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Athens News Agency: Daily News Bulletin in English, 98-11-20Athens News Agency: Daily News Bulletin in English Directory - Previous Article - Next ArticleFrom: The Athens News Agency at <http://www.ana.gr/>CONTENTS
[01] S&P reassessment of Greek economy expected,credit rating may be upgradedAthens 20/11/1998 (ANA)The Standard and Poors credit rating agency is expected to go ahead with a reassessment of the Greek economy and may upgrade its credit rating by the end of the year. According to reports, the finance ministry has forwarded a relevant request to the firm. A similar move is also expected by Moody's.The reports said that contacts between finance ministry officials and S&P executives, the latter ascertained considerable progress achieved in the Greek economy's main indicators. In the government's view, what is the most possible is that the internati onal credit rating agency will upgrade Greece's credit rating. According to the latest evaluation by Standard and Poors, Greece's foreign currency debt has been listed in the "BBB-" category. A S&P executive told Reuters that the firm recognises positive developments achieved in the Greek economy. He conceded that the decision on the country's credit rating must be expected by the end of the year. Referring to the country's weak points, the S&P representative mentioned the slippages in the implementation of structural reforms,the high public debt- to-output ratio and the big budget deficit. In the light of new developments, Greece's credit rating is expected to be upgraded to the "BBB" category, or even higher to the "BBB+" category. However, in both cases the upgrading of the country's credit rating is expected to lead to the rekindling of interest on the part of foreign investors. Apart from the positive effects in the Greek market from such a development, the Greek public sector also stands to benefit considerably. The upgrading of the country's credit rating, as has been the case in the past, is expected to contribute decisively towards a decline in drachma interest rates. In this way, the cost of servicing the public debt decreases. At the same time, more favour able conditions are created for paying off the foreign debt, since the Greek public sector will be able to receive loans from international money markets at a lower cost. Athens News Agency[02] Greek stocks soar on talk of credit rating upgradeAthens 20/11/1998 (ANA)Greek equities yesterday rallied for the second consecutive session on the Athens Stock Exchange, pushing the market above the 2,400-point barrier in heavy trade.Traders said speculation that international credit rating agencies Moody's and Standard & Poor's would upgrade the country's credit rating boosted sentiment in the market. The general index ended 3.45 percent up at 2,433.85 points in heavy turnover of 85.7 billion drachmas. Volume was 16,197,000 shares. Buying interest focused on banks and Hellenic Telecommunications Organisation, which all enticed players from abroad. Sector indices were mostly higher. Banks soared 4.69 percent, Leasing fell 2.84 percent, Insurance ended 2.18 percent up, Investment rose 2.46 percent, Construction fell 0.57 percent, Industrials were 1.77 percent higher, Miscellaneous ended 1.64 percent higher and Holding rose 0.73 percent. The parallel market index for small cap companies ended 0.94 percent higher. Broadly, advancers led decliners by 159 to 86 with another 22 issues unchanged. Hellenic Telecommunications Organisation, Rocas, Bank of Piraeus and Hellenic Petroleum were the most heavily traded stocks. Xifias, Vis, Radio Athina, Xylemporia, Aegek, hit the daily 8.0 percent limit up, followed by Doudos, Eskimo and Sato which scored major gains. Ergas, Metallplastic, Macedonian Mills, Mouriadis, Britannia, Ergodata, Levenderis and Technodomi suffered the heaviest percentage losses. National Bank of Greece ended at 49,450 drachmas, Ergobank at 27,600, Alpha Credit Bank at 25,900, Ionian Bank at 12,450, Hellenic Telecommunications Organisation at 7,100, Delta Dairy at 3,900, Intracom at 13,300, Titan Cement at 19,200, Hellenic Petro leum at 2,390 and Minoan Lines at 6,445 drachmas. Athens News Agency[03] Finance ministry to auction 15-year bond on TuesdayAthens 20/11/1998 (ANA)Greece's finance ministry announced yesterday that it would auction a long- term bond in response to increasing demand for state securities by domestic and foreign investors.Demand has pushed bond prices higher in the secondary market and rates are falling on new issues. The finance ministry said in a statement that it would auction 250 billion drachmas' worth of 15-year bonds on Tuesday, reopening a May 20, 1998 issue. The fixed-income