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Athens News Agency: Daily News Bulletin in English, 97-06-26

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 1221), June 26, 1997

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


CONTENTS

  • [01] High level of co-operation noted in Greek-Yugoslav relations
  • [02] EU auditor welcomes Greece's use of Community funds
  • [03] PM gets Athens 2004 bid update today
  • [04] New board, president take over at EIYAPOE
  • [05] US reassures Tsohatzopoulos that no weapons transfer embargo exists
  • [06] Ecological seminar sponsored by Patriarchate begins
  • [07] State Dept. delegation in Turkey for talks on Cyprus, Aegean
  • [08] Turkish criticism
  • [09] 'Social dialogue' covers issues of competitiveness, employment
  • [10] Greek win at Eurobasket
  • [11] Karamanlis confident of electoral success at any time
  • [12] Karamanlis critical of Gov't on economic policy
  • [13] Rallis criticizes NATO at book launching
  • [14] Ministers, health professionals speak at event on drug prevention
  • [15] Venizelos at EU culture ministers' meeting on Monday
  • [16] 'European Museum' proposal
  • [17] Schengen committee discusses membership for Greece, Austria, Italy
  • [18] EU ministers' council decides to freeze 1997-98 farm prices
  • [19] Greek, Cypriot health ministers focus on several bilateral issues
  • [20] DEP profits increase
  • [21] EOT, Moroccan counterpart sign tourism co-operation agreement
  • [22] Drachma depreciates against EU currencies in May
  • [23] Lithuanian interest in Greek wines, citrus fruits
  • [24] Finance ministry on nat'l borrowing for '97
  • [25] Civil servants' pensions to rise by 8 per cent
  • [26] Greek equities jump as confidence returns
  • [27] Thessaloniki airport to launch new facilities
  • [28] Beobanka customers to make drachma withdrawals in Greece
  • [29] National Bank of Greece ranks 7th in European survey
  • [30] Xiosbank sees 2.7 bln. drachma profit in 1997
  • [31] Helexpo posts profits of 295 mln. drachmas in 1996
  • [32] Customs co-operation agreement between Greece, Cyprus
  • [33] Public sector hirings must be reduced, Papadopoulos says
  • [34] Olympic Airways inaugurates Athens-Budapest route

  • [01] High level of co-operation noted in Greek-Yugoslav relations

    Athens, 26/06/1997 (ANA)

    Prime Minister Costas Simitis and his visiting Yugoslav counterpart Radoje Kodic both expressed their satisfaction at the level of co-operation between the two countries after their meeting yesterday.

    Mr. Simitis said the recent investment by the Greek public telecoms organization OTE in Yugoslavia and other investments in mining operations in Kosovo was an example of "very good co-operation".

    He said the Federal Republic of Yugoslavia was supportive of Greece's proposal to convene a summit of Balkan countries towards the end of the year, adding however, that all Balkan countries should participate in this meeting. "Relations (between Balk an countries) have to be normalized as soon as possible," the Greek premier said.

    Mr. Simitis said that the European Union had to develop a Balkan policy and that Greece should play a leading role towards achieving this goal.

    "Greece is obliged to take initiatives for peace in the Balkans," he said.

    On his part, Mr. Kodic said the "sincere, friendly and constructive" talks focused on promoting bilateral relations, multilateral Balkan co-operation, the reintegration of Yugoslavia into international organizations and peace procedures.

    He said he had extended an invitation to Mr. Simitis to visit Belgrade and that the Greek prime minister had given in principle his agreement for Yugoslavia's increased use of the port of Thessaloniki, following the signing of relevant agreements by the chambers of commerce in both nations.

    Mr. Kodic said trade between the two countries was projected in the region of US$500 million for the next year and thanked Mr. Simitis and the Greek government for working to reintegrate Yugoslavia and to lift obstacles to its relations with other countries.

    Earlier, Mr. Kodic discussed Greek-Yugoslav relations and prospects for their further development and issues of the wider Balkan area with Parliament president Apostolos Kaklamanis, expressing his country's gratitude for the Greek stance and support during the Bosnia-Herzegovina crisis and the UN-led embargo imposed on Yugoslavia.

    He conveyed his country's request to Athens that the latter play a primary role in the Federal Republic of Yugoslavia's efforts to return to international organizations, and called for acceleration of the Greek Parliament's ratification of agreements signed during his visit here on avoidance of double taxation and protection of investments.

