Athens News Agency: Daily News Bulletin in English, 97-07-25
From: The Greek Press & Information Office, Ottawa Canada <grnewsca@sympatico.ca>
ATHENS NEWS AGENCY BULLETIN (No 1246), July 25, 1997
Greek Press & Information Office
Ottawa, Canada
E-Mail Address: grnewsca@sympatico.ca
CONTENTS
[01] Greek-Lebanese agreements on investments, technical co-operation
[02] Hariri-Kaklamanis meeting
[03] President hosts reception for democracy's restoration
[04] Parliament session commemorates restoration of democracy
[05] Gov't on Greek-Turkish relations
[06] Solana comments on Greek-Turkish relations
[07] Albania issues discussed between Pangalos, Fassino
[08] Greek company returns from tour of duty in Albania
[09] Vartholomeos officiates Yerevan service for Greek community
[10] Gov't stresses that FYROM name question remains open
[11] Tsohatzopoulos visits US carrier 'JFK'
[12] Draft bill on day of remembrance for Asia Minor Greeks ratified
[13] Veteran politicians honored
[14] 12 Greeks on list of WWII names released by Swiss bankers
[15] Modern Greek students to visit Greece
[16] Veteran communist Loula Logara dies
[17] Two more IOC delegates visit Athens
[18] Paris square to be named for Callas
[19] Tourist arrivals to increase in 1997, V. Papandreou says
[20] Health and pension figures for 1997 released
[21] Supermarket 'feud' enters truce, Gov't says prices to fall
[22] Greek central bank lowers signal money market intervention
[23] Greek equities jump on lunge for blue chips
[24] Dollar sets new record Vs drachma
[25] ND party criticizes state procurement deals
[26] Current account deficit drops in April
[27] National Bank's profits increase in first half of '97
[28] Council of Finance Ministers convenes for '98 draft budget
[01] Greek-Lebanese agreements on investments, technical co-operation
Athens, 25/07/1997 (ANA)
Greece and Lebanon yesterday signed two bilateral agreements,
one providing for the protection of investments and the other
for increased economic and technical co-operation.
The agreements were signed during a meeting between Prime
Minister Costas Simitis and his visiting Lebanese counterpart
Rafik Hariri.
Mr. Hariri arrived in Athens yesterday on a two-day official
visit. Today, he is scheduled to meet with President of the
Republic Kostis Stephanopoulos.
During the talks yesterday, both sides noted an identity of
views. Mr. Simitis stressed that Greece strongly supported peace
and co-operation in the Middle East, noting that recent "delays"
in the peace process, particularly with regard to relations
between Israel and the Palestinians could jeopardize the entire
effort.
He said also that it was "neces-sary" for Israeli forces to
withdraw from Lebanon.
Mr. Simitis said he had discussed the Cyprus problem with Mr.
Hariri, underlining that Lebanon supported Greece's positions
concerning the need for a just and viable settlement within the
framework of United Nation resolutions.
The premier stressed to his Lebanese counterpart that Greece
wished to play a steady role in the region and said Athens would
support Lebanon's efforts to establish a special relationship
and co-operation with the European Union.
Mr. Hariri extended an invitation to Mr. Simitis to visit
Lebanon and said he had briefed the Greek premier about the
suffering of the Lebanese people, urging respect for UN
resolutions, particularly those pertaining to the withdrawal of
Israeli troops.
He also spoke about a sense of disappointment in the Arab world
arising from the position adopted by Israel, and referred to
Beirut's aspiration to establish a partnership relationship with
the EU.
Turning to other matters, Mr. Hariri said he had discussed with
Mr. Simitis bilateral co-operation issues, particularly the
participation of Greek construction companies in Lebanese public
works tenders and the need for increased co-operation in the
tourism sector.
Reiterating the positions outlined by Foreign Minister Theodoros
Pangalos at the EU Council of Ministers, Mr. Simitis said Greece
was of the view that the Community should undertake a peace
initiative in the Middle East rather than being just a
"spectator" of developments, "so that Israel too will take the
corresponding steps."
Mr. Simitis, however, said that Israel was a country which
existed and played a role in the Middle East "and it would be
pointless to ignore this fact and not establish relations aiming
at peace and co-operation."
"It is Greece's fixed position that international problems
should be resolved through implementation of UN resolutions and
international treaties," Mr. Simitis added.
