Athens News Agency: Daily News Bulletin in English, 98-09-22

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

CONTENTS

[01] Greece previews 340-billion-drachma state equity-convertible bond issue

[02] Kranidiotis concludes contacts with Libya's FM leadership

[03] Yilmaz calls talks with Mitsotakis'friendly, useful exchange'

[04] Papandreou to brief CoE on mission to Albania

[05] Albanian defence minister denies press reports citing border mobilisation

[06] Simitis to address Kallithea rally tonight

[07] First-ever Olympic medallists` conference held in ancient Olympia

[08] Imperial College forum on Lesvos

[09] Athens Book Fair begins

[10] Gov't notes doubts, objections to JAT embargo

[11] 'Spartathlon '98' commences on Friday

[12] Civil aviation employees' union declares strike actions

[13] Contract for Komotini power plant signed

[14] Seminar on implementation of environmental impact studies

[15] Liani-Papandreou: 'Too soon for me to decide whether to enter politics'

[16] Economic News

[01] Greece previews 340-billion-drachma state equity-convertible bond issue

LONDON, 22/9/1998 (ANA - L. Tsirigotakis)

The first part will be in euros and will have a duration of five years and the remainder will be in drachmas and have a duration of three years.

Mr. Christodoulakis said that these Greek state securities provide investors with specific advantages such as a tax-free yield, a 5 per cent discount, as well as priority in the purchase of shares. The issuing of this state-equity convertible bond is na turally linked to the privatisation programme which will be implemented by the Greek government.

"With the issuing of the state equity-convertible bond we are aiming at making our intention to go ahead with privatisations politically lucid and our second target is to provide the opportunity for a wide spectrum of investors, who are not familiar wit h the stock exchange and its processes, to enter the Stock Exchange with security," Mr. Christodoulakis said.

"This state equity-convertible bond is the most suitable 'paper' for whoever desires to preoccupy himself with the Stock Exchange with security and have the time to study the necessary details and gather the necessary information," he added.

The bonds, called Prometoha, will be convertible into the equity of firms to be privatised through the bourse from Jan. 1, 1999.

Handling the issue are National Bank of Greece, Eurobank and Paribas of France, an expert in equity-convertible privatisation bonds.

Book-building for domestic institutional investors will be held on Sept. 25- 29. The deadline for retail investors to subscribe to the public offer is Oct. 2.

Athens News Agency

[02] Kranidiotis concludes contacts with Libya's FM leadership

Athens, 22/9/1998 (ANA)

Talks focused on the situation in the Balkans and southeast Mediterranean, Greek-Turkish relations as well as the Cyprus problem.

In addition, Mr. Kranidiotis received assurances from Libyan officials that certain outstanding debts to Greek firms will be settled.

Apart from ways to cooperate on social security matters, both two sides agreed on the establishment of a sea route to link Piraeus with Benghazi.

Athens News Agency

[03] Yilmaz calls talks with Mitsotakis'friendly, useful exchange'

Athens, 22/9/1998 (ANA)

A dispatch from Istanbul later reported that the meeting lasted for approximately one hour and 45 minutes.

"We had a friendly and useful exchange of views on Greek-Turkish issues and the Cyprus problem," Mr. Yilmaz said after the talks.

"There were and there will be messages," he added, but declined to elaborate on the contents of the talks.

Mr. Mitsotakis, New Democracy party's honorary president, said: "We hade a friendly and most sincere exchange of views. The talks were useful and the question is for us to be able to find a way to reduce tension (between Greece and Turkey) and arrive at a solution in due time," Mr. Mitsotakis added, also refusing further details on the talks.

The high-ranking ND cadre was in Istanbul to attend the wedding of ND deputy Manolis Kefaloyiannis at the Ecumenical Patriarchate on Sunday.

Today, Mr. Mistotakis is scheduled to meet with Prime Minister Costas Simitis to brief him on the talks he had in Istanbul with Mr. Yilmaz. He has already briefed main opposition leader Costas Karamanlis and Cypriot President Glafcos Clerides, currenty in New York, during a telephone conversation.

On his part, government spokesman Dimitris Reppas said yesterday that Mr. Mitsotakis had communicated with PM Simitis prior to his departure.

Athens News Agency

[04] Papandreou to brief CoE on mission to Albania

STRASBOURG, 22/9/1998 (ANA - M. Psylos)

According to reports, Leni Fischer, the president of the Council of Europe's Parliamentary Assembly, said Mr. Papandreou would give the assembly more details on his trip to Tirana, where he represented the CoE.

