Athens News Agency: Daily News Bulletin in English, 98-07-07

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

CONTENTS

[01] €Œ€ Greece,Russia call for dialogue to reduce military buildup on Cyprus

[02] Gov't plan to merge three insurance funds

[03] Papoutsis inaugurates renewable energy conference in Austria

[04] Richest EU members record highest subsidisation in processing industry

[05] Simitis arrives in Lisbon for `Greek Day` at World Expo '98

[06] Tsohatzopoulos stresses Athens' support for NATO efforts to decrease Aegean tension

[07] Greek-Austrian agreement regarding Bosnian peacekeeping mission

[08] Onassis-Roussel meets Christodoulos

[09] Venizelos winds up Canadian tour

[10] Kasparov announces internet site during Athens press conference

[11] Gov't denies inefficiency during weekend forest fire frenzy

[12] Simitis-Skandalidis meeting on PASOK developments

[13] SAE to discuss creation of youth coordinating committees

[14] Coast Guard gets powerful new boats

[15] Eight illegal immigrants arrested

[16] 'Pistol-keychains' rumours in Belgium

[17] Greece tenders 10-yr fixed-rate bonds at average 7.85 pct

[18] Greek stocks rise spurred by banks

[19] Foreign investors snap up Greek Ecu bonds - newspaper

[20] Xiosbank to seek ISO quality assurance

[21] Container trade in port of Piraeus jumps 51 pct in first half

[22] Northern town to hold trade fair July 8-13

[23] Government claims opposition overhired in power corporation

[24] Alpha rates for foreign currency

[25] EU trade surplus with third countries in '97, Greek exports rise

[01] €Œ€ Greece,Russia call for dialogue to reduce military buildup on Cyprus

Athens 07/07/1998 (ANA)

Messrs Kranidiotis and Tchizhov examined the prospects opening up after the adoption by the UN Security Council on June 29 of Resolutions 1178 and 1179, regarding the renewal of the mandate for UN forces on the island republic, as well as the continuati on for provision of the Secretary General's good offices towards a solution of the political problem, the statement said.

"The two sides agreed that the two texts provide a good basis for the assumption of initiatives to promote a military dialogue and a reduction of the presence of military forces on the island, aiming at its ultimate demilitarisation," it added.

"Mr. Kranidiotis impressed upon his interlocutor that the international community had to make it clear in every way to the Turkish side that it would tolerate neither the status quo nor the island's partition, nor any other solution that would be in violation of the spirit and the letter of the relevant decisions and resolutions of the UN," the statement continued.

The two Greek ministers thanked the Russian official for Moscow's support towards the adoption of the two resolutions, stressing that they confirmed the framework for a solution on the basis of previous resolutions and the international status of the Republic of Cyprus.

Mr.Tchizhov reiterated his country's positions for the need to strengthen contacts between the two communities at the citizens' level, something that could contribute to a de-escalation of tension. Mr. Papandreou, on his part, reminded that continuous efforts in that direction were thwarted by the permanent intransigence of Turkish Cypriot leader Rauf Denktash.

Kosovo : Discussion also included broader Greek-Turkish relations, developments in the Middle East and the situation in the Balkans.

Regarding Kosovo, according to the statement, "the two sides expressed reservations regarding the prospect of an international military intervention, and generally, a further militarisation of the issue, reiterating their adherence to the search for a diplomatic way out of the crisis".

Mr. Papandreou referred to Greece's recent four-point intitiative in the framework of the Council of Europe, and asked his interlocutor for Russian support to the plan. Mr. Tchizhov described the Greek move as positive and expressed his government's wil lingness to cooperate with Greece in the framework of the Council of Europe. Mr. Papandreou also expressed Greece's readiness to undertake an intitiave with a view to bringing the two sides of the problem into contact and preventing the crisis from dest abilising the broader Balkan region.

The Russian official said that President Boris Yeltsin's recent meeting with his Yugoslav counterpart Slobodan Milosevic had opened a window towards a diplomatic solution, adding that the final status of Serbia's troubled province should be the subject of talks and political dialogue. He also stressed he considered as particularly positive the development of an international mechanism for monitoring the area.

Athens News Agency

[02] Gov't plan to merge three insurance funds

Athens 07/07/1998 (ANA)

People insured with TEBE, TAE, TSA and possibly hoteliers will join the Insurance Organisation of the Self-Employed (OAEE), scheduled to be created.

