Athens News Agency: Daily News Bulletin in English, 98-07-10

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

CONTENTS

[01] Gov't to float stake in state telecom on Athens,NY bourses

[02] Opposition reactions

[03] Consumer price inflation slips to 5.2 pct yr/yr

[04] EFG Eurobank confirms purchase of stake in Ergobank

[05] Greek stocks hit new high on Latsis share purchase

[06] Transport minister to Belgrade to promote Balkan cooperation

[07] Dias interbank cash system boasts 400,000 transactions per month

[08] Charter arrivals to Greece up 5.7 pct in May

[09] Pan-Cretan Cooperative Bank shows 54 pct profit jump in H1

[10] Athens hoteliers seek state help for 2004 Olympics

[11] Gov't to improve deals in supermarket supplies, car spare parts

[12] Karamanlis addresses ND's prefectural candidates

[13] ERS president resigns

[14] Kaklamanis in Tibet

[15] Earthquake near Samos

[16] Athens considers article over provocative report by EU representative in Ankara

[17] Tsohatzopoulos in Munich

[18] Gov't: Lack of progress on 'no-fly zome' over Cyprus due to Ankara's intrasigence

[19] Another 20 used F-16s headed to Greece

[20] Pangalos stresses Turkey's European prospects

[21] Premier chairs high-ranking gov't meeting

[22] Church initiates procedures for return of missing money

[23] Brush fire breaks out in ancient Agora

[24] Norwegian cyclist acquitted for riding without licence

[25] Greece planning more active role in combatting narcotics trade

[26] Tendering for Bank of Central Greece

[27] PIP disbursements increase by 50 per cent

[28] Titan delegation in Belgrade

[29] Commission initiative on SMEs

[30] EOT delegation in Cyprus

[01] Gov't to float stake in state telecom on Athens,NY bourses

Athens 10/07/1998 (ANA)

Mr. Papantoniou told reporters that OTE would also issue a bond in international markets and carry out a share capital rise.

The three moves would raise one trillion drachmas for investments and modernisation, he said.

OTE's ownership status would have to be changed to allow the acquisition by private buyers of up to 45 percent in the state-run telecom from the current legally ordained 25 percent, Mr. Papantoniou said.

OTE has already carried out two flotations on the Athens Stock Exchange including private placements.

Mr. Papantoniou said no more of OTE's stock would be sold to private investors after the autumn flotation.

Athens News Agency

[02] Opposition reactions

Athens 10/07/1998 (ANA)

Synaspismos added tha the policies of the 1993 ND government led to " social reaction and political developments, which led to the fall of that government".

Democratic Social Movement (DHKKI) leader Dimitris Tsovolas yesterday stated that the government, instead of modernising and developing the few profit-making and strategically important state enterprises and banks, is selling them off without regard for labour or pension rights, and in the name of a "pseudo-structural reform."

On his part, Mr. Manos, a current independent deputy, said that he is satisfied that even at this late date his policy for OTE's privatisation, even in portions, is in motion.

He also said that this process must be applied to other state-owned enterprises as soon as possible, while deregulation and the abolishing of all state monopolies must be accelerated.

Athens News Agency

[03] Consumer price inflation slips to 5.2 pct yr/yr

Athens 10/07/1998 (ANA)

In June 1997, the year-on-year rate of increase was 5.5 percent, GNSS said in a statement.

It said inflation increased by 0.3 percent in June month-on-month from May, compared to a 0.4 percent rise in the same period last year.

Average inflation in June 1997-June 1998 was 5.0 percent compared to 6.9 percent in the previous twelve-month period, GNSS said.

The June inflation figure was shaped primarily by a 1.9 percent price increase in clothing and footwear; a 1.2 percent rise in furniture, household items and consumer durables; and a 0.8 percent reduction in foodstuffs and non-alcoholic drinks, it said.

Athens News Agency

[04] EFG Eurobank confirms purchase of stake in Ergobank

Athens 10/07/1998 (ANA)

Purchased were 2.9 million shares from major Ergobank shareholder Lazaros Efremoglou, who will become a member of EFG Eurobank's board, the statement said.

Bankers and brokers leaked news of the sale on Wednesday but neither bank confirmed or denied the talk. The purchase was effected yesterday partly through a block trade on the Athens Stock Exchange and partly through an exchange of shares in Ergobank and EFG Eurobank, which will also carry out a share capital increase, the statement said.