Greece, he went on, had for many years stressed the need for a
peaceful solution to the Palestinian problem and had supported
the efforts of the Palestinians.
After noting that Greece had always been a friend of the Arab
world, Mr. Hariri called on Israel to undertake the necessary
initiatives to facilitate the acceleration of the peace process.
He said also that he greatly appreciated Greece's view that the
EU could play a role in efforts for peace in the region.
[02] Hariri-Kaklamanis meeting
Athens, 25/07/1997 (ANA)
Mr. Hariri also held talks with Parliament President Apostolos
Kaklamanis last night, in which both officials reconfirmed
mutual solidarity for problems faced by Greece and Lebanon.
The Lebanese premier outlined problems faced by his country to
Mr. Kaklamanis, primarily concerning the occupation of part of
the country by the Israeli military, and stressed the need for
strengthening relations between Greece and Lebanon, as well as
economic co-operation.
Mr. Hariri called on Greece to exercise its influence in the
European Union for the resolution of the problem faced by
Lebanon. He assured Mr. Kaklamanis that his government fully
understands the problem Greece is facing with Turkey and
undividedly supports a just and viable solution to the Cyprus
issue.
On his part, Mr. Kaklamanis expressed Greece's desire for an
improvement in its relations with Turkey and outlined the
situation prevailing in Cyprus with the continuing Turkish
occupation.
Mr. Hariri also held a courtesy meeting at a downtown Athens
hotel last night with several Arab ambassadors accredited to
Athens.
The meeting was attended by the ambassadors of Lebanon, Libya,
Egypt, Kuwait and Tunisia, the charge d'affaires of Syria, Saudi
Arabia and Jordan as well as the representative of the
Palestinian Self-Rule Areas.
[03] President hosts reception for democracy's restoration
Athens, 25/07/1997 (ANA)
President of the Republic Kostis Stephanopoulos blamed Turkey
and the Turkish Cypriot side for obstructing efforts to solve
the Cyprus problem, in speaking last night during the annual
presidential reception for the anniversary of the restoration of
democracy in 1974.
Mr. Stephanopoulos said that "the intervention and initiative
taken for the solution of the Cyprus issue, unfortunately, does
not allow for much optimism, because of the stance held by
Turkey and the Turkish Cypriot side, in their words and acts."
The president said Greece should continually try to improve its
democracy, although the last few years have proven to be its
best political period.
"It is the duty of rulers and the ruled to make continuous
efforts to improve our democratic state of government," he said.
Mr. Stephanopoulos, Prime Minister Costas Simitis, the president
of Parliament and party leaders greeted guests at the reception,
which is traditionally held annually at the gardens of the
presidential mansion.
The reception was attended by former premier Constantine
Mitsotakis, Cabinet members, deputies and officials from all
parties, court officials, academics and armed forces officials.
The reception was also attended by Dimitra Liani-Papandreou,
widow of PASOK founder Andreas Papandreou.
[04] Parliament session commemorates restoration of democracy
Athens, 25/07/1997 (ANA)
Parliament commemorated the 23rd anniversary of the restoration
of democracy after the fall of the seven-year junta during a
morning session yesterday.
Parliament President Apostolos Kaklamanis opened the session by
saying that Greece was now moving on conditions of full freedom.
This should be a day of recollection for all Greeks, he said,
because it proved that in the long history of the Greek nation
political divisiveness threatens democracy and always leads to
national disasters.
Mr. Kaklamanis condemned the Turkish occupation of northern
Cyprus which followed an abortive coup on Cyprus and said that
Greece aims at contributing to world peace and the deterring of
war. The question is how much this is attainable for the
international community when 40 per cent of Cyprus is still
under occupation and Turkish provocations in the Aegean are
continued, Mr. Kaklamanis said.
Public Order Minister George Romeos, representing the
government, said that democratic institutions in Greece were
stable but needed continuous struggles to improve them. National
reconciliation and political dialogue are improved daily, he
said, as is right for a democratic country.
This country always proclaimed and believed in the principles of
peaceful co-existence but also has had a long history of
struggles to maintain its territorial integrity, so every
commemoration must not be superficial but have some meaning.
Representing main opposition New Democracy, Anna Psarouda-Benaki
said that this day should remind us of the dangers threatening
democracy.
In our day democracy is being undermined in insidious ways by
hidden sources of powers that aim at influencing the populace.
She also said national strategy is not always unified and
indecisiveness or backtracking create dangers.