security, which is in electronic form, carries a 7.5 percent rate of interest. Primary dealers will take part in the auction, and no commission will be awarded. Athens News Agency[04] EMU entry to determine labour demands, PM saysAthens 20/11/1998 (ANA)Trade unionists said yesterday that Prime Minister Costas Simitis was willing to hold talks on workers' demands but policy would be determined by entry into European economic and monetary union.The leaders of the General Confederation of Greek Labour (GSEE), which represents nearly a million private and public sector workers, were speaking after a meeting with Mr. Simitis ahead of debate on the 1999 budget. Mr. Simitis reportedly told the GSEE representatives, who requested the meeting, that the government's priority was to support low wage earners and the unemployed. He said that beyond measures being taken, both categories would benefit from government policy, including a drop in interest rates and cuts in indirect taxes. GSEE President Christos Polyzogopoulos told reporters that a chasm separated the government and trade unions on tax. He charged the government with going back on its word and increasing the tax burden on workers to 27 percent this year. GSEE has already called a nationwide 24-hour strike on December 15 to protest the government's economic policy, and civil servants are expected to follow suit. Athens News Agency[05] Deal signed for sale of Hellenic Duty Free ShopsAthens 20/11/1998 (ANA)An agreement for the sale of 67% of Hellenic Duty Free Shops was signed yesterday in the presence of Deputy Finance Minister Nikos Christodoulakis.The company's shares were transferred from the State Securities Company to Saresco-Sarandis-Papaellinas, a French-Greek consortium. Also yesterday, the managing director of the Papaellinas Group told a shareholders meeting that the money for purchase of the shares had been found, and the amount would be deposited next week. The sale of listed Hellenic Duty Free Shops is part of the government's wide-ranging privatisation plan. Athens News Agency[06] Aluminium de Grece shows 27.6 pct rise in profit Jan-SeptAthens 20/11/1998 (ANA)Aluminium de Grece, which is listed on the Athens bourse, yesterday reported a 27.6 percent increase in pre-tax profits for the first nine months of 1998 to 32 million US dollars from 25 million dollars a year earlier.The parent company's sales totalled 271.5 million US dollars in January- September, up 6.6 percent from 254.6 million dollars in the corresponding period in 1997. The company's consolidated pre-tax profits, which include subsidiary Delfi Distomon SA, rose 36.6 percent to 36.4 million US dollars. Consolidated sales rose 7.3 percent and investments totalled 11.3 million dollars. The company employs a total of 1,539 staff. Athens News Agency[07] Money rates stay high, bond auction seen draining liquidityAthens 20/11/1998 (ANA)Interbank rates remained high yesterday in the wake of an intervention the previous day by the central bank, and liquidity was expected to remain tight due to a bond auction next week, traders said.Tuesday's reopening of a 15-year bond is likely to drain a further 250 billion drachmas from the system, again keeping rates firm. The overnight rate yesterday was quoted at more than 13 percent by some banks and one-month funds around 12.30 percent. Trade was scant in the foreign currency market and the drachma held steady against the previous session, still 7.5 percent above its central parity in the European exchange rate mechanism. The mark traded at a low of 167.50 drachmas, later closing at 167.895 drachmas at the central bank's daily fix. The dollar was 281.190 drachmas at the fix, and the Ecu at 330.290 drachmas. Athens News Agency[08] Hellas Can buys out aluminium can producerAthens 20/11/1998 (ANA)Hellas Can SA, a blue chip on the Athens bourse, yesterday signed an agreement for the acquisition of Alucanco, an aluminium can producer based in Patras.Alucanco was owned by Transatlantic Shipping & Investment Limited and Oceanwind Shipping & Investment Company Limited, both of Liberia. The agreement will come into effect following approval by the government's competition committee. Crown of the United States owns 72 percent of Hellas Can with remaining stock listed on the Athens bourse. Athens News Agency[09] Gov't submits rail bill to parliamentAthens 20/11/1998 (ANA)The government yesterday submitted a bill to parliament that will help to overhaul state-owned Hellenic Railways Organisation (OSE).The bill, devised by the transport and communications ministry, settles OSE's debts, allows the transfer of surplus personnel to other public sector services, and introduces new staff regulations, including the abolition of half holidays. Athens News Agency[10] New Democracy charges gov't with low-grade public worksAthens 20/11/1998 (ANA)The main opposition New Democracy party yesterday charged the government with carrying out low-grade public works, saying that only some of the problems had been identified.A spokesman said that Public Works Minister Costas Laliotis should be held responsible. Mr. Laliotis on Wednesday announced the creation of a blacklist for engineering contractors who breached rules on construction and failed to meet project specifications. He also said that the ministry had stepped up inspections. Athens News Agency[11] Increased National Bank net profits between Jan.