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Athens News Agency: Daily News Bulletin in English, 97-06-20

Athens News Agency: Daily News Bulletin in English Directory - Previous Article - Next Article

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

ATHENS NEWS AGENCY BULLETIN (No 1216), June 20, 1997

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


CONTENTS

  • [01] Official US Gov't map underlines Greek sovereignty of Imia
  • [02] PASOK offices attacked
  • [03] Kaklamanis reviews results of latest BSEC assembly
  • [04] Accelerated procedures for FYROM name solution reviewed in meeting
  • [05] Philippines' Ramos in Athens on Sunday
  • [06] Ankara denies that Agia Sofia in Trabzon will be converted into mosque
  • [07] Greek, Egyptian defense ministers discuss co-operation
  • [08] Gov't sharply criticizes latest Ciller remarks on Aegean
  • [09] Sixth Panhellenic Journalists Conference begins
  • [10] Gov't stresses that strong presence along Albanian border necessary
  • [11] Equipment delivered for Gjirokaster police
  • [12] Abducted Greek businessman released in Albania
  • [13] Exhibition on Andreas Papandreou inaugurated by the premier
  • [14] Marlon Brando in Athens for speech on environment
  • [15] Smog, heat take their toll on capital
  • [16] ND leader briefs party founder Karamanlis
  • [17] Committee proposes strict incomes policy in next 2 years
  • [18] Reactions
  • [19] New radar system activated
  • [20] Papoutsis cites EU efforts for integration of internal energy market
  • [21] Greek Jan-Feb current account deficit widens to $874 mln.
  • [22] Greek stocks end flat, seen losing jitters
  • [23] European Popular Bank to expand in Greece, Europe
  • [24] Greece not to impose special tax on company profit-sources
  • [25] Draft bill for EOT reform unveiled
  • [26] Closer Greek-Georgian economic ties discussed at Athens chamber
  • [27] Arcadia Rokas to increase share capital
  • [28] National Bank, IBM agreement signed

  • [01] Official US Gov't map underlines Greek sovereignty of Imia

    Washington, 20/06/1997 (ANA - T. Ellis)

    The US government yesterday clearly stated that it considers the Imia islets within Greece's sovereignty, after observing a neutral stance on the Greek-Turkish dispute for almost a year and a half.

    In response to a press question, Pentagon spokesman Ken Bacon verified the existence of an official navigational map issued by the United States' federal chartographical service, which depicts the Imia islets as Greek territory.

    "It's a fact that there was a new map issued at the end of '96, clearly showing the island within Greece's sovereignty, as it always was. It's a navigational map for seamen and it's available to the public. You can check and verify that the islet is depicted as under Greek sovereignty," Mr. Bacon stressed.

    The Pentagon spokesman added that the US State Department intervened in order that a previous edition of the same map be corrected, since it depicted the Imia islets as being of "undetermined sovereignty."

    "These issues are decided by the State Department. They have an official geographer... He decides on matters of appropriate nationality of properties around the world... we follow his advice," he said.

    Turkey's dispute of Greece's sovereignty of the islets almost sparked an armed conflict between Athens and Ankara in late January 1996.

    [02] PASOK offices attacked

    Athens, 20/06/1997 (ANA)

    A 60-year-old night watchman at the building housing the headquarters of the PASOK-affiliated trade union (PASKE) and youth organizations in Athens' Exarcheia district suffered burns on the face last night when youths threw a "cocktail molotov".

    A fire ensued, in which the entrance to the building was damaged and a considerable quantity of printed material was burned. It is the second time in three years that the building suffers such an attack.

    The attackers fled.

    [03] Kaklamanis reviews results of latest BSEC assembly

    Athens, 20/06/1997 (ANA)

    Parliament President Apostolos Kaklamanis stressed that important decisions were taken during the three-day session of the Black Sea Economic Co-operation's (BSEC) parliamentary assembly, which came to a close yesterday.

    Speaking at a press conference, Mr. Kaklamanis hailed Bulgaria's accession to BSEC, saying the agreement to maintain the system of electing vice-presidents as well as the initiation of the institution to control the organization's finances.

