Athens News Agency: Daily News Bulletin in English, 98-11-14

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

CONTENTS

[01] Bonds jump in robust turnover

[02] Rangebound trade and lower turnover in last week's trade

[03] Drachma ended the week high in the domestic foreign currency market

[04] Vartholomeos, Stephanopoulos in Venice for ethnic Greek community's celebration

[05] Spyridon contacts with US officials over Halki

[06] Patriarchate to refer Halki issue to courts

[07] Our Europe' two-day event in Athens

[08] Kaklamanis in Cyprus

[09] Lt-Gen. Paragioudakis in US

[10] Avramopoulos stresses local gov't role at Sofia conference

[11] Albania's Majko continues official visit

[12] Gov't Reaction

[13] Reppas-Burns meeting

[14] Greek athlete shines at weightlifting championships

[15] 39th Thessaloniki Film Festival opens

[16] Police deny latest press reports on Ben Needham sighting

[17] Gov't criticises FYROM news agency's attempt to appropriate name

[18] Delta, Chipita form alliance in southeast Europe

[19] Silver & Baryte reports 68 pct profit, sales jump Jan-Sept

[20] Greek stocks edge up, finish sharply off the day's highs

[21] Diplomatic, business delegation tours western Macedonia

[22] Mytilineos' plans for METKA unveiled

[23] Synaspismos MP tables question on low Greek social expenditures

[24] Gov't lauds expected benefits of second CSF

[25] Unpaid bills of exchange, bounced cheques fall in number, rise in value last month

[26] Athens Foreign Exchange

[01] Bonds jump in robust turnover

Traders said they expected the rate to fall on the fixed-income bonds slated for auction in line with that on a 10-year bond auctioned last week.

Yesterday's turnover was 23 billion drachmas of electronic trade, with trade outside the system believed to be double the figure, dealers said.

Aiding the bond market is a drive by monetary authorities to attract major players abroad into the domestic market ahead of Greece's entry into European economic and monetary union, planned by January 1, 2001.

According to sources, the national economy ministry and state-run National Bank of Greece are briefing foreign investment houses, including J.P. Morgan, on the merits of domestic securities.

Also fuelling sentiment are reports that Standard and Poors of the US are likely to upgrade Greece's credit rating.

[02] Rangebound trade and lower turnover in last week's trade

Traders said the market had easily absorbed supply at its current level of 2,250-2,300 points, building a solid support base to move higher in the future.

Traders are waiting to see if the Bank of Greece lowers its intervention rate on Wednesday, a move that would help to bring down interbank rates, and then commercial bank rates for customers.

The cut may spark a new rally in prices on the bourse, traders said.

The general index ended the week 21.48 points, or 0.95 percent down, to show a 51.0 percent gain from the beginning of the year.

However, the market remains 20.9 percent off its record peak on July 21.

The week's turnover totalled 207.5 billion drachmas, to post a daily average of 41.5 billion, down from 60.2 billion drachmas the previous week.

Foreign participation in the market remained subdued with activity focused on portfolio restructuring ahead of the end of the year.

Analysts expect an influx of foreign capital into the market in the first quarter of 1999 if the economy continues to move towards convergence targets with the rest of the European Union.

The highlight of the week was a turn by investors to small and medium capitalisation shares.

The Leasing sector ended 4.41 percent higher on the week, while Construction suffered the heaviest losses, shedding 4.76 percent.

[03] Drachma ended the week high in the domestic foreign currency market

At the central bank's daily fix the Ecu was set at 332.190 drachmas, the mark at 168.610 drachmas and the US dollar at 284.900 drachmas.

The drachma was 6.9 percent higher than its central parity to the Ecu in the European Union's exchange rate mechanism.

In the domestic money market, the overnight rate was around 12.7 percent and the rate on one-month deposits was 12.2 percent. One-month depos dropped to 11.0 percent.

Athens News Agency

[04] Vartholomeos, Stephanopoulos in Venice for ethnic Greek community's celebration

The President of the Republic Kostis Stephanopoulos, Alternate Foreign Minister George Papandreou and Education Minister Gerasimos Arsenis will participate in the events celebrating the 500th anniversary of the founding of the Cathedral of Agios Georgios, which marked the official presence of Greek expatria tes in the Doge's city.