    Mr. Kodic stressed the importance of a closer co-operation between the two Parliaments for further development of the ties between the two countries in all sectors and invited Mr. Kaklamanis to officially visit Yugoslavia sometime in 1997, which the Greek Parliament president accepted.

    Mr. Kaklamanis assured Mr. Kodic that Greece would continue to support Yugoslavia, because this was imposed by the interests of not only the two peoples but the entire Balkans.

    It was necessary for Yugoslavia to regain its position, and Greece's assistance in that direction was a given fact, Mr. Kaklamanis said.

    Mr. Kodic, who was on a one-day visit to Greece, also met with President of the Republic Kostis Stephanopoulos, in addition to signing two bilateral agreements on the avoidance of double taxation and investment protection.

    [02] EU auditor welcomes Greece's use of Community funds

    Athens, 26/06/1997 (ANA)

    European Audit Department chairman Bernard Freeman yesterday expressed satisfaction with the Greek government's use of European Union funds.

    "We are particularly happy with the use of structural funds by Greece," Mr. Freeman told reporters after a meeting with Prime Minister Costas Simitis.

    Greece had received almost 5 billion ECU's in structural funds over the last few years, he said.

    Commenting on the socialist government's economic policies, Mr. Freeman welcomed a decline in inflation, interest rates and the public debt. "(We are also satisfied with) the fact that the premier and the Greek government will continue privatization in order to boost the productivity of the Greek economy", Mr. Freeman added.

    Mr. Simitis said his talks with Mr. Freeman were useful and showed that the country was moving in the right direction.

    "We want a third opinion to assure us that laws are being implemented and subsidies are rightly distributed," he said.

    Accompanying Mr. Freeman on his visit to Athens is the Greek representative to the European Audit Department, Popi Nicolaou.

    [03] PM gets Athens 2004 bid update today

    Athens, 26/06/1997 (ANA)

    Prime Minister Costas Simitis will visit the head office of the Athens 2004 Olympics bid committee at noon today.

    The president of the committee Yianna Daskalaki-Angelopoulou will brief the prime minister on the progress of the Greek bid.

    Athens has made the shortlist of candidate cities but has to beat off strong competition from Rome to be declared the winner. The announcement is due to be made on September 5. Mr. Simitis' visit coincides with yet another visit to Athens by a member of the International Olympic Committee, Sudanese General Abdel El-Gadir, who will receive a briefing from the committee on Friday. He will also visit the Peace and Friendship Stadium and various other facilities planned to host events.

    On Saturday, he will visit Ancient Olympia, the home of the ancient Olympic Games, and will plant an olive tree in his name.

    [04] New board, president take over at EIYAPOE

    Athens, 26/06/1997 (ANA)

    Professor Dimitris Glaros has officially taken over as president of the board of directors of the National Institute for the Reception and Resettlement of Expatriate and Repatriated Greeks, EIYAPOE.

    Welcoming the new president and board members, Alternate Foreign Minister George Papandreou said the Greek state lent particular weight to the resettlement of refugees and repatriated Greeks and said the government, the prime minister and himself would give first priority to issues affecting the Greeks of the Black Sea region, Albania, and the rest of the world.

    He said the foundation's budget, already limited by fiscal discipline, would look for new sources of funds from the Council of Europe and other European programs.

    [05] US reassures Tsohatzopoulos that no weapons transfer embargo exists

    Washington, 26/06/1997 (ANA - T. Ellis)

    National Defense Minister Akis Tsohatzopoulos' contacts here focused on the need to modernize and renew the Greek armed forces.

    Shortly before leaving Washington for New York, where he was due to have his first meeting with Archbishop of America Spyridon last night, Mr. Tsohatzopoulos said he received assurances from the US Pentagon's political leadership that there is no embargo on the sale of weapons to Greece, saying that whatever delay is due to "difficulties of a technical nature."

    Mr. Tsohatzopoulos said Greece has traditional relations with US companies for the procurement of weapons systems and for this reason he discussed the issue at length, both at the Pentagon and with senior officials of private defense companies.

    "We want to co-operate in the implementation of the armaments program which will amount to US$1.5 billion a year," Mr. Tsohatzopoulos said, but added that this will only happen in the event it is beneficial for Greece.

    "We do not need anyone to face Turkey's aggressiveness," he said and went on to say that there are many other countries which can provide Greece with modern weapons systems.

