Athens News Agency: Daily News Bulletin in English, 98-12-01

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

CONTENTS

[01] Standard and Poors upgrades Greece's credit rating

[02] Gov't denies early election rumour

[03] Simitis unveils massive aid programme for youth, young adults

[04] Tsohatzopoulos lauds Russia's strategic position vis-a-vis

[05] Turkey warns of revision in its EU application

[06] Pangalos talks in Paris focus on Cyprus,EU

[07] Anastasios in Zimbabwe

[08] Stephanopoulos on election of president

[09] Kranidiotis to discuss Greek-Turkish relations in Washington

[10] Trolley strike called off

[11] Ankara takes exception to Simitis remarks on Kurdish issue

[12] Athens promotes EU-wide meeting on Kurdish issue

[13] Karamanlis attack on gov't policies

[14] Balkans, Greece the focus on Bonn conference

[15] Fuel shortages feared as customs officers' strikes begin

[16] Deadline for payment of duty-free shops

[17] Charges filed in Greek-Romanian fugitive's death

[18] Poor maintenance, lack of pilot training blamed for Yakovlev crash

[19] Firebomb attack on journalists' fund office

[20] Oil slick from freighter-tug collision

[21] Slaughterhouse bombed in Crete

[22] Syrian nationals convicted of smuggling illegals

[23] Clinics for ethnic Greek communities in six ex-Soviet republics

[24] Inspection of older bridges on nat'l motorways ordered

[25] Xiosbank to merge with Bank of Piraeus in powerful new group

[26] Stocks break through 2,500 barrier, fuelled by bank merger

[27] Greece, Iran sign agreement on tourism cooperation

[28] Athens bourse share offer 2.5 times oversold

[29] Greek, Romanian capital markets to exchange knowhow

[30] Greece has yet to exploit renewable energy, deputy minister says

[31] Intracom participation in missile production programme

[32] NAPC halts production at Prinos site

[33] CNN to air segments focusing on Athens bourse

[34] Aget pre-tax profits up by 23.4% between Jan.-Sept.

[35] Hellenic Shipyards with Italian shipbuilder

[36] Athens Foreign Exchange

[37] PM inaugurates Piraeus museum

[38] Synaspismos tables question on S-300 missiles

[01] Standard and Poors upgrades Greece's credit rating

Athens 01/12/1998 (ANA)

S&P said in a statement, released along with a report on the Greek economy, that its credit ratings on short-term drachma loans remained unchanged at A1, while long-term loans were listed at A-.

Short-term external borrowing also remained unchanged at A3.

S&P said that it expected a further improvement in Greece's credit rating since the government's tight fiscal and incomes policies would ensure the attainment of targets for accession into Economic and Monetary Union.

S&P noted that its general assessment of the economy's long-term outlook remained positive, while it stressed the success of the Greek government in fiscal management.

The report said that the government had managed to reduce the budget defict from 15 per cent of GDP in 1990 to under 2.2 per cent in 1998.

In addition, consumer price inflation in the same period declined from 20 per cent to 4.7 per cent.

The government's programme of structural changes in the economy, coupled with a tight budget for 1999 - which has already been submitted to Parliament for debate and vote - contained the right policy mix to allow EMU entry, the firm said.

S&P added that the policy would lead to a faster real convergence of the Greek economy with the other EU member-states about to take part in EMU.

Finally, the report noted that GDP growth was expected to post a real increase of 3.0-4.0 per cent.

However, the Greek government still had challenges to tackle, and there were no alternatives in policy-making. It should accelerate structural changes and persist in its policy of fiscal restructuring, S&P said.

Athens News Agency

[02] Gov't denies early election rumour

Athens 01/12/1998 (ANA)

However, government spokesman Dimitris Reppas denied that the meeting indicated any move towards holding early general elections, saying "we've already made our position clear on this".

Mr. Simitis will chair a meeting of the inner cabinet and ruling party's political secretariat on Friday.

Mr. Reppas pointed to comments published on Sunday by European Commission president Jacques Santer that Greece was well placed to join EMU in 2001 as confirmation that the government was on the right track towards making economic and monetary union.

Mr. Reppas said the government was not concerned by the results of an opinion poll published yesterday in the Athens daily "Ta Nea", showing relatively high dissatisfaction rates for both ruling party and the opposition.