The European delegation, sponsored by the CoE, the Organisation for Security and Cooperation in Europe (OSCE), the Western European Union (WEU) and the European Union, urged Albania's political leaders to find a peaceful solution to the country's turmoi l and issued a stern warning to opposition leader and former Albanian president Sali Berisha not to undermine stability in the country. Ms Fischer also called for self- restraint in Tirana, saying the Albanian crisis threatened the "fragile balance" in the

Balkans, especially given the tension in the Yugoslav province of Kosovo.

"We cannot accept violence in Albania, the country needs peace," she told reporters, adding that Albanian President Rexhep Mejdani was expected in Strasbourg on Thursday to speak before the assembly.

Athens News Agency

[05] Albanian defence minister denies press reports citing border mobilisation

Athens, 22/9/1998 (ANA)

"No such information is available," said Mr. Haidaraga, adding that "the situation in the border is normal."

The Albanian defense minister also stated that a joint Greek-Albanian military exercise will be held near the Kakavia border crossing on Sept. 24, as part of the NATO-sponsored Partnership for Peace (PfP) programme, whose subject will be forest fire-fig hting in border regions.

Finally, 12 jeeps were delivered yesterday to the Kastoria and Florina police departments by the Macedonia-Thrace ministry, a mo-ve aimed at improving patrols along Greece's borders with Albania.

Athens News Agency

[06] Simitis to address Kallithea rally tonight

Athens, 22/9/1998 (ANA)

Athens News Agency

[07] First-ever Olympic medallists` conference held in ancient Olympia

Athens, 22/9/1998 (ANA)

Sports Undersecretary Andreas Fouras announced the government's intention to support the effort for the creation of a world union for Olympic champions, with its permanent headquarters in ancient Olympia.

"As the country where the Games were born, we have also a special burden of responsibility towards our heritage. This is why, in the Athens 2004 bid, we pledged that we would organise a competition where the Olympic values of sport, culture and peace wi ll go hand in hand. The 2004 games will be an opportunity for athletes, visitors and spectators to get acquainted with the history of ancient Olympics, and with the contemporary culture and people of our country.

"I hope that it will also be an opportunity to re-establish the precious bond between sports excellence and Olympic values, that is the distinctive mark of the modern Olympic games, as against other worthy international competitions," Mr. Papandreou said.

Referring to the "Olympic Truce", Mr. Papandreou said it was a very remarkable initiative on which many hopes are based for the promotion of the significance of the Olympic message to the world of today, with the strengthening of the institution of the modern games and Olympic ideals and the parallel safeguarding of global respect for peace.

The conference, due to end tomorrow, was also addressed yesterday by the president of the Athens 2004 Olympic Games committee, Stratis Stratigis, and many Olympic medallists.

Athens News Agency

[08] Imperial College forum on Lesvos

Athens, 22/9/1998 (ANA)

The forum will explore the challenges for Europe in the next century in the sectors of education, engineering and commerce, as well as the opportunities emerging as a result of new technologies. Aegean Minister Elizabeth Papazoi will declare the forum o pen, which will begin in Athens with a reception at the British ambassador in Athens' residence.

Athens News Agency

[09] Athens Book Fair begins

Athens, 22/9/1998 (ANA)

Culture Minister Evangelos Venizelos used the opportunity to announce the opening of a new National Book Centre branch in Nicosia, as well as a permanent book exhibition.

Speeches during the first night were delivered by the president of the publisher-book sellers' association, Coalition of the Left and Progress leader Nikos Constantopoulos and main opposition ND deputy Prokopis Pavlopoulos.

Various cultural events will take place during the fair, which will last until Oct. 4.

Athens News Agency

[10] Gov't notes doubts, objections to JAT embargo

Athens, 22/9/1998 (ANA)

Athens News Agency

[11] 'Spartathlon '98' commences on Friday

Athens, 22/9/1998 (ANA)

The race begins on Friday at the foot of the Acropolis.

More than 190 athletes from 23 countries will have 36 hours to run the 246 kilometres to Sparta, southeastern Peloponnese, tracing the steps of the ancient Athenian courier Pheidippides, and running 1,200 metres up Mount Parthenio in the dead of night.

According to Herodotus' account of the Battle of Marathon, Pheidippides was sent to Sparta to ask for help when the Persians landed at Marathon. Herodotus says Pheidippides arrived in Sparta "the next day".

The idea for the Spartathlon came from John Foden, a British RAF wing commander who ran the course in 1982 with four RAF colleagues. The 1st International Spartathlon was organised in 1983 with the participation of 45 runners from 11 countries as well a s Greece.

