agios Lazaros Cathedral at the Athens First Cemetery at noon on Sunday, while a political and music event will be organized at the Athens Music Hall in the afternoon.

According to an announcement by PASOK, the event will be addressed by Prime Minister Simitis and former French culture minister Jack Lang.

[11] Greek-FYROM name talks probably in early August

New York, 19/06/1997 (ANA - M. Georgiadou)

Greece's ambassador to the UN Christos Zaharakis met his FYROM counterpart Ivan Tosefski in New York yesterday under the auspices of UN mediator on the issue Cyrus Vance, before his departure for Bosnia.

Talks scheduled on the issue last month were postponed due to Mr. Tosefski's illness.

[12] Greek cultural foundation inaugurated in Munich

Munich, 19/06/1997 (ANA)

Addressing the inauguration ceremony, Alternate Foreign Minister George Papandreou said the foundation constitutes an important example of cultural and educational co-operation between Greece and Bavaria.

The Bavarian and Greek governments co-operated closely to establish the foundation. In 1994 the Bavarian government approved a request by Athens on the feasibility of the project and in early 1996 a draft budget was submitted by the Greek consulate.

The Greek contribution for the creation of the Palladio amounts to 950 million drachmas, while Bavarian will participate with a share exceeding 80 per cent.

The presence of Hellenism in Bavaria is strong, both in universities and the Munich Academy of Fine Arts, as well as the academic sector in general. About 30,000 Greek expatriates live in the greater Munich area.

[13] BSEC assembly decides to open Black Sea Development Bank in July

Athens, 19/06/1997 (ANA)

The assembly adopted a report by a relevant committee to improve customs regulations between member-states, aimed at creating a free trade zone in the region.

Parliament President Apostolos Kaklamanis, who chaired the parliamentary assembly over the six-month period being concluded at the end of the month, briefed the assembly on the recent meeting of Parliament presidents of European Union member-states, which was held in Helsinki.

Mr. Kaklamanis, who spoke earlier at the inauguration of the assembly said that during the four years BSEC has been functioning carefully but positive steps have been made, the basic organizing structures have been initiated and a regular and productive dialogue has been inaugurated at all parliamentary levels.

Mr. Kaklamanis said in his speech that the creation of a free trade zone in the region will lead to the liberalization of trade and the strengthening of economic relations between BSEC member-states.

On the sidelines of the assembly, which continued last night and will be concluded today, Mr. Kaklamanis held private meetings with Moldovan Parliament President Mr. Motspan and the Vice-President of the Romanian Parliamentary delegation Mr. Vasile.

Mr. Motspan, who will succeed Mr. Kaklamanis at the presidency of BSEC's parliamentary assembly over the next six-month period, invited his Greek counterpart to pay an official visit to Moldova.

Mr. Vasile called on Greece to help Romania join the European Union and NATO.

In the afternoon, Mr. Kaklamanis met Turkish National Assembly Vice-President Mr. Korkmacan.

During the talks Mr. Kaklamanis reiterated his proposal for co-operation between the Greek Parliament and the Turkish National Assembly with the purpose of combating drug trafficking.

He reiterated that both parliaments can co-operate and propose to the governments of the two countries a better policy to combat drug trafficking more effectively.

The Turkish official told Mr. Kaklamanis that a Greek-Turkish friendship group has already been created in the Turkish National Assembly.

Last night Mr. Kaklamanis also met the Israeli Parliament President Mr. Tihon and the Albanian Parliament President Arb Nori last night as well.

[14] Bulgaria joins BSEC

Athens, 19/06/1997 (ANA)

In addition, the Georgian Vice-President of the assembly asked Greece to undertake the necessary initiatives in order for the BSEC to acquire observer status at the European Union and the Organization for Security and Co-operation in Europe (OSCE).

[15] Stephanopoulos

Athens, 19/06/1997 (ANA)

"It has always been a place of contrast but also of fruitful co-operation and productive activity," he said. Mr. Stephanopoulos said the promotion of economic co-operation in the greater area of the Black Sea "is an element for the progress of the countries of the region and for peace and security in a region which has from time to time suffered from great tension."