This plan, after a new round of talks,together with the remaining issues in the so-called "small insurance package", will be brought before the Cabinet at the end of July and Parliament in August.

The merger of funds for the self-employed concerns 850,000 insured individuals and 220,000 pensioners.

Mr. Papaioannou said that the minimum pensions of the new body will be shaped at TEBE level. This option leads to pension increases for TSA, which are very low at present, while the minister said there will be no freeze in TAE pension increases over the next few years, which are higher than those of TEBE at present. Pensions are expected to be lumped into the same fund gradually over the next four years, considered a transitional period for the full implementation of OAEE.

Athens News Agency

[03] Papoutsis inaugurates renewable energy conference in Austria

VIENNA 07/07/1998 (ANA - D. Dimitrakoudis)

Addressing participants, Mr. Papoutsis - responsible for energy, tourism and SMEs - presented the Union's new policy and strategy on renewable energy sources, especially solar energy. He also expressed optimism over "White Paper" targets being achieved.

One of the main targets is the doubling of renewable resources from 6 per cent to 12 per cent in the total electric energy production, with solar energy producing 3,000MW.

Photo-voltaic energy, according to Mr. Papoutsis, is especially important in isolated and far away regions not supplied with electricity at present. In Europe alone, there are currently more than one million residents without electricity linkage, while the number rises to two billion globally.

Further, renewable energy sources are associated with a reduction in pollution, development of new technologies, exports to new markets and a considerable increase in emloyment.

To promote renewable energy sources, the Union makes coordinated efforts but, as Mr. Papoutsis said, it is equally important that member-states also push ahead with their own strategies.

Athens News Agency

[04] Richest EU members record highest subsidisation in processing industry

BRUSSELS 07/07/1998 (ANA - M. Spinthourakis)

Over the 1994-1996 period, state subsidies in the processing sector amounted to 2,151 Ecu per worker in Italy, 1,888 in Germany, 1,678 in Belgium and 1,383 in Denmark, while in Greece the figure was 863 Ecu per worker and in Portugal 371 Ecu.

However, in relation to added value, Greece is in first place since state subsidies over the 1994-1996 period represent 6.3 per cent of the total added value in the processing sector in the country, with Italy coming second with 5.8 per cent.

Athens News Agency

[05] Simitis arrives in Lisbon for `Greek Day` at World Expo '98

LISBON 07/07/1998 (ANA - I. Vergitsis)

Mr. Simitis is accompanied by Culture Minister Evangelos Venizelos, Aegean Minister Elizabeth Papazoi, Merchant Marine Minister Stavros Soumakis and National Economy Undersecretary Alekos Baltas.

Immediately after arriving in Lisbon, Mr. Simitis held talks with Portuguese President Jorge Sampaio, focusing on European issues, "Agenda 2000", European unification and enlargement.

Issues such as the Cyprus issue and Greek-Turkish relations were also discussed. Neither side made statements afterwards, while Mr. Simitis is due to meet his Portuguese counterpart today.

In later statements, Mr. Simitis said developments in the Balkans and Kosovo were also discussed.

"There is agreement along general terms that in the EU developments are leading to a re-examination of relations in European institutions, to see what role smaller countries can play," he said, adding:

"There was also an agreement that in the Balkans we must strive for peace and the implementation of international law in the Aegean, Cyprus, and relations throughout the eastern Aegean."

Today is "Greek Day" at "EXPO '98", with two events scheduled, namely, a concert by the Orchestra of Colours under the theme "Songs of the Sea" and dance performances by the Greek Women's Lyceum.

In a message to organisers of "EXPO '98", Mr. Simitis stressed that Greece's participation at the World Expo in Lisbon constitutes a considerable opportunity to promo-te its modern relations with the sea, its upgraded international pre-sence and its economic strengthening.

"With our presence in Expo '98, we must vindicate our historic course and our modern presence. To prove that Greece is not only history. It also has a future. The dominant position we have in shipping, tourism and other sectors linked to the sea must also be reflected in the composition of our participation in the exhibition," the message said.

"Greece and Portugal, countries which are both located on the fringes of Europe, the first open to the Mediterranean and the second to the Atlantic, always had excellent relations based on common traditions and values. Of course, it is not by chance that both countries are partners and allies in the European Union and NATO," it added.

The message also referred to Greece's active participation in international efforts to safeguard the sea environment.