    The head of the Greek delegation, Maria Arseni, was unanimously elected Vice-President of the assembly during yesterday's session. A proposal for an accounting report to be prepared by an international company, in accordance with what is practiced inter nationally, was also unanimously approved for the auditing of fiscal years between 1993 and 1996.

    Mr. Kaklamanis said the creation of an international regional co-operation organization in the Black Sea area requires a study. He referred to the directive on the improvement of customs regulations among cooperating countries as a precondition for the further development of trade transactions in the region and the harmonization of these regulations with rules set out by the International Trade Organization and the European Union.

    Commenting on the flow of refugees and illegal immigrants following the collapse of eastern Europe's communist regimes, Mr. Kaklamanis said the solution to the problem must focus on respect for human rights and the economic development of countries in the area.

    Closing the session's work, Mr. Kaklamanis said the assembly has become one of the main Parliamentary institutions in the new European architecture.

    He then delivered the assembly's presidency to the president of the Moldovan Parliament, Mr. Motspan, for the second half of 1997 and wished him success.

    In the morning, Mr. Kaklamanis met the Vice-President of the Russian Duma, Mr. Tsiligarov, for talks on issues concerning the assembly and prospects of closer co-operation in the framework of BSEC. Mr. Tsiligarov expressed satisfaction over the work done by the Greek presidency and invited Mr. Kaklamanis to visit Moscow.

    Mr. Kaklamanis held similar talks with his counterpart from Azerbaijan, Mr. Aleskerof, who expressed his country's desire for closer relations between the two countries.

    [04] Accelerated procedures for FYROM name solution reviewed in meeting

    New York, 20/06/1997 (ANA/AFP)

    The United Nations, Greece and the Former Yugoslav Republic of Macedonia (FYROM) examined possibilities of accelerating negotiations for a final solution to the issue of FYROM's name, a UN spokesman said here yesterday.

    The two sides "evaluated the situation and examined the possibilities of speeding up negotiations" in the meeting they held in New York on Tuesday, under the auspices of the UN's special envoy Cyrus Vance, UN spokesman Fred Eckhardt said.

    Greece's permanent ambassador to the UN, Christos Zaharakis, and FYROM representative Ivan Tosevski will meet again in early August.

    [05] Philippines' Ramos in Athens on Sunday

    Athens, 20/06/1997 (ANA)

    The president of the Philippines, Fidel Ramos, is due in Athens Sunday for a three-day visit at the invitation of his Greek counterpart Kostis Stephanopoulos.

    The two presidents will have a meeting on Monday morning, after which Mr. Ramos will hold talks with Prime Minister Costas Simitis.

    Mr. Ramos will meet with political party representatives and Greek businessmen on Monday afternoon.

    Foreign Minister Theodoros Pangalos is also due to meet with his Filipino counterpart on Monday afternoon.

    Mr. Ramos is currently on a nine-day tour of Britain, Greece and Oman in a bid to attract foreign investors.

    [06] Ankara denies that Agia Sofia in Trabzon will be converted into mosque

    Istanbul, 20/06/1997 (ANA)

    Turkish culture ministry spokesman Osman Kaja told ANA yesterday that there is no question of the historic Agia Sofia Cathedral in Trabzon, currently operating as a museum, being converted into a mosque.

    In a telephone interview, Mr. Kaja said the building of the cathedral belongs to a non-profit organization to which the Turkish culture ministry will deliver the building.

    During the past year, the Turkish culture ministry and the Vakuf Foundation have been contesting ownership of the building in the courts. Mr. Kaja said that some objects located in the old church at present will be taken to a nearby building, the historic Kostakis home, which will henceforth operate as a museum.

    Commenting on reports in the Trabzon press yesterday, expressing concern that Agia Sofia might be converted into a mosque, Mr. Kaja said "there is nothing more than what I have described to you."

    The issue is dividing Turkish public opinion and has been repeatedly raised recently after the Islamic Welfare Party headed by Necmettin Erbakan came to power.

    [07] Greek, Egyptian defense ministers discuss co-operation

    Athens, 20/06/1997 (ANA)

    Greece and Egypt ascertained an identity of views on issues concerning peace, security and progress in the greater region of the Balkans, the eastern Mediterranean and the Middle East, during talks yesterday between National Defense Minister Akis Tsohatzopoulos and his counterpart, Gen. Hussein Tantawi.