The inauguration of the BSEC bank in Thessaloniki, he continued, will usher in a new important period of co-operation among the states of the region.

Noting that Greece was present in all areas of BSEC activity, Mr. Stephanopoulos said the country would continue its efforts "with undiminished interest, since we are convinced that this co-operation, among other things, indeed contributes considerably to the construction of the new Europe."

[16] Pangalos meets with Egyptian defense minister

Athens, 19/06/1997 (ANA)

Gen. Tantawi will meet his Greek counterpart Akis Tsohatzopoulos today, who will later accompany him at talks with President Kostis Stephanopoulos.

After his meeting with the Egyptian official, Mr. Pangalos met the Parliament President of Georgia, Zourab Zhvania, who is in Greece within the framework of the Black Sea Economic Co-operation Pact's parliamentary assembly.

[17] IOC delegate from Ecuador visits

Athens, 19/06/1997 (ANA)

Athens is one of the five candidate cities vying to host the Olympic Games in 2004, along with Buenos Aires, Stockholm, Rome and Cape Town.

Mr. Arojo, who is the president of the World Judo Federation, expressed satisfaction over the Olympic installations in Maroussi. An olive tree bearing his name will also be planted at "The park of IOC members."

[18] Gov't, unions disagree on social insurance proposals

Athens, 19/06/1997 (ANA)

Labor and Social Security Minister Miltiades Papaioannou said the committee should reconvene on July 10 to reconsider the principles underlying the changes as well as procedural issues.

President of the General Confederation of Workers of Greece (GSEE) Christos Polyzogopoulos stressed that a 1992 law - the so-called "Sioufas Law" which is due to go into effect on January 1, 1998 - would have detrimental effects on workers and pensioner s and their pension rights.

He called for a year's postponement of the Sioufas law for social dialogue to get under way and said what was needed was a more general discussion on the issue to ascertain political approaches and not technocratic interventions.

Mr. Papaioannou appeared to be reluctant to postpone the implementation of or to change the Sioufas law. Changes, he said, could have a greater cost than the hoped for benefit.

The government came to the table with the following proposals:

-a small package of measures to contain evasion of payment of contributions and for the merger of similar pension funds; and

-a larger package of reforms to the entire system, which should be discussed by the end of the year but be implemented after the year 2000.

Mr. Papaioannou said the government was not inclined to "bargain" on separate issues.

[19] Nokia to provide OTE's mobile telephony subsidiary with equipment

Athens, 19/06/1997 (ANA)

The two-year agreement envisages for the supply of equipment worth 34-35 billion drachmas.

COSMOTE has decided to renegotiate a remaining sum of 20 billion drachmas, while the Finnish company has undertaken to invest nine billion drachmas until the end of the year.

The final agreement provides for a 7 to 8 per cent discount on Nokia's original tender, selected among six companies.

COSMOTE says it will start commercial operations in December 1997.

[20] Greece warns of unemployment threat to EU's merchant shipping

Brussels, 19/06/1997 (ANA - G. Daratos)

Merchant Marine Minister Stavros Soumakis focused particularly on the issue of unemployment in the Union, stressing that a possible disappearance of the vocation would cause serious effects on all services connected with merchant shipping, for which the re could be no future in the EU without European seamen.

"The high quality and security in the merchant marine, and the protection of the marine environment cannot be attained with the low cost of the crews from third countries, whose training cannot be compared with that of European seamen," he said.

EU Transport Commissioner Neil Kinnock promised that the Commission will submit until the end of the year a report on the training and employment of EU seamen.

[21] Greece until 2001 to open telecoms market

Brussels, 19/06/1997 (Reuter/ANA)

Greece joins four other countries - Ireland, Luxembourg, Portugal and Spain - that have been given permission to miss the EU's January 1998 deadline for abolishing all state telecoms monopolies. But it will be the last to comply with the plan.

EU ministers agreed that those countries could request more time because they had small or less developed telecoms markets.

Greece asked to wait until January 2003 for full liberalization, but the EU executive noted that a plan to modernize and digitalize the network of national phone company OTE should be completed at the end of 2000.

It said Greece should introduce competition in the market for telecoms infrastructure by October 1, 1997. The EU's general deadline for allowing "alternative networks" to carry some telecoms services was July 1996.

