Athens News Agency: Daily News Bulletin in English, 98-04-11

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From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] Cabinet adopts plan to boost jobs, tackle unemployment

[02] Greece mourns passing of Archbishop Serapheim

[03] Condolences pour in for Serapheim

[04] Serapheim: A wartime resistance fighter, ecclesiastical pioneer

[05] Santer holds talks with Greek leadership, arrives on Crete

[06] Three-nation decision for creation of SE rapid deployment task force

[07] Cyprus gov't spokesman visits ANA

[08] Athens rejects Rubin characterisations

[09] First conference for expatriate Greek youth of Europe

[10] PASOK meeting on nominations for local elections

[11] Australian consulate in Thessaloniki

[12] Exporters president: Devaluation will help, but won't improve strutures

[13] Draft bill on technical, vocational education tabled

[14] Parliament passes bill on restructuring Olympic Airways

[15] Greek bosses, unions in deadlock over pay talks

[16] Greek stocks end flat, show signs of fatigue

[17] Athens bourse posts week of gains

[18] Greek tax revenue rises by 17.4 pct in Q1

[19] Greek steelworks owner buys stake in Piraeus bank

[20] Three bids for Macedonia-Thrace Bank

[21] Greek travel agents to hold international conference

[22] European Communities Court president concludes official visit

[01] Cabinet adopts plan to boost jobs, tackle unemployment

"The central points of the government's policy are increasing jobs and combatting unemployment," Prime Minister Costas Simitis said after the meeting.

"This is a multi-faceted and integrated package which includes measures new for Greece, such as programmes for unemployed you-th," Mr. Simitis said.

Average unemployment in Greece was lower than the EU average but the government still wanted to lower the figure, he said.

Mr. Papaioannou said after the meeting that the job plan was unanimously accepted by the cabinet.

"The outcome of social dialogue will be the guide for our policy," he said. "The only problem is reservations by the General Confederation of Workers of Greece on the overall arrangement of working hours, a point on which we will work to overcome diffe rences."

Mr. Papaioannou said the package was a framework for a bill that would be submitted to parliament in early May.

The framework is based on the following points:

• Upgrading human resources through training and vocational guidance
• Providing support for target groups
• Supporting Greek businesses, primarily small and medium-sized enterprises, that in line with European experience remain the prime movers behind increasing employment
• Changes to the labour market

One support programme for unemployed youth aged under 28 will entail an outlay of 108 billion drachmas for 50,000 young people this year with outlays totalling 350 billion drachmas for 200,000 young people by 2000.

Mr. Papaioannou said changes to the labour market had been broached by markets and made necessary by developments in technology.

The government's role in the changes would be regulatory, not deregulatory, he said.

The major issues include extending part-time employment, which in Greece accounts for only 5 per cent of the working force against a European Union average of 18 per cent.

The government hopes part-time work will increase in both the private and public sectors.

Mr. Papaioannou said the government was monitoring a pilot programme to introduce a 35-hour work week in Italy and France, but it was premature to talk about introducing the measure in Greece.

But the government wanted to promote greater flexibility in the job market in line with a 1993 Community directive.

Mr. Papaioannou said the introduction of a nine- or 10-hour working day with staff receiving time in lieu instead of overtime pay would lead to savings and keep total working hours at roughly the same level.

Also included in the job plan are disincentives for the retired receiving pensions to take on paid work.

Mr. Papaioannou said the disincentives already existed for those receiving pensions from the Social Security Foundation and other state schemes, and that the measure would be extended to other categories of pensioners.

Unions are expected to object to government plans to introduce local employment contracts in which employers in regions with a high jobless rate will be able to pay the unemployed wages below the hourly levels set in sector contracts, but not less than those stated in the national collective labour agreement. Opposition reaction: -- On his part, main opposition New Democracy (ND) spokesman Aris Spiliotopoulos criticised the government, saying it approached the issue only in fragments.