"Our country has signed and implements all the important international treaties for the protection of the sea environment. Our research centres are seeking viable solutions to the problems of the sea ecosystem," the message said.

Athens News Agency

[06] Tsohatzopoulos stresses Athens' support for NATO efforts to decrease Aegean tension

NEW YORK 07/07/1998 (ANA - M. Savva)

He also reiterated Greece's support for the immediate implementation of confidence-building measures (CBMs) between the two countries, as anticipated by the 1988 Papoulias-Yilmaz communique.

The Greek defence minister is on an official tour of the United States, which includes a scheduled meeting with his US counterpart, William Cohen, in Washington.

Speaking at an event organised in his honour by the New York-based Council on Foreign Relations and focusing on the issue of "Security Policy in the Balkans and Mediterranean", Mr. Tsohatzopoulos said Gre-ece lies at the crucial geopolitical crossroads of southeastern Europe and the eastern Mediterranean, where domestic political liquidity prevails on the one hand - democratisation in the new Balkan states, Islamic fundamentalism, Kosovo and the Kurdish issue- and regional instability on the other, such as the Arab-Israeli conflict.

He stressed that Turkey's revisionist policy has disputed international treaties governing the status quo of borders in the region, adding that Ankara has made overt territorial claims over more than 100 Greek islands and islets in the Aegean.

Reminding his audience of the Imia crisis in late January 1996, Mr. Tsohatzopoulos referred to what he called "Turkey's systematic practice", saying it is no longer limited to verbal claims but has transformed into an overt policy of provoking tensions and friction.

He further spoke of the threat of the use of force and the effort at "coercive diplomacy", underlining as an example the recent attempted recognition of a US Air Force C-130 transport plane by Turkish fighters while the former was carrying out a normal flight within the limits of the Athens Flight Information Region (FIR).

"Unfortunately, the same policy is applied by Turkey over the Cyprus problem as well, since it (Turkey) is insisting on imposing on Cyprus and the international community recognition of the faits accomplis of the Turkish invasion and occupation," he sai d.

The Greek minister invoked a recent statement by special US presidential envoy to Cyprus and Washington's ambassador-designate to the UN, Richard Holbrooke, who stated that Turkey is exclusively responsible for the lack of progress in the US effort to resolve the Cyprus issue. Mr. Tsohatzopoulos said this lack of progress leaves no other margin but to strengthen the defence capacity of the Republic of Cyprus, since the feeling of security is just as much a right for Greek Cypriots as it is for Americans and Europeans.

In touching on what he called Greece's "difficult regional security environment," Mr. Tsohatzopoulos said that the danger of nationalist conflicts constitutes the main source of instability at present for European security as a whole, and within this fr amework the role of international security organisations (NATO, WEU and OSCE) is becoming increasingly important, primarily with respect to the prevention of clashes.

He also outlined the framework for the creation of a new security structure and the need for NATO to develop into a security organisation "with a Euro- Atlantic range", as well the "strategic partners", such as Russia and Ukraine.

Mr. Tsohatzopoulos and the members of his entourage were due to arrive in Washington last night.

No meeting with Albright scheduled : WASHINGTON (ANA - T. Ellis) - US State Department spokesman James Rubin yesterday stated that a meeting between Mr. Tsohatzopoulos and US Secretary of State Madeleine Albright has not been scheduled.

Mr. Rubin, in answer to a relevant question, noted that Ms Albright has just returned from China and her schedule has not been set, therefore, a meeting with the Greek minister cannot be ruled out.

The spokesman noted that Mr. Tsohatzopoulos was invited "to visit defence industry installations in Texas, Missouri and Massachusetts."

The new Greek ambassador in Washington, Alexandros Filon, was set to hold a reception in Mr. Tsohatzopoulos' honour yesterday evening.

Finally, today the Greek minister will lay a wreath at the Tomb of the Unknown Soldier, and will speak at the Carnegie Institute on the issue of Greek defence policy and developments in southeastern Europe, while Mr. Cohen will hold a dinner in his honour.

White House : White House deputy spokesman Philip Crowley yesterday said that although Mr. Tsohatzopoulos will meet with several high-ranking US officials, "there are no scheduled meetings here at the White House."

Commenting on the defence minister's visit, Mr. Crowley said: "... obviously, Greece is one of our important NATO allies. We welcome his visit here. There are a range of issues that are of interest to both the United States and Greece in terms of both iss ues in the Balkans as well as issues in the Aegean, and I'm sure we'll have a wide range of issues being discussed, primarily through Secretary Cohen and other administration officials."