EFG Eurobank, which is a member of the Latsis Group, recently took the market by surprise, offering 93 billion drachmas over four years in a privatisation tender for Cretabank. The offer doubled two other bids submitted in the tender.

According to market sources, the acquisition of what is believed to be 11- 12 percent of Ergobank's share capital has upset members of its board.

Mr. Efremoglou, a former New Democracy party deputy, had clashed with the board over its strategic choices and was seeking a buyer for his stock, the sources said.

The purchase of a large chunk of stock in a rival bank with no prior agreement was an unusual move in the Greek market, they said.

Athens News Agency

[05] Greek stocks hit new high on Latsis share purchase

Athens 10/07/1998 (ANA)

Lazaros Efremoglou, a major shareholder in private Ergobank, sold what is believed to be an 11.4 percent stake, or 2,900,000 shares, to the Latsis Group at 35,000 drachmas per share.

The transaction totalled 101.5 billion drachmas, and was made for EFG Eurobank.

The general index rose 1.75 percent to end at 2,674.28 points, breaking its previous record close of 2,669 points in April. Turnover was 214.5 billion drachmas, fuelled by the Ergobank transaction.

The Latsis Group owns EFG Eurobank, which recently submitted an offer of 93 billion drachmas in the privatisation of Cretabank, doubling offers by two other bidders.

Sector indices finished mixed. Banks soared 3.83 percent, Insurance jumped 3.67 percent, Leasing fell 0.68 percent, Investment surged 4.73 percent, Construction was 1.47 percent off, Industrials rose 0.56 percent, Miscellaneous fell 1.83 percent and Hol ding eased 1.20 percent.

The parallel market index for small cap companies rose 1.41 percent. The FTSE/ASE 20 index rose 2.26 percent.

Broadly, decliners led advancers by 144 to 94 with another 16 issues unchanged.

Ergobank, Commercial Invest, Giannousis,Ergodata, Viokarpet, Attica Bank, Athinea, Lavipharm and Metrolife scored the biggest percentage gains hitting the daily 8.0 percent limit up.

Development Invest, Balkan Export, Ionian Invest, Thessaliki, Metka, Ideal, Galis and Benroubi suffered the heaviest losses.

National Bank of Greece ended at 47,600 drachmas, Ergobank at 35,341, Alpha Credit Bank at 27,930, Ionian Bank at 17,590, Delta Dairy at 3,740, Titan Cement at 22,880, Intracom at 12,955, Hellenic Petroleum at 2,650 and Hellenic Telecoms at 8,290 drachmas.

Athens News Agency

[06] Transport minister to Belgrade to promote Balkan cooperation

BELGRADE 10/07/1998 (ANA/M.Mouratidis)

Mr. Mantelis is heading a team of senior executives from state enterprises that fall under his ministry's jurisdiction.

He is scheduled to hold talks with Serbian President Milan Milutinovic, Yugoslav federal Prime Minister Momir Bulatovic, and the Yugoslav ministers of transport and communications.

Today he is due to sign a bilateral agreement on road transport before meeting Mr. Bulatovic.

Also on the agenda for discussion are air traffic in the region, promoting rail transport, and developing telecommunications.

Athens News Agency

[07] Dias interbank cash system boasts 400,000 transactions per month

Athens 10/07/1998 (ANA)

Panagiotis Thomopoulos, chairman of Dias SA and deputy governor of the Bank of Greece, said yesterday that the system served the country's entire banking system, offering depositors basic consumer banking services.

Dias also offers Diaspay, a payment system for employees and pensioners in the public and private sectors. Diaspay spans 23 banks and more than 400, 000 clients. The company aims to increase the number of clients to 700,000 by mid-1999.

Dias also covers capital transfers through Diastransfer, which is working on a pilot basis with four banks. The transfer of sums over 25 million drachmas will be effected through a new system being set up called Hermes.

In addition, the company operates Diascheque, an interbank cheque settlement system. The system covered 55 percent of bank cheques in the Greek market worth 10.2 million cheques last year. The company aims to increase this figure to 12 million in 1998.

Dias will soon launch an automatic interbank bill payment system, Diasdebit, to handle automatic payments for customers of public utility bills.

Athens News Agency

[08] Charter arrivals to Greece up 5.7 pct in May

Athens 10/07/1998 (ANA)

The charter arrivals were recorded at the country's main airports of Hellenikon (Athens), Rhodes, Kerkyra, Heraklio and Thessaloniki. The five facilities handle around 70 percent of charter arrivals from abroad.

