Athens News Agency: Daily News Bulletin in English, 98-11-12

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

CONTENTS

[01] Greece unveils 1999 budget,key to EMU entry

[02] Massive students' march through central Athens

[03] Army's commander picked as new national defence general staff chief

[04] Pangalos again requests repayment of forced occupation loan

[05] FM addresses event on human rights

[06] Cyprus' EU accession the focus of Parliament committee's discussion

[07] Medecins sans Frontieres estimates illegal immigrants in Greece at 800, 000

[08] US-based group calls for restoration of Greek as official Olympic Games language

[09] Event on 2004 Olympics

[10] 'Britain and Greece' festival begins on Friday

[11] Spyridon to petition US officials over Halki

[12] Greek, Cypriot firms at Romanian trade exhibition

[13] Mercouri Foundation's 'A Stage for Dionysos' exhibition heads for London

[14] Panafon seeks to join Athens, London bourses this month

[15] Greek stocks slip in lacklustre trade

[16] Forum on capital markets and the euro in Money Show '98

[17] Domestic footwear industry in decline

[18] Spata consortium says project ready by 40 per cent

[19] EU's economic climate indicator declines in Aug.-Sept.

[20] METKA responds to buy-out rumours

[01] Greece unveils 1999 budget,key to EMU entry

Athens 12/11/1998 (ANA)

Prime Minister Costas Simitis and the Cabinet endorsed the budget, sending it to Parliament for debate and a vote towards the end of December.

National Economy and Finance Minister Yiannos Papantoniou, the budget's main architect, told a news conference that public sector workers will receive a 2.0 per cent pay rise next year.

He also appealed to bankers to adjust in time to new European realities in order to survive in the 'euro zone', as well as to business leaders to contribute to efforts for a reduction in the inflation rate through a freeze on prices, the trimming of profits and new investments.

"The time has come for them to show their patriotism and how much they love the country," he said.

The budget contains cuts in indirect taxes already ordered by the government on petrol, heating oil and cars, as well as a reduction in Value Added Tax (VAT) on electricity consumption to 8.0 per cent from 18 per cent.

The measures, aimed at helping to lower inflation ahead of EMU entry, are expected to cost the government around 170 billion drachmas in revenues. The cuts will benefit low and middle wage earners, the minister said.

No new taxes are contained in the budget as pledged by the government, and existing taxes will remain at the same levels.

The budget envisages a 6.1 per cent increase in revenue to 10.030 trillion drachmas; a 4.5 per cent rise in spending to 11.050 trillion drachmas; and an 8.9 per cent decline in borrowing needs to 1.020 trillion drachmas.

In addition, it contains a 17.6 per cent increase in public investments to 1.135 trillion drachmas; and a 7.4 percent rise in debt repayment to 3.731 trillion drachmas.

Gross deficit (borrowing needs and debt repayment) is forecast at 5.886 trillion drachmas, or 5.9 per cent of gross domestic product (GDP); interest payments at 3.350 trillion drachmas, or 2.4 per cent of GDP; and the central government deficit at 1.535 trillion drachmas.

The budget also sets a 1999 target for GDP of 37.917 trillion drachmas at current prices.

Replying to reporters' questions, Mr. Papantoniou said that public utilities will freeze their rates next year, also hinting that state-run Hellenic Telecommunications Organisation (OTE) may reduce rates. However, he rejected the need for further econom ic measures in 1999, saying the budget's safety margins were adequate to meet contingencies.

Mr. Papantoniou again called on business to aid the government's drive to reduce consumer price inflation. Some firms have already lowered or contained prices.

He reiterated that the finance ministry would carry out its stringent tax inspections unabated, focusing on the wealthy.

Finally, the minister announced that the tax system would be overhauled in 2000.

Central bank governor sees inflation below 2.0% at end-1999 : Consumer price inflation will fall below 2.0 per cent at the end of 1999, posting a 2.4 percent average for that year against an estimated 4.7 per cent at the end of 1998, central bank governor Lucas Papademos said yesterday.

Speaking in Lisbon, Mr. Papademos said the central bank would pursue a conservative monetary policy in 1999 in order to help lower inflation and attain convergence targets with the country's European Union partners.

Aiding the drive to bring down inflation would be the containment of unit labour costs resulting from the government's tight incomes policy, he said.

In addition, progress in fiscal revitalisation would allow yields from state securities to meet EU alignment criteria for economic and monetary union.

