Athens News Agency: Daily News Bulletin in English, 97-09-20
From: The Greek Press & Information Office, Ottawa Canada <grnewsca@sympatico.ca>
ATHENS NEWS AGENCY BULLETIN (No 1294), September 20, 1997
Greek Press & Information Office
Ottawa, Canada
E-Mail Address: grnewsca@sympatico.ca
CONTENTS
[01] Simitis calls for new PASOK profile
[02] ... Skandalidis
[03] ... ND response
[04] ... KKE reaction
[05] US concerned over Turkish threats on Cyprus
[06] Eurosocialist Party resolution supports Cyprus accession talks
[07] Ankara: Turkish Cypriots cannot join island's EU accession talks
[08] Apostolakis: Ankara's behavior, policy linked to its European
goals
[09] Thessaloniki prepares for Patriarch's visit
[10] Halki Theological School
[11] Ecumenical Patriarch to meet Clinton in October
[12] Crete's ports celebrated in European Cultural Heritage Days
[13] Congress on regional newspapers in Hania
[14] Culture issues on cabinet agendas
[15] Short feature festival in Drama to get EU support
[16] Tripartite meeting in NY still not decided
[17] Cultural Olympiad discussed by Cabinet
[18] Karamanlis highly critical of 'Kapodistrias' plan, premier
[19] ... Gov't response
[20] ... Synaspismos
[21] ESHEA renews ties with southern Albanian press union
[22] Grevena shaken by another quake
[23] Stocks slip in wary market
[24] Greek, Romanian and Bulgarian bourses discuss co-operation
[25] Greece says Alexandroupoli oil pipeline to be built
[26] Greece's Bank of Attica to hold share capital increase
[27] EU develops multimedia technology network in Greece
[28] ATE seminar for east European, Balkan bank officials
[29] Purchase bid for Bank of Crete to be evaluated
[01] Simitis calls for new PASOK profile
Athens, 20/9/1997 (ANA)
Prime Minister and ruling PASOK president Costas Simitis
yesterday proposed the "re-establishment" of the party and set
out a series of positions on its nature and role today.
Addressing a two-day session of PASOK's central committee, Mr.
Simitis said the government is determined to continue to apply
its policy, which he said is aimed at the country's equal
participation in the European Union and creation of a modern and
competitive economy.
He also attacked external and internal party opposition.
Despite the fact a year has passed since the 1996 elections, Mr.
Simitis preferred not to make an account of the government's
work but to place emphasis on the party's operation and on the
upcoming prefectural and municipal elections.
However, he referred to the government's policy successes both
in the economy and in implementing the second Community Support
Framework, saying that the government has achieved a new method
of operation.
Mr. Simitis said that this year the government proved that it
did not come to manage power but to change its direction and
content, not hesitating to take appropriate decisions and
ignoring the so-called political cost.
He said the first year after the 1996 elections was a year of
familiarization with problems, adding that over the next three
years the rates of government work will be intensified and on
the basis of the work accomplished, PASOK will request a renewal
o f the popular mandate at the end of the four-year period of
office.
Mr. Simitis said PASOK is not pursuing simple electoral
victories but wants the activated society as its prolonged and
stable ally. PASOK is not merely a ruling party, but a party
generating government prospects, which does not fear ruptures,
neither in society, nor with its own habits.
He formulated his positions on the party's new nature and role,
saying that its priorities include a radical change in certain
aspects of the party's traditional relation with society. The
role of the party as a "protector" is coming to an end at all
levels, he said, adding that the party as a "mediator" must be
replaced with the party which is a pioneer in society.
Mr. Simitis said that PASOK is the natural foreman for a
powerful Greece, but it is not alone on this path and for this
reason it pursues open channels of communication and
co-operation with the forces constituting the center-left.
He ruled out the possibility of summit agreements being reached
with other parties or the creation of satellite political
formations. He added that dialogue taking place in the framework
of the center-left will acquire particular dynamism in light of
the municipal elections.