He added that the government ignored the social dialogue process and is attempting to resolve the issue of labour relations by taking everybody by surprise.

The Communist Party of Greece (KKE) stated that the new measures to combat unemployment were "destructive for labour conquests of past decades".

The announcement noted that the new measures are the result of European Union decisions, which are now being implemented under the pressure of Greece's accession into the Exchange Rate Mechanism, and what it called "directives of the imperialist organis ation for Economic Cooperation and Development (OECD)."

The Coalition for the Left and Progress (Synaspismos) in an announcement said that the government is repeating the same generalities, while it is not able to implement any one policy to date.

Democratic Social Movement (DHKKI) leader Dimitris Tsovolas said that Mr. Simitis and the government must at last realise that the "people can not be fooled or trapped, so it is the people who will soon give their answer."

Political Spring (Pol.An) in its announcement stated that apart from the flexible workhours and the 3,000 new hirings in municipal administrations, the rest are measures which were announced before but were never implemented.

According to sources, National Defence Minister Akis Tsohatzopoulos maintained that the governmentYs economic measures were in the right direction.

Education Minister Gerasimos Arsenis, however, expressed his concerns over the governmentYs economic policy, saying that having achieved competitiveness in the Greek economy and being closer to attaining Maastricht Treaty objectives, the country was in need of measures to revitalise demand.

Other sources quoted Culture Minister Evangelos Venizelos as saying that some politicians were sticking to nominal terms for the economy's convergence, ignoring the welfare state. Athens News Agency

[02] Greece mourns passing of Archbishop Serapheim

His health had been failing him in recent years while undergoing dialysis treatment for renal failure. His death was announced at 3 a.m. by the president of the Laikon hospital, where he spent the last 46 days, who told reporters: "The Archbishop is sle eping in peace".

The Archbishop's body was taken to the Athens Cathedral, where it will lie in state for three days until his funeral on Monday with honours of a head of state.

Four days of public mourning have been declared for the death of the Archbishop and Interior Minister Alekos Papadopoulos said the Archbishop's funeral would be paid for by the state and that he would be buried with the honours normally reserved for a h ead of state.

The day of his burial, Monday, will be a public holiday for public services, Mr. Papadopoulos added.

The Holy Synod decided that the election of a new Archbishop will occur on Tuesday, April 28 to replace Serapheim. He will be temporarily succeeded by the Metropolitan Chrysostomos of Messinia, who is the eldest bishop ordained among the members of the Synod.

Seventy-seven bishops will cast their vote in a secret ballot. Athens News Agency

[03] Condolences pour in for Serapheim

Mr. Stephanopoulos described Serapheim as a "personality who contributed to the Church and society in a multitude of ways for many years, a patriot and freedom-fighter who was a true Christian and a genuine Greek".

Mr. Simitis said Serapheim had been a fighter all his life and had been a resistance fighter during the years of the Nazi occupation, while he also served the Church selflessly and had contributed to Orthodoxy by embracing the problems of modern-day soc iety.

Main opposition New Democracy leader Costas Karamanlis also expressed his grief, and the hope that the bishop chosen to succeed Serapheim would make as great a contribution to increasing the Church's influence in the daily life of Greeks and in the role of Orthodoxy in all corners of the world.

Communist Party of Greece (KKE) Secretary General Aleka Papariga and honorary president Harilaos Florakis also issued condolences, while Democratic Social Movement (DHKKI) leader Dimitris Tsovolas said Serapheim, who had distinguished himself with his p atriotic struggles and his service to Orthodoxy and the Church, had left a vacuum.

Education and Religious Affairs Minister Gerasimos Arsenis expressed his "deep grief" and described the Archbishop as a "strong personality whose term at the helm of the Church of Greece was "fruitful".

The Ecumenical Patriarchate issued an announcement yesterday after a Holy Synod session expressing its deep sorow at the death of Serapheim, an ANA dispatch from Istanbul reported.

