Athens News Agency: Daily News Bulletin in English, 98-12-05

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

CONTENTS

[01] Gov't mobilises striking customs officers

[02] Judicial enquiry into abortive sale of Duty-Free Shops

[03] Gov't eyes EMU inflation goal after November's drop to 4.2 pct

[04] Clinton to become personally involved in Cyprus issue, Greek-Americans say

[05] Greece, India to sign defence agreement

[06] Simitis mets with German FM Fischer in Frankfurt

[07] Athens conference considers Europe's future, EU enlargement

[08] Pangalos concludes official visit to Norway

[09] Kranidiotis: Decisions on S-300s still valid

[10] UN event in Athens for Universal Declaration of Human Rights

[11] Albanian FM refers to NATO presence in region

[12] Two killed, 19 injured in coach crash

[13] 'Cannabis Shop' owner faces dock again

[14] Stocks jump on expectations of domestic rate cuts

[15] Northern exporters call for strike moratorium

[16] Finance ministry to auction 6M T-bills on Tuesday

[17] Athens bourse remains perky despite volatile week

[18] Athens to get first batch of new buses tomorrow

[19] Romanian embassy holds business meeting with Greek trade group

[20] Conference focuses on new business people

[21] Insurance executive: Fivefold growth in sector over next 5 years

[22] Minoan-Ceres partnership

[23] Athens Foreign Exchange

[01] Gov't mobilises striking customs officers

The decision, signed by Prime Minister Costas Simitis, was announced by National Economy and Finance Minister Yiannos Papantoniou, who said that the government had exhausted all margins for further dialogue.

Customs officers, eventually, decided yesterday evening to return to work, and petrol stations are expected to return to business-as-usual as of Monday.

The first tanker trucks were able to load fuel from refineries and supply several gas stations late yesterday, although the procedure is likely to need some two to three days before all gas stations are adequately supplied.

In the meantime, in an apparent good-will gesture, petrol station owners decided to call-off their strike action, following a series of meetings with government officials. According to sources, the government promised to prepare a comprehensive package of measures in response to the sector's demands, to be presented by the end of January.

Customs officers began striking on Monday to protest plans to merge their financially robust pension fund with other, weaker funds.

Mr. Papantoniou said this week's rolling 24-hour strikes had considerably damaged the national economy, while the government had taken into consideration "all parameters" in taking the decision to implement legislative provisions on 'civil mobilisation' .

In effect, the provisions mean that striking civil servants are ordered back to work and face dismissal if they refuse.

The decision took effect immediately.

Earlier, an Athens court yesterday declared the 24-hour rolling strikes illegal and abusive, stressing that it harmed the national economy and created urgent needs among the citizens.

Another Athens court this week declared the five-day strike initially declared by the union of customs employees as illegal, and so customs officers ditched the week-long strike and reverted to one-day rolling strikes to circumvent the court decision. Arrests: -- Meanwhile, six customs officers were to appear before a public prosecutor last night after they were arrested by police at noon outside the Aspropyrgos refinery and on charges of refusing to allow tanker trucks to load.

Police said the six officers, part of a skeleton crew at the refinery, were arrested on the basis of a warrant issued by Athens prosecutor Georgios Koliokostas. Long lines of truck drivers:-- In a related development, hundreds of Greek truck drivers stranded in kilometres-long queues on the Bulgarian side of the border with Greece due to the ongoing customs strike, complained that armed gangs were attacking them and looting their trucks at nig ht.

About 400 Greek and foreign trucks have been stranded in Bulgaria near the Promahonas border post waiting to cross into Greece since Monday, when the customs officers launched their strike, officials from the Greek embassy in Sofia said.

The drivers charged that in addition to the cold, rain and lack of facilities, they also had to face armed bands that strike at night, looting the stranded trucks.

In one incident, a driver scuffled with thieves who tried to steal cargo from his truck.

Several drivers have also complained that Bulgarian police appeared "incapable or unwilling to" tackle the problem.

The adverse weather and fear of having their trucks looted prohibit the drivers from leaving the areas where the trucks are stranded, and so they face food and hygiene problems. Drivers in stranded trucks on the Greek side of the border are also facing problems, as the cold and rain has forced them to remain inside their trucks. PASOK:-- Finally, a combined government committee and ruling PASOK political secretariat meeting focused on the customs officers' strike, as well as students' protests.

Mr. Simitis also briefed participants on next weekend's EU Vienna summit.

Speaking after the meeting, government spokesman Dimitris Reppas said that "they (customs officers) are demanding more than they are entitled to", and that "while extending their right (to strike), they are obliged to respect the interest of the communi ty and show that they abide by court rulings, as all Greek citizens should."