Athens News Agency

[07] Greek-Austrian agreement regarding Bosnian peacekeeping mission

Athens 07/07/1998 (ANA)

The agreement was signed by the Chief of the Hellenic Army General Staff, Lt.-Gen. Manoussos Paragioudakis, and Austrian military chief Gen. Karl Majcen, who arrived in Greece yesterday.

The Greek force in Bosnia is in charge of transport and movement of material and humanitarian aid (BELUGA), and is based in the town of Visoko.

In addition, on July 8 a Bulgarian contingent of 26 men and 10 vehicles will come under the Greek command. The mission will be renamed "HELBA" to reflect the participation of Greece, Luxembourg, Bulgaria and Austria.

Greece has 280 men and 135 vehicles stationed in Bosnia. Austria has 200 troops and Luxembourg 15. To date, the Greek force has conducted 900 missions delivering approximately 12,000 tonnes of material, and covering an area of 3.5 million kilometres in Bosnia.

Athens News Agency

[08] Onassis-Roussel meets Christodoulos

Athens 07/07/1998 (ANA)

Athina, 14, who arrived in Athens on Sunday for a short visit, was accompanied by her father Thierry Roussel to the meeting with Christodoulos.

Mr. Roussel said the meeting was an opportunity for Athina to receive Christodoulos's blessing from the new archbishop.

Christodoulos gave the teenage heiress, who lives in Switzerland, a silver cross as a keepsake.

He also gave her a tract of the writings of St. John in the original Greek accompanied by a translation into English and French.

Neither Mr. Roussel or Athina made any statements to reporters but they allowed photographers to take pictures of the meeting with the archbishop.

Athina, whose mother Christina Onassis was the only surviving child of shipping tycoon Aristotle Onassis, last visited Athens in March, accompanied by her father and family. Her father and the Onassis Foundation are enmeshed in a continuing legal battle over Athina's upbringing.

Mr. Roussel said then that the time had come for Athina "to get to know her roots in greater detail," one of the points of contention with the Onassis Foundation, which claims that Athina is growing up unaware of her Greek heritage.

Athens News Agenc

[09] Venizelos winds up Canadian tour

MONTREAL 07/07/1998 (ANA - I. Frangouli)

Apart from contacts with representatives of Toronto's expatriate Greek community, Mr. Venizelos also had meetings with the Greek-Canadian Congress. He presented Athens' policy regarding expatriate Greeks, as well as on the "cultural olympiad" and the 20 04 Olympics.

After talks with Metropolitan of Toronto Sotirios, the Greek culture minister was given a tour of the new Greek Orthodox Bishopric, where a theological seminary is to begin operation in September - an effort that has been assisted by Greece with 75,000 dollars.

Mr. Venizelos also met with Greek-Canadian deputies John Cannis and Jim Karigiannis.

He arrived in Lisbon yesterday to attend the opening of the "World Expo '98", along with Prime Minister Costas Simitis.

Athens News Agency

[10] Kasparov announces internet site during Athens press conference

Athens 07/07/1998 (ANA)

The launch date will be some time in October and the address will be www.clubkasparov.org aiming to draw all those who love chess and want to play the game on the internet.

Mr. Kasprov, also announced during a press conference that "there is no other game that can be played real-time on the internet." He added that "the club will be open to all and aim to satisfy the curiosity of all people in chess," so he will provide an swers and instructions to all who ask. It should be noted that the chess master lost to IBM's "Deep Blue" computer last year and has since asked for a rematch, in efforts to prove that a machine cannot defeat man, at least in chess.

Athens News Agency

[11] Gov't denies inefficiency during weekend forest fire frenzy

Athens 07/07/1998 (ANA)

A 67-year-old woman and an 80-year-old man lost their lives in the fires which destroyed 40 residences, while thousands of acres of forest and farmland were reduced to ashes. Five thousand firefighters, 1,200 troops and 52 planes and helicopters fought the fires across the country.

The unusually hot weather, combined with the strong winds around the country during the weekend contributed to the destruction. At one stage, the fires reached several of Athens' outlying residential areas, including the municipality of Perama, a working class suburb of Piraeus.

Government spokesman Dimitris Reppas said that it was impossible to lay the blame on the state apparatus for the fires until an investigation was completed but indicated that some of the fires may have been the work of arsonists.