    Mr. Tsohatzopoulos stressed that Greece and Egypt were stabilizing factors in developments in the broader region.

    "Egypt and Greece, two countries with such friendly relations and a stabilizing role in the region, care about the behavior of countries which do not conduct themselves in a stabilizing manner in order to exercise their influence," Mr. Tsohatzopoulos said, indirectly referring to Turkey.

    The two ministers agreed that Greece and Egypt should embark on more substantial co-operation in the armed forces sector, particularly with regard to training, joint exercises, armaments and the exchange of views and information.

    Details concerning the co-operation will be discussed at meetings between representatives of the two countries' general staffs.

    They also agreed that the two countries should make joint efforts to contribute to the peace processes in the eastern Mediterranean and the Middle East.

    Gen. Tantawi said that Athens and Cairo were "albeit with a delay" cooperating more closely, citing the signing of a co-operation protocol between the armed forces of the two countries.

    He praised "the important role" played by Greece in the Balkans, saying Athens' policy was the same as that being implemented by Cairo concerning problems in the eastern Mediterranean and the Middle East.

    On Egypt's position in relation to the Middle East peace process, Gen. Tantawi said efforts must continue for an overall and lasting peace in the region for the benefit of all the peoples of the Middle East.

    In this direction, he added, Egyptian President Hosni Mubarak was exercising his influence "since Egypt is the only country which can play this role."

    Replying to questions on a planned Greek-Israeli naval exercise, Mr. Tsohatzopoulos said a search and rescue exercise had been scheduled between the two countries' navies, which had been postponed until autumn due to the initiatives undertaken by Greece in Albania.

    He underlined that Greece was responsible for the safe passage of vessels in the region and within this framework was promoting search and rescue exercises at a bilateral level.

    Against this background, he added, Greece and Egypt will be considering similar co-operation, while the armed forces would be taking part in exercises to be organized by the two countries.

    Yesterday evening, Gen. Tantawi, accompanied by Mr. Tsohatzopoulos met with President Kostis Stephanopoulos.

    Today he will visit the Hellenic Aerospace Industry and fleet headquarters.

    Gen. Tantawi began his official visit to Greece on Wednesday.

    [08] Gov't sharply criticizes latest Ciller remarks on Aegean

    Athens, 20/06/1997 (ANA)

    Statements by Turkish Foreign Minister Tansu Ciller questioning the legal status governing the Aegean reflect the "insolence and confusion prevailing within Turkey," gover-nment spokesman Demetris Reppas said yesterday.

    Speaking at a press conference in Istanbul on Tuesday, Ms Ciller reportedly stated that "there isn't the slightest evidence that all the islands and rocky islets of the Aegean belong to Greece," and accused Athens of having an "expansionist" policy.

    The Greek foreign ministry responded Wednesday, saying that Turkey was once again questioning international law and in particular, the Lausanne Treaty "which has defined the legal status in the Aegean with accuracy."

    Mr. Reppas yesterday described Ms Ciller's statements as "a classical example of an attempt (by Ankara) to create an impression for domestic consumption," adding that Greece was not prepared to become involved in this attempt.

    Asked to comment on recent statements on the Aegean by President Kostis Stephanopoulos, which were criticized by Turkish officials, Mr. Reppas said the president's positions were "crystal-clear, show respect for international law, historical truth and t he legal reality in the Aegean, as this has been shaped for decades now."

    Meanwhile, Parliament President Apostolos Kaklamanis described as "provocative" statements by Turkish foreign ministry spokesman Omer Akbel.

    Mr. Akbel on Wednesday criticized a monument dedicated last week in Xanthi to the memory of Black Sea Greeks killed or expelled by Turkish troops in 1919.

    "Instead of being offended by history, Turkey would be advised to acknowledge the crimes of genocide with which it is burdened, as a step towards respecting the principles accepted today by all of civilized mankind," Mr. Kaklamanis said.

    He added that the Moslem minority in Thrace bore no responsibility for "the genocide perpetrated from time to time by Turkey at the beginning of the century.