He added that the government was not considering backing down on its decision to merge insurance funds. Student protests continue throughout Athens:-- Student protests against the government's announced educational reforms continued with road-blocks and school take-overs yesterday.

A central roadway in Athens and other major traffic arteries in Attica prefecture were blocked yesterday for one hour by protesting students.

In a related development, main opposition New Democracy (ND) leader Costas Karamanlis yesterday visited a school in Pangrati, a central Athens district and talked to teachers, parents and pupils.

Mr. Karamanlis said that "the situation is explosive because reforms were attempted without any system,without previous briefing(of the public) and with amateurism."

Athens News Agency

[02] Judicial enquiry into abortive sale of Duty-Free Shops

Prosecutor Georgios Koliokostas assigned the preliminary enquiry to prosecutor Isidoros Doyiakos, who will summon witnesses for questioning on the issue.

The Parliament question was tabled by Coalition of the Left and Progress party leader Nikos Constantopoulos, who also spoke of a "scandal" and accused the government, and the finance ministry in particular, of violating terms contained in the proclamati on for KAE's international tender, saying it fuelled and covered up "stock exchange machinations" to the detriment of the state, small investors and KAE.

Athens News Agency

[03] Gov't eyes EMU inflation goal after November's drop to 4.2 pct

Last month's inflation, down from 4.7 pct year-on-year in October, signalled a powerful deflationary trend in the economy, Mr. Papantoniou said.

The government would therefore be able to meet its target of 2.0 percent inflation at end-1999, or a 2.5 percent average for that year, ensuring entry into European economic and monetary union by January 1, 2001, he said.

The Greek National Statistics Service (GNSS), which belongs to the national economy ministry, said that the consumer price index (CPI) slipped 0.1 percent in November against a 0.4 percent rise in the same month of last year.

Contributing to November's decline were a reduction in tax on heating oil, which brought the CPI down 0.15 percentage points, and a tax cut on cars, which brought a 0.13 point drop.

Lower car taxes are again expected to bring a 0.13 point reduction in December's CPI, GNSS said. Inflation cut seen aiding rates to fall:-- A decline in November's inflation to 4.2 percent combined with a move to cut interest rates by countries in the European Union's euro-zone are expected to help bring down domestic rates, analysts said yesterday.

Traders are watching the central bank's weekly intervention in the money market on Wednesday, hoping for a signal that rates will decline.

They expect the Bank of Greece to lower its intervention rate to 12.50 percent from 12.75 percent, without ruling out a deeper cut totalling 75 basis points.

Further fuelling hopes is data that underlying inflation, the rate on which the Bank of Greece bases its calculations, slipped in November by 0.2 percent to 5.3 percent.

Athens News Agency

[04] Clinton to become personally involved in Cyprus issue, Greek-Americans say

Greek-American leaders, who attended the meeting, were quoted as saying that Mr. Clinton appeared to be "very well-informed" on the situation in all areas of Greek-Turkish relations, while Greek-American leaders said they believed the US president's int erest was "genuine".

Several of the 16 Greek community leaders told Mr. Clinton that only the US president's clout could pave the way for a Cyprus solution. They cited similar instances in which the US leader's personal involvement had led to agreements, such as the Middle East, Bosnia and Northern Ireland.

They also called on Mr. Clinton for Washington to use its influence to convince Ankara to display flexibility and a spirit of cooperation on the Cyprus issue and stop its provocative actions in the Aegean, as well as to show Mr. Clinton a map of the Aeg ean recently released by the Turkish government in which a number of Greek islands, including major ones, were displayed as being Turkish.

Before their meeting with Mr. Clinton, the Greek-American leaders had talks with US National Security Adviser Sandy Berger and other White House associates, as well as US State Department special coordinator for Cyprus Tom Miller. White House spokesman:-- President Clinton reaffirmed that making progress in 1999 towards a settlement of the Cyprus problem and a reduction of tensions between Greece and Turkey are among his highest foreign policy priorities, US White House spokesman Joe Lockhart said yesterda y, commenting on the meeting.

"I can tell you that the president briefly joined the meeting that the National Security Advisor, Sandy Berger, had yesterday with Greek Americans and Cypriot Americans representing their various respective organisations. The meeting lasted about an hou r. The president was there for almost 30 minutes. Joining Mr. Berger were Mr. Podesta, Deputy National Security Advisor Don Kerrick, NSC Director Don Bandler, NSC Director Miriam Shapiro and Ambassador Tom Miller", Mr. Lockhart told reporters yesterday.

