Athens News Agency: Daily News Bulletin in English, 98-05-15

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

CONTENTS

[01] Athens dismisses Demirel statements as aimed at 'domestic consumption'

[02] Athens welcomes breakthrough in Kosovo crisis

[03] US Rep.Gilman calls for more protection of Ecumenical Patriarchate

[04] State Dept. reiterates that Turkish side primarily responsible for latest Cyprus impasse

[05] Athens State Orchestra cancels Ankara concert

[06] Tsohatzopoulos confers with visiting Polish counterpart Onyszkiewicz

[07] Romanian defence chief in Greece

[08] PASOK executive bureau meeting

[09] Greek, Turkish journalists meeting held in Paris

[10] Parliament approves NATO expansion bids

[11] Palestinians in Athens demonstrate

[12] Anarchest group claims two bomb attacks on banks

[13] Thessaloniki party on the streets tomorrow

[14] Four heroin deaths spark concern among authorities

[15] Simitis calls on business leaders to push harder for convergence

[16] SEB general assembly on May 20

[17] Greek-Romanian adoption agreement extended

[18] Gov't criticises ND for 'scandal-mongering', ND cites 'guilty silence'

[19] ND calls for gov't to unveil any change in election law in time

[20] GSEE,employers agree on 2-year collective bargaining agreement

[21] New measures aim at combatting illegal distribution of fuels

[22] Gov't says price of 60 medicines will decrease

[23] Papademos provides Parliament with clarifications on monetary report

[24] Workers at Ionian bank vow to continue rolling strike

[25] Alpha Credit Bank to seek share capital rise for expansion

[26] National Bank of Greece launches Romania branch

[27] Greek stocks end flat in volatile trade

[28] Drachma hits record high since ERM entry

[29] Bank of Piraeus reports 148 pct jump in Jan-Apr profit

[30] Hungary seeks business ties with northern Greek firms

[31] Fur producers' group tackles banks over costly loans

[32] Tax officers seek breaks for wage earners, pensioners

[01] Athens dismisses Demirel statements as aimed at 'domestic consumption'

Athens 15/05/1998 (ANA)

"Turkey is facing enormous domestic problems and the artifice of trying to distract public opinion with foreign policy issues is all too familiar," government spokesman Dimitris Reppas said.

He was commenting on a statement by Mr. Demirel on Wednesday, in relation to the issue of Aegean islets. The Turk president said Ankara "will use its strength at the appropriate time", during an address to a war academy in Istanbul.

Mr. Reppas attributed the provocative behaviour of Turkish officials, such as Mr. Demirel, to the neighbouring country's serious domestic problems.

The Greek spokesman also accused Ankara of having made Athens its "permanent target" and its aggressiveness "a rule of conduct".

"Ankara is not attaining the targets which it has set and is trying to cover up this failure with attacks against Greece," Mr. Reppas said, charging that Turkey was a destablising factor.

He termed statements of Turkish officials as "conceited" and their conduct "pompous", saying this reflected instability and insecurity.

Earlier, National Defence Minister Akis Tsohatzopoulos said the Hellenic Armed Forces are "well-prepared to guarantee Greece's sovereignty and security", and called on Turkey to "finally realise that there was nothing up for negotiation in the Aegean".

"Whoever chooses the road of threat of use of violence reveals and confirms himself to be the main destabilising factor to peace, stability and security in our region, and should be absolutely certain that he will come up against a decisive stance not o nly from Greece but also the international public opinion, which cannot allow nations to regress into such political attitudes," Mr. Tsohatzopoulos said.

Commenting on Mr. Demirel's statements, Defence Undersecretary Dimitris Apostolakis said the reinforcement of a climate of tension in relations between the two countries was a mistaken option.

"We are prepared to cooperate with the Turkish people, as long as there is no threat against us on their part," he said in an address during events marking the 78th anniversary of the liberation from Turkish rule of the Thrace town of Komotini. He stres sed, however, that Greece was resolved to directly face any threat.

On his part, main opposition New Democracy (ND) party spokesman Aris Spiliotopoulos yesterday accused the government of allowing Mr. Demirel's statements to go unanswered.