PASOK deputy Kosmas Sfyriou said that the Parliament should tell
younger generations of Greeks who did not live through those
days of the junta that democratic institutions in Greece are
working as they should in a modern democracy.
Communist Party of Greece representative Orestis Kolozov noted
that Greeks should remember on this day their hardships during
the dictatorship, adding that what happened after the
restoration of democracy was attributable to the struggles of
the people.
Coalition of the Left and Progress (Synaspismos) representative
Fotis Kouvelis said the day should commemorate those who fought
against the dictatorship, and serve as a day of lessons.
Democratic Social Movement (DHKKI) Dimitris Tsovolas noted the
need to set an independent patriotic national strategy. The
continuing occupation of Cyprus shows that in foreign policy
there are no friends and allies, only interests.
The session was attended by World Council of Hellenes Abroad
(SAE) president Andrew Athens.
[05] Gov't on Greek-Turkish relations
Athens, 25/07/1997 (ANA)
The Cyprus problem constitutes a "central point" in
Greek-Turkish relations, government spokesman Dimitris Reppas
said yesterday when asked to comment on statements by US special
coordinator for Cyprus Thomas Miller.
Replying to questions on Greek-Turkish relations and the role of
Washington, Mr. Reppas said the US was in contact with both
governments and was contributing to the restoration of a climate
of understanding between the two countries "without there being
direct contact between the two governments".
Mr. Reppas added that US Secretary of State Madeleine Albright
would contribute to the further rapprochement between Athens and
Ankara "which Greece deems to be desirable".
Asked about the possibility of a further meeting between Prime
Minister Costas Simitis and Turkish President Suleyman Demirel,
the spokesman said "there is no such meeting on the horizon."
Mr. Simitis and Mr. Demirel recently signed a joint communiqui,
later described as a declaration of intentions, on the sidelines
of a NATO summit in Madrid.
[06] Solana comments on Greek-Turkish relations
Washington, 25/07/1997 (ANA - T. Ellis)
Speaking here yesterday, NATO Secretary General Javier Solana
expressed optimism over the course of Greek-Turkish relations.
Replying to a question, Mr. Solana said his optimism is based on
two elements: confidence-building measures being promoted by
NATO for the Aegean and, secondly, the agreement recently
concluded in Madrid which, he said, opened corridors of
co-operation between the two countries, adding that the
continuation will be in the same climate.
[07] Albania issues discussed between Pangalos, Fassino
Athens, 25/07/1997 (ANA)
The situation in Albania dominated talks yesterday in Athens
between Italian Foreign Under-secretary Piero Fassino with
Foreign Minister Theodoros Pangalos and Alternate Foreign
Minister George Papandreou.
Other issues discussed included bilateral relations and EU
issues.
After his meeting with Mr. Fassino, the alternate foreign
minister said that the first phase of stabilization in Albania
had been successfully completed, and the next important phase
was to follow. This second phase, Mr. Papandreou said, involved
the process of democratization and economic development.
The Italian official stated that both Greece and Italy were
interested in continuing their assistance to Albania, which was
aimed at restoring the country's political, administrative and
economic life.
During their meeting, Mr. Papandreou and Mr. Fassino also
exchanged views on the Cyprus issue, as well as Greek Turkish
relations and relations between Turkey and the EU. They also
examined co-operation between the two countries' interior
ministries for a more effective fight against crime.
Mr. Fassino concluded by saying that Rome was highly interested
in safeguarding peace and stability in the southeastern
Mediterranean.
Earlier, the Italian official later met with Culture Minister
Evangelos Venizelos during a working breakfast.
The talks centered on cultural co-operation between the two
countries, joint initiatives and procedures concerning the
revision of the constitutions in both Greece and Italy.
[08] Greek company returns from tour of duty in Albania
Athens, 25/07/1997 (ANA)
A company of troops which served for approximately three months
with the Greek contingent of the multinational protection force
in Albania returned to Greece yesterday via the Kakavia border
post.
An official welcoming ceremony was held for the troops at the
Kalpaki army base, attended by the civil and military
authorities of Ioannina and many relatives.
Another 117 NCOs and officers of the Greek force in Albania
arrived on board a tank carrier at the port of Thessaloniki in
the morning. The main bulk of the returning force is expected to
arrive in Thessaloniki on Aug. 3, while a contingent of 200 men
will stay in Tirana until Aug. 8.
