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Athens News Agency: Daily News Bulletin in English, 98-04-24Athens News Agency: Daily News Bulletin in English Directory - Previous Article - Next ArticleFrom: The Athens News Agency at <http://www.ana.gr/>CONTENTS
[01] Greece lays statesman Karamanlis to restAthens, 24/4/1998 (ANA)Greece today lays to rest its elder statesman, Constantine Karamanlis, who died early yesterday of heart failure at the age of 91.Karamanlis, the man who guided Greece into the European Community, died after suffering a sudden relapse. He was hospitalised two weeks ago with a lung infection. Karamanlis's close friend and former diplomatic adviser Petros Molyviatis announced his death to reporters at 2:00 am. saying: "The president died today April 23, at 1:40 after a heart attack". The news of Karamanlis's death drew tributes from the gamut of Greece's political parties and from many prominent figures from abroad. Both President Kostis Stephanopoulos and Prime Minister Costas Simitis hailed Karamanlis's contribution to shaping modern Greece and leading it from military rule to "its rightful place among the family of European nations", as Mr. Simitis said. The prime minister and the Cabinet will be present at the funeral today, as will President Stephanopoulos. The presidency of the republic has opened a book of condolences for Karamanlis. A three-day national mourning was declared yesterday, while Interior Minister Alekos Papadopoulos said that all government and public services will not operate today. Karamanlis, whose political career spanned five decades, will be buried in the grounds of the institute bearing his name in the Athens suburb of Filothei, following a private service to be attended by close friends, family and colleagues, in accordance with Karamanlis's wis-hes, entrusted in writing to Mr. Molyviatis. People wishing to pay their final respects to the late statesman will be allowed into the courtyard of the chapel of Aghia Filothei, but not inside for the funeral service, which begins at 6:00 p.m. The funeral and burial will be broadcast by the state television network ET, by decision of the Karamanlis family. Athens News Agency[02] President returns from HungaryBUDAPEST, 24/4/1998 (ANA - N. Megadoukas)President Kostis Stephanopoulos will cut short his official visit to Hungary to attend the funeral of Constantine Karamanlis this evening.Mr. Stephanopoulos was on an official visit to the central European country, accompanied by Foreign Minister Theodoros Pangalos and National Economy Undersecretary Alekos Baltas. He met with his Hungarian counterpart Arpad Goncz and Hungarian Prime Minister Gyula Horn yesterday. Mr. Goncz and Mr. Stephanopoulos declared open a joint Greek-Hungarian business meeting, with the Hungarian president calling on Greek investors to place their capital in Hungary, "the most important financial centre in central Europe", he said. Hungarian president hails Karamanlis: Mr. Goncz praised Karamanlis yesterday at a meeting of Greek and Hungarian businessmen in Budapest at which one minute's silence was kept in memory of the late statesman. He said his talks with Mr. Stephanopoulos had been overshadowed by the news of the death of Karamanlis, whom he described as one of the greatest politicians of Europe of the 20th century. "Constantine Karamanlis left his personal mark on our present and future and was an outstanding figure with regard to democracy in Europe... we shall remember him with respect and preserve him in our memory," Mr. Goncz said. Athens News Agency[03] Stephanopoulos, Simitis pay tributeAthens, 24/5/1998 (ANA)President of the Republic Kostis Stephanopoulos expressed deep grief over the death of Constantine Karamanlis, which he said was shared by all the Greek people and his friends and old foes alike, since "I believe that there are no longer adversaries of hi s". He said that Karamanlis had contributed "invaluable services" during his many decades as a leading figure in Greece's political life, and had "championed the country's economic development and cemented the modern democracy form of government".Greece, the president added, owed its accession to the then European Community (today's European Union) to Karamanlis, who had been characterised by his staunch morals, genuine patriotism and love for the people. Prime Minister Costas Simitis said the late statesman "left his indelible stamp on Greece over the last five decades, and played a leading role in the bloodless transition from dictatorship to democracy by restoring the democratic institutions and estab lishing equality before law for all Greeks." "Karamanlis's tireless efforts in guiding Greece to the European Union, placed the country in its rightful position within the family of the European