"The government is judged on its work at national elections," Mr. Reppas said. "And the present government and the prime minister will be judged positively."

Athens News Agency

[03] Simitis unveils massive aid programme for youth, young adults

Athens 01/12/1998 (ANA)

The scheme, entitled "Greece Under 30 - The Young Generation Comes First", includes action in the sectors of education, employment, agriculture, business and health.

The government will be accountable to Parliament, each year submitting a report on the basis of standing year-by-year targets, whose attainment is verifiable.

Six ministries and the general secretariat for youth are taking part in the programme, which also aims to encourage voluntary work and public service.

"Through the government's action plan for youth we aim to offer systematic support for the personal fulfilment of every young person. It is the first time a plan is presented that covers most sectors of interest to youth," Mr. Simitis said during a pres entation for the plan.

The scheme also covers leisure, culture, rights for children and young people, quality of life, Europe's ties with the world, access to information, action against social exclusion and sports, ahead of the 2004 Athens Olympics.

"Our aim is not for young people simply to have it easy, but to guarantee that every young person will have many opportunities to test things out - and to be tested," the prime minister said.

A number of policies in the programme are already being carried out, including reforms in education. The rest will come into effect in 1999.

Among provisions in the plan are incentives for young farmers to launch businesses, support for alternatives to farming, and vocational training.

Action in the health sector focuses on the prevention of smoking, drugs, unwanted pregnancies and heart disease.

Another section of the plan aims to help gypsies, street children and juvenile delinquents.

"The ministerial agency chose to follow the path of hard work and few statements," said Education Minister Gerasimos Arsenis, who also addressed the presentation.

"It would be a crime to cultivate delusions. The future will not reward slackness in the workplace. But it will reward initiative based on knowledge, self-confidence and a sense of solidarity," Mr. Arsenis said.

The youth groups of political parties attended the presentation, except for Communist Party of Greece's (KKE) youth movement.

Meanwhile, the National Council of Youth (ESYN) in an announcement yesterday expressed its displeasure over the fact that youth organisations were not allowed to have a say during the presentation of the programme.

Athens News Agency

[04] Tsohatzopoulos lauds Russia's strategic position vis-a-vis

HELSINKI 01/12/1998 (ANA - V. Patouhas)

The one-day conference focuses on EU-Russia relations.

Mr. Tsohatzopoulos, an ESP vice-president, was one of the main speakers at the event.

The Greek defence minister also stressed Russia's decisive role in strengthening security and economic cooperation within the wider European region.

"I believe that the EU needs Russia as a partner in shaping the conditions of a collective security in the entire region of Europe, Central Asia, the Black Sea, the Caspian and Caucasus", he said.

He added that Greece and Russia were on a common course together with other counries, and "jointly responded to destabilising attitudes by some countries, such as Turkey, which is attempting to exploit these regions' developmental difficulties and spread its own influence..."

He added, however, that the political scene in Russia would have to clear up before developing cooperation with Europe.

He was scheduled to leave Helsinki last night.

Athens News Agency

[05] Turkey warns of revision in its EU application

ISTANBUL 01/12/1998 (ANA - A. Kourkoulas)

The newspaper "Turkish Daily News" said that this is the result of a meeting held at the Turkish foreign ministry over the weekend with the participation of Deputy Prime Minister Bulent Ecevit, Foreign Minister Ismail Cem, Minister of State Sukru Sina Gurel and Deputy Foreign Minister Korkmaz Haktanir and other officials.

Earlier, the Turkish government reacted strongly to the idea of the creation of an international court to try Kurdish leader Abdullah Ocalan.

Prime Minister Mesut Yilmaz said that "certain European countries are trying to revive the Treaty of Sevres."

"Turkey will never accept politicalisation," Mr. Ecevit also said. Commenting on the idea of an international court, he said that "two EU members are trying to deflect the issue of the PKK from its true essence and politicalise it."

"Turkey is the only place where problems concerning citizens of Kurdish origin can be resolved and the Turkish authorities are the sole ones responsible to deal with the issue," Mr. Yilmaz said in commenting on ideas for an international court to handle the Kurdish issue.

Athens News Agency

[06] Pangalos talks in Paris focus on Cyprus,EU

PARIS 01/12/1998 (ANA - A. Podimata)

The two ministers had lengthy talks on various bilateral relations, major EU issues and specifically enlargement, institutional matters, "Agenda 2000", the Balkans, the Kurdish issue, among others.