Charter arrivals rose 9.2 percent in April-May to 851,111 from 779,379 a year earlier, GNSS said.

The occupancy rate in Greek hotels rose to 68.33 percent in May this year from 67.87 percent in the same month of 1997.

The rate was slightly lower in April-May at 59.19 percent compared to 59.12 percent in the same period of last year, GNSS said.

Athens News Agency

[09] Pan-Cretan Cooperative Bank shows 54 pct profit jump in H1

Athens 10/07/1998 (ANA)

The bank said in a statement that its members rose to 13,800, and that it was preparing an expansion into new activities including credit cards and mutual funds. The Pan-Cretan Cooperative Bank also plans to open branches in Athens, Thessaloniki and other cities in Crete.

Athens News Agency

[10] Athens hoteliers seek state help for 2004 Olympics

Athens 10/07/1998 (ANA)

Hoteliers urged the creation of a promotion agency to improve the city's image abroad. They said they supported plans to build hotels in the prefecture of Attica, and around a new airport for Athens being built at Spata.

Officials of the association told a news conference that hoteliers blamed the government for policies that had led many hotels in Athens to bankruptcy.

Gerasimos Fokas, chairman of the association, forecast that rates for stays in Athens hotels would increase by 8-12 percent in 1999.

Attica has 518 hotels with 54,645 beds of which 269 hotels, or 30,724 beds were located in Athens. Luxury hotels account for 23 percent of the total.

Athens News Agency

[11] Gov't to improve deals in supermarket supplies, car spare parts

Athens 10/07/1998 (ANA)

The measures in the two sectors may help to bring prices down, aiding the government's anti-inflation drive.

Under the terms of a market police directive signed by Development Undersecretary Michalis Chrysohoidis, supermarket suppliers will have to record the value of discounts (percentage, cash or in kind) on sales invoices.

They will also have to inform the ministry within 15 days of new contracts they make with supermarkets, or 30 days for contracts in place before the measure takes effect.

Supermarkets will have to keep accounts of promotion or advertising they provide for their suppliers.

The ministry hopes that the measure will allow a drop in the price of certain foodstuffs and household goods.

In addition, Chrysohoidis has ordered measures to boost competitiveness in the sale of spare parts and oil for cars that the ministry believes will also lead to price reductions.

Under the terms of the directive, wholesale traders in spare parts and oil are banned from trying to set retail prices for their goods.

Retailers are also barred from using any price lists issued by wholesalers.

Another measure in the series orders the owners of sales outlets to keep separate books for wholesale and retail sales.

Breaches of the directive on spare parts and oil are punishable by imprisonment and fines.

Athens News Agency

[12] Karamanlis addresses ND's prefectural candidates

Athens 10/07/1998 (ANA)

The event was organised by the main opposition's political planning secretariat.

Mr. Karamanlis said that "the upcoming prefectural elections are political, but we will not allow them to deviate into narrow party frameworks."

He also termed the elections "an opportunity for a start to the realisation of a wide social alliance", adding that "the narrow-minded party approach to local self-administration issues by the government is rejected by us absolutely, because it harmed the prospects of institutions and the possibilities of cooperation."

He said that political conclusions are drawn from the prefectural elections which constitute, in his view, one of the paramount political processes and predicted that "the swelling dissatisfaction against the government will naturally be expressed by the popular will."

Mr. Karamanlis accused the government "of ineffectiveness and incompetence" and, choosing the floor of the conference on prefectural self-administration, he spoke of "government harshness and authoritarianism." He also referred to the settlement of debts owed by urban transport and the establishment of private universities.

He conceded that when it was in power, ND did not promote the implementation of the institution ("it did not have the time because it lacked the necessary speed", he said) and that the initiation of the institution "was indeed an important step." Mr. Ka ramanlis predicted that "the majority of ND's candidates will assume the duties of prefect" and maintained that the party "avoided the narrow party logic of nominations" because "we are not interested in the political starting point of whoever, but to be able to produce work."

Athens News Agency

[13] ERS president resigns

Athens 10/07/1998 (ANA)

Athens News Agency

[14] Kaklamanis in Tibet

Athens 10/07/1998 (ANA)

Today, he is expected at the city of Lhasa in Tibet.

Mr. Kaklamanis met with local officials of the industrial city, the birthplace of late reformist leader Deng Xiao Ping.

The Greek parliament president also addressed the Chengdu Popular National Assembly presidium, noting what he called Turkish intransigence on the Cyprus issue as well as the Turkish provocations against Greece.