He said authorities were looking into the discovery of a watch that may have been used in an incendiary device to light one of the fires.

He said, however, that there was no evidence to indicate "foreign involvement" and called for more restraint on the part of the press.

Mr. Reppas added that those who lost their homes in fires in Perama and Salamina would receive emergency assistance of 200,000 drachmas per family, as well as rooms in hotels, interest-free loans and financial assistance.

On his part, Agriculture Minister Stephanos Tzoumakas said opposition party reactions attributing responsibility to the government for lack of coordination, mistakes and serious ommissions in dealing with the fires, were politically and economically mot ivated.

He said that even before the transfer of responsibilities to the fire brigade, forestry service staff did not participate in putting fires out, assuming only supervisory duties.

Public Order Minister George Romaios expressed his gratitude to the fire brigade.

Opposition reactions : Main opposition New Democracy party said in a statement that it had warned the government in good time that the transfer of responsibilities for forest fires from the forest service to the fire brigade was against any scientific basis.

It said the fire brigade had remained inert throughout the crucial three- day period.

The Communist Party (KKE) described the calamity as a premeditated crime for which the real culprit was the PASOK government.

"The government armed the hand of arsonists with the law it introduced a few months ago, transferring responsibility for forest fires from the forest service to the fire brigade with the aim of disorganising it," a KKE statement read.

"It is obvious that the huge disaster from the fires is the natural end of the government's criminal policy and the operation of the laws of the "free market" which the government promotes," it added.

In a press conference, Coalition of the Left Euro-MP Michalis Papayiannakis referred to "the arsonist-state," citing reports by victims of the blazes about illegal landfills amounting to potential sources of fire, ravines filled in with flammable mater ials, blocked accesses to factories and other properties. All such practices are the responsibility of the state to deal with and are subject to sanctions for violation of Community and national legislation, he added.

He told ANA that the Community has made provision of 70 million Ecu in the period 1997-2001 for forest fire protection and reforestation, and he would be submitting a written question to the Commission for the provision of emergency aid to the victims.

Meanwhile, Environment Minister Costas Laliotis and Piraeus prefect Christos Fotiou visited the fire-stricken areas of Perama and Salamina and announced compensation of up to 2 million drachmas would be granted by the end of next week to those who had lost their residences

Archbishop of Athens and All Greece Christodoulos also announced that the Archdiocese would grant five million drachmas and houseware materials to the victims in the same areas.

Arrest : Finally, police arrested 50-year-old car mechanic Nikolaos Skarlatos late Sunday night for arson due to negligence.

Skarlatos, who was to appear before the public prosecutor yesterday, lit a fire on his plot of land in Kranidi, near Argos in the Peloponnese, to burn dry leaves.

The fire, fanned by strong winds, blew out of control and spread to a nearby forest, burning two hectares of forest land and endangering two holiday homes.

Athens News Agency

[12] Simitis-Skandalidis meeting on PASOK developments

Athens 07/07/1998 (ANA)

Speaking afterwards, Mr. Skandalidis said that "we will promoteIprocesses at the trade union and regional level with the participation of all members of the (PASOK) executive bureau and the government."

Before the start to these processes, the party's political secretariat will convene on Thursday and the executive bureau on July 14 to examine structural changes in the economy.

The first process in the trade union sector will take place on July 15 at a meeting of the development sector and the first regional one on July 16 in Thessaloniki. In parallel, plenums will be promoted in the transport, energy and Greek Post Offices se ctors.

Mr. Skandalidis said that PASOK can forge ahead better, have a substantive participation in the processing of positions and in discussing the basic changes which must be done and concluded by saying that the country's struggle must be won.

Athens News Agency

[13] SAE to discuss creation of youth coordinating committees

Athens 07/07/1998 (ANA)

A coordinating committee has already been set up for Europe, and is currently meeting in Thessaloniki. The SAE conference will discuss establishing similar committees in the United States, Australia and Africa- Asia, which will be responsible for focusin g on the problems faced by expatriate Greek youth, such as language and education, as well as to contributing to SAE's general goals.

The World Council of Hellenes Abroad (SAE) was founded in 1995 with the aim of uniting the estimated seven million Greeks living abroad and forging closer ties with Greece. Chicago-born Andrew Athens was elected the organisation's first president, and re-elected in 1997 for a second two- year term.