Athens News Agency

[02] Athens welcomes breakthrough in Kosovo crisis

Athens 15/05/1998 (ANA)

"Greece expresses the hope that both sides will rise to the occasion and fully assume, in the difficult course now beginning, their political responsibility for finding a solution to the issue of Kosovo to the benefit, primarily, of all its inhabitants,the Federal Republic of Yugoslavia, but also the broader region," read a foreign ministry statement.

The foreign ministry further stres-sed that respect for existing borders, as well as the political and human rights of all inhabitants of the area, according to UN and OSCE principles, is an essential condition for the normalisation of the situation.

"Greece, as a neighbouring country with special links with all other nations in the region, expresses its satisfaction with this development and reiterates its willingness to continue providing its assistance to all sides if needed," concluded the state ment.

The agreement for a meeting between the two leaders came on Wednesday, after mediation by US envoy Richard Holbrooke broke a lengthy stalemate, during which Albanian leaders repeatedly refused to meet Belgrade delegates.

Athens News Agency

[03] US Rep.Gilman calls for more protection of Ecumenical Patriarchate

WASHINGTON 15/05/1998 (ANA - T. Ellis)

"Last year following a grenade attack upon the Ecumenical Patriarchate, which as you know was not the first such attack, I wrote the Turkish Ambassador to request that your government do everything within its power to ensure the safety and security of the Patriarch, his personnel, and property belonging to the Church," the letter stated.

"Regrettably there is an ongoing campaign in Turkey by certain individuals to attack institutions of the Orthodox Church, the most recent manifestation of which is the vandalizing and desecration of the Orthodox Cemetery of Saint Eleftherios in Istanbul ...I know that your government has expressed its strong view that acts of intolerance aimed at any religion are unacceptable.

"I would therefore very much appreciate learning of any further measures Turkish authorities plan to take to ensure that the property of the Ecumenical Patriarchate is secure, and to bring the perpetrators of these despicable crimes to justice," his let ter concludes.

Athens News Agency

[04] State Dept. reiterates that Turkish side primarily responsible for latest Cyprus impasse

WASHINGTON 15/05/1998 (ANA - T. Ellis)

The statement was in reply to a question during a regular briefing on whether Washington considers Turkey responsible for the failure of US envoy Richard Holbrooke's recent mission on the island republic.

Athens News Agency

[05] Athens State Orchestra cancels Ankara concert

Athens 15/05/1998 (ANA)

"I hope that certain Turkish circles will not put forward the argument that Greece refuses cultural exchanges between the two countries. The crucial issue in the last few days regarding Greek-Turkish relations is not the concert but a new set of provoca tive and threatening statements made by various Turkish officials. And at international level, public opinion is still shoc-ked by the assassination attempt against the president of the Turkish Human Rights Association," he said later, in a statement.

Athens News Agency

[06] Tsohatzopoulos confers with visiting Polish counterpart Onyszkiewicz

Athens 15/05/1998 (ANA)

Mr. Tsohatzopoulos said he reiterated Greece's position that Poland and the five other candidate-countries and Cyprus should all become members of NATO and the European Union.

He added that he had briefed Mr. Onyszkiewicz on Turkey's "destabilising behaviour" in the region, saying: "On the one hand it wants to be a member of the European Union and on the other it persists in exercising aggressive regional policy".

The two ministers also agreed to tighter cooperation between the procurements services of both countries to best utilise experience and know-how.

Mr. Onyszkiewicz began an official visit to Greece yesterday.

Athens News Agency

[07] Romanian defence chief in Greece

Athens 15/05/1998 (ANA)

Gen. Degeratu will also meet with Defence Undersecretary Dimitris Apostolakis and will visit military units, as well as archaeological sites and the island of Santorini.

Athens News Agency

[08] PASOK executive bureau meeting

Athens 15/05/1998 (ANA)

PASOK Secretary Costas Skandalidis said afterwards that the executive bureau unanimously approved a proposal concerning the content of the Central Committee's session on the economy, social policy and development. According to reports, two executive bur eau members, Pantelis Economou and Manolis Daskalakis have reportedly voiced reservations on the content of the proposal regarding the government's social policy and the so-called social state.