However, the rate of increase of GDP growth would decline in 1999 to total 2.5 per cent against 3.0 per cent this year, Mr. Papademos said.

EU funds to Greece expected to rise in 1999 : In addition,the 1999 budget envisages a rise in inflows to Greece from the European Union in order to finance projects.

The funding is estimated at 2,304 billion drachmas from 1,906 billion this year, marking a 21 per cent increase.

A rise is expected mainly in structural funds, which are to total 1,046 billion next year, and in the cohesion fund, totalling 221 billion drachmas.

The increase is linked to revision of the Second Community Support Framework and to the fact that structural funds will jump due to the timescale for projects and commitments made to implement them.

At the same time, Greece's national contribution to the EU will rise slightly to 435 billion drachmas from 430 billion in 1998.

Furthermore, Public Investments Programme (PIP) payments will increase 17.1 per cent in 1999 compared to 1998. According to the new budget, the total PIP payments in 1999 will amount in current prices to 2,195 billion drachmas as against 1,875 billion drachmas.

In presenting the new budget, Mr. Papantoniou said the PIP is the government's basic means for development policy with emphasis being placed on infrastructures, health, education, vocational education and training and environmental protection. Strengthe ning employment emanating from new investments, both public and private, which will be financed by the PIP in 1999 is a primary pursuit.

Opposition : Opposition parties focused criticism on the new budget on what they mainly referred to as its "ineffectiveness", stressing that it would not bring the country closer to EMU, and that it is anti-popular.

The main oppostion New Democracy said it was a budget of "accounting exercises on the back of tax-payers."

ND press spokesman Aris Spiliotopoulos noted that the country's EMU accession, even with a two-year delay in 2001, will depend on the successful execution of the 1999 budget. He added that the new budget certified a waste of funds and the "state's disin tegration".

He further charged that the new budget did not eventually serve the EMU objective, as it did not facilitate a proper and real restructuring of the public sector, therefore veering away from real economic convergence and towards only a nominal convergence.

"It is a bogus budget..." Mr. Spiliotopoulos said.

"ND believes in EMU and in the need for the country's equal participation in it, but this would have to be achieved through structural changes, courageous privatisations, public spending cuts and restructuring of public administration," he underlined.

The Communist Party of Greece (KKE) described the 1999 budget as "deeply class-based", adding that "it makes the poor poorer", and that it was aimed "against working people, pensioners, small-to-medium sized enterprises and farmers."

KKE further criticised the budget featuring drastic cuts in social spending and of undermining education and social welfare.

Coalition of the Left and Progress (Synaspismos) deputy Yiannis Dragasakis criticised the new budget as "a budget of income austerity, overtaxation and the extensive liquidation of public enterprises."

Desired nominal convergence, according to Synaspismos, was to be effected at the expense of social cohesion and social convergence.

On his part, Democratic Social Movement (DHKKI) leader Dimitris Tsovolas said the new budget is aimlessly targeted at an improvement of figures, although it ignores people and the country's economic development. He also forecast that Maastricht criteria could not be met through a budget that disorganises the country's production processes, and reduces economic activity while increasing unemployment.

Finally, Political Spring leader (Pol.An) Antonis Samaras, whose party is not represented in Parliament, said he viewed the 1999 state budget as a declaration of harsher austerity.

On his part, Parliament President Apostolos Kaklamanis announced that debate on the budget will open at a relevant committee on Nov. 24, while it will be examined by Parliament's plenum from Dec. 17 through to 21.

GSEE to strike : The General Confederation of Workers of Greece (GSEE), which represents nearly a million workers in the private and public sectors, has already threatened strikes during the budget's parliamentary debate if workers' demands for higher pay and unemployment benefit are not met.

Pensioners are to hold protest rallies in major towns and cities around the country on Nov. 24.

Tax evasion : In a separate development, the finance ministry yesterday issued a list of companies charged with tax violations and evasion in 1997 from all prefectures throughout the country, sans Attica - with amounts ranging between 34 million and 4.15 billion drachmas. Two firms owed more than three billion; four exceeded the amount of two billion drachmas and two over the one-billion-drachmas mark.

Athens News Agency

[02] Massive students' march through central Athens

Athens 12/11/1998 (ANA)

The students - from both secondary schools and universities - and teachers are protesting a number of education ministry reforms to the structure of secondary, tertiary and further education.

Also a focus for discontent among university students are moves to lift university sanctuary and allow police and authorities access to university grounds.