-Sept.Athens 20/11/1998 (ANA)The National Bank of Greece's net profits increased considerably over the January-September period in '98 compared to the corresponding period last year.The profits of the largest bank in the country amounted to 58.4 billion drachmas during the period in question, showing an increase of 60.5 per cent compared to the corresponding period in 1997. Results were achieved following the creation of provisions amounting to 54.7 billion drachmas (as against 50 billion drachmas in the corresponding period last year), which include regular provisions for 14.4 billion drachmas, additional provisions of 22 .5 billion drachmas and general provisions for handling the tax commitments of past fiscal years amounting to 17.8 billion drachmas. The additional provisions for all the year are expected to reach 30 billion drachmas to support the relevant provisions account so that the formation of provisions to be restricted solely to regular provisions for handling current cases for the first time from the 1999 fiscal year. According to the National Bank, the improvement in the results of the above period, compared to the corresponding period in 1997, was due primarily to an improvement in the bank's profit-making (an increase in net revenues from interest by 27.8 per cent ), the progress in its modernisation programme and the restructuring of the loans and participations portfolio. The containment of the rate of increase of its operational expenditures which amounted to 6.4 per cent as against the corresponding period last year, despite the high amount of modernisation investments for its infrastructures, also had a positive effect. The merger processes concerning the absorption of the National Mortgage Bank by the National Bank were formally completed on Oct. 2, 1998. The Mortgage Bank's net profits during the nine-month period this year amounted to 30.2 billion drachmas compared to 37.1 billion drachmas in the corresponding period last year. Athens News Agency[12] Seminar on banks' marketingAthens 20/11/1998 (ANA)The Greek Management Society's (EEDE) Marketing Institute will organise a conference in cooperation with the Union of Greek Banks on the issue of "Banks: Challenges of the Next Day and the role of Marketing" at a downtown Athens hotel on Dec. 7-8.The purpose of the conference is to examine the role of marketing in the modern fiscal system, the applications of its principles and methodology, communication with customers, etc. The conference will be addressed by governors and deputy governors of Greek and foreign banks as well as marketing officials. Athens News Agency[13] Rail strikesAthens 20/11/1998 (ANA)Trains in most of northern Greece ground to a halt yesterday morning due to a three-hour walkout by workers at the Federation of Rail Workers of Northern Greece.All intercity express Athens-Thessaloniki-Athens routes were cancelled from early morning, although the walkout officially began at 12 noon and was scheduled to last three hours. The walkout was called to protest plans to close a number of freight depots in northern Greece, with subsequent cutbacks in staffing levels. Workers have called a 24-hour strike over the same issue for Monday. Athens News Agency Athens 20/11/1998 (ANA) ATHENS FOREIGN EXCHANGE Bank of Greeke closing rates of: November 19,1998 Parities in Drachmas Banknotes Buying Selling US Dollar 278.940 285.408 Can.Dollar 179.750 183.918 Australian Dlr 179.765 183.933 Pound Sterling 465.466 476.258 Irish Punt 414.458 424.067 Pound Cyprus 561.472 574.490 Pound Malta 699.744 728.900 Turkish pound (100) 0.086 0.090 French franc 49.665 50.817 Swiss franc 202.814 207.517 Belgian franc 8.073 8.261 German Mark 166.552 170.413 Finnish Mark 54.768 56.038 Dutch Guilder 147.659 151.083 Danish Kr. 43.795 44.810 Swedish Kr. 34.589 35.391 Norwegian Kr. 37.468 38.337 Austrian Sh. 23.669 24.218 Italian lira (100) 16.819 17.209 Yen (100) 233.864 239.286 Spanish Peseta 1.958 2.004 Port. Escudo 1.623 1.661 Foreign Exchange Buying Selling New York 278.940 285.408 Montreal 179.750 183.918 Sydney 179.765 