Furthermore, he noted the importance of China in today's world as a pole of balance in the modern era.

Mr. Kaklamanis is on a series of visits to local legislatures in the world's most populous country.

Athens News Agency

[15] Earthquake near Samos

Athens 10/07/1998 (ANA)

No damages were reported at press time.

Athens News Agency

[16] Athens considers article over provocative report by EU representative in Ankara

Athens 10/07/1998 (ANA)

Government spokesman Dimitris Reppas said if the newspaper article was accurate, Greece would take up the matter and seek the apportionment of responsibility.

The article was reported in yesterday's edition of the Athens daily "Ethnos".

"It is not possible for EU officials, who are supposed to be promoting the Community's interests, to act in a manner which promotes the interests of another country," Mr. Reppas said.

The front-page Ethnos article, under the headline "Commission envoy a servant of the Turks", charged that Briton Michael Lake was guided in all his actions by Turkey's positions, which he also fully adopted.

The article said Mr. Lake accused Greece of undermining the west's strategy and harming its interests in the region.

In Mr. Lake's 25-page report, the paper notes, he even admits writing speeches for Turkish President Suleyman Demirel when the latter was premier.

Coalition of the Left Euro-MP Alekos Alavanos, meanwhile, tabled a question on the report to the European Commission, charging that the envoy had overstepped his duties and had provocatively disputed decisions and institutions of the EU vis-a-vis Turkey .

Mr. Alavanos notes that Mr. Lake in his report had admitted influencing newspapers such as the "Financial Times" in Turkey's favour.

The Eurodeputy asks on the basis of what criteria was Mr. Lake appointed and remained the Commission's envoy in Ankara for eight years, and on what criteria he was recently appointed to a similar position in Bucharest.

Meanwhile, according to an ANA report from Brussels, a Commission spokeswoman said yesterday that the Commission had not yet studied the full text of the Lake report, and was therefore unable to comment on it.

She added that it was customary for the Commission's representatives in any country to draft a report when their term expired, and that such reports contained the authors' personal views which did not necessarily reflect those of the Commission.

Athens News Agency

[17] Tsohatzopoulos in Munich

BRUSSELS 10/07/1998 (ANA)

Mr. Tsohatzopoulos will arrive in Munich directly from the United States, where he met with American administration officials.

The Munich meeting will focus on political, economic and social relations between Greece and Germany as well as social developments in the wake of the Cardiff EU summit.

Athens News Agency

[18] Gov't: Lack of progress on 'no-fly zome' over Cyprus due to Ankara's intrasigence

Athens 10/07/1998 (ANA)

Replying to reporters' questions, Mr. Reppas said although the proposal had been discussed, there had been no development due to Turkey's refusal to accept it.

Mr. Cohen told a joint press conference with Greek Defence Minister Akis Tsohatzopoulos in Washington that "the no-fly zone is one possibility that could be explored, but we have not made any determination on what the result should be in terms of how we achieve this reduction in tensions".

Commenting on Nicosia's plans to purchase and install Russian-made S-300 anti-aircraft missiles on Cyprus and the opposition of the United States, Mr. Reppas said Washington had expressed the desire that the missiles not be delivered. Underlining that Greece and Cyprus had shown goodwill by postponing delivery of the missiles, Mr. Reppas said it was not possible for Nicosia to remain forever hostage to Turkey's desires.

Mr. Tsohatzopoulos said during the same press conference in Washington that "if Turkey refused to accept a 'no-fly zone' as part of even a partial demilitarisation, it would be very, very difficult for the Cypriot goverment to unilaterally move towards disarmament," mea-ning a possible cancellation of the missile order.

Meanwhile, according to a Reuters dispatch from Ankara, Turkey yesterday ruled out any negotiations linking the plan to install the missiles with the no-fly zone proposal.

"We will not accept any attempt to turn this subject into a bargaining chip with Turkey for the abandonment of the S-300s," Deputy Prime Minister Bulent Ecevit told Reuters.

"We cannot make our security a subject for bargaining," he added.

Athens News Agency

[19] Another 20 used F-16s headed to Greece

WASHINGTON 10/07/1998 (ANA - M. Savva)

The agreement provides that the aircraft will be updated to Block 50 status by the state-controlled Hellenic Aerospace Industry (EAB), in cooperation with Lockheed.

A further round of negotiations is underway for the purchase of four Kidd- class destroyers from the US Navy.