Police reported some minor scuffles among protestors during the march from the entrance to Athens University to the education ministry.

Similar marches were held in other major Greek cities.

Police later reported that they had arrested one student after a number of protesters threw rocks, coins and bottles at the ministry building.

Three luxury cars parked outside the Grande Bretagne Hotel on Syntagma Square were damaged by stones thrown by protestors and others tried to set fire to another but were stopped by police.

Education Minister Gerasimos Arsenis told a Cabinet meeting earlier yesterday that the protests were unjustified and motivated by political point-scoring and by those in the private education sector who stood to lose through the ministry's reforms, gove rnment spokesman Dimitris Reppas said later.

Mr. Reppas said that there appeared to be a communication breakdown in relation to the details of the ministry's reforms. He admitted that there were some problems, such as a lack of textbooks, not enough teaching staff and too many students in some schools.

He said that an increase in the number of enrolments at private coaching schools or frontistiria was a temporary phenomenon and the trend would reverse once the ministry's reforms were in place.

Students and teachers are demanding the withdrawal of the proposed law, that elective study programmes not be implemented, prevention of combined classes in elementary education, placement of educators in vacant positions and the immediate coverage of e ducation needs, especially textbooks.

On his part, ND spokesman Aris Spiliotopoulos condemned what he called "acts of violence" during yesterday's students' rallies and march toward the education ministry.

In later reports, Panteios University's administration offices were taken over by students in the evening.

Athens News Agency

[03] Army's commander picked as new national defence general staff chief

Athens 12/11/1998 (ANA)

He is replacing Gen. Athanasios Tzoganis, who will retire with the title of honorary chief of the general staff, after completing the longest permissible term in at the post. National Defence Minister Akis Tsohatzopoulos said Gen. Tzoganis had made a substantial contribution to the efficient functioning of the armed forces.

Lt.-Gen. Paragioudakis will officially assume his new duties on Feb. 15.

The Government Council for Foreign Affairs and Defence (KYSEA) will previously appoint new service chiefs on Jan. 18 in accordance with legislation in force.

Athens News Agency

[04] Pangalos again requests repayment of forced occupation loan

Athens 12/11/1998 (ANA)

Speaking during the presentation of the foreign ministry's publication "Documents on the History of Greek Jews" yesterday, Mr. Pangalos said the new government of Gerhard Schroeder should return the loan as well as grant compensation to Greek victims of the Nazis who have filed suit for such in court.

"Germany has not returned to Greece the amount from the compulsory loan it contracted during the course of the war and the issue remains open," Mr. Pangalos said. "I hope with the change in the German government the issue of the return of the loan will be examined favourably".

The book launch yesterday was attended by Archbishop of Athens and All Greece Christodoulos, Parliament President Apostolos Kaklamanis and many university professors.

Bonn has to date refused to consider that Greece has any case in claiming payment of the loan, which Pangalos earlier last year estimated would total $US 10 billion. Bonn has also refused to honour Greek court decisions on paying reparations to Greeks who lost family members or suffered during the occupation.

"Documents on the history of the Greek Jews", which is published in English, is the result of an extensive reorganisation of the foreign ministry's archives, led by historian and director of the ministry's archives Foteini Constantopoulou, who is the wife of Coalition of the Left and Progress leader Nikos Constantopoulos.

The book is based on 159 of the ministry's various files relating to the rich cultural, economic and political activities of Greek Jews and to their suffering during the Jewish Holocaust of WWII and the Nazi occupation.

The Greek Jews who bore the brunt of the Nazi occupation in Greece were the Sephardic Jews in Thessaloniki. About 50,000 of Thessaloniki's Jews, the largest Jewish community in Greece at the time, were transported in 19 operations by the Nazis to the Au schwitz and Birkenau concentration camps between March and August 1943. Only 1,600 survived.

Athens News Agency

[05] FM addresses event on human rights

Athens 12/11/1998 (ANA)

He noted that over the past few decades the world experienced a degradation of human rights, and noted that participation in international campaigns was necessary in order to deal with racism and all kinds of tortures and genocides.

Althought the Universal UN Declaration covers a wide spectrum of rights, Mr. Pangalos said that respect for human rights was in some cases non- existent or selective.

He further cited a national committee for human rights, whose main task was to inform public opinion on related issues, while stressing that respect for human rights is a basic precondition when referring to the European Union.