The Patriarch and Mr. Stephanopoulos visited the Institute of Byzantine and post-Byzantine studies, the Cathedral and the Agios Georgios monastery, which is undergoing extensive renovations.

During the visit, the Patriarch unveiled a plaque at the Cathedral commemorating the Archbishops of Philadelphia, the Greek community and the Bishopry of Italy, while the Greek president unveiled a plaque marking the anniversary.

Today, the visiting dignitaries are expected to meet with Venice Mayor Massimo Cacciari, while later they were scheduled to visit the Markian Library.

Finally, the Greek community of Trieste will host a dinner for the Greek delegation.

Athens News Agency

[05] Spyridon contacts with US officials over Halki

The Archbishop was accompanied by a delegation of ecclesiastical officials.

During a lengthy meeting between the Archbishop and White House Chief of Staff John Podesta, discussion focused of the immediate situation surrounding the Halki issue and steps the US administration has taken to alleviate the crisis.

At a subsequent meeting with Assistant Secretary of State Marc Grossman, a former US ambassador to Turkey, Archbishop Spyridon stressed his particular concerns over what the dissmisal of the supervisory commitee (board of trustees) signaled for the futu re of the Ecumenical Patriarchate and Greek Othodoxy in Turkey.

He emphasized the importance of the Halki academy, noting that its graduates serve around the world in leadership capacities for the Orthodox Church, while he also underlined the broader concerns over implications for religious freedoms for all minoriti es in Turkey.

Mr. Grossman restated that the policy of the US and his personal desire was to see the Halki school reopened.

Athens News Agency

[06] Patriarchate to refer Halki issue to courts

Ecumenical Patriarch Vartholomeos also said he will visit Ankara to stress to Turkish leadership the seriousness of the problem caused by the decision, taken by Turkey's non-profit institutions general directorate.

Vartholomeos, answering questions for a Turkish television station at Istanbul airport just prior to travelling for Venice, also said that the Patriarchate's synod convened last Tuesday and examined the issue in depth.

Last Sunday, Vartholomeos strongly criticised Turkish authorities over the ethnic Greek minority's human rights and freedoms in Istanbul. The Patriarch left Istanbul for Venice where he is to participate at three-day events for the 500th anniversary sin ce the founding of a Greek community in the canal city, after the fall of Constantinople to the Ottomans.

Athens News Agency

[07] Our Europe' two-day event in Athens

The seminar is organised by the institute "Our Europe", which is headed by former European Commission president Jacques Delors, in cooperation with the Greek Centre of European Studies (EKEM).

Discussions, set to take place behind closed doors, will be divided into three parts: The Nation-Sovereignty and Democracy; The State, Market and In- between Organisations, and finally, the Society of Citizens.

Foreign Minister Theodoros Pangalos inaugurated the seminar.

Athens News Agency

[08] Kaklamanis in Cyprus

During his stay, Mr. Kaklamanis will meet with President Glafcos Clerides and have talks with House of Representatives President Spyros Kyprianou and political party leaders.

He will also pay a visit to the "Green Line" which divides the capital Nicosia.

In addresses during the anti-occupation events, Mr. Kaklamanis is expected to condemn the ongoing division of Cyprus and the illegal unilateral declaration of independence by the Turkish Cypriot regime in the occupied part of the island 15 years ago.

Athens News Agency

[09] Lt-Gen. Paragioudakis in US

According to a US Information Service press release yesterday, during his visit, Lt-Gen. Paragioudakis will tour various military facilities and will have talks with top US officers on issues of bilateral concern. Additionally, there are planned visits to the US Joint Chiefs of Staff and several army commands.

Lt-Gen. Paragioudakis has recently been promoted to chief of staff and will be assuming his duties on Feb. 15, 1999.

Athens News Agency

[10] Avramopoulos stresses local gov't role at Sofia conference

Mr. Avramopoulos said his presentation at the meeting involved the current basic positions in Europe on the role local government, cities and provinces were called upon to play in future, placing emphasis on the adoption and implementation of the princi ple of subsidiarity.

Three hundred representatives of local bodies and non-government organisations (NGOs) from 35 countries took part in the conference, which looked into the challenges facing local government in an effort for more effective environmental protection and i nfrastructure development.