Mr. Simitis pointed to certain weaknesses in the party, saying
that "we are still very far from the operation of the party
which we are pursuing" and referred to the trade union
mentalities of party cadres who are active in professional
sectors.
Commenting on the Parliamentary group, he said there should be a
better rapprochement with its role and an improvement in its
relation with the government and the party.
Mr. Simitis also referred to internal friction and disputes
which, as he said, speed up a party's attrition. He said that a
common position cannot be at present the result of autocratic
practices. What is necessary, however, is the strengthening of
self -discipline and collectiveness.
On the question of upcoming prefectural and municipal elections,
Mr. Simitis said that PASOK and the government do not wish to
give them a party nature, but it is clear that they will send a
political message and will create a more favorable or more
difficult climate, in accordance with the result, on promoting
the government's plan. Mr. Simitis appealed primarily to the
opposition not to speak with petty party expediencies and
hypocritical statements on these issues.
In essence, Mr. Simitis made an early announcement of a big
renewal in the persons which will be selected for municipal and
prefectural posts, saying that the candidates who will be
selected must be adequate, cadres having a modern spirit on
self-administration, social sensitivity and respect for the
citizen. Mr. Simitis said no logic of promoting "our own
people", party officials and local governors can be accepted.
[02] ... Skandalidis
Athens, 20/9/1997 (ANA)
In his address to the central committee, PASOK Secretary Costas
Skandalidis sent criticism in all directions and made
self-criticism over the course of the party's restructuring. He
said the party's restructuring has not proceeded as it should
have and has fallen short in relation to the political hegemony
PASOK has on the Greek political scene.
However, despite PASOK's hegemony, the implementation of its
policy, according to Mr. Skandalidis, is sketchy and
problematic. Aiming criticism in all directions, Mr. Skandalidis
advised avoidance of triumphal talk and nihilism, pointing out
that these are characteristic of a "black and white" conception
which, however, is dominant.
Mr. Skandalidis said what is necessary is a radical change and
PASOK exceeding itself and defined certain negative aspects in
the restructuring course.
On the question of the relation between the government and the
party, he said that policy is not planned aggressively but PASOK
usually is defensive in developments. With regard to social
dialogue, what is noted is a clear weakness to plan and
implement initiatives which will shape a more positive climate
for the welcoming of its policy.
Commenting on restructuring, he said that while the will exists,
a weakness is observed in implementation because, as he said,
there are no multipliers to support and brief the people on the
policy of the party and the government.
Mr. Skandalidis observed that there is also a weakness in the
operation of the party's organization. He said that it is a
weakness in orientating action and noted that only a small
number of cadres in quality and quantity undertake initiatives
in each prefecture.
[03] ... ND response
Athens, 20/9/1997 (ANA)
Commenting on the premier's address, main opposition New
Democracy party spokesman Aris Spiliotopoulos said that "the
prime minister is living in another country and for this reason
his speech at PASOK's central committee is rife with
contradictions."
"Because it cannot be explained otherwise that on the one hand
he boasts over his supposed success in governing the country and
on the other criticizes his cadres over government sectors which
are either underworked or are inert," he added.
[04] ... KKE reaction
Athens, 20/9/1997 (ANA)
On its part, the Communist Party of Greece said the prime
minister's speech proved that the government and ruling PASOK's
leadership aim at breaking with the lower class' just demands.
KKE also charged the government and the prime minister of lying
when they promise they will fight graft by replacing old methods
of political favors with new ones.
[05] US concerned over Turkish threats on Cyprus
Washington, 20/9/1997 (ANA - T. Ellis)
The US State Department reacted unfavorably yesterday over
warnings by Turkey the same day that it was working on measures
against deployment of Russian-made S-300 missiles on the island
republic.
State Department spokesman James Rubin issued a statement
saying: "The United States continues to believe that the
decision of the Cyprus Republic to acquire S-300 anti-aircraft
missiles from Russia is a step backward in our efforts for a
peaceful solution to the Cyprus issue. At the same time we are
firmly opposed to threats to address the missile question
militarily.