Athens News Agency

[06] Cyprus' EU accession the focus of Parliament committee's discussion

Athens 12/11/1998 (ANA)

Alternate Foreign Minister George Papandreou said that the accession process for Cyprus started on an upbeat tone on Tuesday, adding that the statement by the four countries constituted skirmishes which have not stopped the process of Cyprus' accession not even for a minute.

"Statements by certain countries might be nice, but they are mere statements," he said.

Mr. Papandreou said that no European body has changed its statement and that Cyprus is the first country due for accession. He said that it was proved from Tuesday's discussions that Cyprus covers five out of the six chapters necessary for its accession , with Hungary coming second with four.

"By raising a political solution as a precondition for Cyprus' accession, the island is becoming the victim of the Turks for the second time and indeed at a time when 98 per cent of Turkish Cypriots desire accession to the European Union," he said.

Mr. Papandreou said that for the accession process to stop all 15 member- states must decide unanimously and made the assessment that enlargement will take place in 2004.

He added that if the accession of Cyprus is blocked for political reasons then it is "doubtful" whether there will be a Greek Parliament which will ratify an enlargement of the EU without Cyprus.

Radio interview : NICOSIA (ANA/CNA) - In an interview with Cyprus state radio (CyBC) yesterday, Mr. Papandreou reiterated that if the EU does not accept Cyprus as a member because of the Cyprus problem, the Greek Parliament would not ratify the accession of the other five candidate countries that have also begun accession talks.

He pointed out that obstacles placed by some EU members do not facilitate efforts for a settlement here.

Mr. Papandreou said the start of substantive negotiations "proves that Cyprus is moving forward", but pointed out that "this does not mean we will not have to face similar obstacles in the future."

"If the accession negotiations prove that Cyprus is ready for membership and the only reason they do not accept her is because the Cyprus problem is not settled, then it is certain that the Greek Parliament would not be able to ratify the accession of the other countries because this would be unfair and unacceptable," he added.

He also underlined that his country "has made it clear to all that this negotiating tactic does not facilitate efforts for a settlement to the Cyprus issue."

He also said that the momentum created by Cyprus' EU accession course should not be lost as it backs efforts towards a solution.

Asked if he believes the statement was issued in a bid to press Greece to accept EU funding to Turkey, Papandreou said "it is very possible, even though they have not put it forward in this sense."

Athens News Agency

[07] Medecins sans Frontieres estimates illegal immigrants in Greece at 800, 000

Athens 12/11/1998 (ANA)

The group initiated medical and social support for illegal immigrants in Greece two years ago, and in that time said it treated some 4,500 persons - 65 per cent of which were new arrivals.

According to statistics released, illegal immigrants in Greece are estimated at around 800,000, of which 500,000 live in Athens, Thessaloniki and other major urban areas.

As expected, the report noted that illegal immigrants are uninsured, socially disenfranchised, without medical coverage, financially weaker and mostly a polulation "in danger".

A large number of those who visited the group's medical facilities are illegals who do not reside in Athens, mainly seasonal workers and Kurds in transit to other countries, as well as Albanians returning to their country freely or through deportation.

Medecins sans Frontieres representatives said that 19 per cent of the patients they treated were Albanians; 13 per cent were Bulgarians; 12 per cent Romanians; 12 per cent Iraqis; 4 per cent Moldovans; and 3 per cent were Nigerians, while the remaining 21 per cent are divided among several nationalities.

The group reported that treated patients represented a total of 70 countries.

Athens News Agency

[08] US-based group calls for restoration of Greek as official Olympic Games language

Athens 12/11/1998 (ANA)

In a press release, the group says that "whereas the Olympic Games originated in Hellas (Greece) over 2,700 years ago; and whereas the modern Olympic Games were taken from the land of Hellas and the Hellenic poeple by members of the European aristocracy in the late 19th century and given an official language other than Hellenic, therefore, be it resolved that Hellenic Action Inc. (HAJ) places itself on record as demanding that this historical wrong surrounding the Olympic Games be corrected..."

Athens News Agency

[09] Event on 2004 Olympics

Athens 12/11/1998 (ANA)

The congress was organised as a briefing on Olympic Games planning, focusing on elements that compose the general picture of the event, such as the Games' logo, the torch, medals, posters, area decorations etc.

The president of "Athens 2004" committee, Costas Bakouris, said that "this is the first Olympic congress of its kind and it will direct the process for defining the identity of the 2004 Olympics."