    "The monument is dedicated to the memory of 336,000 Black Sea Greeks (Pontians) and was erected on the initiative of the Black Sea Greeks of Xanthi," Mr. Kaklamanis noted.

    [09] Sixth Panhellenic Journalists Conference begins

    Athens, 20/06/1997 (ANA)

    The sixth Panhellenic Journalists Conference started aboard a vessel sailing from Alexandroupoli to the island of Samothrace last night with the participation this year of some 350 journalists from Greece and abroad.

    The conference, held on Samothrace every year, is jointly organized by the Evros Prefecture and the island's municipality with the co-operation of POESY, the Athens and Thessaloniki Journalists Union .

    The first part of the conference concerns "Developments in the Balkans and the Mass Media: Former Yugoslavia, Albania, the Former Yugoslav Republic of Macedonia (FYROM) and Bulgaria", while the second will focus on "Developments in the Balkans and the M ass Media: Greek-Turkish Relations."

    The third part concerns the periodical press and is entitled "Lifestyle Magazines: An Increase in Circulation, a Crisis of Content?", while the session will close with the fourth part on "Established Practice and Freedom of the Press in the Mass Media: Rules, Limits, Dangers."

    The conference will come to an end on Sunday.

    [10] Gov't stresses that strong presence along Albanian border necessary

    Athens, 20/06/1997 (ANA)

    The government's decision is that there should be a strong Greek presence in areas of the country bordering Albania, government spokesman Dimitris Reppas said yesterday.

    Mr. Reppas made the statement when asked whether the government had decided to toughen its stance concerning the issue of illegal immigrants entering from Albania.

    Referring to an incident on Wednesday in Elbasan, Mr. Reppas said the government remained firm in its position that it would "confront with determination and at whatever cost all incidents created by gangs of outlaws."

    According to reports, several Albanians late Wednesday evening approached an army base housing part of the Greek military contingent in the neighboring country and offered to sell drugs to a sentry.

    The sentry refused and asked them to leave. Instead, they began shooting at another sentry post. The Greek soldier returned the fire, killing one of the Albanians, reports state.

    According to the police chief in Elbasan, the dead Albanian was a wanted outlaw.

    [11] Equipment delivered for Gjirokaster police

    Gjirokaster, 20/06/1997 (ANA - P. Barkas)

    A portion of the aid the Greek public order ministry is providing for the Albanian police was delivered at the Kakavia customs post yesterday.

    The aid comprises three vehicles, five motorcycles, bullet-proof vests, police uniforms, clothing, stationery etc. All the equipment is destined for police in Gjirokaster.

    Delivery was made by the police inspector of Epirus, Ilias Krokidis, to the head of the Gjirokaster police Jiaffer Tziotzi in the presence of Greece's new general consul in Gjirokaster Costas Kakiousis.

    Similar aid was given yesterday to police in Korce, while aid will also be sent to police in Tirana and Vlore in the next few days.

    [12] Abducted Greek businessman released in Albania

    Gjirokaster, 20/06/1997 (ANA - P. Barkas)

    Greek businessman Andreas Radoyiannis, who had been abducted by an armed gang on Wednesday, was released yesterday after relatives paid two a million drachmas ransom to his abductors.

    Mr. Radoyiannis was abducted between the Albanian towns of Tepeleni and Premeti.

    The kidnappers, who grabbed the Patra businessman after a clash with his accompanying bodyguards, initially demanded a 20 million drachmas ransom for his release, but settled for a lesser amount after negotiations with hostage negotiators and his Albanian business partner.

    Mr. Radoyiannis was riding in a truck loaded with charcoal when he was kidnapped.

    [13] Exhibition on Andreas Papandreou inaugurated by the premier

    Athens, 20/06/1997 (ANA)

    Prime Minister Costas Simitis, who inaugurated the "Andreas Papandreou 1919-1996" exhibition at the Athens Municipality's Cultural Center yesterday, said "the country's history over the last 30 years is inexorably linked" with the late PASOK leader.

    "His presence sealed political developments and marked the everyday lives of all of us," he said.