Patriarch Vartholomeos told the Synod of the Archbishop's humble, but strong personality and his dedication to the Patriarchate. A three-member delegation of the Patriarchate will travel to Athens to attend his funeral.

Archbishop of America Spyridon, who ended a visit to the Phanar yesterday and left for New York, sent a cable to the Patriarchate, saying the Holy Achbishopry of America and Greek-Americans shared the Church of Greece's deep mourning. All parishes of th e Greek Orthodox Archdiocese were requested to offer a de teum service at the divine liturgy on Orthodox Palm Sunday.

The late ArchbishopYs body was taken yesterday morning to the Athens Cathedral, and will lie in state until Monday.

Crowds of mourners, church officials, as well as government members started arriving at the cathedral to pay their last respects.

"Cypriot Hellenism is deeply saddened at the loss of a prominent church leader and a warm supporter of its struggle", the Cyprus President Glafcos Clerides said in a cable to the Holy Synod of Greece.

According to a CNA report from Nicosia, Cypriot Education and Culture Minister Lykourgos Kappas will represent Nicosia in MondayYs funeral.

A memorial service for Serapheim was held yesterday in Sofia by Bulgarian Patriarch Maximos, attended by the Holy Synod, another ANA dispach from the Bulgarian capital reported.

"We shall always preserve valuable memories of brotherly love in our hearts for Archbishop Serapheim," Maximos said in a message.

Athens municipal council: -- Meanwhile, the Athens municipal council held an extraordinary session yesterday and decided to present the late Archbishop with the City of Athens' Gold Medal and to donate a grave for his burial at AthensY First Cemetery.

The council also approved unanimously to attend the funeral service and lay a wreath on behalf of all council members.

During the meeting, Athens Mayor Dimitris Avramopoulos spoke of Serapheim's personality and great contribution to the country's religious affairs.

"May his way to heavenly life be peaceful," Mr Avramopoulos concluded his speech. Jewish community of Thessaloniki: -- Thessaloniki's Jewish community, in a letter to the Church of Greece, stressed that the late religious leader "during his entire life and service to the Church of Greece had behaved with wisdom and prudence, and always showed his brotherly love towards Greece's Jewish community".

"We pray for his soul, now resting with the Righteous," the letter read. Athens News Agency

[04] Serapheim: A wartime resistance fighter, ecclesiastical pioneer

He graduated from the Theological School of Athens University in 1938, three years before Nazi forces occupied Greece. Serapheim spent the early war years in Athens, helping distribute food to the poor of his parish during the occupation. Ordained a priest in 1942, he left the city to join the resistance forces under resistance leader Napoleon Zervas. Apart from his pastoral duties, Serapheim also undertook missions for the resistance, more than once risking capture by the occupation forces.

In 1949 he was made bishop, serving in Arta until 1958 when he transferred to Ioannina. He left his mark in both cities, seeing to the founding of the Ioannina University, schools, hospitals, day nurseries, orphanages and hospices.

Works such as these, combined with his dynamic personality, led to his appointment in January 1974 as head of the Orthodox Church of Greece, where he struggled to restore order after disturbances within its ranks during the 1967-74 military dictatorship and in the wake of the resignation of Archbishop Ieronimos Kotsonis.

Despite speculation at the time as to the manner of his appointment, Serapheim was elected by majority vote.

Greece's longest-serving Archbishop, his skills enabled him to weather the many storms that plagued the Church.

In the early 1980s, he fought against the introduction of civil weddings as the only form of legal marriage. Legislation was eventually passed giving equal legal status to both religious and civil marriages.

In 1985, he startled the usually conservative Greek Orthodox faithful in 1985 when he announced he had become an organ donor, paving the way for other Greeks to do so.

Serapheim also organised several missions to help the peoples of the Balkans.

The establishment of shelters for the homeless, homes for the aged were among his other philanthropic works.

The onset of kidney failure in the early 1990s did not deter the archbishop, who continued to carry out his duties despite calls from prospective successors for him to step down, particularly in recent months.