Washington has also expressed interest in selling Greece early-warning baloons and long-range anti-aircraft Patriot missiles, sources said.

Meanwhile, Greece's armaments programme is due to be discussed by the Government Council of Foreign Affairs and Defence (KYSEA) on July 24, when it will decide on the purchase of hi-tech anti-aircraft range missiles, possibly selecting between the Russian-made S-300s and the US-made Patriots.

Athens News Agency

[20] Pangalos stresses Turkey's European prospects

Athens 10/07/1998 (ANA)

"Our aim is for the EU-Turkey dialogue to progress on all economic and political aspects of this relationship. In so far as it concerns us, we shall be very cosntructive," he said after talks in Athens with Austrian Vice-Chancellor and Foreign Minister Wolfgang SchŸssel.

Speaking on the same subject, Mr. SchŸssel, who is on tour of EU capitals in the context of his country's current six-month rotating presidency, said the two countries had the same views on EU relations with Turkey, and described that country as an impo rtant strategic partner for the Union.

He added that his country desired to see positive development on the issue.

"We must offer Turkey something," he said.

Regarding Cyprus, Mr. SchŸssel said that the EU presidency intended to launch accession negotiations with Cyprus and the five central and eastern European countries around November.

He also reported discussing with Mr. Pangalos the Cyprus problem, and especially ways in which the Austrian presidency could support the island republic's accession course, to contribute to a defusion of tension and encourage contacts between the two communities.

He reiterated that "the door is open to the participation of both sides in the negotiations".

Regarding Kosovo, he said both sides agreed that pressure was needed on both sides for a political solution to the problem, stressing that this should be within the present borders of Yugoslavia.

"The more autonomy is given to Kosovo the better. In no case do we desire its secession," he said.

Athens News Agency

[21] Premier chairs high-ranking gov't meeting

Athens 10/07/1998 (ANA)

Present were Interior Minister Alekos Papadopoulos, National Economy and Finance Minister Yiannos Papantoniou, Labour Minister Miltiades Papaioannou and Transport Minister Tassos Mantelis.

PASOK Secretary Costas Skandalidis said the further planning of structural changes met with agreement by all members of the political secretariat as well as by leading ministers.

Mr. Skandalidis said that there was full agreement both on the principle and the timetable. He said the discussion was useful and constructive and that the relevant planning text discussed was lucid. He reminded that meetings of PASOK cadres are being planned for the issue to be discussed and added that changes were great and that things are better now.

On his part, Mr. Papantoniou said that the structural change programme is proceeding as normal.

Athens News Agency

[22] Church initiates procedures for return of missing money

Athens 10/07/1998 (ANA)

Details were contained in a report presented to the Holy Synod following its investigation into cases of financial irregularities.

The committee said it would seek the return of 400 million and 200 million drachmas, respectively, from two lay staff in the Church administration, and that the probe was continuing to ascertain possible involvement of clergymen and more lay staff.

The Holy Synod authorised Archbishop of Athens and All Greece Christodoulos to proceed with any and all lawful administrative actions to redress the losses.

Athens News Agency

[23] Brush fire breaks out in ancient Agora

Athens 10/07/1998 (ANA)

Although 18 fire engines responded to the call to put out the blaze, only three were able to approach the archaeological site, the others being held up in the narrow roads near the Agora in the old Plaka district of the capital.

The blaze was extinguished by firemen assisted by local residents and passersby after about 45 minutes.

Athens News Agency

[24] Norwegian cyclist acquitted for riding without licence

Athens 10/07/1998 (ANA)

The traffic court said the foreign language teacher lacked knowledge of Greek legislation, in justifying the acquittal.

"I requested to be legal, but at first the police from the service which had referred me for trial because I did not have a licence for a bicycle told me that a licence is not necessary for a bicycle. They had never issued even one such licence. After some time and after I insisted, they discovered the article of the law and then they asked for the receipt for the bicycle's purchase. However, there was no receipt and so I either had to continue riding illegally or throw the bicycle away and buy a knew o ne, " she told the court.

Athens News Agency

[25] Greece planning more active role in combatting narcotics trade

Athens 10/07/1998 (ANA)

The aim of the Greek initiative is for the EU to play a more active role in efforts to stamp out the production and distribution of illegal narcotics internationally.

Mr. Pangalos was addressing a meeting at the Foreign Ministry at which he presented a report on the activities of the Greek presidency of the Dublin regional group on the combatting of narcotics trafficking in the arc formed by the Balkans, the Near and Middle East.