Athens News Agency

[10] 'Britain and Greece' festival begins on Friday

Athens 12/11/1998 (ANA)

The festival, organised by the British embassy in Athens, will last through Dec. 5 with a number of cultural and trade events.

Athens News Agency

[11] Spyridon to petition US officials over Halki

Athens 12/11/1998 (ANA)

Spyridon will also visit the US State Department, where he will meet with government officials to brief them on recent developments on the issue.

The Archbishop will stress the need for immediate and effective pressure by Washington on the Turkish side for the revocation of its decision to abolish the academy's supervisory board and the immediate resumption of its operation.

Athens News Agency Athens 12/11/1998 (ANA)

A young deer was shot by unknown persons yesterday in an enclosure at the Profitis Ilias site, near Philippi, Kavala which belongs to a local doctor who plans to create a wildlife habitat and zoo in the area.

It is believed that the one-year-old deer, which was very tame, approached the "hunters" as soon as it saw them at the fence. The animal was shot in the leg and head and died shortly afterwards despite efforts by an employee of the doctor to help the young deer.

Dr. Georgios Kerasidis said he had obtained the deer, together with its twin brother, from an animal lover and was keeping it in the enclosure until the zoo he is planning on a large piece of land.

Police are conducting an investigation into the incident.

Athens News Agency

[12] Greek, Cypriot firms at Romanian trade exhibition

Athens 12/11/1998 (ANA)

Products to be exhibited during the event, which opened yesterday and will last until Saturday, include liquor brands and foodstuffs, clothing, electrical appliances, construction materials and the provision of financial services.

Athens News Agency

[13] Mercouri Foundation's 'A Stage for Dionysos' exhibition heads for London

Athens 12/11/1998 (ANA)

The exhibition will open on Wendesday and will last until the end of April. It features a photographic collection, lithographies, mock-ups and videotaped performances of ancient drama, while other information will be available in multimedia.

The exhibition is also organised under the auspices of the Greek culture ministry and the Council of Europe.

The London stop follows a showing in Syracuse, Sicily.

Athens News Agency

[14] Panafon seeks to join Athens, London bourses this month

Athens 12/11/1998 (ANA)

The share price in Panafon's initial public offer (IPO) is estimated by company officials at 4,400-4,800 drachmas, valuing the firm at 1.250-1.500 trillion drachmas. The IPO range will be announced shortly.

The main shareholders of Panafon, which was founded in 1992, are Vodafone Europe Holdings B.V. of the UK with a 55 percent stake; France Telecom Mobiles International with 35 percent (to fall to 20 percent following the company's flotation); and Greece' s Intracom with 10 percent.

Panafon is the first company to make use of a new legal framework for the domestic stock exchange that allows a company to launch an IPO on the main market without a share capital increase.

Instead, the IPO will be accomplished through the flotation of 15 percent of common shares held by France Telecom Mobiles International.

Panafon is to offer 33,312,500 shares with a nominal price of 100 drachmas each in a combined sale at home and abroad.

Seventy percent of shares in the IPO will be sold to foreign institutional investors, and in the form of Global Depository Shares (GDS) on the London Stock Exchange.

The remaining 30 percent is destined for a domestic IPO, and a private placement among Panafon's staff and commercial partners.

Alpha Credit Bank and National Bank of Greece will act as coordinators and underwriters for the IPO.

Panafon has already invested 160 billion drachmas in the mobile phone market, including the cost of its operating permit. It is one of the biggest post-war private investments in Greece, company officials said.

The company's investment programme for the next two years is estimated at 80 billion drachmas.

According to company officials, Panafon's share in the domestic mobile telephone market was 56.4 percent at the end of September, covering 16 percent of the market.

The firm has one million subscribers, whose number has doubled over the past year.

Its retail network includes Panavox, which is wholly owned by Panafon; Radio Korasidis Telecom, in which it has a 30 percent stake; Unifon, in which it is acquiring a stake; Viafon and Citicom.

Panafon's software export markets include Egypt, Slovakia, the Netherlands and the UK.

Athens News Agency

[15] Greek stocks slip in lacklustre trade

Athens 12/11/1998 (ANA)

The general index ended 0.29 percent off at 2,246.85 points. Turnover was down at 37.9 billion drachmas on 10,298,000 shares traded.

Posting gains were small and medium cap stocks mostly in the metallurgical sector.

Sector indices finished mixed.