"Therefore, we note with concern the statements of Turkish Prime
Minister Mesut Yilmaz earlier today (yesterday) regarding the
missiles. We call on all interested parties to avoid statements
which exacerbate the tensions over this issue," Mr. Rubin said .
Mr. Yilmaz yesterday announced that his government had asked the
Turkish military to take all appropriate measures to "deal with
the issues created by the deployment of the S-300 missiles on
Cyprus".
"Since (the Cypriot government) insists on transferring to
Cyprus S-300 missiles, we have assigned the general staff to
plan and propose additional military measures," Mr. Yilmaz said
after a briefing of his government by the Turkish general staff
on the issue.
"We will not permit the missiles' becoming a negotiating
factor," he added.
Turkey has threatened several times in the past to take military
action to prevent the deployment of the missiles, which would
reduce Turkish air superiority over Cyprus. The Cypriot
government earlier this year announced plans to buy the
defensive S-30 0 surface-to-air missiles fro Russia for delivery
by mid-1998.
Turkey maintains more than 30,000 troops in the occupied north
of the island, since invading in 1974.
Referring to the possibility of a tripartite meeting between
Greek and Turkish Foreign Ministers Theodoros Pangalos, Ismail
Cem and US Secretary of State Madeleine Albright in New York
next week on the sidelines of a United Nations meeting, Mr.
Rubin reiterated that "in the event someone is able to promote
things to such an extent that he/she believes that a tripartite
meeting may achieve success, (Mrs. Albright) would be open to
something of the sort, but for the present it has not been
scheduled".
The spokesman noted that Cyprus President Glafcos Clerides and
Turkish Cypriot leader Rauf Denktash agreed to discuss security
issues, without any restrictions, hinting that the talks would
not be restricted only to confidence-building measures.
Earlier yesterday in Nicosia, Cyprus' Foreign Minister Ioannis
Kasoulides met with US ambassador to Cyprus Kenneth Brill and
asked for explanations concerning statements by Mr. Rubin on
Thursday, who said that "everything" would be discussed at the
security talks, from the withdrawal of troops from the
demarcation line, to trying to improve confidence-building
measures along the line.
US Secretary of State Madeleine Albright announced Monday during
a stopover in Cyprus that President Clerides and Mr. Denktash
have agreed to hold talks soon on security issues.
[06] Eurosocialist Party resolution supports Cyprus accession talks
Strasbourg, 20/9/1997 (ANA)
The European Socialist Party's (ESP) presidium convened here
yesterday, unanimously adopting a resolution on the Cyprus issue
supporting the accession of the island republic to the European
Union, as well as a start to accession negotiations six months
after the end of the IGC.
The ruling PASOK party was represented by ESP Vice-President
Akis Tsohatzopoulos and ESP presidium member Yiannos Kranidiotis.
The European socialists express the hope that the dialogue which
will start on the security of Cyprus will lead to the
demilitarization of the island as soon as possible, as well as
to positive results to facilitate efforts to find a just and
viable solution to the Cyprus issue. The resolution was
presented by Foreign Under-secretary Yiannos Kranidiotis.
The ESP's presidium unanimously accepted a proposal by Mr.
Tsohatzopoulos on a special meeting of socialist defense
ministers being held in Germany aimed at coordinating their
actions for security in Europe.
[07] Ankara: Turkish Cypriots cannot join island's EU accession talks
Istanbul, 20/9/1997 (ANA - A. Kourkoulas)
Ankara rejects the European Union's urging that the Turkish
Cypriot community be represented in Cyprus' EU accession talks,
criticizing the EU Council of Ministers for what it called
"ignoring the realities" on the island republic.
"It cannot be expected that the Turkish Cypriot community will
participate in the Greek Cypriot administration's delegation" a
Turkish foreign ministry announcement said.
Cyprus has proposed that Turkish Cypriot community
representatives take part in a Cypriot government delegation in
the island's EU accession talks.
Ankara claimed that the 15-member Union "does not at all
consider the basis on which efforts to find a solution have
until now been based on", adding that in Cyprus there is no
government which could represent the two communities.