[09] Vartholomeos officiates Yerevan service for Greek community
Yerevan, 25/07/1997 (ANA - A. Kourkoulas)
A Greek Orthodox Church service was held for the Greek community
in Armenia, which gathered at the Cathedral of St. Sergius to
welcome Ecumenical Patriarch Vartholomeos.
Armenian Patriarch Karekin I and the Synod of the Armenian
Church attended the service, conducted by the Patriarchal
entourage and officiated by the Ecumenical Patriarch.
Many members of the ethnic Greek community received communion, a
possibility they had never had so far in the long history of the
Hellenism's presence in Armenia.
Later, Vartholomeos visited the one-time prison of St. Gregorios
the Enlightener of the Armenians, at the foot of Mount Ararat on
the border with Turkey.
The Patriarch's visit was concluded with a luncheon given by the
Armenian Patriarch and attended by members of the Armenian
government, the diplomatic corps and representatives from other
denominations.
The Ecumenical Patriarch and his entourage were due to return to
Istanbul last night.
[10] Gov't stresses that FYROM name question remains open
Athens, 25/07/1997 (ANA)
The government said yesterday that the issue of the name of the
Former Yugoslav Republic of Macedonia (FYROM) "remains open" and
that the views of Athens and Skopje on the matter did not as yet
coincide.
"The issue is the subject of handling within the framework of
the initiative of Cyrus Vance," government spokesman Dimitris
Reppas said, replying to reporters' questions.
Commenting on relations between Greece and FYROM, Mr. Reppas
said that they were guided by the 1995 bilateral interim
agreement, adding that progress had been made since the signing
of the agreement, particularly in the economic and trade sectors.
Replying to other questions, Mr. Reppas said there was "room for
agreement" on the name issue, while reiterating that Greece had
entered the talks, under the mediation of UN envoy Cyrus Vance,
with its known position of not accepting the name "Macedonia "
or some derivative.
"For the moment, the views of the two sides do not converge,"
Mr. Reppas said, adding that talks on the issue could not be
allowed to carry on forever.
"It is up to Mr. Vance to undertake the appropriate initiatives
to resolve the issue," Mr. Reppas said.
[11] Tsohatzopoulos visits US carrier 'JFK'
Athens, 25/07/1997 (ANA)
National Defense Minister Akis Tsohatzopoulos yesterday visited
the US aircraft carrier "John F. Kennedy", which is currently
anchored off Corfu.
Mr. Tsohatzopoulos was briefed on the activities of the carrier
by its commander, Adm. Williamson, while he later observed an
aircraft display.
The minister was accompanied on the visit by the Chief of the
Hellenic Navy General Staff, Vice-Adm. Leonidas Paliogiorgos.
[12] Draft bill on day of remembrance for Asia Minor Greeks ratified
Athens, 25/07/1997 (ANA)
A relevant Parliamentary committee unanimously ratified a draft
law submitted by three ruling PASOK deputies on establishing
Sept. 14 as a national day of remembrance for the expulsion and
genocide of Asia Minor Greeks by the Turkish state. The nature,
con tent, agency and the way of organizing the commemoration
events will be defined with a presidential decree to be issued
following a proposal by the interior and culture ministers, as
well as an opinion by the Federation of Refugee Societies of
Greece. Deputies Yiannis Haralambous, Yiannis Diamantidis and
Yiannis Kapsis tabled the draft bill.
[13] Veteran politicians honored
Athens, 25/07/1997 (ANA)
President Kostis Stephanopoulos yesterday awarded the Grand
Cross of the Order of the Phoenix to Manolis Glezos, Constantine
Kallias, Nikolaos Martis, Ioannis Pesmazoglou and Spyros
Plaskovitis for "valuable political services they rendered to
the homeland."
Mr. Stephanopoulos will give the same award, offered on the
occasion of the 23rd anniversary of the restoration of democracy
in Greece, to Ioannis Zigdis in the next few days.
[14] 12 Greeks on list of WWII names released by Swiss bankers
Rome, 25/07/1997 (ANA - L. Hatzikyriakos)
At least 12 Greek nationals are among 1,872 names with war-era
deposits in Swiss banks, who according to the Association of
Swiss Banks held accounts in Switzerland.
The association published the 1,872 names in newspapers in 27
countries. It said deposits of about 60 million Swiss francs
($40 million) had never been claimed.