    What Mr. Tsohatzopoulos placed particular emphasis during talks with representatives of weapons manufacturing companies on the need for the joint production of arms system which, as he said, amount to 30 per cent in the case of Turkey, while in Greece it is only 4 per cent.

    [06] Ecological seminar sponsored by Patriarchate begins

    Istanbul, 26/06/1997 (ANA-A.Kourkoulas)

    An international ecological seminar entitled "Environment and Justice," was due to begin yesterday in the Agia Triada Monastery on the island of Halki.

    The annual international seminar takes place under the auspices of Ecumenical Patriarch Vartholomeos and Prince Philip, Duke of Edinburgh, in his capacity as honorary president of the World Wildlife Fund.

    The Patriarch was due to inaugurate the seminar, which will be held with the participation of theologians from various faiths, environmentalists, scientists and special legal advisers from east and west Europe, the United States, Africa, the Middle East and Australia.

    The four-day seminar will focus on the promotion of environmental concerns and the social responsibility of political leaders.

    Prince Philip, US President Bill Clinton, European Commission President Jacques Santer, the Archbishop of Cantemburry George Carey, the Secretary General of the World Council of Churches Konrad Raiser, and others, have sent messages.

    [07] State Dept. delegation in Turkey for talks on Cyprus, Aegean

    Istanbul, 26/06/1997 (ANA - A. Kourkoulas)

    A US delegation headed by State Department's official Carey Cavanaugh is currently in Turkey for deliberations with officials on the Cyprus question and issues related to the Aegean.

    According to the Turkish newspaper "Zaman", discussions between US and Turkish officials will also touch upon the issue of the Imia islets in the Aegean, whose sovereignty is being disputed by Turkey since last year.

    On the basis of the outcome of contacts in Ankara, the delegation will make recommendations to the newly appointed US presidential envoy for the Cyprus issue, Richard Holbrooke.

    [08] Turkish criticism

    Athens, 26/06/1997 (ANA)

    Meanwhile, Turkish Foreign Under-secretary Onur Oymen criticized Greece for "dragging its feet in beginning dialogue with Turkey".

    "It appears that there are people who still get upset at the idea of dialogue," Mr. Oymen said in an interview published yesterday in the English-language "Turkish Daily News".

    He said the Greek press had been vociferous in its criticism of his speech in Athens last month, adding: "I would not dare to repeat what the Greek press wrote about President (Suleyman) Demirel", who had made statements prior to Mr. Oymen's speech.

    Mr. Oymen, who stressed Turkey's European orientation, said it was "encouraging" that there was no mention of Cyprus at the Amsterdam EU summit recently.

    [09] 'Social dialogue' covers issues of competitiveness, employment

    Athens, 26/06/1997 (ANA)

    The "social dialogue" committee held a meeting yesterday focusing on policies to increase competitiveness and employment.

    Labor Under-secretary Christos Protopapas said the meeting was held in a positive atmosphere.

    He said the meeting, held with the participation of experts, would continue and the final report will be submitted to the plenary of the social dialogue committee after the summer.

    Yesterday's meeting centered around human resources and interventions to promote employment, income and low inflation, and tax.

    The committee discussed a text on human resources and employment, submitted by National Economy Ministry Secretary General Apostolos Fotiadis and Manpower Employment Organization (OAED) President Constantinos Efstratoglou, calling for the modernization of training procedures, the restructuring of OAED, the implementation of measures against unemployment and development of protection networks for employees in the process of being made redundant in businesses about to undergo restructuring.

    On this last issue, unions have made a request for the finding of new resources against unemployment.

    The committee discussed another text submitted by the government, calling for a political agreement to ensure income and price controls for a further reduction in inflation.

    Mr. Protopapas said that collective agreements would be respected.

    On the issue of taxation, which had been submitted by the unions, Mr. Protopapas said the government will consider the views of the partners and make its positions known in due time.

    [10] Greek win at Eurobasket

    Girona, Spain 26/06/1997 (ANA - Dimitris Efstathiou)

    The Greek national basketball team made a good start at the opening of 30th EuroBasketball Championship here, beating Turkey 74-52.

    The Greek team was applauded by the mostly Spanish crowd and about 100 Greek fans, while Efthymis Retzias and Nikos Economou led the team with 14 and 16 points, respectively.

    [11] Karamanlis confident of electoral success at any time

    Athens, 26/06/1997 (ANA)

    Main opposition New Democracy party leader Costas Karamanlis is confident that his party can win elections at any time.