The Turkish foreign ministry added that "the UN Secretary
General is seeking a political solution between two equal sides."
Turkey is the only country in the world that doesn't recognize
the Republic of Cyprus, conversely, it is the only nation to
recognize the self-styled "Turkish Republic of Northern Cyprus."
[08] Apostolakis: Ankara's behavior, policy linked to its European
goals
Athens, 20/9/1997 (ANA)
A change in Turkey's behavior and policy is linked to pursuit of
its strategic interests in rapprochement with Europe, Defense
Under-secretary Demetris Apostolakis said yesterday.
Mr. Apostolakis was speaking at a ceremony marking the end of
the military exercise "Philippos '97" in northern Greece.
Greece hopes that relations with neighboring Turkey can find
their "practical expression, in line with the text of principles
agreed upon at Madrid between the Greek prime minister and the
Turkish president".
"We demand from Turkey that it operates with the same logic and
in the same direction of peaceful co-existence and dialogue with
good will," he said.
Foreign Minister Theodoros Pangalos and his Turkish counterpart
Ismail Cem will meet in New York next week on the sidelines of
the UN General Assembly, the first high-level meeting between
the two sides since Prime Minister Costas Simitis and Turkish
President Suleyman Demirel signed a joint communiqui on broad
principles governing bilateral relations earlier this summer.
A climate of security and stability was necessary in the Balkans
to foster growth and prosperity of all the peoples of the
region, Mr. Apostolakis said.
This was the reasoning behind Athens' invitation to host a
tripartite meeting between Belgrade, Skopje and Tirana at the
Balkan summit in Crete in early November, which would enable
discussion of specific matters affecting them, he added.
Meanwhile, the naval exercise "Kataiyida '97" also wound up
yesterday after taking place in the Cyclades and southeastern
Aegean. The exercise included most of the Hellenic fleet's
vessels.
[09] Thessaloniki prepares for Patriarch's visit
Thessaloniki, 20/9/1997 (ANA)
Thessaloniki is organizing an extensive welcome for Ecumenical
Patriarch Vartholomeos, who will pay an official visit from
Sept. 28 to Oct. 2 as the head of a delegation from almost every
Greek Orthodox and Orthodox Autocephalous Church.
Vartholomeos will be welcomed by President of the Republic
Costis Stephanopoulos, and is also scheduled to meet with the
ministers of national defense, foreign affairs, culture,
Macedonia-Thrace as well as local authorities.
He will also make the first reforestation planting at the Seikh
Sou Forest, which was ravaged by fire over the summer, as part
of the city's efforts to promote environmental concerns.
The Ecumenical Patriarch's program also includes a visit to
Xanthi on Oct. 2, where he will be presented with an honorary
degree by the University of Xanthi.
Back in Thessaloniki, he also expects to visit several
historical sites, including the Byzantine Museum, where the
"Treasures of Mount Athos" exhibition is being held, as well as
the Turkish consulate.
[10] Halki Theological School
Istanbul, 20/9/1997 (ANA - A. Kourkoulas)
Ankara's refusal to allow the reopening of the Halki Theological
School could lead to an embargo against Turkey by the United
States, several Turkish dailies wrote yesterday.
Press reports expressed concern over whether Ecumenical
Patriarch Vartholomeos would raise the issue with US President
Bill Clinton during the former's official visit to the White
House next month.
[11] Ecumenical Patriarch to meet Clinton in October
Istanbul, 20/9/1997 (ANA - A. Kourkoulas)
US President Bill Clinton will meet Ecumenical Patriarch
Vartholomeos, the spiritual leader of the Orthodox Church, at
the White House on October 22, Washington and the Phanar
announced yesterday.
"The meeting will offer the president and the Patriarch a chance
to discuss issues of mutual interest, including human rights,
religious freedom and environmental protection," the
announcement said.
The news of Vartholomeos' visit to the US and his meeting with
Mr. Clinton has already drawn fire in Turkey, with certain
newspapers claiming the visit contravened the Treaty of Lausanne.