Relatives, or legal heirs can now claim the money within one
year from the Association of Swiss Banks.
[15] Modern Greek students to visit Greece
Athens, 25/07/1997 (ANA)
One-hundred-and-sixteen top students of modern Greek attending
universities in Europe and the United States will visit Greece
from July 27 to August 24 for intensive language, history and
culture courses, on scholarships granted by the Cultural
Relations Directorate.
The courses are being organized by the Thessaloniki-based Aimos
Peninsula Institute of Studies.
During their stay, the students from 25 countries will be shown
round the monuments and museums of Thessaloniki and visit
archaeological and historical sites at Philippoi, Pella, Dion,
Vergina and Meteora.
Within the framework of a program for strengthening modern Greek
studies at universities abroad, the culture ministry allocated
over 36 million drachmas for 1997.
[16] Veteran communist Loula Logara dies
Athens, 25/07/1997 (ANA)
Veteran communist activist Loula Logara died, the Communist
Party of Greece (KKE) announced yesterday.
In the announcement, KKE said Ms Logara was an active party
member since her youth, "devoted to international communist
ideals and stalwart fighter who was not defeated by persecution
and jailing".
"Over a 55-year span of activity as a communist, Logara held an
exemplary position in the party, especially after the breakdown
of the communist bloc in Europe," the party announcement said.
[17] Two more IOC delegates visit Athens
Athens, 25/07/1997 (ANA)
Russia's International Olympics Committee (IOC) delegate, Samil
Tarpysev, who is currently on an official visit to Greece, spoke
yesterday on Athens' bid for the 2004 Games.
Following the planting of an olive tree in the "Grove of IOC
Members" in Athens, Mr. Tarpysev said "you are very
well-organized and have a strong candidacy. I wish your people
every success and hope your efforts will come off."
In the meantime, another IOC member, Romanian Alesandru Siperko,
arrived in Athens yesterday in order to be briefed on the course
of the Greek capital's candidacy.
[18] Paris square to be named for Callas
Paris, 25/07/1997 (AFP/ANA)
A Paris square to be inaugurated in September which will be
named after Maria Callas, the great opera soprano, the city's
mayor, Jean Tiberi, said yesterday.
The square is located in the city's 16th District, in the
southwestern part of the French capital where Callas resided and
died on September 16, 1977.
According to an announcement by the Paris municipality, at the
inauguration night, a large-scale event will be held in the Town
Hall and will be simulcasted on a giant screen outside the
building.
The announcement also said that in Spring 1998, the Paris Town
Hall will organize an exhibition dedicated to the roles in
Callas' repertoire. On display will be the late artist's
costumes, letters, personal belongings and photographs.
[19] Tourist arrivals to increase in 1997, V. Papandreou says
Athens, 25/07/1997 (ANA)
Tourist arrivals will show an 8-10 per cent increase in 1997
over 1996 figures, Development Minister Vasso Papandreou told
tourism sector officials yesterday.
Ms Papandreou said the program "Tourism and Culture" had been
included in the Community Support Framework and delays in its
initial application have been covered.
By the end of the month certain investment projects in the
program will have been approved, while a meeting will be held in
September with all involved parties to set the schedule for its
application.
This program calls for infrastructure works in many sectors. In
marine tourism, it calls for a program of port and marina
construction totaling 10.5 billion drachmas, including marinas
in Thasos, Argostoli, Ikaria and Zakynthos.
Another 8.3 billion drachmas is allocated for programs in
mountain, ecological and alternative tourism in general, while
in another sector, small- and medium-sized enterprises have
submitted 367 proposals pending evaluation and approval that
will allow them to use funds allocated to that sector.
Another 414 million drachmas will be approved for training
seminars within 1997, with the total budget for professional
training amounting to four billion drachmas.
Ms Papandreou referred extensively to property owned by the
Greek National Tourism Organization (EOT), and said a draft bill
would be tabled in Parliament in the autumn for founding
sociitis anonyme to manage these assets.
The minister also said it was important that a single, central
tourism agency be founded to include tourism representatives
from hotels, owners of rooms for rent, and businesses in general.
She also called on agencies to found an institute on the lines
of the Federation of Greek Industries (SEB) and the Foundation
for Economic and Industrial Research (IOBE) to deal with issues
of tourism.