states," Mr. Simitis said. "Karamanlis broke Greece's international isolation resulting from the seven- year dictatorship and broadened its international horizons. He substantially contributed in normalising Greece's relations with its Balkan neighbours consolidating a climate of peace, friendship, stability and cooperation in the wider region." "For a decade, Karamanlis, as a president of the republic attached particular importance both in the country's international relations and domestic politics." "The Panhellenic Socialist Movement (PASOK), the government and I personally pay our utmost homage to him, the politician who dominated the country's post-war history". Mr. Simitis's comments were echoed by the government spokesman later in his comments to reporters. The government pays the highest respect to the memory of Karamanlis in recognition of his great contribution to the nation, government spokesman Dimitris Reppas said. He said the government was suspending all scheduled activities for two days as a mark of respect, which includes the cancellation of today's scheduled meeting between the inner cabinet and the ruling party's political secretariat. That meeting will be held on Tuesday at 11 a.m. Athens News Agency[04] Greek tributes from around GreeceAthens, 24/4/1998 (ANA)The news of Karamanlis's death brought condolences and tributes from around Greece.Costas Karamanlis, Karamanlis's nephew and the leader of main opposition New Democracy, the party the late Karamanlis founded and led, said in a statement that his uncle had left an indelible imprint on modern Greek history. "Constantine Karamanlis, the great and inspired leader, changed the fate of Greece with his work and has now passed into history. "His vision and principles will always inspire and lead us." Deputy party president Ioannis Varvitsiotis, on leaving from the Hygeia Hospital on hearing the news of Karamanlis's death, said: "For me he was a great teacher. I hope his work, his life and his legacy will continue to lead the Greek people". Former prime minister and honorary president of New Democracy Constantine Mitsotakis praised Karamanlis's "eminent" role in Greek politics in the second half of the century. "Constantine Karamanlis played a decisive role in achieving three great post-war goals for Greece: the nation's recovery from poverty, the restoration of democracy after 1974, the best ever in the country, and Greece's accession to the European Union," Mr. Mitsotakis said. "Karamanlis' achievements were acknowledged by the entire Greek people," Mr. Mitsotakis added. All New Democracy party activities have been suspended for a week and all party deputies will be attending the funeral today. Flags at party headquarters are flying at half-mast. PASOK Secretary Costas Skandalidis said that "regardless of any judgment, agreement or disagreement that one could express on the work accomplished during a long career, Constantine Karamanlis belongs to the group of leaders who opened and shaped new pa ths." "The smooth transition to democracy, the consolidation of democratic institutions and the country's accession to the European Community constituted the corner stones of his contribution to the development of the democratic state," Mr. Skandalidis added. Communist Party secretary general Aleka Papariga sent a message of condolences to Karamanlis's family. Coalition of the Left and Progress leader Nikos Constantopoulos said Karamanlis had been at the forefront of the country's public life for more than half a century. During Karamanlis's two lengthy stints in government, Mr. Constantopoulos said, his policies drew intense negative criticism in the first eight-year period and recognition in the period following the restoration of democracy after the fall of the milita ry junta. No one could deny that he left his imprint on Greece's political life both as prime minister and as president, Mr. Constantopoulos said, adding that the entire Greek people was mourning his death. Democratic Social Movement leader Dimitris Tsovolas said his presence in the country's public life marked the course of a long political period. Political Spring party leader Antonis Samaras said Karamanlis was a charismatic personality of international stature, who left his mark in crucial turns and turbulent periods of the nation's history. Statues to be erected: The Athens City Council unanimously decided in a special session yesterday to erect a statue of Constantine Karamanlis in Syntagma Square and name a central street or square after him. Mayor Dimitris Avramopoulos praised the late statesman's personality and his invaluable contribution to the country's political life. The municipal council of Karamanlis's home village of Proti, in eastern Macedonia, also decided to erect a statue and