"Hurriyet" wrote that there were fears that the Patriarch's
visit could prompt a crisis in relations between the United
States and Turkey, which objects to the use of the word
"ecumenical" by the Patriarchate.
The last visit by an ecumenical patriarch to the US was in June
990, when Patriarch Demetrios became the first-ever ecumenical
patriarch to visit the American continent.
His visit too was greeted by objections in Turkey.
[12] Crete's ports celebrated in European Cultural Heritage Days
Athens, 20/9/1997 (ANA)
Europe's southernmost and most ancient ports - those of southern
central Crete - will be included in this year's celebration of
the European Cultural Heritage Days, which are dedicated to
ports, organized in Greece by the culture ministry.
In the context of those celebrations, a traveling exhibition
will be displayed at three of the most important ports -- Matala
(September 26), Lenta (September 27) and Kalous Limenes
(September 28), as well as at Vorous (Sept. 29-30).
The exhibition includes harbor settlements and facilities in the
Gulf of Mesara and the natural ports of the southern coasts of
Asterousion, which served the two major urban centers of Mesara.
Organized by the Archaeological Institute of Crete with the
participation of the Museum of Cretan Ethnology and the support
of the local government and private agencies, the exhibition
will present photographs and sketches of archaeological sites
and monuments in Matala, Kommou, Afratia, Kokkinos Pyrgos,
Lasaias, Hora-Kalous Limenes, Martsalou, Vatheos, Agiofaraggou
and Lenta, as well as maps indicating the relationship between
those ports with the cities and settlements, and documents in
Greek and English.
Crete, at the crossroads of three continents -- Europe, Asia and
Africa -- in the eastern Mediterranean, comprised a timeless
center of development of an exceptionally important civilization
but at the same time a transit center for products and ideas
through the sea routes and ports surrounding it.
A primary role in the vital development of the island and its
far-reaching influence in the Balkan area was played by the
coasts of southern central Crete, where the shortest natural
routes from the rich Mesara plain and the major urban and
productive centers ended up in.
The exhibition will be open from 10:00 a.m. to 7:00 p.m. at each
of the venues, with free entrance for Greek and foreigner
visitors alike. The main target of the traveling exhibition is
to acquaint the European people with the important
archaeological and historical monuments of Europe's southernmost
region, increase awareness on matters of cultural heritage, and
better protection of that heritage for the coming generations.
Similar events will be taking place throughout the rest of
Greece.
[13] Congress on regional newspapers in Hania
Athens, 20/9/1997 (ANA)
A congress examining the role of regional newspapers in
development, relations with the European Union and the problems
they encounter in presenting news that clash with vested
interests is taking place at Hania at the end of the month.
It is organized by the Union of Daily Rural Newspapers Owners
and will include representatives from Greece and the European
Union, politicians and representatives from the government.
One round-table discussion will examine the role of regional
newspapers and its contributions to various aspects of
developing Greece's provinces. It will include representatives
from all political parties, including government spokesman
Demetris Reppas and honorary New Democracy president Constantine
Mitsotakis.
Another discussion will examine the close relationship between
regional press and regional development, and will include the
district directors of Crete, mainland Greece, the Peloponnese
and central Macedonia.
[14] Culture issues on cabinet agendas
Athens, 20/9/1997 (ANA)
A decision to include culture-related issues in future cabinet
meeting agendas was hailed yesterday by Culture Minister
Evangelos Venizelos.
He made the statements after a Parliament session focused on a
series of culture-related matters, including the promotion of a
"culture" bill, integration of archeological cites, progress of
works at the Acropolis, and organization of a cultural "Olympic
Games".
Elaborating on a series of initiatives for such events,
contained in the so-called "Green paper" he said a cultural
Olympic Games would be institutionalized.
Mr. Venizelos also announced the establishment of the forum
"2004+4: Olympic Ideals, Civilization, Social Cohesion, Truce."
[15] Short feature festival in Drama to get EU support
Athens, 20/9/1997 (ANA)
The Community Support Framework of the European Union (EU) will
provide funds to renovate the municipal theater where a short
feature film festival is held in Drama annually.