183.933 London 465.466 476.258 Dublin 414.458 424.067 Nicosia 561.472 574.490 Paris 49.665 50.817 Zurich 202.814 207.517 Brussels 8.073 8.261 Frankfurt 166.552 170.413 Helsinki 54.768 56.038 Amsterdam 147.659 151.083 Copenhagen 43.795 44.810 Stockholm 34.589 35.391 Oslo 37.468 38.337 Vienna 23.669 24.218 Milan 16.819 17.209 Tokyo 233.864 239.286 Madrid 1.958 2.004 Lisbon 1.623 1.661 Athens News Agency[14] Commission spokesman reasserts EU calls for political solution to Kurdish problemBRUSSELS 20/11/1998 (ANA - M. Spinthourakis)A European Commission spokesman yesterday referred reporters to a recent "evaluation" report on Ankara's relations with the EU, which stated that a political and not a military solution should be sought to the Kurdish p roblem.Reporters' questions focused on the issue of the arrest of Kurdish Workers' Party (PKK) leader Abdullah Ocalan in Rome last week. Meanwhile, sources close to the Commission and the Austrian presidency of the Council of Ministers noted that regarding Mr. Ocalan's extradition, which Turkey has demanded, the Italian government is solely responsible for the relevant decision and that the EU cannot be involved in this matter. A Commission official, who requested anonymity, said the body could not arrive at a common decision on the Ocalan issue, given that some member- states considered the PKK a terrorist organisation and others not. Another official said, however, that the EU was "condemned" to deal with the issue, because the granting or not of political asylum to a citizen of a third country concerned, to begin with, the receiving country of an application to that effect, but at a second level, also concerned all the member-states. On the basis of a convention signed by member-states of the EU in Dublin in 1990, political asylum, on one hand, is granted by the country initially asked for, but then applies to all the other members. Also,in case of rejection,it applies to all the member-states. Thessaloniki protest : In a related development, a Greek-Kurdish friendship group in Thessaloniki held a protest rally and march through the city's downtown streets yesterday, demanding that political asylum be granted to Mr. Ocalan. Meanwhile, 30 Kurds in the city are on the sixth day of a hunger strike in support of the PKK leader. Athens News Agency[15] Tsohatzopoulos talks with Uzbek leadershipTASHKENT 20/11/1998 (ANA - D. Konstantakopoulos)National Defence Minister Akis Tsohatzopoulos held talks here yesterday with Uzbek Prime Minister Utkir Sultanov and Parliament President Erkin Khalilov, as well as with several Greek expatriates.Mr. Tsohatzopoulos said that both sides confirmed traditional relations between the two countries, which he said have common pursuits, such as combatting international terrorism and defending security, stability and peace, while they are also faced with common problems, such as religious fanaticism, terrorism, drugs and illegal immigration. He said that new prospects of economic cooperation are presented, including in the defence industry sector and infrastructure projects. He also called on Greek businesses to abandon the position they have observed so far, characterised by a lack of inte rest, and exploit opportunities provided for them. In addition, he termed the Greek community in Uzbekistan a living bridge of cooperation. Mr. Tsohatzopoulos and his Uzbek counterpart Khikmatulla Tursunof had signed a military cooperation agreement on Wednesday. Asked to comment on US support for the extradition of Kurdish PKK leader Abdullah Ocalan from Italy to Turkey, Mr. Tsohatzopoulos called on Ankara to take advantage of the opportunity for the reorientation of its position and the handling of the Kurdis hissue on the basis of international law and human rights which, as he said, will pave the way to the European Union for Turkey. Athens News Agency[16] Europarliament condemns Ankara for latest Halki provocationSTRASBOURG 20/11/1998 (ANA - H. Haralambopoulos)The European Parliament yesterday overwhelmingly passed a resolution condemning Ankara for its decision to dismiss the Ecumenical Patriarchate- affiliated Halki Academy of Theology's supervisory committee.The Europarliament's approval of the resolution, backed by all political groupings, calls on Turkey to take all necessary measures to reverse the "illegal and unfair" decision and to proceed with necessary action for the reopening of the Halki academy, closed by Ankara in 1971, as well as to ensure its smooth operation as an essential part of the Ecumenical Patriarchate. Members of the supervisory committee were dismissed earlier this month by Turkish authorities for alleged "mismanagement and propaganda against the Turkish state". Athens News Agency[17] Greece