name the central square after the late statesman. Public services were closed and flags flew at half mast. Mr. Avramopoulos earlier yesterday said that "the leading personality who put his seal on our era is no longer with us". Referring to Karamanlis's contribution to the consolidation of democracy in Greece, Mr. Avramopoulos said "the Greek people and their political representatives have the obligation to prudently and productively take advantage of his example, his legacy a nd his contribution, so that the new century coming will also benefit from them". Former Archbishop Iakovos of North and South America , who visited the late leader's residence to express his condolences, told ANA that his death was a loss for the whole of Europe. Athens News Agency[05] Condolences, tributes pour in from abroadAthens, 24/4/1998The news of the death of Constantine Karamanlis drew tributes from prominent figures from around the world. In New York, United Nations Secretary-General Kofi Annan paid tribute to Karamanlis as "a most distinguished statesman." A statement issued through a U.N. spokesman said Mr. Annan was saddened to learn of Karamanlis's death. "Mr. Karamanlis was a most distinguished statesman. His political career, which spanned over six decades, is inextricably linked with the history and democratic tradition of Greece," the statement noted. It also stated that " his principled actions will remain a source of inspiration for many." Mr. Annan extended his condolences to the Greek government and people. A telegram from European Commission President Jacques Santer expressing condolences noted that Karamanlis had dominated the Greek political scene for the second half of the century. Reviewing his long political career, Mr. Santer said Karamanlis had played a decisive role in the 50s in speeding up Greece's economic development following the devastation of the Second World War and bloody civil war. Mr. Santer underlined Karamanlis's role in securing Greece's association with the European Economic Community and his "discreet but effective" struggle against the seven-year military dictatorship from exile in Paris. The Commission president went on to underscore Karamanlis's decisive contribution to the restoration of democracy in Greece after the fall of the junta and his consolidation of Greece's European vocation. "To a great extent, it is to him that Greece owes its rapid accession to the European Community as early as 1981," Mr. Santer said. Greece, Mr. Santer concluded, has lost a great leader and Europe an ardent supporter of its ideals. In Washington, United States State Department spokesman James Rubin said that the US government "expresses its sadness for the death of the President Constantine Karamanlis, one of the most distinguished and respected personalities of modern Greek histor y". He added that Karamanlis was a "respected friend of US leaders from US President Eizenhower to President Clinton and his contribution to the strengthening of Greek-American relations will not be forgotten". In Paris, the French Foreign ministry in an announcement said that the news of Karamanlis's death "became known with great emotion" in France, "the country which became his host during the dark years of the dictatorship in Greece". It added that Karamanlis was a distinguished personality of the political life of Greece, "in which he dominated for almost half a century." In Nicosia, Cyprus President Glafcos Clerides stressed Mr. Karamanlis's decisive role in formulating a strategy on Cyprus, since the beginning of the EOKA struggle for freedom from British colonial rule, in 1955. "Constantine Karamanlis, who towered over the political life of Greece for fourty years, was one of the great political figures in modern Greek history... his historic decision to make Greece a member of the European Economic Community, as it was called then, was a landmark in modern Greek history. The importance of this decision was borne out by subsequent developments in the international political scene. "At the same time Karamanlis worked systematically and persistently, with patriotism and political wisdom, in tackling the national issues of Greece. He was involved in the Cyprus problem since the start of the EOKA liberation struggle as Prime Minister and later as President of Greece... He always had the political courage to speak his mind without resorting to demagogy, guided by the national interest," Mr. Clerides said. Describing Karamanlis as a great visionary with a realistic approach to problems, Mr. Clerides said he was a "statesman with a European stature, who paved the way for Greece's entry into the 21st century." Similar messages praising Karamanlis's outstanding abilities as a leader were sent by past and present leaders of Cyprus political