The funds will provide 550 million drachmas to renovate the
theater "Olympia", which currently has a seating capacity of
only 330, way below what the annual Short Feature Film Festival
of Drama can hold.
The ministry of culture is also expected to turn over for
festival use a renovated room that can hold 600 seats, for next
year's festival.
This year's entries include 43 films by Greek nationals and 89
by foreign nationals. The festival will conclude tomorrow with
the winners announced in the evening. The films will be shown by
state-run Greek Television station ET-1.
[16] Tripartite meeting in NY still not decided
Athens, 20/9/1997 (ANA)
Government spokesman Demetris Reppas reiterated yesterday that
the question of whether there would be a tripartite meeting in
New York next week between the Greek, Turkish and US foreign
secretaries was still open.
"At the present time we have no such proposal, but we have no
objection to such a meeting," Mr. Reppas said.
Foreign Minister Theodoros Pangalos said on Thursday he would be
meeting with his Turkish counterpart Ismail Cem on the sidelines
of the UN General Assembly but that US Secretary of State
Madeleine Albright had not requested a separate meeting with
them .
If such a meeting can contribute to the achievement of progress
in Greek-Turkish relations, Greece would consider it positively,
Mr. Reppas said.
[17] Cultural Olympiad discussed by Cabinet
Athens, 20/9/1997 (ANA)
Cabinet and Inner Cabinet meetings yesterday dealt with the
activities and initiatives of the culture ministry, government
spokesman Demetris Reppas said yesterday.
He said the idea of a "Cultural Olympiad" to lead in to the 2004
Olympics was raised at the Cabinet meeting and that Prime
Minister Costas Simitis would have meetings with a number of
ministers soon on technical details.
[18] Karamanlis highly critical of 'Kapodistrias' plan, premier
Athens, 20/9/1997 (ANA)
Main opposition New Democracy leader Costas Karamanlis lashed
out against the government and Prime Minister Costas Simitis
yesterday, saying the "Ioannis Kapodistrias" plan to merge
communities and municipalities around the country was serving
petty party purposes.
The "Kapodistrias" plan, named after the first governor of
independent Greece, calls for structural changes in local
administration that will transfer jurisdiction of certain
services from the central government to local authorities and
merge hundreds o f communities.
Mr. Karamanlis also accused Mr. Simitis, saying that "even more
dangerous is the display of despotism by the prime minister, who
without first presenting the bill has banned dialogue thus
showing contempt to the citizens, abolishing in practice the
Parliament and revealing a dangerous mentality"
The ND leader warned that his party would defend with every
means the "institutions and democratic legal order," adding that
his party was focusing on Greece's regional and agricultural
development, as well as "strong local government based on
economic self-sufficiency."
New Democracy's Parliamentary group and central committee will
convene on Sept. 27 in order to formulate a series of proposals
regarding changes in local administration.
The government has been holding a series of meetings with
officials from various agencies and the opposition parties
before the draft bill on amendments is tabled in the bill next
month.
The plan has so far been condemned by many communities and
municipalities.
[19] ... Gov't response
Athens, 20/9/1997 (ANA)
In reply to the Karamanlis statements, government spokesman
Demetris Reppas charged that ND "never undertook any initiative,
either as government or as opposition to deal with issues of
decentralization and local government."
"The discussion in Parliament (on the issue) will not be long.
There, the conservative party will taste yet another
ideological, political and Parliamentary defeat."
[20] ... Synaspismos
Athens, 20/9/1997 (ANA)
Meanwhile, the Coalition of the Left and Progress (Synaspismos)
issued an announcement accusing the premier that by refusing
amendments to the Kapodistrias plan and by enforcing party
discipline, he was, in fact, abolishing the operation of
Parliament.
"In reality, the premier reiterates forms of government
imposition and does not ensure any possibility for political and
social cohesion," the announcement said.