They initially held a private meeting for about 45 minutes which focused primarily on the accession course of Cyprus as well as Turkey's relations with the EU. Expanded talks followed between the two delegations for an hour and 15 minutes regarding bilateral relations and major issues preoccupying the EU.

In statements, Mr. Vedrine directly linked the accession course of Cyprus to the course of resolving its political problem, saying in two instances that Cyprus' accession course "is part of the framework of the 1995 agreement", adding that the agreement referred clearly to the "start to negotiations."

Mr. Vedrine went on to say that the agreement included other aspects such as the funding protocol for Turkey.

In response, Mr. Pangalos said, among others, that "when we start accession negotiations it is to conclude them and not merely to have an exercise."

On the question of the reservations raised by Greece concerning the release of the funding protocol towards Turkey, he reminded that it is the result of events which occurred in January 1996, when Turkey occupied by force, even for a few hours, a part of the Greece's territory, namely, one of the two Imia islets.

"For us, Turkey's funding by the EU was never a purpose in itself, but has the sense of relations between Turkey and the EU...This framework is a legal framework which means that we want relations between Turkey and Europe to lead the neighbouring country to another world, which will be ruled by rules of law and in whose framework differences will be settled through recourse to those institutions and bodies which exist for the implemen-tation of the law," he said.

On the question of the Russian-made S-300 anti-aircraft missiles, Mr. Vedrine said that he once again expressed to his Greek counterpart Paris' concerns over the prospect of their deployment on Cyprus.

Replying to a question by a French reporter on whether the missiles will ultimately be deployed on the island of Crete, Mr. Pangalos said that no relevant decision has been taken, adding: "this thought, which has been recorded in certain press reports, is not an irrational proposal."

Mr. Pangalos said there is, in principle, "a position of principle which I believe that all countries participating in the society of nations in a responsible way must share, according to which every independent country has the right to be supplied with the necessary means for its defence in the framework of international treaties."

Explaining his position on Cyprus, Mr. Vedrine said that accession negotiations which have got underway must be used and utilised to facilitate a political solution to the problem as soon as possible and in the best possible way. Conversely, it is clear that a political solution to the problem of Cyprus would facilitate accession negotiations to a great degree.

"This is one application, only one example of the general idea (of France) on the way with which we must handle accession negotiations with each candidate country seriously and methodically," Mr. Vedrine said.

He added that on this issue it is important that dialogue between France and Greece continue, not only on the occasion of the General Affairs Councils but also within the framework of a political bilateral dialogue between the two countries.

Speaking on the same issue, Mr. Pangalos said that he took advantage of his meeting with Mr. Vedrine to brief him on a series of issues concerning our part of the world, adding that on our part "we believe that the EU, the big countries of the EU, must undertake initiatives and not set preliminary preconditions for accession negotiations concerning the political problem of Cyprus.

Replying to a question on whether he discussed the Kurdish problem with Mr. Vedrine, Mr. Pangalos said that he pointed out to his French counterpart that there must be a European initiative on this issue in whose framework the issues of legality must be examined, while responsibilities possibly existing on various actions and activities must also be examined.

Mr. Vedrine said, on his part, that there was a wide coincidence of views in the positions of the two sides in relation to problems in the Balkans, and more specifically, the Kosovo crisis.

Athens News Agency

[07] Anastasios in Zimbabwe

TIRANA 01/12/1998 (ANA - P. Haritos)

Anastasios is visiting the African country to participate in the 8th general assembly of the World Council of Churchs, to be held between Dec. 3- 14.

Athens News Agency

[08] Stephanopoulos on election of president

Athens 01/12/1998 (ANA)

Mr. Stephanopoulos said a president of the republic did not need to be elected directly by voters as the post did not involve any executive powers, while a pre-electoral process was also avoided.

Athens News Agency

[09] Kranidiotis to discuss Greek-Turkish relations in Washington

WASHINGTON 01/12/1998 (ANA - T. Ellis)

Mr. Kranidiotis was in Washington to participate in the international conference of donors on "The support for peace and development in the Middle East" at the State Department yesterday, with the participation of representatives from 40 countries, including Greece.