While at the helm of the Church of Greece he swore into office one dictator, seven presidents of the republic and nine prime ministers.

He was the 18th Archbishop of the Church of Greece since it became the Autocephalus Church of Greece on July 27, 1833. Athens News Agency

[05] Santer holds talks with Greek leadership, arrives on Crete

The talks, attended also by National Economy Undersecretary Christos Pachtas and Foreign Ministry Secretary General Stelios Perrakis, also focused on issues related to Crete, particularly the rate of absorption of EU funds on the island republic.

Mr. Papandreou later accompanied Mr. Santer in his meeting with President of the Republic Kostis Stephanopoulos.

He was to accompany Mr. Santer to Crete later in the day where he was due to attend an open discussion in Irakleio last night on the European Union's new regional policy.

During his three-day stay in Crete, Mr. Santer will visit the Research and Technology Foundation, the Knossos archaeological site, Irakleio Museum, Crete University, and the old town quarters of Rethymno and Hania.

He will attend Easter services at the Catholic Cathedral in Hania's old quarter on Sunday morning, and will give a press conference later in the morning, before departing Crete early on Monday.

Earlier, Mr. Santer met with main opposition New Democracy (ND) leader Costas Karamanlis and discussed the course of Greece's entry into Economic and Monetary Union (EMU) and the course of Cyprus' EU membership.

Mr. Santer told reporters after the meeting that the two men had a "constructive and pleasant" discussion on a wide range of problems and issues, such as the Greek drachma's recent entry into the European Union's Exchange Rate Mechanism (ERM) and Cyprus ' EU accession negotiations, and had a broad exchange of views, adding that their views more or less coincided on most issues.

Mr. Karamanlis outlined his party's firm position on and active support for EMU, stressing the need for Greece's entry as soon as possible. He also attacked the government, saying that the major mistakes and omissions on the part of the various PASOK governments had resulted in Greece's being the only EU member-state that would not be taking part in the first stage of EMU not by choice, but because it did not meet criteria.

Turning to the negotiations for Cyprus' EU membership, Mr. Karamanlis said ND would invest every effort so that Cyprus would take part in the EU and not be rendered a hostage to the provocative Turkish policy. Greek bankers host Commission president: -- In a related development, National Bank Governor and president of the Union of Greek Banks (EET) Theodoros Karatzas hosted a dinner in honour of Mr. Santer at the Melas Mansion on Thursday.

The dinner was attended by Finance Undersecretary Nikos Christodoulakis, Bank of Greece Governor Loukas Papadimos and other officials.

During the dinner, Greek bankers had the opportunity of briefing Mr. Santer on the preparation of Greek banks in light of the euro's introduction, as well as on the course of the Greek economy's convergence.

Views were also exchanged on the long-term prospects of the European economy with emphasis on the issue of employment.

In Crete, Mr. Santer visited the Institute of Technology and Research (ITE), noting that "when they invited me to Crete, I could not imagine that I would find myself in 'Silicon Valley'."

He said that the "beginnings" of a new Greece are created at the ITE, and he added that here must start a European member-states cooperation for a brighter future, when he saw the achievements of the institution.

Regions and cities can offer a great deal in limiting the distance between the EU and its citizens, Mr. Santer said last night during his address at on the role of regions in the European Union.

This role he said stems from the fact that the regions and cities are institutions which affect the European Union's programmes, as well as the development and application of the Union's policies, and especially restructuring policies.

Mr. Santer also addressed the "Agenda 2000" programme and the proposals which deal with the political, financial and social cohesion of the EU, as well as the common agricultural policy.

He also said that issues of human resources development in regions which are underdeveloped are of prime importance to the EU. Athens News Agency

[06] Three-nation decision for creation of SE rapid deployment task force

The three foreign ministers, which met on the Cyclades island of Santorini, also discussed the situation prevailing in Kosovo and prospects for cooperation between the three countries in light of European unification.