Mr. Skandalidis said that the executive bureau's proposal will be presented by executive bureau member and Labour Minister Miltiadis Papaioannou, while the meeting will be inaugurated by Mr. Simitis this morning.

Athens News Agency

[09] Greek, Turkish journalists meeting held in Paris

PARIS 15/05/1998 (ANA)

A communique issued after the meeting noted the agreement of participants to create a network of information exchanges and their request that UNESCO repeat the meeting if possible before the end of the year.

Athens News Agency

[10] Parliament approves NATO expansion bids

Athens 15/05/1998 (ANA)

The membership of the three former eastern bloc countries, which were invited to join the 16-nation Alliance last year, must be ratified by all current member countries.

National Defence Minister Akis Tsohatzopoulos said that the collapse of the Warsaw Pact had left a security void in eastern Europe, while the need for joint security made necessary the expansion of NATO with the incorporation of those countries.

Pointing out the need for security in crisis spots such as the Balkans, Mr. Tsohatzopoulos said NATO, in its new form, was evolving into a Euro- Atlantic security organisation.

Athens News Agency

[11] Palestinians in Athens demonstrate

Athens 15/05/1998 (ANA)

A resolution handed to UN representatives said May 15, 1948 was "a black day in the history of the Palestinian people, whose land was grabbed" to enable the foundation of the Israeli state "whose splendid celebrations are presently being followed by the international community".

In 1947, the resolution underlines, the Jewish inhabitants of Palestine accounted for just 32 per cent of the population "and owned only 5.6 per cent of Palestinian land".

"The 1948 UN decision granting them 56 per cent of the land resulted in the demolition of 400 villages and the displacement (of Palestinians) to the surrounding Arab countries," the resolution said.

This policy, it added, is continuing today following the peace agreement between the Israeli government and the Palestine Liberation Organisation (PLO) "and the Jewish settlers in the occupied territories have seized 52 per cent of Palestinian land, whi ch represents 82 per cent of the arable land".

"This fact illustrates once again the hostile and expansionist designs of the Israeli government which aims to obliterate the Palestinian identity," the resolution said.

Athens News Agency

[12] Anarchest group claims two bomb attacks on banks

Athens 15/05/1998 (ANA)

Another bank in Thessaloniki was also the target of an attack yesterday but police said there had been no claim of responsibility as yet.

The attacks caused minor damage but no injuries, police added.

An explosive device made of gas cannisters went off at about 1 a.m. outside the Aspis Bank branch on Vouliagmenis avenue in the Argyroupoli municipality southeast of Athens.

An hour later,a similar device exploded outside the Bank of Athens branch also on Vouliagmeni in Aghios Dimitrios municipality.

Minor fires caused by the two explosions were quickly put out by the fire brigade. A similar attack was also made against a General Bank branch in Thessaloniki, causing only damage to the bank's entrance.

Thessaloniki police said a gas cannister bomb had also been discovered outside the military court building in the northern Greek capital, but was defused by bomb experts.

An anonymous caller yesterday phoned the Athens daily "Athinaiki" and claimed responsibility for the two blasts in the capital on behalf of the group.

The caller said the firebomb attacks were in memory of Christos Tsoutsouvis and to press demands for the release of Nikos Maziotis. Tsoutsouvis, suspected of terrorist activities, was shot dead in the Athens district of Gyzi on May 15, 1985 in an exchange of gunfire with police, three of whom were also killed.

He was suspected of having founded the organisation "anti-state struggle", which police say was responsible for the April 1, 1985 murder of public prosecutor Georgios Theophanopoulos ou tside his home in Kallithea.

Maziotis, a self-proclaimed anarchist, was arrested earlier this year and charged with involvement in several bomb attacks in the Athens area.

"Autonomous cells of rebel action" has claimed responsibility also for an arson attack on an Ionian Bank branch in central Athens on April 24.

Athens News Agency

[13] Thessaloniki party on the streets tomorrow

Athens 15/05/1998 (ANA)

With the slogan "Take back the Roads!", the Ecological Move ment of Thessaloniki, Voluntary Workers and the municipal and prefectural organisation "Ecology - Solidarity" are organising a street party beginning at 6 p.m. with puppet theatres, clowns, men on stilts and street theatre peformances.

The event will end late at night with an open-air concert featuring a number of groups.