SAE is a non-profit, non-governmental organisation with regional councils representing North and South America, Africa-Asia, Oceania and Europe. It is supported by the foreign ministry's general secretariat for overseas Greeks, and serves as an advisory body to the Greek State on all issues pertaining to Greeks abroad. The SAE's activities further aim at strengthening existing networks and organisations serving Greeks worldwide and Greece.

The Overseas Youths coordinating committee for Europe meeting in Thessaloniki decided to hold its inaugural congress in late June or early July next year.

SAE's plans also include the establishment of committees of women, scientists and business people, according to SAE Europe president Angelos Aslanidis.

Mr. Aslanidis told ANA that SAE hoped that three setting-up congresses would be held by March 1999, one for each of the above three categories.

There are an estimated 500,000 Greek expatriates throughout Europe, of which 390,000 live and work in Germany. The figures do not include the 250, 000 Cypriots of Britian and the Greeks in the former Soviet Union.

Nearly half, between 200-250,000 of those half million Greek immigrants, are young people who face difficulties in Greek schooling, Mr. Aslanidis said, adding that the educational programme for overseas Greeks needed to be upgraded in the immediate future, while teachers needed to be appointed to Greek schools abroad.

Another major problem of concern to young Greeks of the diaspora is the fact that Greek education and language are gradually vanishing from school and university courses in countries with large numbers of second and third generations Greeks.

To seek solutions as well as to many others faced by young expatriate Greeks, a network is to be set up, initially by Greeks in Europe and later around the world, operating within the SAE context.

According to data presented by the chairman of Parliament's committee for expatriate Greeks, Grigoris Niotis, only 25,000 out of a total of 200,000 students of Greek descent in the US actually enroll in courses offered in Greek community schools.

Athens News Agency

[14] Coast Guard gets powerful new boats

Athens 07/07/1998 (ANA)

The 16.1-meter-long boats can reach speeds of over 46 knots. They are equipped with special shore landing systems which allow them to approach and disembark personnel on sandy beaches.

Also delivered yesterday, at a ceremony attended by Merchant Marine Minister Stavros Soumakis and the secretary-general of the Greek Naval Staff Athanasios Tsouroplis, were 32 jeeps - 23 Nissan Terrano II and nine Pajeros.

Athens News Agency

[15] Eight illegal immigrants arrested

Athens 07/07/1998 (ANA)

The group of Pakistani and Egyptian nationals said they had paid Papageorgiou 500 dollars a head for the journey, most probably to an Italian port.

Police said they confiscated the truck and the money found on the driver - 600,000 Italian lire, 3,4000 French francs, 25,000 Belgian francs and 10, 000 drachmas.

Athens News Agency

[16] 'Pistol-keychains' rumours in Belgium

BRUSSELS 07/07/1998 (ANA)

Several of these "mini-guns" were recently seized in Greece. Confiscated weapons have a length of 7.5 cm and a width of two cm. They take two bullets (0.32 mm diametre) and are reportedly not detected by X-ray equipment.

"It seems as if they are coming out of a 'James Bond' movie", the paper reported, stressing that it is easy for an individual to purchase such a weapon.

Belgian authorities said the mini-gun is illegally sold in southern Europe countries for about 6,000 to 9,000 drachmas.

Athens News Agency

[17] Greece tenders 10-yr fixed-rate bonds at average 7.85 pct

Athens 07/07/1998 (ANA)

Bankers said that the average weighed rate fell to 7.85 percent from the 8.6 percent coupon.

Commercial banks taking part in the tender offered bids totalling 698.4 billion drachmas, more than 3.5 times the government's target.

The latest tender was the first under new rules in which the state offers securities without paying commercial banks a premium.

Athens News Agency

[18] Greek stocks rise spurred by banks

Athens 07/07/1998 (ANA)

Also fuelling sentiment was a sharp rise in the share price of state-owned Hellenic Petroleum, which recently joined the bourse.

The stock ended at the eight percent upper daily volatility limit on 7.9 million shares traded, finishing at 3,024 drachmas.

The general index ended 0.99 percent higher at 2,531.84 points with most sector indices scoring gains.

Banks rose 2.16 percent, Insurance ended 0.58 percent up, Investment increased 1.23 percent, Leasing jumped 8.0 percent, Construction rose 0.07 percent, Miscellaneous ended 1.16 percent higher but Industrials and Holding bucked the trend, falling 0.99 p ercent and 0.29 percent respectively.