parties. "Europe is mourning together with Greece over the loss of a great politician," the President of the European Peoples' Party, Wilfred Martens said in a statement. Mr. Martens described Karamanlis as a politician with great vision who governed Greece for decades with "decisiveness, honesty and devotion". "He was the man who led Greece into the European Union... a man who did not only inspire his compatriots, but also other peoples and politicians of Europe...," Mr. Martens said. Former British premier James Callaghan in a telegram expressed his deep respect for Karamanlis. "... Karamanlis's wise and steadfast leadership led to the restoration of democracy (in Greece) and the consolidation of peace, despite the great challenges. (Con. on p. 5) (Continued from page 4) He offered exceptional services to his country and to Europe," Lord Callaghan said, expressing his hearfelt condolences. Australian Prime Minister John Howard in a telegram to Premier Costas Simitis said that Greece and the rest of the world would remember Karamanlis in particular for his role in restoring democracy in Greece after the military dictatorship. Turkish Deputy Premier Bulent Ecevit said in a written statement that he was "deeply grieved by the loss of a great politician... (who) offered the greatest possible services to his country... and devoted his entire career to democracy and peace". Referring to the dialogue he had with Karamanlis when he was prime minister of Turkey in the 70s, Mr. Ecevit said the late statesman "had a constructive approach to relations and problems between the two countries". German Chancellor Helmut Kohl sent a telegram to President Kostis Stephanopoulos stressing that Karamanlis would always be remembered "as a fighter for democracy, as a friend of Germany and as a distinguished European". European Parliament President Jose Maria Gil-Robles sent a telegram to main opposition New Democracy party leader Costas Karamanlis expressing his condolences and those of the European assembly in general. "Constantine Karamanlis was a great European politician who contributed to the restoration of democracy in Greece and led his country into the European fold," Mr. Gil-Robles said. In a telegram from Istanbul, Ecumenical Patriarch Vartholomeos described Karamanlis as a great politician, whose many years of work had been of multiple benefit to Greece. Archbishop Spyridon of America praised Karamanlis's contribution to Hellenism, stating that the Greek-American community "mou-rns his death and recognises the importance of his personality and his contribution to developments which shaped the democrati c institutions and Greece' s international prestige". World Council of Hellenes Abroad (SAE) President Andrew Athens in his statement noted the importance of Karamanlis's contribution to Greece and abroad, leading Greece to a stable democratic road and to the European Union. Serb President Milan Milutinovic sent a telegram to President Kostis Stephanopoulos, Karamanlis's fa-mily and New Democracy in which he described the deceased as "a great politician and a great friend of Serbia and the Serbian people". Bulgarian President Petar Stoyanov sent a message of condolences to Greek President Kostis Stephanopoulos noting Karamanlis's great contribution to modern Greece and Greek-Bulgarian relations. Bulgarian Prime Minister Ivan Kostov also sent a message with his condolences to his Greek counterpart Costas Simitis. The US Embassy in Athens in a statement expressed "on behalf of the American people and government its profound sorrow" over the death of Karamanlis, "one of the most prominent and respected figures of modern Greek history". "Through his farsighted leadership and statesmanship," the statement said, "Greece assumed its rightful place at the forefront of the European and transatlantic communities". "His many achievements, most notably leading the return to democracy in 1974 and Greece's entry into the European Union have secured his place in history as a pivotal figure for Greece and Europe in the post-war era," the embassy said. The statement said Karamanlis was a respected friend of US leaders from presidents Eisenhower to Clinton, while his contribution to the strengthening of relations between Greece and the USA could not be forgotten. Athens News Agency[06] Miller, Kranidiotis agree on UN framework for CyprusAthens, 24/4/1998 (ANA)The US State Department's special coordinator for Cyprus, Thomas Miller, said yesterday that the American initiative for a resolution of the island's political problem was under the aegis of the United Nations and aimed at the attainment of a bizonal, bi communal, federal scheme. He made the statement after talks with foreign undersecretary Yiannos Kranidiotis in Athens, where he arrived as part of a tour