The conference was to be attended, among others, by US Secretary of State Madeleine Albright, Israeli Foreign Minister Ariel Sharon and Austrian Foreign Minister Wolfgang Schuessel.

The initiative for the conference belonged to the US and was aimed at the economic support of efforts for peace and development in the region with an amount which could reach four billion dollars. The previous similar conference of donors which covered the 1993-1998 period yielded 3.7 billion dollars. Greece's contribution amounted to 4.3 million dollars.

Athens News Agency

[10] Trolley strike called off

Athens 01/12/1998 (ANA)

"We believe that the managment of ILPAP and the competent ministries will show the same responsibility in regard to the just demands of the workers and that reason will prevail in dialogue so that the grief caused to commuters in the Athens and Piraeus can be avoided in the future," a statement from the workers' union said.

Trolley bus workers last week staged a series of work stoppages to protest the government's plans to overhaul public transport organisations.

Athens News Agency

[11] Ankara takes exception to Simitis remarks on Kurdish issue

ISTANBUL 01/12/1998 (ANA - A. Kourkoulas)

Ankara's statements came in a response to Mr. Simitis' answers during a press conference last Thursday in Athens.

Ankara attacked the Greek premier's rejection of the Turkish claim that the Kurdish issue is a one-side "terrorist" problem, while the Turkish ministry said it considered that Greece added one more problem in the relations between the two countries.

Athens News Agency

[12] Athens promotes EU-wide meeting on Kurdish issue

Athens 01/12/1998 (ANA)

Government spokesman Dimitris Reppas said the contacts were being carried out at the ministerial level.

Mr. Ocalan has been placed under house arrest pending further developments following his arrival in Rome some weeks ago to request political asylum.

A Rome court refused a Turkish warrant for his arrest, severely taxing relations with Ankara. Germany, which has also issued a warrant for Mr. Ocalan's arrest, has said it will not file for his extradition for the time being.

Athens News Agency

[13] Karamanlis attack on gov't policies

Athens 01/12/1998 (ANA)

Mr. Karamanlis called the attempted privatisations of Ionian Bank and Olympic Airways "a fiasco".

The ND leader called the Simitis government's policies a "shipwreck, characterised by inadequacy, inability and lack of fortitude."

Mr. Karamanlis said that when ND comes to power it will go forge ahead with bold privatisations and a tax-system to provide stability for Greek and foreign investors.

Athens News Agency

[14] Balkans, Greece the focus on Bonn conference

BONN 01/12/1998 (ANA - P. Stangos)

German deputy and German Social-Democratic Party (SPD) cadre Sigrid Skarpekis-Sperk said that "Greece is an important force in the Balkans, but would not be in a position to play the role it has unless it succeeds in entering Economic and Monetary Union (EMU)."

Ms Skarpekis-Sperk also expressed her evaluation that "Greece was on a good path" concerning the attainment of the EMU goal.

Athens News Agency Athens 01/12/1998 (ANA)

An announcement on the occasion of today's "World Day Against AIDS" by the Coalition of the Left (Synaspismos) party said that the deadly threat of the HIV virus is a problem that concerns everyone.

The announcement further said that the state should place more emphasis on providing information to the public about prevention, as well as to increase funding for care and financial assistance to AIDS patients.

Athens News Agency

[15] Fuel shortages feared as customs officers' strikes begin

Athens 01/12/1998 (ANA)

Customs officers want their healthy fund exempted from labour ministry plans to merge a number of sector-specific pension funds, part of the ministry's "mini-reforms" of the pension and health system.

The strike is also expected to cause shortages in heating oil.

Northern Greece was the hardest hit from the strike, as local businesses, industries and farmers - representing 64 per cent of export trade - saw their products' exit to Europe close.

Trucks have already started lining up at the border posts of Evzoni, Promachonas, Niki and Krystallopighi.

A warning strike by customs officers earlier this month caused chaos at Greece's borders, with hundreds of lorries stranded at border posts.

In response, government spokesman Dimitris Reppas said later that the government was monitoring labour action, such as the customs officials' strike, through its ministerial committees.

"The phenomena are not welcome but within the expected annual framework of labour protests," he said.

Referring specifically to the customs strike, Mr. Reppas said customs officers' interests were not harmed by the government's decisions and noted that the sector had the highest supplementary pensions of all civil servants.