Mayor of Sofia Stefan Sofianski, who declared the conference open, hosted a formal dinner in honour of Mr. Avramopoulos. The two men who also had a meeting yesterday and agreed to boost bilateral relations.

The Athens mayor also had a meeting with Bulgarian Prime Minister Ivan Kostov, with discussion between them centering on municipal authorities cooperation between the two countries' capitals and bilateral relations.

Athens News Agency

[11] Albania's Majko continues official visit

Mr. Majko was accompanied by Alternate Foreign Minister George Papandreou.

Speaking to reporters after a meeting with Parliament President Apostolos Kaklamanis afterwards, Mr. Majko apologised for what he called the trouble caused in Greece by "criminal elements" from his country.

Mr. Majko appealed to the Greek people to care about the Albanians, "who may seem to be poorly dressed, and even appear not to be very cultured but who, believe me, have a rich soul and a culture that cannot be separated from Greek culture.

"When you read in the front pages of some newspapers bad things (about the Albanians), the people should show understanding and not identify all the immigrants working in Greece with the criminal elements," he said. Mr. Kaklamanis reaffirmed the Greek people's friendly sentiments towards the Albanian people and expressed certainty that the governments of the two countries would see to it "that these exceptions will not be made to seem as creating unease among our peoples" and "poisoning" Greek-Albanian relations.

Mr. Kaklamanis further stressed the Greek Parliament's support for Albania's efforts "on a difficult but hopeful course" towards a modern, parliamentary democracy and economy, adding that neighbours should stand by each other in good and bad times.

[12] Gov't Reaction

[13] Reppas-Burns meeting

Athens News Agency

[14] Greek athlete shines at weightlifting championships

Dimas won first place in the total 85 kg category with 387.5 kg, while coming second in the snatch with 177.5 kg and in the clean and jerk with 210 kg.

Dimas lost the two gold medals because he was heavier than Bulgaria's Georgi Gardev in the snatch and Germany's Mark Huster in the clean and jerk.

Dimas broke the world record in the snatch by lifting 178 kg but as a performance in classification the 177.5 kg were recorded (a multiple of 2.5 kg).

Athens News Agency

[15] 39th Thessaloniki Film Festival opens

In addition to 12 competition entries, 19 Greek films will be shown as well as 12 tributes to independent international cinema. In addition, the "underground" New Horizons section will feature 36 movies from 15 countries, with seven films from Singapo re, Sri Lanka, Thailand, India, the Philippines and Taiwan.

TonightYs events, in addition to the opening ceremony to be attended several local dignitaries, include special screenings of "Bure Baruta" (The Powerkeg) by Goran Paskaljevic, the chaiman of this yearYs jury, and "Eternity and One Day" the prize-winnin g film by Theo Angelopoulos.

The budget for this year's festival was announced at 460 million drachmas, 400 million of which was granted by the culture ministry.

Athens News Agency

[16] Police deny latest press reports on Ben Needham sighting

According to the announcement, the boy seen and videotaped by a British tourist on the Haraki beach, first in 1996 and a second time in summer this year, is in fact, Savvas Skyllarakis, born at Rhodes Hospital on Aug. 25, 1991. The tourist who vid eotaped the boy is also believed to have taken a sample of the child's hair back to Britain for DNA testing. Police said the parents of the boy, who live in the village of Malona on Rhodes, confirmed it was their child, while an investigation at the hospital also bore this out.

The doctor who delivered the child, Georgios Sisamatos, has confirmed the birth, adding that a pediatrician, Nikolaos Petroniatis, had attested that he had been following the child's general health since his birth. Ben Needham vanished while play ing outside a house being renovated by his grandparents on Kos.

Despite a massive police and media effort, numerous reports and supposed sightings, Ben was never found.

The police announcement said a photographer and a journalist from the British newspaper "Sun" - Mark Tattersall and Martin Sharpe - visited Malona yesterday, questioned the Skyllarakis family and took photos of Savvas.

Following the uproad, the parents of young Savvas yesterday lodged a complaint, citing dangers to the health and well-being of their son.

Athens News Agency

[17] Gov't criticises FYROM news agency's attempt to appropriate name

Replying to reporters' questions, government spokesman Dimitris Reppas said the Thessaloniki-based MPA agency was already using the designation 'Macedonian' in its title, adding that it was not possible for another agency to participate in the conferenc e "under a false name".