[21] ESHEA renews ties with southern Albanian press union
Gjirokaster, 20/9/1997 (ANA - P. Barkas)
The Athens Journalists Union (ESHEA) has renewed contacts with
the Union of Journalists of Southern Albania after a meeting
here yesterday between ESHEA members and their Albanian
counterparts.
ESHEA Vice-President Panos Sombolos and board member Christos
Kyritsis presented to their Albanian colleagues press equipment
during a ceremony at the Greek consulate.
[22] Grevena shaken by another quake
Athens, 20/9/1997 (ANA)
A strong earth tremor registering 5.3 on the Richter scale shook
the northwest Greek town of Grevena at approximately 3 p.m.
yesterday, seismologists in Thessaloniki said. According to the
Aristotelian University's Geophysical Laboratory, the earthquake
had an epicenter 147 kms southwest of Thessaloniki and 15 kms
from Grevena.
Seismologists said the quake was a long-delayed after-shock of
the May 13, 1995 quake which registered 6.5 on the Richter scale.
There were no reports of damage or injuries.
Up to 5,000 homes were destroyed and another 7,000 left
seriously damaged in the 1995 quake, with damage estimated at
105 billion drachmas.
That quake was followed by hundreds of aftershocks forcing
panicked local residents to camp out in cars and military tents
which had been set up in the affected areas.
[23] Stocks slip in wary market
Athens, 20/9/1997 (ANA)
Greek equities ended the last trading session of the week with
minor losses, reflecting the market's reluctance to open new
long-term positions.
Traders said buying interest was focused in insurance issues,
while construction shares came under profit-taking.
The general index closed at 1,680.52 points, down 0.18 percent,
to show a 1.56 percent gain in the week.
Sector indices ended mixed. Banks fell 0.29 percent, Leasing
dropped 1.15 percent, Investment eased 0.22 percent, Industrials
were 0.11 percent off, Construction fell 1.42 percent, Holding
dropped 1.55 percent, but Insurance and Miscellaneous rose by 4.
11 and 0.12 percent respectively.
Insurance and Miscellaneous showed the biggest weekly gains at
7.82 and 6.26 percent respectively, followed by Construction at
5.69 percent.
Trading was moderate and turnover was 16.9 billion drachmas. The
week's total turnover was 112.32 billion drachmas, while the
five-session average was 22.5 billion down from 31.6 billion the
previous week. Broadly, advancing issues led declining ones by
121 to 99 with another 28 issues unchanged.
Altec, Keranis, National Insurance and Sysware scored the
biggest percentage gains, while Ideal, Benroubi, Mesochoriti and
Parnassos suffered the heaviest losses.
National Bank of Greece ended at 33,690 drachmas, Ergobank at
18,250, Alpha Credit Bank at 19,900, Delta Dairy at 4,335, Titan
Cement at 16,300, Intracom at 14,300 and Hellenic
Telecommunications Organization at 6,745.
In the domestic foreign exchange market the US dollar was
substantially higher against the drachma.
[24] Greek, Romanian and Bulgarian bourses discuss co-operation
Athens, 20/9/1997 (ANA)
The prospects for co-operation between the Athens Stock Exchange
and bourses in Romania and Bulgaria were discussed at a meeting
held yesterday at Thessaloniki's stock market center.
The agenda of the meeting, attended by officials from the three
markets and also by a senior executive of the Brussels Stock
Exchange, included new listings on the stock market, the use of
compatible electronic trading systems, and training by Athens
bourse authorities.
The officials agreed that the Thessaloniki stock exchange could
develop into a center of regional co-operation in the Balkans.
The Belgian official outlined a co-operation deal linking stock
markets in Brussels, Amsterdam and Luxembourg.
[25] Greece says Alexandroupoli oil pipeline to be built
Athens, 20/9/1997 (ANA)
Greece said yesterday a slow-moving project to build a pipeline
carrying Caspian oil from the Bulgarian port of Bourgas to the
northern port of Alexandroupoli was still slated for
construction, despite delays.
Greek government spokesman Demetris Reppas told reporters
negotiations on the pipeline had begun some time ago and the
project was underway, but no progress had been made.