At the start of their fourth two-day meeting, Foreign Minister Theodoros Pangalos clarified that during his contacts with his Bulgarian and Romanian counterparts Nadezhda Mihailova and Andrei Plesu, an identity of views was ascertained on Kosovo, on the basis of positions shaped by the relevant Bulgarian initiative, which was also largely accepted by the European Union.

Invoking relevant reports on a visit by European troika officials to Sofia, Bucharest and Budapest, he announced the decision on the utilisation of contacts with Yugoslavia, Albania and the ethnic Albanian community in Kosovo on a solution to the proble m.

The three ministers agreed in principle on an initiative to create a preventive military force by countries in southeastern Europe which will be brought to the attention of the meeting held by the corresponding defence ministries in Bucharest in mid-Apr il. Mr. Pangalos considered possible that the military force will be headquartered in the middle of the Balkans.

Mr. Pangalos further underlined Greece's insistence on the inviolability of borders, freedom, democracy and the protection of the rights of whatever minorities, "rules which have now been accepted by all."

He referred to economic and technical cooperation between the three countries and indicated that today's round of talks will produce specific plans in light of European unification prospects with the participation of Bulgaria and Romania.

Mr. Pangalos said that cooperation between the three countries concerns the lives of hundreds of thousands of people in the Balkans who wish to live together and constitute a very strong political force which will support those who are working in this d irection.

Ms Mihailova said in a statement that confidence is increasing between the two countries, while the economic situation is improving in the neighbouring country.

"We can offer a great deal for the two countries, as well as for inter- state infrastructures in the region," she said, hailing the opening of three new border lines between Greece and Bulgaria, which is also expected to be discussed today.

She also expressed her government's willingness to help more Greek firms to invest in Bulgaria, invoking the new legislative framework promoted by her government on investments and privatisations. Athens News Agency

[07] Cyprus gov't spokesman visits ANA

Mr. Stylianides, currently on a visit to Athens to attend seminars for the press attaches of Greek and Cypriot embassies, was briefed by ANA General Director Andreas Christodoulides on the Athens-based news agency's activities, while both men discussed cooperation between the ANA and Cyprus' CNA.

Mr. Stylianides also briefed ANA's news directors and political editors on latest developments regarding the Cyprus issue. Athens News Agency

[08] Athens rejects Rubin characterisations

Parliament President Apostolos Kaklamanis on Monday accused US Ambassador in Greece, Nicholas Burns, of acting like a Roman consul, following remarks by the envoy about domestic Greek issues including labour relations.

"These kinds of ridiculous claims that Ambassador Burns should not be stating what America's concerns are in public are genuinely anti-democratic, " Mr. Rubin told a press conference on Thursday.

Mr. Rubin expressed surprise at the criticism of Mr. Burns in Greece, "the cradle of democracy".

Replying to questions yesterday, government spokesman Dimitris Reppas said that the country's public officials, who are dedicated to defending the public and national interest, have a right to do just that as they see best.

"No one has the right to dictate to public figures in Greece how they should protect national interests. Only the Greek people are entitled to decide this," Mr. Reppas said. Mr. Reppas added that a fundamental principle of democracy "which, as the US spokesman acknowledges, was born in Greece", was dialogue.

"And dialogue is nothing more than the free exchange of views. Within the framework of this dialogue, everyone has the right to express their opinion," Mr. Reppas said, dismissing Mr. Rubin's characterisations.

Athens News Agency

[09] First conference for expatriate Greek youth of Europe

The minister noted the role of the expatriate youth in promoting Greek national issues abroad and presented a new world map of ethnic Greek communities around the world.

The conference, entitled "Thrace, Aegean, Cyprus-Borders of the European Union", was attended by representatives of 55 expatriate youth organisations from Europe.

Mr. Petsalnikos also mentioned scholarship programmes offered by the ministry for students wishing to study in northern Greek universities.