Greece has been locked in a long and at times bitter dispute with its Balkan neighbour over the latter's use of the name 'Macedonia' - the name of a northern Greek province - with Athens saying it implies territorial ambitions against Greece.

Athens News Agency

[18] Delta, Chipita form alliance in southeast Europe

Under the terms of the agreement, Delta Dairy will buy a 15 percent stake in Chipita's Bulgarian operation, and gain an option to participate with a minimum 15 percent stake in any future expansion abroad by Chipita.

Delta already has secured a 15 percent stake in a buyout of two croissan production and distribution firms abroad - Star Foods Poland and Star Foods Romania, in which Chipita is involved.

Athens News Agency

[19] Silver & Baryte reports 68 pct profit, sales jump Jan-Sept

A company statement said sales in January-September totalled 31.5 billion drachmas, up from 18.6 billion last year, and profits rose to 4.3 billion drachmas from 2.5 billion in the same period of 1997.

The results include the firm's subsidiaries at home and abroad.

At the same time, Silver & Baryte reported a sharp increase in its bank borrowing with the total at 22.3 billion drachmas on September 30, up from 8.6 billion a year ago.

The increase carried the cost of a buyout in March of a German metals company, Otavi Minen AG, which operates mines on the island of Milos, also the Greek firm's main sphere of operation.

The company considers 1998 as a landmark year for its future following the buyout of the German firm; launch of a new factory in China; buyout of a mineral production company in Georgia, the former Soviet republic; and discovery of rich gold reserves in Thrace, northern Greece.

Athens News Agency

[20] Greek stocks edge up, finish sharply off the day's highs

The general index ended 0.24 percent up at 2,234.26 points, sharply off the day's highs.

Trading was light to moderate with turnover at 39.1 billion drachmas. Volume was 9,134,000 shares.

Buying interest focused on shares in the Leasing sector, which ended 8.0 percent up hitting the upper daily volatility limit for individual stocks.

Other sector indices were mixed.

Banks rose 0.87 percent, Insurance fell 0.24 percent, Investment dropped 1.10 percent, Construction increased 1.18 percent, Industrials fell 0.50 percent, Miscellaneous ended 1.29 percent up and Holding rose 1.87 percent.

The parallel market index for small cap companies ended 1.28 percent higher.

Broadly, advancers led decliners by 123 to 113 with another 24 issues unchanged.

Hellenic Telecommunications Organisation, Mytilineos, Metka and Bank of Piraeus were the most heavily traded stocks.

ETBA Leasing, Piraeus Leasing, Metka, Alpha Leasing, Sysware, Dimitriadis, Athinea and Mouriadis hit the daily 8.0 percent limit up.

Kekrops and Xifias hit the daily 8.0 percent limit down. Lampsa, Sato, Alysida, Loulis, Papastratos, Desmos and Elve Clothing suffered heavy losses.

National Bank of Greece ended at 42,490 drachmas, Ergobank at 25,800, Alpha Credit Bank at 23,300, Ionian Bank at 11,775, Hellenic Telecoms at 6,325, Delta Dairy at 3,440, Intracom at 13,100, Titan Cement at 17,100, Hellenic Petroleum at 2,380 and Minoa n Lines at 6,400 drachmas.

Athens News Agency

[21] Diplomatic, business delegation tours western Macedonia

The ambassadors of Canada, Romania and Korea are participating in the mission, as well as almost all consuls serving in Thessaloniki.

Representing the diplomats, the German consul in Thessaloniki, Mark von Schweinitz, said that the visit constitutes an opportunity for the diplomats to become acquainted with the area, believing that possibilities exist for the development of business r elations with economic officials from their countries.

Representatives of Florina officials expressed optimism that the acquaintance they had with the foreign diplomats could constitute the first phase of economic cooperation with businessmen from their countries. They said that apart from energy reserves, tourism, stockbreeding and agricultural production can be utilised for the creation of joint businesses.

The delegation visited Kastoria yesterday afternoon, where they were given a briefing on the activities of the Greek Fur Centre and watched a fashion show organised by the centre.

Deputy Development Minister Anna Diamantopoulou will address the foreign diplomats in Ptolemaida tonight.