The parallel market index for small cap companies rose 0.65 percent. The FTSE/ASE 20 index ended 1.31 percent higher at 1,529.61.

Broadly, advancers led decliners by 147 to 101 with another 13 issues unchanged.

Hellenic Petroleum, Attica Bank, Lampsa, Ionian Hotels, Metrolife, Alpha Leasing, ETBA Leasing, Piraeus Leasing, Fourlis, Hellenic Sugar, Bank of Athens and Bank of Central Greece scored the biggest percentage gains hitting the daily 8.0 percent limit u p.

Sarandopoulos, Vis, Macedonian Mills, Balkan Export, Petzetakis, Vernikos Yachts and Seafarm Ionian suffered the heaviest losses.

National Bank of Greece ended at 44,105 drachmas, Ergobank at 28,700, Alpha Credit Bank at 26,200, Ionian Bank at 16,500, Delta Dairy at 3,975, Titan Cement at 21,550, Intracom at 12,105, Hellenic Petroleum at 3,024 and Hellenic Telecommunications Organisation at 8,900 drachmas.

Athens News Agency

[19] Foreign investors snap up Greek Ecu bonds - newspaper

BRUSSELS 07/07/1998 (ANA/G.Daratos)

Existing demand firmed after European Central Bank governor Wim Duisenberg recently made favourable comments on the Greek economy, the newspaper said. Mr. Duisenberg said that Greece's participation in European economic and monetary union (EMU) by 2001 was a feasible target.

He also welcomed declining inflation despite a 13.8 per cent devaluation of the drachma on March 14 to ease entry into the EU's exchange rate mechanism, itself a stepping stone to EMU entry.

A report by Fimagen, a subsidiary of Belgium's biggest bank, Generale de Banque, recommends investments in Greek bonds of up to three years.

Athens News Agency

[20] Xiosbank to seek ISO quality assurance

Athens 07/07/1998 (ANA)

Xiosbank opted to launch quality assurance with consumer loans because of its strength in the sector, the bank said in a statement yesterday.

The bank's consumer loan portfolio totals 541,432 contracts worth 105.4 billion drachmas.

Xiosbank is private, and listed on the Athens Stock Exchange.

Athens News Agency

[21] Container trade in port of Piraeus jumps 51 pct in first half

Athens 07/07/1998 (ANA)

Piraeus Port Authority (OLP) said in a statement that the bulk of the rise was due to a contract it signed with MSC and Norasia.

Both firms were moving many more containers than the number agreed under the terms of the deal, the statement said.

According to OLP's estimates, container movement in 1998 is seen at 850,000- 950,000 teu against 680,000 in 1997.

Athens News Agency

[22] Northern town to hold trade fair July 8-13

Athens 07/07/1998 (ANA)

Taking part in the Egnatia '98 trade fair are companies mainly from Athens and Thessaloniki. Among them is Hellenic Telecommunications Organisation.

Athens News Agency

[23] Government claims opposition overhired in power corporation

Athens 07/07/1998 (ANA)

Government spokesman Dimitris Reppas told reporters that the New Democracy government in power in 1990-1993 had hired a total of 11,281 staff for DEI.

Of the total, 8,390 were hired between January 1, 1993 and October 31, 1993, and another 2,891 between July 1991 and December 1992.

But succeeding PASOK governments had only recruited 2,346 people in a period spanning January 1, 1994 to April 1998, Mr. Reppas said.

DEI's workforce grew from 21,635 employees in December 1974 to 27,566 in December 1981 and 29,751 in December 1990, peaking at 36,670 in December 1993.

Mr. Reppas said the total workforce had since fallen slightly to stand at 33,930 in April 1998.

Athens News Agency

[24] Alpha rates for foreign currency

Athens 07/07/1998 (ANA)

Athens News Agency

[25] EU trade surplus with third countries in '97, Greek exports rise

BRUSSELS 07/07/1998 (ANA - G. Daratos)

EUROSTAT figures for Greece, in particular, showed an increase in exports of 27 per cent in 1997 with a moderate 3 per cent increase in imports.

Out of the 15 EU member-states, nine record a surplus in their trade balance for 1997, while the largest trade balance deficits were found in Britain (24.2 billion Ecu), Greece (12.7 billion Ecu) and Spain (12.6 billion Ecu).

Athens News Agency

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