    Mr. Karamanlis said in an interview with monthly "Crash" magazine that Prime Minister Costas Simitis managed to create an image of seriousness about him "but how truly serious he really is remains to be seen."

    He said that Mr. Simitis' weak point was his failure to communicate with the average citizen and the fact that he appears unwilling to challenge his party's nomenclature.

    Asked to comment on senior officials in his own party, the opposition leader said he did not support talk of the existence of "barons," and that "nobody is creating obstacles".

    "We get on well," he said.

    Commenting on his relations with his predecessor Miltiades Evert, Mr. Karamanlis said they were bound by long years of friendship but that each one had his own personal style.

    "I consider criticism to be well-intentioned unless proven otherwise," Mr. Karamanlis said.

    Mr. Karamanlis reiterated calls to those who in the past had left the party, to join ND again. His call was also addressed to Political Spring leader Antonis Samaras, who was foreign minister during the Mitsotakis administration, and Andreas Adrianopoulos, another former ND minister.

    "It is an open invitation, no terms included," Mr. Karamanlis said.

    Commenting on other issues, Mr. Karamanlis said that former prime minister, the late Andreas Papandreou did "damage to the country."

    He said that Papandreou's "intense political personality magnetized crowds" and that "a great number of people got 'caught up' in this scenario of change."

    "New Democracy was unable to fight this phenomenon," he admitted.

    [12] Karamanlis critical of Gov't on economic policy

    Athens, 26/06/1997 (ANA)

    The leader of the main opposition New Democracy party, Costas Karamanlis, speaking to party members yesterday, criticized the government's economic policy, saying it was hitting mainly the poorer sections of the society.

    Mr. Karamanlis said he believed that nothing positive would happen this decade, since the ruling party was not willing to proceed with real changes.

    [13] Rallis criticizes NATO at book launching

    Athens, 26/06/1997 (ANA)

    Former ND prime minister George Rallis, who delivered a short speech yesterday during the launching of his book "My Diary During the Dictatorship" yesterday, referred to problems in relations between Greece and Turkey.

    The former premier wondered about the role of NATO, saying the alliance should be considered as of questionable credibility since "it had tolerated for so many years Turkish threats against Greece".

    Mr. Rallis noted that if NATO could not realize that there were no differences between Greece and Turkey but only Turkish threats against Greece, then the organization was of no use to world peace.

    "We are all responsible for having brought about the military junta of 1967", he said when referring to the seven-year dictatorship.

    [14] Ministers, health professionals speak at event on drug prevention

    Athens, 26/06/1997 (ANA)

    A new center will open at the old Red Cross building near Omonoia Square in central Athens this September providing health facilities for drug addicts, including a dentist's office, a hotline as well as legal aid and a job placement service, the president of the Organization Against Drug Abuse (Okana) said yesterday.

    At an event in observance of today's International Day against Drugs, the health ministry-affiliated organization's president, Meni Maliori, added that the programs using methadone substitutes would be expanded to include 350 new recovering heroin users, while a new alternative therapy program would be set up in Achaia prefecture within the next six months.

    She also said that many local government officials were involved as trainers in the prevention programs.

    During the same event, Health Minister Costas Geitonas said that there was a gradual but significant increase in the use of synthetic drugs by high school students.

    The work carried out by the European Observatory on Drug Abuse, he said, could provide the groundwork for a better planning of programs against drug abuse in Europe.

    On his part, Public Order Minister George Romeos pointed out that legislation should become stricter for drug dealers and smugglers, which it was logical to treat users as patients rather than criminals. He added that authorities often arrested users with small amounts of illegal drugs who were treated in the same way as drug dealers.

    Representatives from the drug rehabilitation centers noted that the use of substitutes such as methadone was not panacea and should not be seen as the only means of dealing with drug addicts in Greece.

    The main opposition New Democracy parliamentary committee on drug abuse accused the government of being unable to apply an effective policy to fight drug abuse.

    The Communist Party of Greece (KKE) expressed concern over what it said was a tragically extensive problem and claimed that an unprecedented campaign was taking place to make the Greek people and youth come to a compromise with the problem and decriminalization of narcotics.

    The Coalition of the Left and Progress (Synaspismos) called for further improvement and change in the legal framework, strengthening of the rehabilitation centers and specific measures to help former addicts integrate in society.