    Also present at the opening of the exhibition, which is in the framework of events marking the first anniversary of the ruling party founder's death, were his sons George, the alternate foreign minister, Nikos and Andrikos.

    George Papandreou presented the exhibition, featuring photographs, texts, speeches and interviews of the late leader.

    "The aims of the foundation include, beyond the promotion of the spirit of the academic and politician Andreas Papandreou, support to methods for international conflict resolution and peace, the promotion of citizens' participation in decision making procedures, and the promotion of public dialogue," he said.

    He announced that the honorary members of the board of the foundation to date include Georgian President Edward Shevardnadze and the former president of Mexico Miguel de la Madrid.

    The exhibition will last until June 27.

    Replying to a question on whether Andreas Papandreou's widow, Dimitra Liani-Papandreou intended to enter the political arena, government spokesman Dimitris Reppas said elections are far away, and no one is thinking of them or the party's candidate lists .

    Ms Liani-Papandreou attended separate events on the anniversary in Irakleio, Crete, yesterday.

    [14] Marlon Brando in Athens for speech on environment

    Athens, 20/06/1997 (ANA)

    Hollywood legend Marlon Brando arrived in Athens yesterday evening, a guest of shipping magnate Yannis Latsis' daughter, Marianna.

    The controversial Academy Award-winning actor is to speak Monday night on environmental issues at the Palace Athena Hotel in the posh Athens suburb of Politeia. Sources said that among those expected to attend are Environment Minister Costas Laliotis an d Culture Minister Evangelos Venizelos.

    The same sources said he expressed a desire to visit the Acropolis, probably on Sunday, after a cruise of several Aegean islands.

    [15] Smog, heat take their toll on capital

    Athens, 20/06/1997 (ANA)

    The temperature in Athens yesterday reached 39 degrees Celsius, while nitrogen dioxide and ozone concentrations exceeded emergency levels, reaching 327 and 252 mgs respectively, at 11 a.m.

    The environment ministry has appealed to the public to limit their movements, and not to expose themselves unnecessarily to the sun.

    Fifty-one people were taken to hospital from 7 a.m. to 12 noon, suffering from cardiac and respiratory problems.

    [16] ND leader briefs party founder Karamanlis

    Athens, 20/06/1997 (ANA)

    Main opposition New Democracy party leader Costas Karamanlis met former president of the republic and ND founder Constantine Karamanlis at noon yesterday.

    The current ND leader visited Constantine Karamanlis, his uncle, at the latter's home in the Athens suburb of Politeia and briefed him on the latest political developments.

    The younger Karamanlis' associates said the meeting was part of the two men's regular contacts.

    [17] Committee proposes strict incomes policy in next 2 years

    Athens, 20/06/1997 (ANA)

    An economic committee's report released yesterday recommends wage increases of 4 per cent in 1998 and 3.5 per cent in 1999 in order to bring inflation down to 2.5 and 2 per cent, respectively.

    The report also calls for a reduction in indirect taxation, and limited public utility rate increases.

    Prepared by a committee headed by Professor Yiannis Spraos and commissioned by Prime Minister Costas Simitis, the report also calls for the levying of a "one-off" 10 per cent tax on company incomes or, alternatively, a lump sum contribution, at the same rate, to a fund dealing with labor issues.

    Mr. Spraos stressed that the government must seek a consensus of social partners in the application of the report's recommendations, although in case this is not obtained, the government must make it clear it will remain on its inflation target, "even if its attainment without consensus is more painful".

    He also insisted that the government must consistently apply the program for privatization or liquidation of ailing state-controlled enterprises.

    Premier Simitis described the economic report as "a central reference point for discussions on inflation and incomes."

    [18] Reactions

    Athens, 20/06/1997 (ANA)

    The main opposition New Democracy party responded to the report by accusing the government of "preparing public opinion for even harder days, while hiding behind committees of technocrats".

    ND spokesman Aris Spiliotopoulos said the report "turns us back to 1985 and abolishes the freedom of collective bargaining," charging the government with "setting unrealistic targets for inflation, and using workers' and pensioners' incomes as a lever for keeping it down".