[20] Health and pension figures for 1997 released
Athens, 25/07/1997 (ANA)
Public insurance and pension funds received a 12.68 per cent
increase in funds allocated from the state budget this year,
according to a report on the 1997 budget for the ministry of
health and social insurance.
Labor and Social Security Minister Miltiadis Papaioannou
submitted the report to Parliament President Apostolos
Kaklamanis yesterday.
According to the report, the state budget funds to the sector
increased by 12.68 per cent this year, as against last year's
allocations, while in all other ministries budget increase was
restricted to 6.5 per cent.
The report mentioned there was a surplus in the ministry's
budget on social insurance, health and welfare, amounting to 6.5
billion drachmas, compared to expenditures totaling 6.37 billion
drachmas.
Funds allocated to supplement low-income pensions amounted to
37.3 billion drachmas in 1997, of which 15.8 billion drachmas
had already been paid out by the end of May.
For this year, there are 4,145,000 insured Greeks, and 1,848,000
pensioned Greeks, according to the report, giving a ratio of
2.5:1 for working people over pensioners.
Also released in the report is the fact that of all social
insurance expenditures, the largest amount, or 70.99 per cent,
goes to pensions. Expenditures for illnesses and accidents
follow, with 20.3 per cent.
In terms of contributions to health and pension funds, insured
individuals contribute 33.47 per cent and employers 30.98 per
cent.
[21] Supermarket 'feud' enters truce, Gov't says prices to fall
Athens, 25/07/1997 (ANA)
Development Under-secretary Mihalis Chrysohoidis said yesterday
that further price decreases will take place for many products,
especially basic foodstuffs such as grain, olive oil and milk,
while there will also be a freeze on the prices of other goods.
"There is no atmosphere of war between the (foodstuff)
industries and the supermarkets. Dimensions given to the feud do
not correspond to reality," Mr. Chrysohoidis said, after an
agreement between the various sides was announced.
Mr. Chrysohoidis chaired a meeting of representatives of the
SEBT, SESME, EDEA and GSBE unions which reached an agreement
defusing the recent crisis.
He said the agreement will benefit consumers, businesses and the
national economy, adding that the groups agreed to pursue the
national targets of monetary union with Europe and a decrease in
inflation to 2.8 per cent by the end of 1998.
It was further agreed that a relevant bill initiating market
rules will be prepared and submitted in Parliament in September.
An announcement by the Consumers' Institute (INKA) said that
regardless of the freeze or the overheating of prices there are
repercussions for the consumer cost of living and for quality of
products by whatever clash between industry-producers and super
markets.
Shortly before the meeting, the Federation of Supermarket
Enterprises of Greece issued an announcement placing all the
blame for the feud on what the group called reasons of
expediency on the part of the Federation of Greek Foodstuffs
Industries, and with protection by the Federation of Greek
Industries (SEB).
[22] Greek central bank lowers signal money market intervention
Athens, 25/07/1997 (ANA)
Greece's central bank yesterday nudged down its near-daily
intervention in overnight funds in the domestic money market to
11.6 percent from 11.9 percent. Traders said the Bank of Greece
was apparently signaling a return to lower rates after a period
of market jitters largely stemming from activity on
international markets.
The drop also would aid a 12-month treasury bill issue at the
end of the month whose rate is 9.6 percent, the traders said.
The central bank's routine intervention at the end of the
trading day acts as a gauge of liquidity in the interbank market
and sometimes signals a shift in policy.
[23] Greek equities jump on lunge for blue chips
Athens, 25/07/1997 (ANA)
Greek stocks ended sharply higher at yesterday's high of
1,569.15 points on the Athens general share index, propelled by
growing demand for banking and industrial blue chips.
The market gained 1.68 percent in light-to-moderate trade with
turnover holding steady at 10.7 billion drachmas. The parallel
market for smaller cap stocks outperformed the main index,
gaining 2.06 percent. Sector indices scored gains across the
board. Banks rose 2.00 percent, Leasing 0.26 percent, Insurance
0.74 percent, Investment 0.94 percent, Industrials 1.32 percent,
Construction 0.80 percent, Holding 1.75 percent, and
Miscellaneous 2.53 percent.
Hellenic Telecommunications Organization gained 115 drachmas to
finish at 6,380 drachmas.
Advances led declines at 126 to 76 with 31 shares remaining
unchanged of 233 stocks traded.
The day's highest percentage gainers were Lanakam (common),
Ideal (preferred), Singular, and Emborikos Desmos (common).