    The Democratic Social Movement (DHKKI) called for extensive dialogue using new scientific and social data.

    [15] Venizelos at EU culture ministers' meeting on Monday

    Athens, 26/06/1997 (ANA)

    Culture Minister Evangelos Venizelos will be in Rome on Saturday to attend a meeting of European Mediterranean culture ministers before flying to Luxembourg on Monday to attend the European Union Council of Culture Ministers. His new British counterpart Chris Smith is also expected to attend the meeting, the first time the two will have met since the British Labor party came to office in May.

    Mr. Venizelos had said then he would bring up the issue of a return of the Parthenon Marbles despite a blunt rebuff from Mr. Smith at the time that the so-called "Elgin Marbles" would not be returned.

    Also to be examined in Luxembourg is a proposal by professor of fine arts and director of the National Gallery Marina Lambraki-Plaka for the creation of a European Museum network.

    Mr. Venizelos also announced that he intended to invite culture ministers to Thessaloniki to view the exhibition of artifacts from Mount Athos currently on show at the Byzantine Museum.

    He also announced that experts from the 15 European Union nations will attend a congress on "Cultural education in Europe - development prospects" would begin in Thessaloniki on Friday.

    [16] 'European Museum' proposal

    Brussels, 26/06/1997 (ANA - M. Savva)

    The European Commission is interested in a Greek proposal for the creation of a "European Museum" in each EU member-state which will help put into practice Article 128 of the Maastricht treaty which obliges the EU to contribute to the cultural development of its members while also respecting national pluralities and promoting a common cultural heritage. The proposal, developed by Marina Lambraki-Plaka, the director of the National Gallery, aims, explains Ms Lambraki-Plaka in a recent letter to Commission Christos Papoutsis, to "equalize the situation where economically stronger countries dominate in the arts and letters which leads us to speak of 'centers' and 'regions'."

    "Only culture, but culture as an expression of the historic and psychological identity of a nation, can create the appropriate conditions for the recognition and mutual respect between peoples," she said.

    She also proposes the introduction of "European acquaintance" education programs in secondary education in all EU schools.

    The European Museum proposal foresees the establishment of museums in the capital or other city of each country which will operate as a cultural center with exhibition space, libraries and conference halls with advanced media for the continuous informing of the public of cultural events in other countries.

    The institution should be funded by Community resources and be led by experts such as art historians.

    According to reports, the relevant Commissioner Marcelino Oreja has been warm to the idea, calling it "challenging".

    [17] Schengen committee discusses membership for Greece, Austria, Italy

    Brussels, 26/06/1997 (Reuter/ANA-M. Spinthourakis)

    Greece and Austria will be allowed entry into the Schengen Pact by the end of 1997, the treaty's executive committee said during its meeting in Lisbon yesterday.

    The meeting discussed plans for full membership for Austria, Greece and Italy into the Schengen framework, which provides for the lifting of border controls between European Union member-states and for increased co-operation in law enforcement matters.

    Greece, which adopted the agreement this month, was represented by Stelios Perrakis, the foreign ministry's secretary general for European affairs.

    Approval for Greece and Austria's membership is pending at the French and Dutch parliaments, which have not ratified them yet.

    According to sources, France reassured Greece of its approval by mid-September, while the Dutch delegates did not wish to commit themselves.

    On the other hand, Italy's membership to Schengen has met with criticism, mainly due to fears of an influx of weapons, narcotics and illegal immigrants from Albania.

    Kurt Schelter, a spokesman for the German delegation, expressed the meeting's concern about Italy, saying that "it is not an easy border between Italy and Albania and even the Hungarian border, between Austria and Hungary, is a very risky one".

    Asked if Germany was concerned about a possible influx of weapons from chaotic Albania following an insurrection there earlier this year, Mr. Schelter said, "Certainly. And illegal immigrants (from Albania) across the borders to Austria".

    He also expressed concern about drug smuggling, noting that "we have to prevent drug trafficking coming across the Hungarian border to Austria (and then Germany)".

    [18] EU ministers' council decides to freeze 1997-98 farm prices

    Brussels, 26/06/1997 (ANA - P. Pantelis)

    After three-day marathon talks and three compromise proposals, the EU Council of Agriculture Ministers in Luxembourg reached a decision on new farm prices over the 1997-1998 period and on relevant measures.

    The new prices are "frozen", as proposed by the European Commission, but the issue of saving ECU 1.4 billion from arable cultivation with which the Commission hoped to cover the funding of consequences stemming from the "mad cows" disease was postponed.