Athens News Agency

[10] PASOK meeting on nominations for local elections

Party Secretary Costas Skandalidis said after the meeting that nominations had been finalised for practically all districts. Athens News Agency

[11] Australian consulate in Thessaloniki

The announcement came during Mr. Burns' visit to Thessaloniki, where he met with Prefect Costas Papadopoulos.

Both men noted the need for the consulate. Athens News Agency

[12] Exporters president: Devaluation will help, but won't improve strutures

The drachma was devalued by 13.8 per cent on March 14 to ease entry into the European Union's exchange rate mechanism.

In an interview with ANA, Ms Sakellaridi the following factors should be taken into account when trying to assess openings the devaluation could create.

• The cost of imported raw materials, synthetics and energy used in the manufacture of many products destined for export, which will more or less offset the higher payment received due to the devaluation. According to estimates, 50 per cent or more of en ergy consumed in the manufacture of a product is imported.
• The former hard drachma policy, which was adopted to help combat inflation, had an uneven adverse impact on exporting sectors. The hardest hit were traditional industries, whose activity shrank or stagnated at worst, or grew slowly at best.

These sectors include textiles, ready-to-wear apparel and steel.

Despite progress made by exporting sectors employing advanced technology such as telecommunications equipment, electronics and measuring instruments, most Greek exports were the traditional ones.

"It is therefore obvious that exports in peak sectors or sectors that have modernised their production units will benefit more from the devaluation," Ms Sakellaridi said.

In order to boost their competitiveness, traditional exporters have to set technolgical advance and quality as their priorities, she said.

"Among the traditional sectors, very high technology products can be found, both in industry and in agriculture. Fish-farm products, for example, are high technology and all the well-known goods we export belong to this category."

At the same time, sectors already employing high technology should be encouraged to develop further.

Although producers and exporters of traditional products had no coordination problems, difficulties did exist between state bodies and export companies, despite some progress.

"This (progress) is not enough. Businesses move swiftly and with flexibility. State services are slow-moving and hidebound, adapting with greater difficulty to changing circumstances," Sakellaridi said.

"Even when the state does set certain targets, it fails to insist enough on their implementation or give enough support to efforts to realise them."

In the 1990s, the orientation of Greek exports shifted away from developed to emerging markets.

The results were most noticeable in the Balkans and Black Sea region, but major steps were also taken into the eastern Mediterranean, southeast Asia and Latin America.

But emerging markets are fragile, creating uncertainty for exporters.

"Our returns in Bulgaria and Albania are characteristic of this. exports dropped sharply as soon as internal problems arose there," Ms Sakellaridi said.

She expressed the hope that exporters would take advantage of the drachma's entry into the ERM and its devaluation to step up exports to developed and stable markets in the industrialised world, especially in western Europe, and make further inroads into emerging markets.

Athens News Agency

[13] Draft bill on technical, vocational education tabled

Several ministers underlined the existing incompatibility between tertiary educational programmes and the country's real needs in skilled workers, Mr. Reppas said, adding that Greece's job market absorbs only a very small number of university graduates.

After a proposal by Culture Minister Evangelos Venizelos, the cabinet also approved a charter for a societe anonyme to be set up by the state for the organisation of the Athens 2004 Olympic Games. Athens News Agency

[14] Parliament passes bill on restructuring Olympic Airways

The bill was passed in its entirety, with only the ruling PASOK party deputies taking part as all opposition MPs walked out before the vote began.

Transport Minister Tasos Mantelis said that under the bill OA would save 42 billion drachmas from spending cutbacks and post 75 billion drachmas in profits over the next five years. Athens News Agency

[15] Greek bosses, unions in deadlock over pay talks

The General Confederation of Greek Labour, which represents nearly a million workers, rejected a proposal by employers for a 4.0 percent pay rise.

The chairman of the Federation of Greek Industry, Iason Stratos, said his organisation's proposals had been stretched to the limit for this year.