Athens News Agency

[16] Deadline for payment of duty-free shops

Athens 01/12/1998 (ANA)

The State Securities Enterprise (DEKA AE), which issued the announcement, said that unless the deadline is observed, a signed contact between the two sides will be declared invalid.

Athens News Agency

[17] Charges filed in Greek-Romanian fugitive's death

Athens 01/12/1998 (ANA)

Six of the doctors work at the Nikea State Hospital, where 27-year-old Greek-Romanian fugitive Sorin Matei was taken after a handgrenade blast ended an hours-long siege broadcast live on television. Another doctor from the Korydallos Prison Hospital, where Matei was transferred a day later, is also facing charges.

Matei died suddenly while in the Korydallos clinic, with an autopsy showing he had choked to death on his own vomit while heavily sedated and bound. The four coroners assigned to the autopsy also said that he should never have been moved to the prison.

Matei had been under heavy guard after holding police at bay for hours and threatening to detonate a hand grenade in a central Athens apartment where he was holding three hostages.

On the day he died, he was scheduled to speak to a prosecutor assigned to an inquiry into the details of the raid, which left 12 people, including the head and deputy chief of Greek police, injured.

One of his hostages, Amalia Ginaki, later died of her injuries, sustained when Matei's hand grenade went off as police entered the apartment building's front door.

The head of the Greek Police resigned and two other senior police officials were replaced in the wake of criticism of police's handling of the raid.

Athens News Agency

[18] Poor maintenance, lack of pilot training blamed for Yakovlev crash

Athens 01/12/1998 (ANA)

The Yakovlev-type plane crashed into a Pieria prefecture mountain-side on Dec. 17, 1997 while awaiting clearance to land at Thessaloniki airport. All 74 persons aboard were killed.

The report stated that the pilots on board were not experienced at landing at the northern Greek capital's airport, while "black box" recordings indicated that there was confusion in the cabin over the indications of flight instruments.

The report noted that air-traffic controllers acted in accordance with international regulations.

Athens News Agency

[19] Firebomb attack on journalists' fund office

Athens 01/12/1998 (ANA)

The two "Molotov cocktails" were thrown at the building housing a journalists' health and pension fund, EDOEAP, in the Athens district of Ilisia. The attack shattered windows at the ground floor office and caused a fire, which was quickly put out by the fire brigade. Damage was estimated at 2.5 million drachmas.Eyewitnesses said they saw two youths on a motorbike at the scene of the attack.

Athens News Agency

[20] Oil slick from freighter-tug collision

Athens 01/12/1998 (ANA)

Merchant marine sources said yesterday that a 400-metre-long and 10-metre- wide fuel oil slick was the result of a collision between the freighter "Maria Dolores" and the tug, creating a rupture in the former through which an unspecified amount of fuel oil leaked into the sea.

The skippers were due to appear before a public prosecutor in nearby Halkida.

Athens News Agency

[21] Slaughterhouse bombed in Crete

Athens 01/12/1998 (ANA)

Police said the blast was heard two kilometres away, while nearby windows were shattered.

The explosion totally destroyed the slaughterhouse and meat packing building, while a third building was designated as highly unstable and the entire complex was declared off limits.

The bomb made a half-metre deep crater, police added.

The destruction of the Kissamos slaughterhouse is expected to cause major problems in supplying the Hania market with meat products, as the municipal slaughterhouses in Hania are closed for renovation.

Athens News Agency

[22] Syrian nationals convicted of smuggling illegals

Athens 01/12/1998 (ANA)

The convicted men were identified as Abdullah Jahar, Mustafa Rihan and Abdul Munem Naser.

Athens News Agency

[23] Clinics for ethnic Greek communities in six ex-Soviet republics

Athens 01/12/1998 (ANA)

The clinics would provide services to large ethnic Greek communities in Russia, Ukraine, Armenia, Georgia, Kazakhstan and Uzbekistan and would also be open to the local population, Alternate Foreign Minister George Papandreou said at a news conference.

"This action supplements and does not compete with whatever is happening in these countries," Mr. Papandreou said. "It connects two policies: that of the foreign ministry's development aid and the General Secretariat for Overseas Greeks".

The establishment of the clinics falls under the aegis of the Council of Hellenes Abroad (SAE), headed by Andrew Athens. Three different types of clinics are planned: 11 small clinics that can deal with up to 25 people a day; six medium-sized clinics de signed for up to 125 visits a day; and four full-scale larger clinics which will also be able to provide medical specialists.