of the region in preparation of a new visit to Cyprus by President Clinton's special emissary Richard Holbrooke next month. Mr. Miller said that Mr. Holbrooke, Secretary of State Madeleine Albright, and himself were fully convinced that the current period was the most appropriate for an intensive effort to resolve the long protracted problem, as solutions for a number of oth er equally difficult issues, such as the Northern Irish, the Middle Eastern, and the Bosnian questions were on course. Asked if the American initiative aimed at a resumption of dialogue between Cypriot President Glafcos Clerides and Turkish Cypriot leader Rauf Denktash, Mr. Miller replied affirmatively, saying the American side had indications that the two leaders did d esire a resolution of the problem. He described the resumption of such talks as a matter of substance, while regarding the possible participation of other interested parties, he said "this is a procedural matter". He announced that on May 1 Mr. Holbrooke and himself would return to Cyprus for intensive discussions whose duration could not be foretold. Mr. Kranidiotis on his part stressed that Greece supported the American initiative, noting that the US was a big and powerful country able to exercise its influence on the other side. He reiterated Greece's position that the iniative should be in the framework of UN efforts and Security Council resolutions as points of reference. "Mr. Miller provided us with assurances to that effect," he said, adding that the quest for a bizonal, bicommunal federation should enjoy the broadest possible support. Mr. Kranidiotis noted further that the resumption of bicommunal dialogue was an obligation of the two sides specified by UN resolutions. Finally, replying to a question whether Euro-Turkish relations had been discussed, Mr. Miller said, "it is obvio us this is an issue to which the American side attributes special significance ... (and) is brought up in many discussions".Gov't opposes Dayton-type conference: Earlier, the government said that it was opposed to the idea of a Dayton-type conference on the Cyprus problem in reply to reporters' questions following recent speculation in the Greek press. Government spokesman Dimitris Reppas said Athens believed a proposal for such a conference would not be constructive and would not facilitate efforts to find a solution to the Cyprus problem. Replying to other questions, Mr. Reppas clarified that such a proposal had not been officially put to the Cyprus government. Athens News Agency[07] Stephanopoulos reiterates need for adherence to international lawBUDAPEST, 24/4/1998 (ANA- N. Megadoukas)President of the Republic Kostis Stephanopoulos yesterday reiterated that Greece, for reasons of justice and the general interest of all peoples, proposed the resolution of current or future disputes on the basis of respect for international law and recognition of the standing of international treaties. His reference, made during a speech at an official dinner hosted by his Hungarian counterpart Arpad Goncz, was considered as an indirect but clear address to Turkey. If this proposal is not accepted, "undesirable situations will be perpetuated, and tensions, for which Greece is not responsible, will be maintained," he said. "For we are not willing to accept baseless claims which are put forward with the aim of altering the established for decades status quo in the Aegean," he added. The president also reiterated Greece's support for Hungary's desire to win accession to Euro-Atlantic structures, as well as this country's adherence to the idea of a United Europe, which can be best served by observance of common principles in priority over economic interests. Mr. Stephanopoulos pointed out Greece's initiatives in the Balkans for a normalisation of the situation in Kosovo, while in reference to Cyprus, he stressed that Greece sought a fair solution to its political problem and its unimpeded realisation of fu ll membership of the EU.Athens News Agency[08] Papandreou outlines priorities of Greece's presidency of the CoEAthens, 24/4/1998 (ANA)Priorities of the Greek presidency of the Council of Europe, starting on May 5, include upgrading the Parliamentary Assembly, human rights, with the operation of a new Human Rights Court (a merger will be implemented between the Human Rights Commission an d the court into a singly body, while the ess will start at the end of April and will proceed towards full implementation by November 2 when it will start operating). The Greek presidency's was presented by Alternate Foreign Ministe r George Papandreou during a press conference yesterday.In the framework of human rights, Greece will promote a new institution aimed at operating by the end of the presidency and concerns the institution of Human