ratifies UN resolutions on int'l criminal courts,queries on Turkish crimes surfaceAthens 20/11/1998 (ANA)Parliament yesterday ratified two UN Security Council resolutions regarding the establishment of two international criminal courts to hear cases involving the violation of human rights in former Yugoslavia since1991 as well as in Rwanda and neighbouring countries since 1994.During a debate on the ratification motion, deputies expressed dissatisfaction over the fact that crimes committed by Turkey against Hellenism and other peoples had gone unpunished. Speaking on behalf of the government, Alternate Foreign Minister George Papandreou said the two UN Security Council resolutions were proof that "mankind does not wish to be an indifferent observer to barbarity". However, Mr. Papandreou echoed the dissatisfaction voiced by other deputies from all wings of Parliament, who accused the international community of being "selective". He added, though, that it would be a mistake if Greece, "which has struggled for the implementation of international law" - citing in particular the 1974 Turkish invasion Cyprus and Ankara's designs against Greece - did not ratify the resolutions "because the Serbs are our friends or because other issues have not been resolved". "Greece too would then be seen as a country not ruled by law, as yet another country which views the operation of the international community selectively and in bad faith," Mr. Papandreou said. Although the main opposition New Democracy party voted for ratification, ND spokesman Apostolos Stavros observed that the crimes set out in the UN resolutions were committed by the Turks against Cypriot Hellenism and were presently being committed against the Kurdish people. Mr. Stavros asked the Parliament why an international criminal court had not been set up to try these crimes. Athens News Agency[18] Mandela accepts offer to head 2004 Olympics truce initiativeCAPE TOWN 20/11/1998 (ANA)South African President Neslon Mandela yesterday accepted to head the 2004 Olympic Games truce initiative, Foreign Minister Theodoros Pangalos announced after a 45-minute meeting with the South African leader.Earlier, Mr. Pangalos met with his South African counterpart and signed five bilateral agreements regarding investment protection, tourist sector cooperation, avoidance of double taxation and the construction of a hospital in South Africa. Athens News Agency[19] Int'l media conference in SofiaSOFIA 20/11/1998 ( ANA - B. Borisov)An international conference entitled "Media and Communication in the 21st Century" began here yesterday with the participation of news agencies from around Europe.The conference focused on methods that news agencies must use to confront rapid technological developments in order to secure and upgrade their leading role in providing reliable and credible information to the public. Representatives of the French, Greman, Albanian, Yugoslavian, Romanian, Greek, Turkish and the Former Yugoslav Republic of Macedonia (FYROM) news agencies discussed the issue in detail. Athens News Agency managing director Nicolas Voulelis said that the technological and social developments force the "transformation" of the news product, the development of new services, as well as the total use of the capabilities of mutlimedia for the provision information in text form, picture and sound, so as to better serve the needs of customers. Athens News Agency[20] Customs strike closes bordersAthens 20/11/1998 (ANA)Large numbers of trucks and cars have formed long lines at the entry points from FYROM and Albania into Greece, due to a three-day strike of customs employees.Customs officials are only allowing the passage of trucks carrying medicine, military supplies or live stock. In addition, goods were not processed by either the port or airport in Thessaloniki, where participation in the strike is universal. Customs officials have stressed that they "are not requesting anything with their strike", only prevention of a merger between their healthy pension fund (30 billion drachmas) with other state employees' funds, as announced by the government. Athens News Agency[21] Museum fees unchanged, culture ministry budget down for '99Athens 20/11/1998 (ANA)Entrance fees for Greece's museums and archaeological sites will stay at present levels for 1999, while the culture ministry is considering the introduction of a multiple-entry pass.Culture Minister Evangelos Venizelos made the announcement at a news conference on the ministry's budget for 1999. Funding for cultural events under the 1999 state budget has been cut back, although the minister said his "ministry had other resources." "The state budget is not the only source of financing for the culture ministry and