    The arable land issue will be discussed in autumn together with the beef and milk issues.

    Agriculture Minister Stephanos Tzoumakas announced that with the decision concerning the new farm prices, many Greek claims were accepted. Moreover, the Commission committed itself that it will examine Greek claims on cotton by the end of the year. It will make revisionary proposals for tobacco and olive oil after the European Parliament offers its opinion, while for wine it will revise its proposals which have been discussed for years without being accepted.

    [19] Greek, Cypriot health ministers focus on several bilateral issues

    Athens, 26/06/1997 (ANA)

    Health Minister Costas Geitonas and his Cypriot counterpart Christos Solomis inaugurated an open line for health during a meeting yesterday in Athens.

    Speaking to reporters after the meeting, Mr. Geitonas stressed the need for further co-operation between the two countries in the sector of health, while Mr. Solomis extended his country's gratitude for Greece's support.

    The Cypriot minister said that co-operation between the two ministries had shown so far that the two countries were able to produce significant results in the health sector. Mr. Solomis extended an official invitation to his Greek counterpart to visit Cyprus.

    The minister said his short-term goals included the modernization of legislation in the health sector and its harmonization with respective European law.

    The two ministers also discussed the possibility of Cyprus' participation in European-funded health programs and the establishment of a joint committee for the implementation of the meeting's decisions.

    [20] DEP profits increase

    Athens, 26/06/1997 (ANA)

    The Public Petroleum Corp. (DEP) increased its profits from seven billion drachmas in 1995 to 12 billion drachmas in 1996 and, according to its balance sheet, total profits of the DEP group reached 28 billion drachmas as against 23 billion drachmas in 199 5.

    Presenting the results of the fiscal year at the general assembly of shareholders, DEP's administration expressed satisfaction because the group is steadily showing that it can hold the dominant role in the oil market with success for the benefit of the consumer and the national economy.

    Development Minister Vasso Papandreou, representing the state as a shareholder, said the targets set for DEP by the government are the smooth and with competitive conditions supply of the country's fuel needs, operation of the market with conditions of free and healthy competition for the benefit of the consumer and the national economy, effective utilization of invested capital, modernization of productive units and participation in the country's development through investments in Greece and abroad.

    [21] EOT, Moroccan counterpart sign tourism co-operation agreement

    Athens, 26/06/1997 (ANA)

    The Greek Tourist Organization (EOT) and the Moroccan Tourist Organization agreed to a tourism co-operation agreement during the third session of a Greek-Moroccan tourism co-operation conference held in the North African country.

    The agreement anticipates encouragement for direct contacts and co-operation between the two countries' travel agent unions, examining the possibility of organizing a conference for tourism professionals from all interested Mediterranean countries through the European MEDA program, promotion of co-operation and an exchange of know-how on such issues as marinas, golf courses, spas, traditional settlements, national cuisine, etc., as well as the participation of the two countries in tourist exhibitions scheduled in Greece and Morocco. Another issue calls for the invitation of students from the Moroccan Tourist Trade Academies for practical training in Greece.

    [22] Drachma depreciates against EU currencies in May

    Athens, 26/06/1997 (ANA)

    The value of the drachma fell against almost all European Union member-states currencies in May, compared to April, according to the monthly bulletin of foreign currency parities compiled by the exports Research and Studies Center (KEEM).

    A total of 12 EU member-states currencies appreciated against the drachma by between 0.29 percent (Finnish mark) and 1.11 percent (Italian lira). The Irish punt depreciated against the drachma by 1.54 percent.

    The drachma also fell against most other currencies in the same period with other currencies appreciating against the drachma by between 0.49 percent (US dollar) and 6.40 percent (Japanese yen).

    The Norwegian krona and the Australian dollar depreciated against the drachma by 0.96 percent and 0.02 percent respectively.

    [23] Lithuanian interest in Greek wines, citrus fruits

    Athens, 26/06/1997 (ANA)

    The Hellenic Foreign Trade Board (HEPO) announced that Lithuania-based companies are interested in contacting Greek companies producing wines and brandy, as well as producers of large quantities of citrus fruits.

    Interested businesses can directly contact Lietuvos Graiku Draugija "Patrida", 159 Kalvarisu St., Vilnius, Lithuania, tel. and fax 370-2-776980.