"As far as what was discussed at the meeting, the president reaffirmed that making progress next year towards resolving the Cyprus conflict and reducing tensions between Greece and Turkey are among his highest foreign policy priorities. Discussion focus ed in particular on ways in which greater progress on Cyprus can be made. There was a good exchange of ideas. We believe it was a useful meeting and part of our overall outreach to the affected communities here in the United States" he added. SAE's Athens:-- In a related development, World Council of Hellenes Abroad (SAE) President Andrew Athens noted yesterday that Mr. Clinton had recently assured Greek-Americans he would personally make renewed efforts towards a settlement of the thorny Cyprus problem.

Speaking at a press conference in Thessaloniki, Mr. Athens said the US president had given him the assurance at a recent meeting in Chicago.

Replying to questions on the efforts of Greek-Americans in support of Hellenism in general, Mr. Athens said he was not pleased with the "tactics" adopted by the US to date and had conveyed this to Mr. Clinton during their brief meeting. Mr. Athens s aid Mr. Clinton had told him he had some "new ideas" regarding the Cyprus problem and would make efforts as he had done with respect to Bosnia and the Middle East.

"Whatever the case, we are determined to toughen our stance vis-a-vis the White House," he told reporters.

Asked about relations between Greek-Americans and the Jewish community in the United States, Mr. Athens indicated that there were certain "shadows" created by the US Jewish lobby's recent expression of support for Ankara's positions.

He added, however, that efforts were being made to disperse the clouds, noting that relations between the two overseas communities had traditionally been good.

Mr. Athens added that leaders of the two communities will soon meet.

Athens News Agency

[05] Greece, India to sign defence agreement

Mr. Tsohatzopoulos's four-day visit is at the invitaiton of his Indian counterpart, George Fernandes. He is expected to meet with Indian Prime Minister Atal Behari Vajpayee as well as Congress Party leader Sonia Gandhi.

Also on Mr. Tsohatzopoulos's agenda is a talk to the Institute of Defence Studies on the European security structure ahead of the 21st century.

The minister flies from India to Brussels on December 9 to participate in a European Socialist Party meeting.

Athens News Agency

[06] Simitis mets with German FM Fischer in Frankfurt

He was speaking to Greek reporters after holding private talks with the Greek PM yesterday.

Mr. Fischer confirmed that he has accepted an invitation by his Greek counterpart Theodoros Pangalos to visit Greece and that he will do so P apart from the "round of capitals" for the German European Union Presidency due to start from Athens on Dec. 14 - in January 1999.

"It was a very friendly and good discussion which focused primarily on European issues. Relations between Greece and Germany are very good and for this reason I am plea-sed that I will be visiting Greece," Mr. Fischer said.

On his part, Mr. Simitis said that the participation of the Greens in the German coalition government with the Social Democrats and with Mr. Fischer at the post of foreign minister constituted a "new breeze." The meeting between Mr. Simitis and Mr. Fisc her was held at the hotel where the Prime Minister is staying in Frankfurt. It was unofficial and was termed in advance as being "private."

No statements were made on its content but, according to information from the Greek delegation, Mr. Simitis has a list of issues for his contacts in Germany which includes, also in light of the Vienna summit on Dec. 11-12, European issues and issues of special national concern concerning Cyprus and relations between Turkey and the European Union.

According to the same information, among issues which Mr. Simitis wishes to promote are the assumption by the EU of an "overall Balkan policy" and the necessity of pressure being exerted on Turkey to accept the existing international legal framework to have its whatever differences with Greece resolved, as well as the disconnection of the prospect of the success of Cyprus' accession negotiations from a solution to the political problem, since Nicosia is not responsible for the political deadlock.

Mr. Simitis will be staying in Frankfurt on a private visit until tomorrow night and on Monday he will be holding official talks with Mr. Schroeder and Social Democrat Party (SPD) leader Oskar Lafontaine.

Athens News Agency

[07] Athens conference considers Europe's future, EU enlargement

It was jointly organised by the Greek Foundation of European and Foreign Policy (ELIAMEP), the London Royal Institute of International Affairs in cooperation with the Institute of Strategic and Development Studies P Andreas Papandreou (ISTAME).

The conference was held in the framework of the British embassy's events on "Britain and Greece" and got underway with an address by Deputy Foreign Minister Yiannos Kranidiotis.

"The European Union is Europe's reply to globalisation and the role of the European left in this process is a leading one. Greece has only one option: To fully participate in the unification process and, of course, in Economic and Monetary Union," Mr. K ranidiotis said.

"In our party the discussion has already started on the restructuring of our policy and ideology in light of the 21st century," he added.