The two men said that the programme would be conducted with the close cooperation of the U.S. State Department, USAID, the World Bank, UN agencies such as UNDP and UNICEF as well as a number of private institutions and multinational groups.

Athens News Agency

[24] Inspection of older bridges on nat'l motorways ordered

Athens 01/12/1998 (ANA)

Traffic was restored Sunday along the motorway linking Athens to Thessaloniki after a bridge in Pieria collapsed in heavy rain on Saturday, fortunately without causing injuries or damage to vehicles.

The highway was closed to traffic when subsidence caused the bridge at Ziliana, between Leptokarya and Skotina, to collapse over both sides of the motorway. Hundreds of vehicles were stranded far from exit points.

A newly built overpass was opened earlier than planned after army engineering units inserted steel supports in order to restore traffic.

Athens News Agency

[25] Xiosbank to merge with Bank of Piraeus in powerful new group

Athens 01/12/1998 (ANA)

Under the terms of the deal, Bank of Piraeus will purchase a 37.3 percent stake in Xiosbank for 83 billion drachmas.

Xiosbank has the option of taking an 8.4 percent stake in Bank of Piraeus' equity after a share capital increase by the latter of 120 billion drachmas.

Bank of Piraeus chairman Mihalis Sallas announced the merger deal during a shareholders meeting, which approved the share capital increase involving a one-to-one rights issue at 2,500 drachmas each for existing shareholders.

Bank of Piraeus will buy 9,000,000 shares in Xiosbank, or 37.3 percent of its share capital, at 9,228 drachmas per share, to total 83.05 billion drachmas.

The remaining 36.6 billion drachmas will be covered through a private placement with the bank's staff and international investors.

Xiosbank's shareholders, represented by Vardis Vardinoyiannis, have the option of buying 8.4 percent of Bank of Piraeus' share capital, or 6,500, 000 shares, a move that would make it one of the biggest shareholder groups, or even the biggest, in Bank of

Piraeus. The transfer of Xiosbank's shares to Bank of Piraeus is expected to be completed in two months.

The new capital from Bank of Piraeus' share capital increase will be used to promote the bank's strategic goals, including the purchase of Marathon Bank of New York, creation of an investment firm with German insurer Allianz, the purchase of Xiosbank's equity and an upgrade to its network, domestic and abroad.

Bank of Piraeus shareholders also approved a plan to sign an international long-term bond issue worth 200 million euros.

Mr. Sallas said the new banking group may participate in a second privatisation effort for state-owned Ionian Bank.

Athens News Agency

[26] Stocks break through 2,500 barrier, fuelled by bank merger

Athens 01/12/1998 (ANA)

The merger deal between Bank of Piraeus and Xiosbank also drove share prices in the bourse's banking sector sharply higher to post gains of 2.40 percent.

The general index ended 1.35 percent higher at 2,511.82 points, off the day's highs that showed gains of 3.0 percent. Trade was moderate to active with turnover at 64.8 billion drachmas and volume at 14,282,000 shares.

Sector indices mostly scored gains.

Leasing rose 0.2 percent, Insurance ended 0.67 percent up, Investment increased 0.72 percent, Construction rose 0.10 percent, Industrials ended 0.32 percent higher, Holding rose 1.16 percent but Miscellaneous bucked the trend to end 0.12 percent off.

The parallel market index for small cap companies ended 1.21 percent up. The FTSE/ASE 20 index rose 1.90 percent to 1,559.86 points.

Broadly, advancers led decliners by 153 to 88 with another 27 issues unchanged. Thessaliki, Hellenic Duty Free Shops, Mytilineos and Hellenic Telecommunications Organisation were the most heavily traded stocks.

Bank of Central Greece, Aspis Housing, Attica Bank, Dorian Bank, Ionian Bank, Xiosbank, Minoan Lines, Bank of Piraeus, Aspis Invest, Development Invest, Doudos and Mouriadis were among the biggest gainers. Attikat, Keranis, Viosol, Eskimo, Levenderis, Nikas and Galis suffered the heaviest losses.