Only about a third of the runners actually complete the course. Some 200 volunteers will be placed along the track to provide runners with refreshments.

Athens News Agency

[12] Civil aviation employees' union declares strike actions

Athens, 22/9/1998 (ANA)

According to OSYPA's leadership, two bills to be tabled in parliament anticipate the creation of an airport company and an aeronavigation company, on the one hand, and the creation of a general secretariat subject to the ministry on the other.

OSYPA President Alevizopoulos said that airports and the aviation service will have one share each which will be subject to the Greek state, but the heads of the two companies will have the possibility of providing 49 per cent for private citizens.

He added that OSYPA considers the bill unacceptable and warned the transport ministry that no discussion will be held on it.

In another development, trolley bus employees of the HLPAP company have called a work stoppage from 11 a.m. to 5 p.m. on Thursday, while electric train and green bus employees (HSAP) have called their own work stoppage from 11 a.m. to 4 p.m. on the same day, demanding that the existing labour regulation should stay as it is and a new bill on transport should be created.

Athens News Agency

[13] Contract for Komotini power plant signed

Athens, 22/9/1998 (ANA)

Ms Papandreou yesterday attended a signing ceremony by the firms (Swiss, Italian and Greek concerns) assigned the contract for the study and construction of the unit having a capacity of 492 megawatts. The unit will be built in an area covering 80 acres in Komotini's industrial sector and will use Russian natural gas as a fuel. The project's cost will exceed 80 billion drachmas and will be operational in the next three years.

The plant will receive 25 million cubic metres of water from the Gratini and Orato Rodopis dams for its operation. After being used, the water will be channelled to the Rodopi plain for irrigation purposes.

Ms Papandreou also laid the foundation stone for the SELMAN factory for "novopan" (an investment of 14.1 billion drachmas) and the Hellenic Petroleum S.A. group's plant for propylene film (an investment of 11.5 billion drachmas).

Athens News Agency

[14] Seminar on implementation of environmental impact studies

Athens, 22/9/1998 (ANA)

The meeting was attended by some 220 Greek public sector officials dealing with environmental issues and representing ministries and other public sector bodies.

The seminar was part of MOD's efforts to transfer know-how to agencies involved in the implementation in Greece of major projects under the second Community Support Framework.

A primary goal has been to speed up completion of such projects, often delayed by the inability to assess environmental impact.

Athens News Agency

[15] Liani-Papandreou: 'Too soon for me to decide whether to enter politics'

ISTANBUL, 22/9/1998 (ANA)

"The political situation in Greece is very bad," Ms Liani-Papandreou said, adding: "With regard to the economy, we are losing our ties with Europe."

In an interview headlined "I was unfaithful to my husband for the sake of Andreas," Ms Liani-Papandreou was reported to have said that her greatest complaint was 'loneliness'.

"I kept Andreas in life for another 10 years," read another headline of the interview, which quoted her as saying: "No one can replace Andreas Papandreou. No oneI"

Athens News Agency

[16] Economic News

Athens, 22/9/1998 (ANA)

The general index ended 4.22 percent down at 2,081.96 points, the lowest since April 3. Trading was moderate with turnover at 47.6 billion drachmas.

Sector indices suffered heavy losses across the board.

Banks dropped 4.36 percent, Insurance eased 1.84 percent, Investment fell 3.20 percent, Leasing was 1.70 percent off, Industrials plunged 4.19 percent, Construction ended 5.23 percent down, Miscellaneous ended 4.87 percent off and Holding fell 6.42 perc ent.

The parallel market index for small cap companies ended 2.59 percent lower, and the FTSE/ASE 20 blue-chip index finished 4.20 percent off at 1,256.20 points.

Broadly, decliners led advancers by 216 to 29 with another eight issues unchanged.

Levenderis, Hellenic Mills, Galis, Development Invest, Elve, Parnassos, Bitros, Aspis and Keranis scored the biggest percentage gains.

Klonatex, Alysida, Macedonia-Thrace Bank, Boutaris, Desmos, Alkar-Aemet and Etma suffered the heaviest losses hitting the daily 8.0 percent limit down.

National Bank of Greece ended at 38,450 drachmas, Ergobank at 23,285, Alpha Credit Bank at 21,110, Ionian Bank at 10,005, Hellenic Telecoms at 6,550, Delta Dairy at 3,070, Intracom at 10,995, Hellenic Petroleum at 2,550 and Titan Cement at 17,980 drachmas.