Rights Commissioner. Another priority of the Greek presidency is illegal immigration and the refugee issue. Greece will propose cooperation among all member-states in tackling illegal immigration and will promote a policy in the refugee sector. Moreover, another priority is the policy towards states desiring to join this international organisation. The Greek presidency will examine the possibilities of promoting the applications of Armenia, Azerbaijan and Georgia and, in parallel, will address the application submitted by the Federal Republic of Yugoslavia. Athens News Agency[09] Gov't condemns attack on Jewish agencyAthens, 24/4/1998 (ANA)The government yesterday condemned a bomb attack apparently targetting the offices of a Greek Jewish agency which caused material damage but no injuries. "The placement of incendiary devices at the offices of the Jewish Council in Athens is condemned by all Greeks. Such acts are alien to the sentiments of our people and do harm to the country. The government is intensifying its efforts so that the police c an track down the attackers," government spokesman Dimitris Reppas said in a statement.Two makeshift bombs exploded in the building housing the main offices of the Central Jewish Council in Athens, causing a fire. The Jewish Council offices are housed on the sixth floor of an apartment building on the corner of Sourmeli and Acharnon streets in downtown Athens. One bomb was placed on the stairs between the fifth and sixth floors and the other in the elevator, the attackers having calculated the time needed for it to reach the sixth floor. The elevator door is exactly opposite the entrance of the Jewish Council offices. The makeshift devices, consisting of gas cannisters, exploded, causing small fires. Four fire engines and 15 firemen immediately rushed to the building and put out the blazes. An anonymous caller had meanwhile phoned the police about the bombs without claiming responsibility on behalf of any group. Athens News Agency[10] Greek team fails in try for European trophyAthens, 24/4/1998 (ANA)AEK Athens last night failed to win the European Basketball Championship, losing 58-44 (28-20 at half-time) in the final to Kinder Bologna in Barcelona. Home NewsAthens News Agency[11] Former German ambassador visits AthensAthens, 24/4/1998 (ANA)The Federal Republic of Germany's ambassador to Athens from October 1969 to April 1972 Peter Limbourg, who was forced to leave Greece as a persona non grata by the 1967-1974 military dictatorship, is visiting Greece.Mr. Limbourg incurred the displeasure of the Colonels' junta for his assistance to George A. Mangakis' secret exit from Greece on a German warplane, an action which forced the German government to recall him from Athens. Greece awarded to Mr. Limbourg the Grand Cross of the Order of the Phoenix in 1974 for his contribution to the restoration of democracy. Mr. Limbourg was the only ambassador to Athens during the 7-year dictatorship to be regarded as a persona non grata by those in power, while his relations with those opposed to the illegal regime were those of friendship. He finished his career at the post of ambassador to Brussels in 1980. Mr. Limbourg will be received by the President of the Republic Kostis Stephanopoulos on Monday, while later in the day political leaders and diplomats will give a dinner in his honour at an Athens hotel. Athens News Agency[12] Mantelis expounds on govt's targets for public utilitiesAthens, 24/4/1998 (ANA)In a special meeting with reporters yesterday, Transport and Communications Minister Tassos Mantelis analysed the government's targets for public utilities (DEKO), supervised by the Transport and Communications Ministry.Referring to Olympic Airways, he said its management has a month's time to have the company operate again without problems. Moreover, the management must implement three options: the prompt normalisation of the programme, the implementation of a new per sonnel chart and the development of a reliable office to prepare the company's balance sheets. He said that at present the selection of an institutional or strategic investor is not possible. Referring to the Postal Savings Bank and the Greek Post Offices (ELTA), he said that the government is not promoting a sale or privatisation scenario. On the question of urban transport, Mr. Mantelis categorically denied the existence of a privatisation plan and stressed that the government's target is to reverse the image of the role played by urban transport in the country. Mr. Mantelis further referred to the Greek Railways Organisation (OSE) and its restructuring plan, saying that none of the railway network's routes will be abandoned. Athens News Agency[13] Package tour for Greece and TurkeyAthens, 24/4/1998 (ANA)Two tourist agencies yesterday