National Bank of Greece ended at 50,890 drachmas, Ergobank at 27,400, Alpha Credit Bank at 27,000, Ionian Bank at 12,960, Hellenic Telecoms at 7,100, Delta Dairy at 3,650, Intracom 14,600, Titan Cement at 21,000, Hellenic Petroleum at 2,390 and Minoan Lines at 6,804 drachmas.

Athens News Agency

[27] Greece, Iran sign agreement on tourism cooperation

Development Minister Vasso Papandreou and Iranian Culture and Islamic Guidance Minister Ataollah Mohajerani yesterday signed a memorandum of understanding on cooperation in tourism.

Stressing the need for the expansion of mutual cultural cooperation, Ms Papandreou said that culture was the most important tool in the identity of nations.

Greece and Iran, both ancient nations, could make the best use of a proposal by Iranian President Mohammad Khatami on dialogue among civilisations, she said.

In addition, Greece hosted 12 million tourists annually and paid great attention to tourism as a key sector of the economy.

Mr. Mohajerani said that tourism could serve as an efficient tool for the two countries better to know each other.

Athens News Agency

[28] Athens bourse share offer 2.5 times oversold

Athens 01/12/1998 (ANA)

Revenue to the state from the sale totalled 10.2 billion drachmas, the ministry said.

Offered were 600,000 shares, or 12 percent of the bourse's share capital, to selected investors with the price set through bookbuilding.

The price to emerge was 17,000 drachmas per share.

Athens News Agency

[29] Greek, Romanian capital markets to exchange knowhow

Athens 01/12/1998 (ANA)

The deal was signed by the chairmen of the two countries' capital market commissions, Stavros Thomadakis of Greece and Stefan Boboc of Romania.

The protocol is the first step in an effort to promote bilateral cooperation in capital market operations between the two Balkan countries.

The deal also paves the way for Romanian companies to seek listing in the Greek emerging markets exchange through the issue of Greek certificates called ELPIS.

Athens News Agency

[30] Greece has yet to exploit renewable energy, deputy minister says

Athens 01/12/1998 (ANA)

Deputy Public Works, Town Planning and Environment Minister Theodore Koliopanos said: "Greece has not yet managed to exploit renewable energy sources despite the fact that the country meets all the necessary preconditions. Greece currently exploits only 3.0 percent of its renewable energy resources, half the European average of 6.0 percent."

The conference, organised by the National Technical University, coincides with an effort by government agencies and independent organisations to promote the use of renewable energy in Greece.

EU Energy Commissioner Christos Papoutsis said that Greece currently employs 3,000 workers in the sector, and that implementation of the EU Commission's White Paper, combined with domestic incentives, could raise the number to 30-40,000 by the year 2010 .

Mr. Papoutsis proposed that Greece should adopt the use of renewable energy in the construction of facilities for the Athens 2004 Olympic Games.

Athens News Agency

[31] Intracom participation in missile production programme

Athens 01/12/1998 (ANA)

The programme is already in the full development phase.

In the programme's next phase, scheduled to start in 2002, Intracom expects to sign a contract amounting to 15 billion drachmas for the production of missile parts.

The IRIS-T programme is a multinational programme in which Germany, Greece, Italy, Canada, Norway and Sweden are participating.

In the first phase (July 1996-May 1997), Intracom participated with a contract amounting to 150 million drachmas in which it had undertaken the initial planning of parts of the missile and had prepared a study for its incorporation by the Hellenic Air Force's F-16 aircraft.

Athens News Agency

[32] NAPC halts production at Prinos site

Athens 01/12/1998 (ANA)

Thirty to 50 employees will stay on to maintain facilities until the final withdrawal of the consortium, the North Aegean Petroleum Co. (NAPC), which holds the concession.

NAPC's managing director Ian Ashley has sent a letter to the government stating that cutbacks the workers are prepared to accept are inadequate and will not have a serious impact on the company's "very negative indicators" on the basis of the current oil prices, as he claimed. The company also announced an end to any further drilling activity in the Gulf of Kavala.

Meanwhile, the Panhellenic Federation of Refinery and Chemical Industry Employees has called a 24-hour solidarity strike on Friday for the workers at the Prinos site. A rally will also be held at the labour ministry at 10 a.m. followed by a march to Parliament.

Athens News Agency

[33] CNN to air segments focusing on Athens bourse

Athens 01/12/1998 (ANA)

The broadcasts can be seen in Greece at 9:30 p.m. and 11:30 p.m. local time.