cultural activities," Mr. Venizelos said. He said that some bodies, such as the Thessaloniki State Odeon or some smaller museums, were able to receive funds through state regional services. The Archaeological Resources Fund, TAP, expected revenues of some 12 billion drachmas for projects in 1999 while another 15 billion drachmas would be raised through the lottery. Athens News Agency[22] Arsenis to take educational reform issue before teachers, studentsAthens 20/11/1998 (ANA)Education Minister Gerasimos Arsenis announced that he and his deputy, Ioannis Anthopoulos, will meet with teachers, pupils and college students at schools over the next few days for talks on the controversial educational reform recently announced.In a lengthy, three-hour press conference on educational reform in Athens yesterday, the minister insisted that reactions to the reform mostly stemmed from "fear of the unknown", stressing that his school visits would focus on dispelling such fears. He stressed that the aim of the reform was open education and open access to tertiary education. Mr. Arsenis reiterated that by the year 2000 there would be more 70 departments more in the country's universities, and that all high-school graduates, about 85,000, would have open access to them without examinations, solely on the basis of grades in their school-leaving certificate. Reacting to the minister's statements, main opposition New Democracy party spokesman Aris Spiliotopoulos said the "prime mini ster is personally responsible for the chaos in all grades of education," and that Mr. Arsenis' presence at the education ministry caused a deterioration of the situation. Athens News Agency[23] Long-range transport plan for greater Athens unveiledAthens 20/11/1998 (ANA)Public Works Minister Costas Laliotis yesterday expressed reservations about the "philosophy" underlying a study regarding the development of an integrated transport system for Athens, although he referred to it as "significant". The study foresees the creation by 2020 of an extensive transport system for the greater Athens region, integrating the metro currently under construction, a tram network, a suburban railway and more road arteries. Mr. Laliotis was speaking during the presentation of the study yesterday organised by the management of Attiko Metro, the state- owned company managing the metro construction project and the Association of Greek Transport Experts. While describing the study as important, Mr. Laliotis said the cost of the interventi ons proposed would reach 3 trillion drachmas, adding that this was a "frighteningly high amount" which could not be allocated solely to works in Attica. The study proposes the construction of 105 kilometres of metro lines, 60 kilometres of tram lines, 330 kilometres of suburban railway lines and 380 kilometres of new roads.Athens News Agency[24] Onassis Foundation lawsuit trial against Roussel continuesAthens 20/11/1998 (ANA)Testimony resumed in an Athens misdemeanour court yesterday in the perjury and slander trial of Thierry Roussel, the father of 14-year-old Athina, heir to the Onassis shipping fortune.Onassis Foundation board member Theodoros Gavrilidis' was the first to take the stand. According to Mr. Gavrilidis, the late Christina Onassis - Athina's mother - did not trust her husband Mr. Roussel to manage her estate. For that reason she charged the board of the foundation with the management of her estate, he claimed. He added that Mr. Roussel was handsomely compensated so as not to challenge the will of Christina Onassis, agreeing to sign a protocol with the foundation according to which he receives US$2 million a year, more money than Onassis' will prescribed. In response, Mr. Roussel requested the court's permission to speak, stressing that the witness had spouted a "litany of lies", while he requested time to also respond at a later date. Mr. Gavrilidis then presented the protocol and explained that the foundation's board set a precondition, which Mr. Roussel signed, for Athina to be raised within the Greek Orthodox faith, learn Greek and maintain relations with her mother's relatives. Mr. Gavrilides said that "the condition has not been kept by Mr. Roussel, who as a matter of fact, sought recourse to Swiss courts, claiming that we are attempting to present obstacles to his parental authority over his daughter." The president of the Onassis Foundation and the governing board filled a lawsuit charging slander, perjury and wrongful legal action against Mr. Roussel, who had filled a lawsuit against the foundation's governing board. Athens News AgencyAthens News Agency: Daily News Bulletin in English Directory - Previous Article - Next Article |
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