The biggest losers were Viokarpet (preferred), Mitros
(preferred), Boutaris (preferred) and Imperio.
Among blue chips, National Bank of Greece finished at 36,125
drachmas, Ergobank at 17,210, Alpha Credit Bank at 19,790, Delta
Dairies (common) at 3,450, Hellenic Bottling at 10,015, Titan
(common) at 14,560, Intracom (common) at 12,910, and Aluminium
de Grece (common) at 17,695 drachmas.
[24] Dollar sets new record Vs drachma
Athens, 25/07/1997 (ANA)
The dollar hit a new all-time high against the drachma
yesterday, gaining 0.12 percent to close at 285.75 drachmas at
the central bank's daily fix.
Commercial banks on Friday will sell the US currency at 290.036
drachmas.
The pound sterling lost 0.28 percent against the drachma in a
downward correction to end at 478.64 drachmas at the fix, or
485.820 drachmas for sale by commercial banks.
The German mark edged up 0.08 percent, finishing at 156.080
drachmas.
The ECU closed steady at 309.38 drachmas.
[25] ND party criticizes state procurement deals
Athens, 25/07/1997 (ANA)
Main opposition New Democracy party leader Costas Karamanlis
said yesterday his party would boycott parliamentary committees
that sanction state procurements, alleging a lack of
transparency. "The present system of contracting and executing
state procurements is riddled (with faults), deficient and
non-transparent," Mr. Karamanlis said.
He was speaking after a meeting of his party's transparency
committee. ND representatives take part in all-party committees
that approve proposals by state bodies for supply deals.
"Despite high-sounding commitments made by the government many
years ago to create an independent administrative authority (to
supervise procurements), it has turned a deaf ear," Mr.
Karamanlis said.
The cabinet had recently endorsed the current procurements
system, apparently covering up for party political vested
interests, Mr. Karamanlis alleged. He announced his party was
launching a political and parliamentary initiative aimed at
creating an independent public authority for procurements, and
reinforcing the role of the State Audit Council.
"This is to attain transparency in the use of public funds and
respect for Greek taxpayers' money," Mr. Karamanlis said.
[26] Current account deficit drops in April
Athens, 25/07/1997 (ANA)
Greece's current account deficit for April dropped 3.1 per cent
to US$660 million from $681 million in the same month of 1996,
showing an improvement for the second straight month, the Bank
of Greece said yesterday. The January-April deficit jumped 21.3
per cent to $2.28 billion from $1.88 billion a year earlier, the
central bank announced.
[27] National Bank's profits increase in first half of '97
Athens, 25/07/1997 (ANA)
The National Bank of Greece yesterday announced pre-tax profits
of about 33 billion drachmas for the first half of 1997. The
bank's profits in the same period last year stood at 17 billion
drachmas - an increase of 94 per cent. The improvement in the
bank's increased profitability is due to the implementation of a
modernization program, according to an announcement.
[28] Council of Finance Ministers convenes for '98 draft budget
Brussels, 25/07/1997 (ANA - G. Daratos)
The EU Council of Finance Ministers convened here yesterday to
examine and approve the Union's draft budget for 1998.
Greece was represented by Finance Under-secretary Nikos
Christodoulakis.
The draft budget's main characteristic is a minimal increase for
1998, resulting in basic questions being raised on the EU's
fiscal prospect. The category of structural actions is the only
one securing a significant increase against all the other
categories of expenditures in fiscal prospects having a negative
increase rate.
The draft budget approved yesterday amounts to ECU 90.890
million in credits for the assumption of commitments (CAC) and
to ECU 82.940 million in payment credits (PC).
Specifically, credits for structural actions (structural funds,
cohesion fund, etc.) were approved in full regarding CAC, namely
ECU 33,461 million (an increase of 6.3 per cent), while PP
decreased by ECU billion.
In another development, Mr. Christodoulakis strongly supported
the peace process in Northern Ireland, but at the same time
called for the strict implementation of the principle of the
existence of a legal basis, adding that this principle must be
inviolably followed during the implementation of each European
Union program and action.
A principle, which if accepted, excludes whatever funding by the
EU of Turkey or any other country unless an essential legal
basis exists for this.
Mr. Christodoulakis did not clarify whether he submitted the
established statement made by the Greek side every year in the
Council's minutes, according to which funding to Turkey from the
EU's budget is ruled out.
End of English language section.
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