Athens News Agency

[34] Aget pre-tax profits up by 23.4% between Jan.-Sept.

Athens 01/12/1998 (ANA)

Sales for Heracles group increased by 10.2 per cent in the first nine months of 1998, reaching 119.8 billion drachmas, compared to 108.7 billion during the same period last year.

Athens News Agency

[35] Hellenic Shipyards with Italian shipbuilder

Athens 01/12/1998 (ANA)

The latter vessels have a speed of 40-50 knots and can cover the distance between Piraeus and Crete in less than four hours.

According to an announcement, the two companies want to constitute a major force in the building of fast ferries in the eastern Mediterranean.

The Italian company began work 1956 with the building of the first hydrofoil vessel in the history of merchant shipping, while it holds a leading position in the planning and technology of fast vessels to date. Hellenic Shipyards was established in 1957 and is the biggest in Greece.

Athens News Agency

[36] Athens Foreign Exchange

Athens 01/12/1998 (ANA)

Banknotes            Buying  Selling
US Dollar            283.891 290.473
Can.Dollar           184.135 188.404
Australian Dlr       179.205 183.360
Pound Sterling       469.593 480.481
Irish Punt           413.664 423.255
Pound Cyprus         562.385 575.424
Pound Malta          703.944 733.275
Turkish pound (100)    0.083   0.086
French franc          49.638  50.789
Swiss franc          201.941 206.624
Belgian franc          8.069   8.257
German Mark          166.458 170.317
Finnish Mark          54.729  55.998
Dutch Guilder        147.654 151.078
Danish Kr.            43.783  44.798
Swedish Kr.           34.861  35.669
Norwegian Kr.         37.763  38.639
Austrian Sh.          23.663  24.212
Italian lira (100)    16.813  17.203
Yen (100)            233.630 235.977
Spanish Peseta         1.957   2.003
Port. Escudo           1.623   1.661

Banknotes            Buying  Selling
New York             283.891 290.473
Montreal             184.135 188.404
Sydney               179.205 183.360
London               469.593 480.481
Dublin               413.664 423.255
Nicosia              562.385 575.424
Paris                 49.638  50.789
Zurich               201.941 206.624
Brussels               8.069   8.257
Frankfurt            166.458 170.317
Helsinki              54.729  55.998
Amsterdam            147.654 151.078
Copenhagen            43.783  44.798
Stockholm             34.861  35.669
Oslo                  37.763  38.639
Vienna                23.663  24.212
Milan                 16.813  17.203
Tokyo                233.630 235.977
Madrid                 1.957   2.003
Lisbon                 1.623   1.661

Athens News Agency

[37] PM inaugurates Piraeus museum

Athens 01/12/1998 (ANA)

Addressing Mr. Simitis, Culture Minister Evangelos Venizelos said that his presence in the city also stresses the government's interest in it, adding that the problem in culture projects is not always economic but primarily a problem at the level of con cepts.

Mr. Venizelos went on to say that at present 10 museums are being inaugurated in stages, while another 30 are at an advanced stage of study.

Mr. Simitis was also welcomed with talks by the curator of the Archaeological Museum of Piraeus Stein Hauer, who gave him a guided tour of the renovated museum.

Athens News Agency

[38] Synaspismos tables question on S-300 missiles

Athens 01/12/1998 (ANA)

He stressed that a difference of views exists on the issue between Greece and Cyprus, while the way the case is developing reveals a "serious problem in strategy and tactics, as well as in relations between Greece and Cyprus."

Mr. Constantopoulos asks the premier what the position of the government is, if an agreement exists and a coordinated position with the side of Cyprus and what the backstage initiative by the UN and the US includes.

In a related development, government spokesman Dimitris Reppas commented on a statement made in Patra this past week by Cyprus President Glafcos Clerides that the idea for the deployment of the Russian missiles on the island of Crete belonged to the US, saying that "Mr. Clerides said what lives up to reality."

Mr. Clerides had visited Patra on Saturday to honour Greek soldiers killed in action during the July 1974 Turkish invasion of Cyprus. He also spoke at the University of Patra on the latest developments regarding the Cyprus problem.

Mr. Clerides also called the Greek soldiers in Cyprus heroes and called his island republic the southern "Thermopylae of Hellenism."

Athens News Agency

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