During celebrations, the coastal road will be closed to vehicles, underlining the message which organisers wish to send, namely, the need for less cars, more freedom and respect for pedestrians and cyclists as well as more rational use of public transport in order to improve the quality of life in Thessaloniki.

Speaking on behalf of the organisers, Mihalis Tremopoulos said Sunday's festivities are also part of a worldwide event - the Global Street Party.

On the same day at the same time, social, political and ecological groups in more than 40 cities around the world will be holding similar events aimed at sending a message to the leaders of the eight wealthiest nations meeting in Birmingham, England, un derlining the need for development with a human face.

Athens News Agency

[14] Four heroin deaths spark concern among authorities

Athens 15/05/1998 (ANA)

Accoding to authorities, in cases where somany deaths are recorded within such a short period it usually means that a new dealer has taken over a specific area.

Athens News Agency

[15] Simitis calls on business leaders to push harder for convergence

Athens 15/05/1998 (ANA)

He was speaking yesterday during a ceremony for the Athens Chamber of Commerce and Industry's (EBEA) annual awards presentation.

"The period is difficult and time is pressing," he said.

On his part, EBEA President Yiannis Papathanasiou called on the government to proceed with necessary changes without backtracking, compromises and other delays which will undermine the final outcome.

He said that the business world will support every effective structural change policy with all its strength, adding that it is an important fact that this time the government is planning to implement changes with greater boldness and determination.

Mr. Papathanasiou further said that the business world recognises with satisfaction that the country's political leadership has achieved to a great degree to improve public finances and the business action framework in the country, adding that it remains bent on the target of participation in Economic and Monetary Union (EMU).

He also expressed the desire of businesses on the existence of private universities to enable them to find specialised personnel with greater ease.

Among the awards given to Greek enterprises distinguishing themselves in various sectors are the following:

"Self-made businessman": Panayiotis Angelopoulos - Halyvourgiki (for industry) and Gerasimos Vassilopoulos - AB Super Market (for trade).

"Quality": Siemens Tileviomichaniki S.A. (a subsidiary of the German multinational).

"Natural and Labour Environment": Maxi AEBE Cocomat (industry producing ecological mattresses, headquartered in Xanthi.)

Several months ago the firm won similar recognition from the European Union for the care it shows for hygiene conditions and labour security for handicapped people as well.

"Social Responsibility": Athinaiki Zythopoiia (Amstel/Heineken), which, among others, built a model school complex in the mountainous region of Grevena.

Athens News Agency

[16] SEB general assembly on May 20

Athens 15/05/1998 (ANA)

SEB's assembly will feature two parts as usual. The morning closed-door session attended only by SEB members and the afternoon open session, which will be addressed by Prime Minister Costas Simitis.

Other speakers will be the President of the Federation of German Industries, Hans-Olaf Henkel, National Economy Minister Yiannos Papantoniou and SEB President Iason Stratos.

Athens News Agency

[17] Greek-Romanian adoption agreement extended

Athens 15/05/1998 (ANA)

Athens News Agency

[18] Gov't criticises ND for 'scandal-mongering', ND cites 'guilty silence'

Athens 15/05/1998 (ANA)

"There are no scandals, but only scandal-mongering," said Mr. Reppas, and accused ND of again resorting to what he called its "well-known recipe", while avoiding to state its positions on dealing with the country's specific problems. He insisted the gov ernment aimed above all in serving the citizen, and it was natural that certain people targetting profits would be annoyed with the introduction of appropriate regulations.

Responding, ND spokesman Aris Spiliotopoulos accused the government of "guilty silence", and of behaving as an arbitrator between economic interests, rather than as a government to the benefit of all Greek citizens. He also called on the government to proceed to the establishment and operation of an independent administrative authority for control of public contracts and procurements, and to the refortification of the Radio Television Council (ERS) so that there might be full transparency on the major issue of digital television.

Athens News Agency

[19] ND calls for gov't to unveil any change in election law in time

Athens 15/05/1998 (ANA)

The call, made during parliamentary debate on the revision of constitutional articles concerning the electoral system, Parliament and parties, sparked off an exchange in the course of which Justice Minister Evangelos Yiannopoulos discounted the possibil ity of early elections.