Stalling the project for years have been questions of funding
and operation involving the Greek, Bulgarian and Russian
governments, exacerbated by bouts of political uncertainty that
delayed decisions.
Mr. Reppas was replying to a reporter's question on a statement
from Sofia on Thursday that a pipeline would be built to take
the oil to the Adriatic through Bulgaria, the Former Yugoslav
Republic of Macedonia (FYROM) and Albania. The pipeline would
bypass Greece.
Brushing off talk of a project that was still at the planning
stage, Mr. Reppas said a timescale for completion existed, which
he did not name.
According to Bulgaria's BTA news agency, an international
conference on trans-Balkan oil and gas pipelines that began in
Sofia on Thursday studied the two separate projects to build
pipelines through Bulgaria, one ending in Alexandroupoli.
Greece had said funding of the project was approved at a meeting
with Bulgaria and Russia in June 1997 but disagreements remained
with Sofia on the need to appoint international engineering
consultants to carry out a feasibility study, BTA quoted
delegates at the conference as saying.
Greece and Bulgaria had agreed to go ahead with the project in
1994. The experts did not rule out construction of both
pipelines if the country's economy would benefit, including
revenue from transit fees, BTA said.
AMBO of the United Kingdom detailed a 560-mile long pipeline
that could transfer crude from the Caspian Sea through Bulgaria,
FYROM and Albania to the Mediterranean.
Budgeted at 850 million dollars, it would have a capacity of up
to 650,000 barrels daily or 400 million barrels annually.
The pipeline to Alexandroupoli would have a length of 242-285
kilometers with an annual capacity of 30-40 million tons of
crude, according to initial estimates. The project is expected
to cost 650-750 million dollars.
[26] Greece's Bank of Attica to hold share capital increase
Athens, 20/9/1997 (ANA)
Bank of Attica, a listed private Greek bank, has announced an
8.5 billion drachma share capital increase by issuing 7.482
million new common shares at a nominal price of 114 drachmas
each.
Existing shareholders would be offered one new share for three
old ones at a price of 1,150 drachmas each, the bank said in a
statement.
Shareholders will be able to participate in the rights issue
from September 23 to October 22 through the Athens Stock
Exchange or at the bank's branches.
[27] EU develops multimedia technology network in Greece
Athens, 20/9/1997 (ANA)
The European Commission, the EU's executive arm, has developed
MIDAS-NET, a network operating in Greece for the promotion and
development of multimedia technology and its use.
The Greek end of the network is addressed to small and
medium-sized enterprises, publishers, chambers of commerce,
professors and academics interested in using and developing
information through multimedia systems.
During a seminar held by the Greek National Documentation center
in Athens, a body responsible for providing electronic
information services on research and technology, multimedia
experts presented the latest research in international
multimedia markets .
[28] ATE seminar for east European, Balkan bank officials
Athens, 20/9/1997 (ANA)
Agricultural Bank of Greece (ATE) will hold a special training
seminar for top-level bank executives from Romania, Hungary,
Bulgaria, Croatia, Slovakia and Moldova in mid November.
The seminar, held in co-operation with several US-based banks
and colleges, will focus on international bank activities and
will use the Bank Exel Simulation system, which has been
developed by the American Federation of Banks.
The seminar, whose sessions will be held in English, aims at
creating the prerequisites for developing wider banking
relations between participants, as well as to provide advanced
know-how.
A limited number of slots is reserved for officials from Greek
banks.
For more information call the ATE training center at 62.91.406.
[29] Purchase bid for Bank of Crete to be evaluated
Athens, 20/9/1997 (ANA)
A bid evaluation committee overseeing the sale of the state-held
Bank of Crete convened yesterday to examine an offer by the Bank
of Piraeus. The committee decided to request an opinion from a
professor from the Athens University's law faculty on special
issues resulting from the submitted offer.
Eurobank had initially shown interest in purchasing the Bank of
Crete, at a minimum price of 30 billion drachmas, but it did not
ultimately submit a bid.
End of English language section.
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