    [24] Finance ministry on nat'l borrowing for '97

    Athens, 26/06/1997 (ANA)

    The finance ministry announced that part of the nation's foreign loan needs in 1997 will be obtained through private resources on the basis of the Euro Medium Term Not Program (EMTN).

    With the process already defined, the finance ministry has received a large number of bids from private sources amounting to US$1.8 billion and accepted bids totaling US$850 million with the most favorable terms for the state (lower total cost) and for a duration ranging between five-20 years.

    The announcement noted that this loaning is considered particularly successful, while a decrease in cost is achieved for the state and the lengthening of the debt.

    [25] Civil servants' pensions to rise by 8 per cent

    Athens, 26/06/1997 (ANA)

    A pensions bill finalized between the finance ministry and the Civil Servants Supreme Administrative Council (ADEDY) anticipates an 8 per cent increase in civil servants' pensions as of Aug. 1.

    The increase in pensions was announced by Finance Under-secretary Nikos Christodoulakis, who disclosed that a series of contacts will start with ADEDY next week on how collective negotiations in the public sector will take place on salary increases for civil servants in 1998.

    Mr. Christodoulakis also said the way the state will provide loan guarantee for loans for public utilities (DEKO), insurance funds and other state bodies will change, adding that the system for granting guarantees will become stricter.

    [26] Greek equities jump as confidence returns

    Athens, 26/06/1997 (ANA)

    Stock prices recovered more ground on the Athens Stock Exchange as the market seemingly regained confidence after last week's sharp correction, despite the fact that Hellenic Telecommunications Organization (OTE) again fell.

    The general index jumped 2.98 percent to end at 1,543.54 points, reflecting gains in the banking and construction sectors, up 3.88 and 4.09 percent respectively. Trade was heavy with turnover at 22.1 billion drachmas.

    Leasing was 2.79 percent higher, Insurance increased 2.73 percent, Investment ended 2.48 percent up, Industrials rose 3.14 percent, Holding was 3.01 percent up and Miscellaneous increased 3.57 percent. The parallel market for smaller cap stocks ended 0.13 percent up. Broadly, advancers led decliners by 184 to 47 with another 19 issues remaining unchanged.

    Hellenic Investment Bank for Industrial Development (ETEVA), Housing Bank, and National Insurance were top percentage gainers, while General Trade, Xylemporia and Ippotour suffered the heaviest losses of the day.

    National Bank of Greece finished at 34,950 drachmas, Ergobank at 17,500, Alpha Credit Bank at 19,065, Titan at 12,300 and Intracom at 12,350 drachmas.

    [27] Thessaloniki airport to launch new facilities

    Athens, 26/06/1997 (ANA)

    New facilities at Macedonia Airport in Thessaloniki will be inaugurated today by Transport and Communications Minister Haris Kastanidis.

    Completed is the first stage of an operational and visual upgrade for the airport worth 3.5 billion drachmas. The project, financed by the ministry and started last year, aims at modernizing the country's second international airport to help make Thessaloniki Europe's link to the Balkans and eastern Europe. Mr. Kastanidis will announce the timetable for the second stage of the project, budgeted at 11 billion drachmas, at Thursday's ceremony.

    The second phase of works covers two building extensions; upgrading of a runway to enable operations in fog; two new runways 3,440 and 2,400 meters long; 38 new parking lots for aircraft; a container station and new auxiliary installations.

    Under the project's master plan, Macedonia Airport will eventually be able to serve an estimated nine million passengers per year.

    [28] Beobanka customers to make drachma withdrawals in Greece

    Athens, 26/06/1997 (ANA)

    Agricultural Bank of Greece (ATE) and Beobanka finalized an agreement allowing Yugoslav nationals who have foreign currency accounts at the Belgrade bank to make drachma withdrawals in Greece.

    ATE Governor Christos Papathanasiou and Beobanka President Zlatan Perusic signed the agreement, which involves the issue of new bilingual booklets in Greek and Serbian.

    Addressing a joint press conference in Athens, Mr. Papathanasiou and Mr. Perusic also announced the signing of a co-operation protocol between the two banks as a step towards closer ties.

    The protocol anticipates the joint creation of a third bank in Yugoslavia and the establishment of joint ventures in mutual funds, leasing and factoring. Agricultural Life Insurance, a subsidiary of the Greek bank, signed an agreement with Beobanka Insurance for co-operation in training, planning and promotion of insurance products.