"You have been talking about early elections for two years now. There is no new electoral law being prepared, nor will there be one. We shall run the full course of our term and nothing has happened to lead us to early elections," he said.

An electoral system has rarely applied in two consecutive elections in Greece.

The small opposition parties called for the introduction of the proportional representation system.

Athens News Agency

[20] GSEE,employers agree on 2-year collective bargaining agreement

Athens 15/05/1998 (ANA)

The new agreement includes a 4.7 per cent increase for 1998, which will be allocated in two installments, while for 1999 the two-installment increase is set at 2.8 per cent.

This year's first installment of 2.7 per cent will be retroactive as of Jan. 1, 1998 and from July 1 the remaining 2 per cent will be given, while in case of higher than estimated inflation - and up to 4.5 per cent - an additional increase of up to 1 per cent will be added to salaries and daily wages as of Jan. 1, 1999. Two wage hike installments of roughly 1.4 per cent each, one in January and the second in July were agreed for 1999. However, in the case of higher than estimated inflation in 1999 as we ll as in the case of higher than 4.5 per cent inflation in 1998 an additional increase will be added to salaries as of Jan. 1, 2000.

The EGSSE also includes a fifth week of paid leave beginning in 1998 for all employees who completed 15 years with the same employer or 17 years of total employment regardless of employers, while as of 1999 additional leave will be given to those who co mplete 12 and 14 years, respectively.

Another issue agreed upon was the medical coverage of unemployed youths up to 29, by the Employment Education Training Account (LAEK), which will be funded by both employers and the employees.

Finally, the agreement includes increased redunduncy compensations for skilled labour and educational leave.

PASOK-affiliated PASKE leader and GSEE President Christos Polyzogopoulos stated that the new agreement ensured workers' income against inflation and achieved a 1 per cent income increase.

Main opposition New Democracy-affiliated DAKE leader and GSEE secretary G. Manolis said that this is the best possible agreement under current circumstances.

It should be noted that PASKE and DAKE combined carry enough votes on the GSEE board to ratify the agreement.

Alternate GSEE President G. Mavrikos, who is affiliated to the Communist Party of Greece (KKE), said that the new agreement is "disgraceful and shameful", noting that there was an interweaving of interests between the government and the employers.

Coalition of the Left and Progress (Synaspismos) affiliated GSEE alternate secretary A. Kalyvis said that the agreement does not meet the needs of employees.

On his part, Federation of Greek Industries (SEB) President Jason Stratos as well as other representatives of employers' organisations noted that the new agreement covers the needs of the employees, while it does not endanger Greece's efforts to join EMU.

Athens News Agency

[21] New measures aim at combatting illegal distribution of fuels

Athens 15/05/1998 (ANA)

The order includes the following measures:

- Gasoline distribution vehicles are obliged to carry products of only one trading company.

- Heating oil retailers are obliged to buy stocks only from registered trading and distribution firms or from their local agents or distributors.

- The sale of fuels for vessels by gasoline stations or heating oil retailers is forbidden.

Athens News Agency

[22] Gov't says price of 60 medicines will decrease

Athens 15/05/1998 (ANA)

The price decreases amount to 6.5 per cent on average, while for one medicine the decrease is 40 per cent.

Prices were also approved for two vaccines considered necessary for public health.

Mr. Chrysohoidis said that following the decrease in prices secured by the ministry, business representatives can contact health ministry officials to have their medicines included in the list.

Athens News Agency

[23] Papademos provides Parliament with clarifications on monetary report

Athens 15/05/1998 (ANA)

Replying to relevant questions by deputies, he said that interest rates continue to remain at high levels in the framework of counter-inflationary policy and in the wake of the drachma's devaluation.

"With the return of inflation to its downward course in the summer, the de- escalation of interest rates will also start, which will be completed in a period of 6-10 months," he said.

Referring to inflation, Mr. Papademos said that despite repercussions stemming from devaluation, he does not believe that it will exceed 5.7 per cent and soon it will start to fall again. He said that the target is to have inflation fall to 2 per cent a t the end of 1999 and, according to all indications, during the first half of next year it will drop below 3 per cent.