Greece had asked to wait until July 1, 2001, but the Commission said opening those networks was essential to promoting competition and improving the Greek economy.

The Commission said Greece was given more time to meet the EU deadlines than other states, however, because the difficult Greek geography - mountains and islands - hurt the profitability of investments in the national network.

It said Greek phone tariffs also still needed to be oriented more toward actual costs, but that was difficult to do quickly because of low average per capita income.

The Commission gave Greece several deadlines for complying with the new timetable, including ordering it to issue licenses to new players by December 31, 2000.

The Commission has already agreed to allow Luxembourg to wait until July 1, 1998; Spain until November 30, 1998; and Portugal and Ireland until January 1, 2000 to fully liberalize their markets.

[22] Laliotis calls metro consortium to finish job

Athens, 19/06/1997 (ANA)

"The Athens metro, according to the contract signed, must be delivered in November 1998," he said, pointing out that the joint venture must honor its commitments.

During the annual general assembly of the Attiko metro company's board, its tenure was renewed, while it was announced that 58 per cent of the project has been constructed to date and 9.5km out of the 16km anticipated. Mr. Laliotis attended the general assembly.

[23] OA general assembly ratifies purchase of subsidiary, new planes

Athens, 19/06/1997 (ANA)

The general assembly also appointed Panayiotis Kornilakis, a professor of civil law at the Aristotelion University in Thessaloniki, and Demosthenis Paraskevas, an economist and president of the Halandri municipality's municipal council, to fill in two vacancies in the airline's board.

[24] Greek stocks slump 2.30 pct at close

Athens, 19/06/1997 (ANA)

Turnover was 21.9 billion drachmas, slightly up on the previous day.

All sector indices ended with losses. Leasing fell 3.75 percent, Investment 2.78 percent, Banks 2.42 percent, Industrials 2.62 percent, Insurance 1.11 percent, Miscellaneous 1.13 percent, Construction 0.41 percent and Holding 0.93 percent.

Hellenic Telecommunications Organization, which floated another batch of its shares on the bourse last week, finished at 6,615, down 148 drachmas. It was the first day of trade for the new stock.

Of 242 shares traded losers outpaced gainers at 179 to 42 with 21 shares remaining unchanged.

Firms posting the largest percentage gains were Erlikon, Atemke, Parnassos and Levenderis (preferred), which all ended at or near the upper eight percent daily volatility limit.

Suffering the largest percentage losses were Dimitriadis, Ideal (preferred), Intertyp and Petzetakis (common), finishing at or near the lower eight percent volatility limit.

[25] Greek Xiosbank launches mutual fund center

Athens, 19/06/1997 (ANA)

Total mutual fund assets managed by the bank total 125 billion drachmas, up 62 percent on the beginning of the year. The bank also plans to develop personal banking through its new center.

[26] Greek businessman abducted

Gjirokaster, 19/06/1997 (ANA - P. Barka)

The abductors, who grabbed Radoyannis after a clash with men accompanying the businessman in a van loaded with coal, demanded a 20 million drachma ransom for his release, but were talked down to three million drachma by hostage negotiators.

Reliable sources said the identity of the abductors was known, as was the place Radoyannis was being held captive, and the Greek Consulate in Gjirokastr was "taking steps' for his release.

The same sources said the Romanian troops serving with the multinational protection force in Albania had promised to intervene for the release of the Greek hostage.

[27] Greece sends more aid to Albania

Athens, 19/06/1997 (ANA)

The minister was speaking during an event to hand over five tons of humanitarian aid destined for Albania to the "Doctors of the World" organization.

"Our mission is to help relieve and resolve the intense humanitarian problems facing the people of the neighboring country," he said. "That is why we are continuing to send pharmaceutical and hospital supplies".

The ministry has collected a total of ten tons of aid with the co-operation of local hospitals and individual contributions. This is the third such dispatch to Albania.

The aid is destined for the city of Pogradec and will be guarded by troops from the multinational protection force and local authorities from the Greek-Albanian border to its destination.

[28] Distinctions at Mediterranean Games

Athens, 19/06/1997 (ANA)

End of English language section.

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