announced the creation of a two-week package tour for European tourists, which includes visits on Lesvos and Asia Minor's northwestern coast.Greek "Tsalis Tours" and Turkish "Demre Tours" put together the programme "Meet two beautifully countries: Greece and Turkey," while interest is already high in European markets. The tour includes a week in Turkey and a week on the island of Lesvos, while the sea transport of the tourists will be the responsibility of Greek- owned ships. The goal of the businessmen who initiated the tour is to expand the package to other Greek islands and Asia Minor's coastal towns and cities. In a related development the same tourist agencies already began their cooperation by offering their services to Turkish visitors on the island of Lesvos on a weekly basis. Athens News Agency[14] Greenpeace condemns Turkish nuclear power planAthens, 24/4/1998 (ANA)Greenpeace, the international environmental protection organisation, yesterday condemned a plan by Turkey to build a nuclear power plant located between Cyprus and Rhodes.Greenpeace released the statement in Athens to mark the twelfth anniversary of the Chernobyl nuclear plant disaster in the former Soviet Union. The first nuclear reactor at the Turkish plant has a scheduled start-up date in June 2006, and the second re actor a year later, Greenpeace said. An international tender called in 1997 to find a contractor for the new plant is expected to produce a winner in June this year. Turkey plans to install ten nuclear reactors by 2020, totalling 10,000 megawatts, the statement said. Greenpeace also held an exhibition on Turkey's nuclear programme yesterday, and the threat it poses to Greece, Cyprus and the whole Mediterranean region. Greenpeace's Athens director, Stelios Psomas, has been waging a campaign against Turkish nuclear energy for many years. The group has called on Turkey to call off the tender, saying the country has other ways of obtaining energy. Mr. Psomas also charged the European Union and other countries with hypocrisy in connection with subsidies for the Bulgarian nuclear plant. Athens News Agency[15] Economic NewsAthens, 24/4/1998 (ANA)Greek state telecom gets third float in autumn: Hellenic Telecommunications Organisation (OTE) will float 10-15 percent of its stock on the Athens Stock Exchange in the autumn, National Economy and Finance Minister Yiannos Papantoniou said yesterday. He w as speaking after a meeting with Transport and Communications Minister Tassos Mantelis, Deputy Finance Minister Nikos Christodoulakis and senior OTE executives.The float, which is the third for the state telecom on the bourse's main market, is slated for September or October, Mr. Papantoniou said. A change to the law will be made in the summer allowing the firm to have more than 25 percent of its shares listed. A healthy performance by the Athens bourse augured well for the listing, he said. Greek stocks edge down again in technical correction: Greek equities yesterday remained under mild pressure for the second consecutive session as a short-term correction began on the Athens Stock Exchange. Traders said the fall was a normal reaction following its recent record rally but noted that the underlying mood remained optimistic. The general index ended 0.18 percent down at 2,618.65 points with sector indices ending mixed. Banks rose 1.45 percent, Insurance soared 4.88 percent, Investment fell 1.59 percent, Leasing jumped 7.98 percent, Industrials declined 1.12 percent, Construction dropped 3.61 percent, Miscellaneous eased 1.87 percent and Holding ended 1.14 percent off. The parallel market index for small cap companies eased 0.56 percent. Broadly, decliners led advancers by 136 to 102 with another 22 issues unchanged. Bank of Attica, Mytilineos, Xiosbank, Yalko, General Warehouses, Bank of Piraeus, National Insurance and Alpha Leasing scored the biggest percentage gains at the day's 8.0 percent limit up. Intrasoft, Radio Athina, Sportsman and Mouriades suffered the heaviest losses hitting the daily 8.0 percent limit down. National Bank of Greece ended at 55,500 drachmas, Ergobank at 28,230, Alpha Credit Bank at 30,000, Delta Dairy at 4,600, Titan Cement at 26,500, Intracom at 18,950 and Hellenic Telecommunications Organisation at 9, 610. Finance ministry to auction 12-month T-bills: The finance ministry will tender 12-month T-bills in electronic form on April 27 using competitive bids by primary dealers. The ministry said in a statement yesterday that the auction would be held at the Bank of Greece, the country's central bank. The T-bills' issue date is April 29, 1998 and the expiry date April 29, 1999. The total amount of T-bills is 180 billion drachmas. Tax payable is 10 percent to be witheld on settlement on April 29, 1998. Two banks' merger a challenge