Banks fell 0.66 percent, Insurance dropped 1.45 percent, Investment rose 0.67 percent, Leasing ended 1.54 percent off, Industrials increased 0.25 percent, Construction eased 1.48 percent, Miscellaneous fell 0.48 percent and Holding dropped 0.74 percent.

The parallel market index for small cap companies ended 0.95 percent up reflecting a switch to smaller capitalisation stocks from blue chips.

Broadly, decliners led advancers by 129 to 116 with another 18 issues unchanged.

Lambrakis Press Organisation, Hellenic Telecommunications Organisation, Ideal and Hellenic Petroleum were the most heavily traded stocks.

Xifias, Shelman, Lambropoulos, Ridenco, Folli Follie, Alco, Dimitriadis, Bitros, Babyland and Alumil scored the biggest percentage gains hitting the daily 8.0 percent limit up.

General Warehouses, Intertyp, Corfil, Development Invest, Nematemboriki, Allatini, Lampsa, Kyriakoulis Yachts and Britannia suffered the heaviest losses.

National Bank of Greece ended at 42,300 drachmas, Ergobank at 25,860, Alpha Credit Bank at 23,450, Ionian Bank at 12,050, Hellenic Telecommunications Organisation at 6,350, Delta Dairy 3,550, Intracom at 13,080, Titan Cement at 17,570, Hellenic Petroleum at 2,415 and Minoan Lines at 6,105 drachmas.

Athens News Agency

[16] Forum on capital markets and the euro in Money Show '98

Athens 12/11/1998 (ANA)

The symposium, organised by Reuters news agency, includes guest speakers from the finance ministry, Hellenic Banking Association, National Bank of Greece, ABN Amro Bank, and Sigma Securities.

Athens News Agency

[17] Domestic footwear industry in decline

Athens 12/11/1998 (ANA)

George Christakis, president of the Association of Footwear Manufacturers of Northern Greece, told a news conference yesterday that the sector's regular customers were the Balkan countries and Russia, whose financial crisis would have an adverse impact on Greek exports.

"The good news for the sector's estimated 700 manufacturers is that the quality of Greek shoes remains high as shown by the fact that Greek footwear accounts for 80 percent of the quality market at home," Mr. Christakis said.

He noted that Greeks were buying fewer shoes than in the past. "Ten years ago a Greek consumer was buying an average three pairs of shoes annually but today only two".

Mr. Christakis was speaking in Thessaloniki ahead of a trade fair for footwear, leather goods and shoe manufacturing materials and equipment to be held on November 14-16 at Helexpo's installations.

Athens News Agency

[18] Spata consortium says project ready by 40 per cent

MONTREAL 12/11/1998 (ANA - I.Frangouli)

The official, interviewed on a local radio programme for expatriate Greeks, said the main building is 48 per cent ready, a firefighting facility by 60 per cent, while work aimed at shaping the area has been almost completed to enable the project to be delivered in 2001.

He further said that environmental dangers were many both during the airport's construction and operation, but serious studies had been made to prevent atmospheric pollution and pollution of water resources.

Athens News Agency

[19] EU's economic climate indicator declines in Aug.-Sept.

BRUSSELS 12/11/1998 (ANA - G. Daratos)

According to the survey, and despite the overall decrease in the confidence indicator in the EU's industry, the indicator shows relative stability in certain member-states in September, including Greece. The other EU countries where the confidence indic ator in industrial production aappears stabilised is Germany, Spain, the Netherlands, Portugal and Britain.

The confidence indicator in the building sector was "4" in Greece in September (it decreased compared to August when it was "10", in July "14" and in June "22"), while in the EU it was "-12".

The consumer's confidence indicator in Greece in the same month was slightly worse with "-27" (in July and August it was "-25"), while the EU average for the month was "-5". The indicator for share price fluctuations was "1280.7" in Greece in September ("1525.2" in August and "1587.5" in July), while the EU average was "430.6".

The general economic climate indicator in Greece was "100.2" ("100.8" in August and "100.9" in July) with the EU average amounting to "104.2" in the same month.

Athens News Agency

[20] METKA responds to buy-out rumours

Athens 12/11/1998 (ANA)

"It is true that negotiations are taking place for the transfer from the shareholder and board president of METKA, Alexandros Koukolis, of a considerable package of METKA shares to Mytilineos S.A.," the letter read, adding that "no finalised agreement h as been achieved nor is there a specific timetable for the conclusion of agreements."

Mytilineos made a relevant announcement on Tuesday and stressed that the company "does not have control of METKA S.A."

Athens News Agency

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