    [29] National Bank of Greece ranks 7th in European survey

    Athens, 26/06/1997 (ANA)

    National Bank of Greece ranks seventh in a list of the top ten European banks with the highest return on capital, and it is the only Greek bank to be included in the list of the top 100 largest banks in Europe, according to a survey by London-based IBCA.

    The results of the survey, published in the French daily financial newspaper "Les Echos", come ahead of a share capital increase the bank has scheduled for autumn.

    The bank's chairman, Theodoros Karatzas, told Reuters in an interview that first quarter results showed an 80 percent increase to 19.7 billion drachmas in comparison with the corresponding period last year. Mr. Karatzas also stressed that the bank hoped to play a leading role in southeast Europe and the Middle East through the development of new activities in order to boost its competitiveness in a demanding international banking environment.

    A plan for the merger of its subsidiaries in the mortgage and insurance sectors (National Mortgage Bank with National Housing Bank and Astir Insurance with National Insurance) should be completed by the end of the year.

    [30] Xiosbank sees 2.7 bln. drachma profit in 1997

    Athens, 26/06/1997 (ANA)

    Xiosbank's board said that a profit of 2.7 billion drachmas forecast for 1997 was a realistic target based on the bank's business during the first five months of the year.

    Presenting 1996 results at the annual shareholders meeting, the board said total assets rose to 236.4 billion drachmas from 199.4 billion the previous year; loans increased to 102.5 billion drachmas from 81.28 billion; and deposits were 183.4 billion from 166.2 billion drachmas in 1995. Xiosbank announced a 116.2 percent rise in its mutual fund assets to 124.7 billion drachmas in May in comparison with the same month last year.

    The bank said that it would open three new branches in Athens, Hania in Crete, and Ioannina in the northwest of the country. It already has 26 branches.

    [31] Helexpo posts profits of 295 mln. drachmas in 1996

    Athens, 26/06/1997 (ANA)

    Helexpo, a Thessaloniki-based trade fair organizer, reported profits of 295 million drachmas for 1996, up from 217.5 million the previous year, a balance sheet approved by its assembly said.

    Profits rose sharply in the first six months of 1997 totaling 754 million drachmas against 153 million in the corresponding period of 1995.

    Helexpo chairman Antonis Kourtis said that 1.5 million people visited the state-run company's facilities last year.

    Among trade fairs held in 1996 were Agrotica, Infacoma, Furnidec, Furnima, Ygeia, Marmin, Graphis, Infosystem-Hi Tech, Kosmima, Philoxenia and the traditional Thessaloniki Trade Fair in September.

    Twenty one private exhibitions also were held.

    [32] Customs co-operation agreement between Greece, Cyprus

    Nicosia, 26/06/1997 (ANA)

    A customs office delegation will meet a corresponding Cypriot delegation tomorrow in order to initial an agreement on co-operation and mutual assistance between the customs administrations of Greece and Cyprus.

    The Greek delegation is headed by General Director Socrates Antoniou, while Customs Department Director Costas Hatziyiannis heads the Cypriot delegation.

    The agreement is part of the framework of creating a World Customs Organization.

    [33] Public sector hirings must be reduced, Papadopoulos says

    Athens, 26/06/1997 (ANA)

    The public sector should cut back on civil servants by hiring the equivalent of only one employee for every five who depart or retire, Interior, Public Administration and Decentralization Minister Alekos Papadopoulos said yesterday.

    In a circular to all ministries, the minister reiterated a law passed this year according to which the total number of hirings on an annual basis until 1999 should not exceed the ratio of one hired employee to five leaving or retiring.

    The law, however, excludes certain categories, for which there is no such restriction, such as hirings in the education sector (all levels), defense and security forces, port authorities and hospital personnel.

    [34] Olympic Airways inaugurates Athens-Budapest route

    Athens, 26/06/1997 (ANA)

    Olympic Airways (OA) unveiled a new route between Athens and Budapest on Sunday.

    OA president Nikolaos Blessios and managing director Iordanis Karatzas said in Budapest that the state carrier's strategy was to cover the rising tourist traffic between Greece and Hungary and the needs of Hungarians wishing to travel towards the Middle East, Africa, Asia and Australia.

    Olympic also signed an extensive trade agreement with Hungarian airlines Malev in order to provide full services for its passengers.

    In addition, OA officials announced that a new service between Athens and Prague would be inaugurated in October.

    End of English language section.


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