On the question of the national currency's parity, he said that the drachma is already overvalued by 4 per cent against European currencies and by 6 per cent against the US dollar.

Mr. Papademos expressed satisfaction over the structural measures and flotations announced by the government since, as he said, they contribute in a positive way towards a decrease in the public debt and an increase in productivity. Commenting on Ionian Bank, he said that its privatisation constitutes the only solution because its possible merger with the Commercial Bank would lead to a wave of dismissals.

Athens News Agency

[24] Workers at Ionian bank vow to continue rolling strike

Athens 15/05/1998 (ANA)

The talks were conducted by telephone with the bank's governor, who told reporters the strike was hurting customers and the bank's interests.

Striking employees continued a blockade of the bank's headquarters including its computer centre, freezing on-line systems and halting ATM transactions.

The governor was unable to enter his office due to the blockade.

Management urged strikers to end the blockade and warned that the stoppage could lower the bank's value on the Athens Stock Exchange ahead of its flotation.

It said customers were also likely to seek more reliable service at other banks.

Ionian Bank has said it will seek all legal means to stop the strike.

The bank's union has alleged that Commercial Bank, which owns over 60 percent of Ionian, drove down Ionian Bank's share price on the Athens bourse over several sessions in order to ease its sale to private investors. The share slumped again yesterday.

Both Commercial Bank and the government have categorically denied manipulating the share price.

Workers at other banks will stage 24-hour strikes in turn with all banks due to hold a simultaneous four-hour stoppage on Wednesday.

State National Bank of Greece is scheduled to strike today and private Alpha Credit Bank next Friday.

Athens News Agency

[25] Alpha Credit Bank to seek share capital rise for expansion

Athens 15/05/1998 (ANA)

Bankers said the timing of the meeting, two days after state Commercial Bank of Greece is to hold a general assembly to approve the sale of Ionian Bank, its subsidiary, was proof that Alpha was a leading candidate for its purchase.

Sources said that Alpha Credit Bank would need a large sum to join a bookbuilding process for purchase of a majority stake in Ionian Bank likely to be offered through the Athens Stock Exchange.

Athens News Agency

[26] National Bank of Greece launches Romania branch

BUCHAREST 15/05/1998 (ANA - A. Lidorikis)

Attending the ceremony were officials from Athens headquarters, diplomats, local authorities and Greek and Romanian businessmen.

The branch, which opened in February 1997, will offer standard banking services, supplemented by corporate and investment banking with the aid of global and regional specialists, Mr. Karatzas told a news conference here.

He said National Bank of Greece could expand its presence in Romania by setting up new branches, buying out local banks, or a combination of the two.

A total of 135 of the bank's customers had created joint ventures in sectors including foodstuffs, metals and construction, he said.

Taking National Bank of Greece to Romania was confidence in the country's ability to develop its economy. Short-term, opportunistic profits were not the bank's goal, Mr. Karatzas said.

In addition, National Bank's stable, long-term presence in Romania could contribute to development, he said.

Among a delegation of around 60 executives accompanying Mr. Karatzas to Bucharest were representatives of Germanos, Sato, Bauxites Parnasse, Axon, Loulis Mills, Petzetakis, Hellenic Technodomiki, Alte, Avax and Edrassi- Psalida.

National Bank of Greece has one branch each in the capitals of Bulgaria, Albania and Romania.

It plans to set up its first in Belgrade, and another two in Albania - in Durres and Corce.

Creation of the two new Albanian branches, scheduled for 1998, would make National Bank of Greece the largest foreign bank in the neighbouring country.

National Insurance, a member of the banking group, has set up an insurance company in Bucharest called Garanta Hellenic-Romanian Insurance Co.

The firm, which was created with local financial companies, has a share capital of one million dollars, due to rise to three million dollars next year.

Expected to help finance the share capital increase is the International Finance Corporation.

Athens News Agency

[27] Greek stocks end flat in volatile trade

Athens 15/05/1998 (ANA)

Traders said the market hung between conflicting trends as some investors remained bullish on the economy's future but others raked in their profits early.

The general index ended at 2,494.70 points, unchanged from Wednesday's close.

Sector indices were mixed.