One in three firms in tourist areas guilty of tax evasion - ministry: One in three companies in the country's tourist areas are tax evaders, the country's financial crimes squad said yesterday.

A report released by the finance ministry department said that of a total of 10,737 inspections in 8,953 companies made in August, 3,760 cases of tax evasion were found, or violations by 3,557 firms.

The rate of violation of tax law varied by category, the report said.

Evasion in large enterprises was 58.4 percent, followed by the self- employed (doctors, lawyers etc) at 56.3 percent, hotels at 47.16 percent, tourism enterprises at 45.5 percent, places of entertainment at 35.23 percent and fuel companies at 33.3 percent.

New dam, reservoir launched in northern Greece: Development Minister Vasso Papandreou yesterday inaugurated a new dam and reservoir linked to a hydroelectric station near Drama.

The dam and reservoir at Platanovrissi as well as the hydroelectric project on the Nestos River comply with environmental protection rules, Ms Papandreou said.

The 95-metre high dam is capable of retaining 450,000 cubic metres of water at the station, which has two units totalling 100 megawatts for the production of 240 gigawatts of energy annually.

Its design is considered to be pioneering as flying ash from thermo- electric stations in Ptolemaida have been used as one of the raw materials in the composition of ready mix concrete used in its construction.

Use of the flying ash is economical and environmentally sound.

Specialists hope that flying ash from lignite stations will be more more widely used in major infrastructure projects.

Ms Papandreou said that northern Greece was becoming the focal point of energy highways from East and West.

She also said that the Public Power Corporation would have to adapt to the loss of its monopoly in coming years and become competitive in order to survive competition from private electricity producers.

Conference begins on improving quality in domestic tourism: Improving the quality of tourist services in Greece is the theme of a two-day international conference that began at the Astir Vouliagmeni hotel near Athens yesterday.

The conference is part of a development ministry campaign naming 1998 as Quality Year in order to help strengthen the competitiveness of domestic enterprises ahead of World Tourism Day on September 29.

The outgoing secretary general of the Greek National Tourism Organisation (GNTO), Nikos Skoulas, said that the state agency had adopted a demand- driven strategy, part of which aimed at attracting fewer, but wealthier, foreign tourists.

This would enable Greek tourism enterprises to raise their prices, Mr. Skoulas said.

He also announced that in about 10 days GNTO would present its final proposals on switching to an international system of stars denoting the standard of hotels, replacing the categories currently in use.

GNTO's newly appointed secretary-general, Mihalis Kyriakidis, stressed that consumers had a right to expect quality, which producers were obliged to provide.

Otherwise, the country's tourism sector would be unable to cope with globalisation of the industry, and resulting fierce competition, Mr. Kyriakidis said.

Delegates attending the conference from the private sector strongly criticised the government's lack of strategy in tourism in the last 30 years and a resulting emphasis on quantity, not quality.

Tegopoulos reduces stake in listed Teletypos: C.K Tegopoulos Publishing SA, whose publications include the daily Eleftherotypia newspaper, has reduced its stake in listed Teletypos SA to less than 10 percent.

Tegopoulos sold the shares through the Athens Stock Exchange on September 15.

Teletypos owns the private Mega television station.

Ministry explains EU funding package via Internet: The national economy ministry yesterday launched a campaign via Internet to give the public access to information on the European Union's Community Support Framework (CSF) funds.

The ministry outlines how the CSF was designed, what it means for Greece and how it is being applied, how the package of funds will change the face of the country, and its role in improving the quality of everyday life in Greece.

The page's Internet address is http://www.mne.gr, where CSF is described as the country's largest development programme.

Xiosbank announces weekly deposit rates: Private Xiosbank, which is listed on the Athens bourse, announced that the rate on its Alma deposit account for the week was 10.47 percent on an annualised basis, effective yesterday.

Interest on the account is paid monthly, Xiosbank said in a statement. The base rate for business loans this week remains unchanged at 18.5 percent, the statement said.

Greece's Citibank announces new forex loan account rates: Greece's Citibank announced its weekly rates on foreign currency loan accounts, effective yesterday.

The rates are as follows:

• US dollar, 8.75 pct
• Japanese yen, 3.67 pct
• German mark, 6.72 pct
• Ecu, 7.39 pct
• Dutch guilder, 6.62 pct
• French franc, 6.78 pct
• Pound sterling, 10.67 pct
• Swiss franc, 4.72 pct
• Belgian franc, 6.81 pct
• Italian lira, 8.24 pct

The bank's base loan rates remain unchanged from last week.

Athens News Agency

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