for the future: The merger between National Bank of Greece and the National Mortgage Bank constitutes a reply to the challenge for the future since developments both internationally and in Greece necessitate the creation of powerful credit institutions. This was stressed at a press conference yesterday by National Bank Governor Theodoros Karatzas and Mortgage Bank Governor Vassilis Rapanos. They said the merger between parent company National Bank and its subsidiary had come at the best time. Earlier, the merger was ratified by the boards of the two banks. Replying to questions, both bankers categorically denied that the merger will mean a decrease in staff at Mortgage Bank. It will merely have the result of internal transfers for employees, and the transfer of branches to other areas to enable a more rational allocation of the total 605 branches in Greece. Mr. Rapanos said the concern of Mortgage Bank staff was justified (they went on strike for this reason yesterday), but offered assurances that the merger will be to the benefit of staff and that recruitment will take place. Mr. Karatzas also ruled out t he possibility of redundancies and the sale of individual branches to other banks. On the contrary, he spoke of the need for investments to upgrade staff. On the question of Mortgage Bank's right to grant subsidised housing loans, the two bankers said that according to existing legislation (Law 2515/97), the right is transferred to National Bank. However, as a commercial bank, National Bank cannot monopolise the right to subsidise housing loans, said Mr. Karatzas in his capacity as President of the Union of Greek Banks. He implied that sooner or later the same right will be extended to other commercial banks. He ruled out the complete abolition of subsidised housing loans. According to Mr. Karatzas, the merger will be legally completed by the end of the summer. On an operational level, more time will be required. Mr. Karatzas also made it clear that National Bank will seek new opportunities to buy out banks but without showing haste. "The appetite is there," he said. The "new" National Bank will have assets exceeding 12.5 trillion drachmas, deposits exceeding 10 trillion drachmas (of which 3.4 trillion drachmas will be in foreign exchange), loans amounting to 3.3 trillion drachmas and more than 700 ATMs. Mortgage Bank staff say 24-hour strike a success: Workers at Mortgage Bank of Greece said that a 24-hour strike they held yesterday to protest absorption of the bank into its parent company was a success after no staff reported for work. Under the government's privatisation plan, the bank is slated for absorption into National Bank of Greece, the country's largest credit institution. Both banks are listed on the Athens Stock Exchange. In a statement, the bank's staff association criticised the procedure, method and timing of the government's decision. It also said the labour status of employees had not been ensured, and social i nsurance was at stake. The association alleged that National Bank of Greece governor Theodoros Karatzas had backtracked on an earlier policy of advocating autonomous development for Mortgage Bank. Athens News Agency[16] Greece grants development aid to JordanAMMAN, 24/4/1998 (ANA)The Greek ambassador to Amman Aristeides Sandis yesterday delivered US$500, 000 in development aid donated by Greece, to Jordan's Programming Minister Rima Chalaf.The Greek aid will help fund Jordan's Social Productivity Programme, which will promote measures for combatting poverty, the training of the unemployed, infrastructure works and the support of small businesses. The International Bank and other donor cou ntries contributed as well to this programme, which has wide social, humanistic and financial importance. The Jordanian government accepted the offer of the Greek government, which is part of the framework of widening and improving the already excellent relations between the two countries. Athens News Agency[17] Alpha Credit Bank announces first quarter resultsAthens, 24/4/1998 (ANA)Alpha Credit Bank posted net profits of 10.7 billion drachmas in the first quarter, compared to 22.8 billion drachmas in the same period last year.Equity capital in the same period amounted to 236.4 billion drachmas, deposits 2,677 billion (up 37.2 percent from the first quarter of 1997) and loans 1,425.6 billion drachmas (up 47.8 percent). Results were influenced by the high interest rates since the end of October 1997, a bank statement said, also pointing out that profitability returned to normal after the drachma's incorporation to the European Exchange Rate Mechanism. Athens News AgencyAthens News Agency: Daily News Bulletin in English Directory - Previous Article - Next Article |
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