    He added that the report "abolishes every sense of social dialogue, adding that the real causes of the deep and chronic economic crisis are the incompetence and hypocrisy of the government, which is unable to formulate and implement a reliable developmental policy."

    "The same people from the same party who were accusing the New Democracy government in 1992 for its initiative to rationalize and reform the social insurance system, are now abolishing social dialogue in practice, and are using it as a pretext for the imposition of predetermined decisions," he said.

    The report also drew the unfavorable reaction of all other opposition parties and the General Confederation of Greek Workers (GSEE).

    On its part, the Communist Party of Greece (KKE) said the government is preparing the ground to impose its unpopular policies, according to the dictates of the Maastricht Treaty.

    GSEE said the report's proposals aim at creating the false impression that the recovery of the economy will come about by suppressing workers' incomes.

    "Trade unions and working people will in no case tolerate such logic," a statement said.

    The Coalition of the Left and Progress (Synaspismos) said that "after 12 years of one-sided austerity policies, there are no more margins for policies against wage labor".

    The Democratic Social Movement (DHKKI) charged that the prime minister at the Amsterdam Summit entered into commitments for the adoption of policies multiplying the profits of well-off economic groups.

    [19] New radar system activated

    Athens, 20/06/1997 (ANA)

    The Civil Aviation Authority (YPA) will for the first time activate a radar system to facilitate air transport and pilots within the Athens FIR.

    This was communicated to all international organizations with a NOTAM issued by YPA, according to which as of June 25, radar service will be provided in the Athens Flight Information Region (FIR) with unlimited possibilities.

    Transport and Communications Minister Haris Kastanidis said the system will increase the capacity of airspace, meaning 200 more flights, while delays will be decreased.

    [20] Papoutsis cites EU efforts for integration of internal energy market

    Athens, 20/06/1997 (ANA)

    Opening a conference on "Energy and Development" yesterday, EU Commissioner Christos Papoutsis referred to the efforts of the European Commission for the integration of the internal energy market.

    "Natural gas in Europe costs 30 per cent more than in the US, while energy in the chemical industry is 45 per cent more expensive. It is clear that under such conditions, European products are not competitive," he pointed out.

    "Renewable energy sources are a priority for Greece. The triptych Energy - Tourism - Small- and Medium-Enterprises can provide the basis for an integrated development drive," he said.

    [21] Greek Jan-Feb current account deficit widens to $874 mln.

    Athens, 20/06/1997 (ANA)

    Greece's current account deficit widened to 874 million dollars in January-February 1997 from 305.1 million dollars in the corresponding period of 1996, the central bank said yesterday.

    According to data released by the Bank of Greece, the rise stemmed from a 443.3-million dollar jump in the trade deficit combined with a 125.6-million dollar slump in the surplus of invisible transactions.

    At the end of February foreign currency reserves were 19.6 billion dollars, up from 17.4 billion a year earlier, the central bank said.

    [22] Greek stocks end flat, seen losing jitters

    Athens, 20/06/1997 (ANA)

    Greek equities ended marginally higher in moderate trade, showing early signs of consolidation after plunging for two consecutive sessions.

    The Athens general share index finished at 1543.25 points, up 0.11 percent, and the parallel market for smaller cap stocks closed 0.57 percent higher. Turnover was 17.7 billion drachmas.

    Sector indices ended mixed. The heavily weighted banking sector rose 0.11 percent, Leasing slumped 2.85 percent, Insurance jumped 4.14 percent, Investment increased 0.26 percent, Industrials slipped 0.26 percent, Miscellaneous rose 1.57 percent, Construction crept up 0.35 percent and Holding was 2.73 percent up.

    Hellenic Telecommunications Organization edged down 15 drachmas to finish at 6,600 drachmas.

    Of 245 shares traded gainers outpaced losers at 129 to 86 with 30 stocks remaining unchanged.

    Firms posting the largest percentage gains were Babyland, Erlikon, Intertyp, Alpha Investments and Kreka. Suffering the largest percentage losses were Zampa, Macedonia Textiles, Mouriadis and Levenderis.