Athens News Agency

[22] Mytilineos' plans for METKA unveiled

According to Evangelos Mytilineos, METKA will focus on energy projects, Hellenic Railways Organisation (OSE) projects, as well as in the manufacturing of mining equipment and the joint production of defence systems.

In past years, the Mytilineos group has concluded considerable cooperation agreements with some of the largest mines in the Balkans, especially in Yugoslavia and the Former Yugoslav Republic of Macedonia (FYROM). It controls a total production potential exceeding 300,000 tonnes of iron ore annually which it sells in international markets and in parallel undertakes the mechanical modernisation of mines. METKA will be making its own contribution in this framework. Yiannis Mytilineos has assumed the post of METKA's managing director.

Athens News Agency

[23] Synaspismos MP tables question on low Greek social expenditures

According to latest data by Eurostat, which the Greek Eurodeputy invokes in his question, while social protection expenditures were 22.6 per cent of GDP in 1990, in 1995 they decreased to 20.7 per cent. On the contrary, in the rest of Europe they increa sed from 25.4 per cent in 1990 to 28.4 per cent in 1995.

In expenditures assessed in per capita and stable prices, Greece - with 100 in 1990 - reached 95 in 1995, while the average in Europe increased from 100 to 115.

Athens News Agency

[24] Gov't lauds expected benefits of second CSF

Addressing a conference yesterday on "The assessment of Operational Programmes in the Second CSF", Deputy National Economy Minister Christos Pachtas said it has been assessed that the implementation of this programme will speed up the average increase r ate of GDP over the 1004-1999 period by up to one percentage point and in all for the entire period by up to 5.4 points.

The repercussion on employment ranges around 65,000 jobs on average every year or 1.7 per cent of the labour force, while over the period 1997-2000 this figure will reach 120,000-130,000, meaning about 3 per cent of the labour force.

Athens News Agency

[25] Unpaid bills of exchange, bounced cheques fall in number, rise in value last month

Unpaid bills of exchange in October 1998 amounted to 25,385 as against 29, 672 in the corresponding month last year (a decrease of 14.45 per cent), while their value was 7.2 billion drachmas as against 7.9 billion drachmas in October 1997 - a decrease of 8.05 per cent.

Over the January-October 1998 period, unpaid bills of exchange decreased to 302,180 pieces worth 82.8 billion drachmas as against 333,471 pieces worth 86.1 billion drachmas (a decrease of 9.38 per cent in pieces and 3.78 per cent in value). In October t his year bouncing cheques amounted to 11,160 pieces worth 24.6 billion drachmas as against 10,789 pieces worth 22.5 billion drachmas last year (an increase of 3.44 per cent in pieces and 9.41 per cent in value). Over the January-October period this year b ouncing cheques amounted to 107,802 pieces worth 218.2 billion drachmas (a decrease of 4.01 per cent in pieces and an increase of 1.10 per cent in value).

Athens News Agency

[26] Athens Foreign Exchange

Banknotes              Buying    Selling
US Dollar              282.621   289.173
Can.Dollar             182.310   186.537
Australian Dlr         179.909   184.080
Pound Sterling         470.387   481.293
Irish Punt             415.965   425.610
Pound Cyprus           565.182   578.286
Pound Malta            708.976   738.517
Turkish pound (100)      0.087     0.091
French franc            49.848    51.004
Swiss franc            203.087   207.796
Belgian franc            8.101     8.288
German Mark            167.261   171,139
Finnish Mark            54.967    56.241
Dutch Guilder          148.200   151.636
Danish Kr.              43.946    44.965
Swedish Kr.             34.823     3.631
Norwegian Kr.           37.595    38.466
Austrian Sh.            23.747    24.298
Italian lira (100)      16.889    17.280
Yen (100)              231.642   237.013
Spanish Peseta           1.965     2.011
Port. Escudo             1.627     1.665

European Currency Unit Ecu: Buying: 329.532 Selling: 337.173

Gold Sovereign (Rates in Drachmas) Old mint: 19940 (b), Elizabeth up to 1973: 20230 (b), Elizabeth of 1974 and onward mints: 20230 (b), 21650 (s).

Gold (in dollars per ounce): London: 284.75, New York: 285.10

Athens News Agency

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