Unions say they are following a pact reached during talks with employers and the government last year for rises that would protect workers' income from inflation and guarantee a gradual increase. Athens News Agency

[16] Greek stocks end flat, show signs of fatigue

The general index ended 0.03 percent up at 2,158.12 points, off the day's highs.

The general index broke the 2,200 point barrier early in the session but succumbed to late profit-taking.

The index showed a 4.59 percent net gain in the week. Sector indices were mixed. Banks rose 0.03 percent, Insurance fell 0.45 percent, Investment was 0.04 percent up, Leasing increased 1.06 percent, Industrials were 1.03 percent higher, Construction fell 2.35 percent, Miscellaneous rose 1.22 percent and Holding was 2.37 percent off.

The parallel market index for small cap companies soared 3.58 percent.

Trading remained heavy with turnover at 57.1 billion drachmas.

Broadly, advancers led decliners by 128 to 106 with another 21 issues unchanged.

Intrasoft, Sanyo, Etma, Lanakam, Singular, Intertyp, Ergodata and Halyps Cement scored the biggest percentage gains at the day's 8.0 percent limit up.

Xylemporia, Hadzioannou, Sportsman, Balkan Export suffered the heaviest losses.

National Bank of Greece ended at 37,370 drachmas, Ergobank at 25,650, Alpha Credit Bank at 24,990, Delta Dairy at 3,780, Titan Cement at 24,800, Intracom at 20,260 and Hellenic Telecommunications Organisation at 7, 950.

In the domestic money market the drachma eased back against most foreign currencies. Athens News Agency

[17] Athens bourse posts week of gains

The Athens general share index has posted 10 new records since the drachma's devaluation on March 14 without suffering any substantial downward correction in prices.

Foreign capital was a steady support in the market's rally.

Traders estimate that foreign institutional capital inflows totalled more than two billion US dollars in the month, accounting for 60-70 percent of average transactions in the market.

Dealers said a drop in volume this week was a result of slowing activity in international markets ahead of the Easter holiday.

Analysts expect a new wave of foreign capital inflows in the Greek market if the government proceeds with a plan to restructure public sector enterprises and carry out privatisation.

An Economist Intelligence Unit report on Greece ranked the country 34th in a league of 60 countries for their economic prospects in 1998-2002.

The general index rose 4.59 percent in the week. The index was 45.86 percent up since the start of the year. Turnover totalled 302.03 billion drachmas to a daily average of 60.4 billion, down from 72.9 billion last week. Athens News Agency

[18] Greek tax revenue rises by 17.4 pct in Q1

Finance Undersecretary George Drys attributed the positive result to an improvement in Value Added Tax revenue which rose by 15.58 percent in January-March. Tax revenue was also boosted by a sharp rise in car transactions in March in the aftermath of the drachma's devaluation. Athens News Agency

[19] Greek steelworks owner buys stake in Piraeus bank

[20] Three bids for Macedonia-Thrace Bank

The three bids were submitted by Bank of Piraeus, which offered 11.77 drachmas per share; Ergobank with 8.05 drachmas per share, and the Exchange Bank Overseas with 8.227 drachmas per share.

The bids, submitted to the Athens Stock Exchange, will have to be accepted or rejected within five workdays. Athens News Agency

[21] Greek travel agents to hold international conference

The conference, which is to be held in the seaside resort of Vouliagmeni, is organised by the Hellenic Association of Tourism and Travel Agencies (HATTA).

Attending will be representatives from travel associations in Europe and the southeastern Mediterranean. HATTA hopes that the confererence's findings will spur the country's tourism leaders to take measures that will ensure the survival of smaller enterprises. Athens News Agency

[22] European Communities Court president concludes official visit

Specifically, he met with Foreign Minister Theodoros Pangalos, Justice Minister Evangelos Yiannopoulos, Alternate Foreign Minister George Papandreou and members of Greece's judiciary.

On Thurday evening, he attended a dinner hosted in his honour by Mr. Papanderou, before leaving Athens yesterday for Rhodes.

Athens News Agency

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