    [23] European Popular Bank to expand in Greece, Europe

    Athens, 20/06/1997 (ANA)

    Cyprus' European Popular Bank, a subsidiary of Popular Bank of Cyprus, plans to expand in Europe and consolidate its presence in Greece, the president of the parent bank, Kikis Lazaridis, told a news conference yesterday.

    As part of its strategic plan, European Popular Bank will begin offering the full range of financial services to its Greek customers, Lazaridis said.

    In 1996, European Popular Bank posted profits of 1.4 billion drachmas, up 28 percent on 1995.

    Deposits jumped 54 percent to 93 billion drachmas and loans more than doubled to 37 billion drachmas. Hongkong & Shanghai Banking Corporation holds a minority stake in the bank, which has been operating in Greece for five years.

    [24] Greece not to impose special tax on company profit-sources

    Athens, 20/06/1997 (ANA)

    Greece's socialist government has no plans to slap an emergency tax on company profits, national economy ministry sources told the Athens News Agency.

    The response followed a proposal for imposition of the tax in a report submitted to the ministry by an advisory committee that has upset stock market players and firms.

    [25] Draft bill for EOT reform unveiled

    Athens, 20/06/1997 (ANA)

    Development Minister Vaso Papandreou yesterday released a multi-tier draft bill featuring a series of structural interventions in the tourism sector.

    The bill provides for the better utilization of property belonging to the National Tourism Organization (EOT) through the sale, exchange or leasing of such property as well as the establishment of a company entitled Hellenic Festival SA, which will organize cultural events. Another measure calls for the establishment of a consultative national tourism council.

    The bill also amends investment incentives in the tourism sector, providing for increased subsidies for investments in specialized tourism services - spas, health tourism centers, golf courses and conference centers, sports centers etc. -, sets up an EU programs management department in EOT, and provides for the drafting of a regulation governing EOT services abroad.

    [26] Closer Greek-Georgian economic ties discussed at Athens chamber

    Athens, 20/06/1997 (ANA)

    Georgian Parliament President Zourab Zhvania yesterday discussed ways of strengthening economic and trade relations between his country and Greece at the Athens Chamber of Commerce and Industry (EBEA).

    EBEA president Yiannis Papathanasiou said there was great potential for developing economic relations, and towards this end he would visit Georgia next month to prepare the ground for a large Greek trade mission.

    On his part, Mr. Zhvania called on the Greek business community to give greater weight to prospects for developing bilateral co-operation, particularly in the form of Greek investment in his country, specifically inviting them to participate in the extensive privatization program in Georgia - about 10,000 companies have been sold so far.

    He promised that Georgia was making efforts to improve its financial and credit system, also expressed the hope that the Commercial Bank of Greece would accelerate procedures for the activation of the first international bank in Georgia (holding a 49 per cent stake) in co-operation with the European Bank for Reconstruction and Development (EBRD), which holds 20 per cent, and the local United Georgian Bank -21 per cent.

    Currently, the trade balance is in favor of Greece, which exported US$15.2 million worth of goods (71 per cent fuels and 24 per cent agricultural products) last year, and imported $5.4 million worth of goods.

    [27] Arcadia Rokas to increase share capital

    Athens, 20/06/1997 (ANA)

    The metallurgical firm Arcadia Rokas will increase its share capital by two billion drachmas to finance investment plans in the wind park sector.

    More specifically, Arcadia Rokas will issue 940,680 new common shares and 147,888 preferred ones at the rate of two new shares for every 10 old ones. The price of shares is 1,900 drachmas for the common ones and 1,600 drachmas for the preferred.

    Last year closed with profits amounting to 1.05 billion drachmas, an increase of 26.8 per cent, while turnover reached 3.7 billion drachmas, meaning an increase of 11.1 per cent. The dividend amounts to 75 drachmas.

    [28] National Bank, IBM agreement signed

    Athens, 20/06/1997 (ANA)

    The National Bank of Greece signed a strategic co-operation agreement with IBM yesterday regarding data processing issues.

    The agreement is part of the bank's policy to upgrade and modernize its informatics systems and infrastructure. According to the agreement, IBM is expected to convey know-how to the National Bank.

    As a result of the agreement, the bank concludes a long-term strategic co-operation with IBM, which secures priority briefing.

    End of English language section.


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