Banks rose 1.43 percent, Insurance fell 0.71 percent, Investment was 1.42 percent up, Leasing dropped 2.29 percent, Industrials ended 1.03 percent down, Construction was 0.85 percent off, Miscellaneous fell 2.18 percent and Holding rose 0.16 percent.

The parallel market index for small cap companies eased 1.30 percent.

Ionian Bank's share price dropped 405 drachmas to 10,995 in heavy volume of 185,000 issues, hit by a prolonged strike against the government's plan to sell the bank.

Ionian is a subsidiary of Commercial Bank of Greece, which is also listed on the bourse.

Broadly, decliners led advancers by 156 to 86 with another 26 issues unchanged.

European Credit, Boutaris, Keranis, Xiosbank, Dis and Alpha Finance scored the biggest percentage gains hitting the day's 8.0 percent limit up.

Hellenic Sugar, Athinea, Constantinidis and Balkan Export suffered the heaviest losses.

National Bank of Greece ended at 47,500 drachmas, Ergobank at 27,990, Alpha Credit Bank at 33,500, Delta Dairy at 4,400, Titan Cement at 23,990, Intracom at 18,900 and Hellenic Telecommunications Organisation at 8, 410.

Athens News Agency

[28] Drachma hits record high since ERM entry

Athens 15/05/1998 (ANA)

Yesterday, the drachma finished at 340.62 to the Ecu at the central bank's daily fix, up 0.41 percent on the previous day.

The drachma was also up 0.56 percent against the US dollar and 0.26 percent higher to the DMark.

The national currency was 1.29 percent up against the pound sterling following a sharp decline the UK currency posted in international markets.

Athens News Agency

[29] Bank of Piraeus reports 148 pct jump in Jan-Apr profit

Athens 15/05/1998 (ANA)

Deposits were 125 percent higher and loans were 85 percent up in the same period, the bank said in a statement.

Athens News Agency

[30] Hungary seeks business ties with northern Greek firms

Athens 15/05/1998 (ANA)

In a visit yesterday to the Thessaloniki-based Association of Northern Greek Exporters, the Hungarian trade attache in Athens, Akos Nemeth, outlined the prospects for cooperation to the group's board.

Mr. Nemeth said that 1998 would be a landmark year for cooperation between the two countries following visits by Hungary's prime minister to Greece and the Greek president to Hungary. The two sides have signed bilateral cooperation protocols, and in February they set up a Greek-Hungarian business association.

Greece and Hungary have a trade balance of 150 million dollars, in Hungary's favour.

In the tourism sector, 250,000 Hungarians visited Greece and 50,000 Greeks travelled to Hungary.

Hungary is scheduled to take part in Thessaloniki's annual international trade fair in September, occupying 30 percent more space than in previous years.

The country will also take part for the first time in Thessaloniki's Philoxenia tourism trade fair in November, Mr. Nemeth said.

Athens News Agency

[31] Fur producers' group tackles banks over costly loans

Athens 15/05/1998 (ANA)

The Prophet Ilias Furriers Association said yesterday it had sent a letter to the banks requesting a meeting in Athens next week to seek lower rates on normal and overdue loans.

The furriers said in the letter that Finance Undersecretary George Drys had urged the banks to change the basis they use for evaluating the rates.

A main conservative opposition deputy, Vangelis Meimarakis, expressed backing for the furriers when he visited an international fur trade fair currently being held in Kastoria.

Mr. Meimarakis said the New Democracy party would support any amendment submitted to parliament that aimed to help settle the furriers' debts.

Athens News Agency

[32] Tax officers seek breaks for wage earners, pensioners

Athens 15/05/1998 (ANA)

In a package of proposals released to the media, the Association of Tax Officers (POE-DOY) also called for an inflation-linked tax scale; the abolition of property criteria for presumed income; and a phased reduction in taxation for small and medium siz ed enterprises, currently at 35 percent, to zero in three years.

The group also suggested raising the tax-free limit on real estate to 250 million drachmas for a four-member family.

According to the association, chaos erupted in implementing 1997 taxes after many real estate owners were asked by their tax offices to pay erroneously high taxes on the value of their property.

The association also alleged that the political leadership of the finance ministry had staffed the National Auditing Centre using party political criteria, not merit.

Athens News Agency

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