Observing that drug trafficking had now become an international crime, Mr. Pangalos stressed it must be combatted by international organisations and international initiatives.

He announced also that a meeting of Balkan ministers would be held in Athens at the earliest, perhaps at the end of the year, to discuss ways of fighting the drug trade.

Also speaking at yesterday's meeting, Greece's national coordinator for narcotics, Marietta Yiannakou-Koutsikou, said emphasis was being placed on the Balkans because "there is blatant cultivation and trafficking of narcotics", citing in particular the Former Yugoslav Republic of Macedonia (FYROM).

She noted that Bulgaria had similar problems, while Romania had become a centre for the laundering of illegally gained money and the storage of large quantities of illicit narcotics.

Ms Yiannakou-Koutsikou said the main narcotics trafficking centre in the region was Istanbul and added that Turkey refused to participate in the Dublin regional group because "it does not want any control to be exercised".

In contrast, she continued, Romania, Bulgaria, Albania and FYROM were enthusiastically cooperating in efforts to combat drug trafficking.

The Dublin group on narcotics is made up of the 15 EU countries, the United States, Canada, Australia, Japan, Norway and New Zealand.

Athens News Agency Athens 10/07/1998 (ANA)

The Panathinaikos (Athens) basketball club yesterday announ-ced the signing of Italian playmaker Fernando Gentile.

According to reports, Panathinaikos paid around US$150,000 to secure his release from the Stefanel Milan team, with the player reportedly signing a one-year contract with the option for a further year - worth $450,000 the first year and $520,000 the second.

Athens News Agency

[26] Tendering for Bank of Central Greece

Athens 10/07/1998 (ANA)

In the first case, Agricultural Bank sells 51 per cent of the Bank of Central Greece's common shares, which it has in its possession (4.9 million common name shares) as well as all the privileged shares it has, namely, 20.1 per cent or 235,708 privileged shares.

Those interested can receive the relevant informative envelope from the Agricultural Bank of Greece on July 13-14 and will be able to obtain more information from the ABN Amro Bank and Deloitte&Touche companies which are the Agricultural Bank's exclusive advisors on the sale. The bank has 23 branches and employs 587 people.

Athens News Agency

[27] PIP disbursements increase by 50 per cent

Athens 10/07/1998 (ANA)

Disbursements until the end of June this year amounted to 511 billion drachmas compared to 341 billion drachmas in the first half of the year last year and 172 billion drachmas the year before last.

According to National Economy Undersecretary Christos Pachtas, the rates of increase are particularly optimistic for the course of the economy, since the jointly funded projects in the second CSF constitute the largest part (71 per cent) of PIP's disbur sements.

In all, during the first half of 1998, PIP's disbursements increased by 37.2 per cent and amounted to 733 billion drachmas compared to 534 billion drachmas in 1997 and 283 billion drachmas in 1996.

Athens News Agency

[28] Titan delegation in Belgrade

BELGRADE 10/07/1998 (ANA - M. Mouratidis)

Representatives of the firm showed interest in the denationalisation programme and the transformation process regarding the ownership of Serbian cement industries and more specifically the cement industry in the Kosieric region.

Yiorgovanka Tabakovic said that Greek investments in Yugoslavia are very important and added that the Greek partner must not appear in the Yugoslav market solely as a cement exporter but as an equal partner in the production and sale process.

She said that Yugoslavia is open to foreign investments and proposed the continuation of talks for the privatisation of the specific cement industry with the participation of representatives of the government, the cement industry and the Greek partner.

Athens News Agency

[29] Commission initiative on SMEs

BRUSSELS 10/07/1998 (ANA)

The group, headed by EU Commissioner Christos Papoutsis, is expected to present its proposal to the European Commission for approval within 1998.

The group also discussed the future actions of the Business Environment Simplification Task Force (BEST), as well as the problems SMEs will face during the change from national currencies to the euro.

The group decided to propose that SMEs have greater access to several structural funds.

Mr. Papoutsis noted the importance of cooperation between revenue- collecting, education, training and employment agencies.

Athens News Agency

[30] EOT delegation in Cyprus

Athens 10/07/1998 (ANA)

The delegation, composed of hoteliers, tourist agents and service officials, was also received by Cyprus President Glafcos Clerides.

A meeting held at the Chamber of Commerce and Industry of Cyprus focused on the possibilities of tourist investments being carried out by Cypriot businesses in Greece, as well as the issue of air transport in order to establish special fares by companies linking the two countries.

Athens News Agency

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