An address followed by Anthony Giddens, director of the London School of Economics and author of the "Third Way", as well as one of British Prime Minister Tony Blair's top advisers.

Mr. Giddens referred to the repercussions of globalisation for Europe and its societies and stressed that "globalisation requires the reorganisation of local societies and regions, the restructuring of the public sector and new forms of cooperation betw een the state and enterprises."

He said that the creation of a new mixed economy is a precondition for the success of the political intervention of the European left.

"The reforming of the social state is necessary by seeking a new balance between risks and the security framework. We must encourage the development of initiatives and investments in human capital," he said.

Mr. Giddens said that the role of the government will not be restricted, but will be different and more dynamic, adding that the EU is a very important partner in globalisation.

Deputy Finance Minister Nikos Christodoulakis referred to the issue of unemployment in light of EU enlargement.

"I would characterise unemployment as being European perplexity. Despite its good economic results concerning inflation and deficits, the EU has no successes to display in combatting unemployment, in contrast to the US," he said.

Athens News Agency

[08] Pangalos concludes official visit to Norway

Mr. Pangalos presented Athens' positions on the question of Cyprus and the illegal occupation of part of the island. He also referred to relations between Greece and Turkey.

He further spoke of the positive role played by Greece in southeastern Europe, referring in particular to inter-Balkan cooperation and its significance for the region, as well as to tripartite cooperation between Greece, Bulgaria and Romania.

On his part, the Norwegian FM referred to the issue of the Schengen Treaty, which is of particular interest to Norway.

After the meeting, Mr. Pangalos was received by the King of Norway, Harald V. The two delegations then attended a working luncheon given by the Norwegian FM where talks continued between the delegations.

Mr. Pangalos will be attending the meeting of European Union foreign ministers in Brussels tomorrow.

Athens News Agency

[09] Kranidiotis: Decisions on S-300s still valid

Speaking on state-run Cyprus radio (RIK), Mr. Kranidiotis added that the decisions could not be reconsidered unless there was progress on the Cyprus problem and on the diplomatic front towards a reduction of tension and armaments on the island republic, which would in turn lead to demilitarisation.

Replying to a question, he said Greece and Cyprus were in agreement, stressing that the joint defence doctrine between the two sides was in effect, as was Athens' casus belli, which as he said, was the essence of the joint doctrine.

Finally, Mr. Kranidiotis said he was optimistic that positive developments will come about in the long-running Cyprus problem.

Athens News Agency

[10] UN event in Athens for Universal Declaration of Human Rights

The winners of a relevant pamphlets contest on the subject were handed awards during an event attended by George Paschalidis, Deputy Minister to the PM.

Speaking at a press conference, a spokeswoman for the UN's Athens representation said the exhibition includes the 30 clauses of the declaration, along with illustrations and photographs.

Athens News Agency

[11] Albanian FM refers to NATO presence in region

Mr. Milo, who was commenting on developments in the troubled Yugoslav province of Kosovo, added that this was the case because Belgrade had no credibility as far as its promises to honour agreements was concerned.

NATO withdrew the threat of punitive air strikes a month ago, after Yugoslavia agreed to scale down anti-rebel operations.

Mr. Milo underlined, however, that the agreements between NATO and the OSCE, on one hand, and Belgrade, on the other, were "an excellent example of the effectiveness of the coordinated involvement" of the two organisations.

"That which could not be achieved solely by political and diplomatic means was attained through the credible combined pressure of the democratic community," Mr. Milo said.

The Albanian foreign minister was addressing an international conference in Athens being held on the occasion of the 50th anniversary of NATO's founding.

Mr. Milo pointed out Tirana's difficulties in satisfying the West by adopting a constructive stance on the Kosovo problem P in line with that of international organisations P while at the same time meeting the expectations of the Albanian-speaking commu nity of the region. "In the final analysis, a lasting and just settlement of the crisis in the region cannot be achieved without the consenting opinion of the Kosovars," he said.

Speaking at the same conference, National Defence Undersecretary Dimitris Apostolakis proposed a new security structure for Europe with a procedure for resolving differences between NATO member-states.

Athens News Agency

[12] Two killed, 19 injured in coach crash

Police identified the two people who died in the accident as the driver of the car, Costas Patas, and the driver of one of the coaches, Dimitris Ziogos.

Police said the accident occured when Patas drove into the lane of oncoming traffic and collided with an Arta-based coach.

This coach, in turn, passed into the lane of oncoming traffic and collided with an Agrinio-based coach, both of which went off the road and fell about 15 metres down the embankment.

Eight of the injured, one of whom is in serious condition, are being treated at Amphissa hospital and ten at Nafpaktos health centre. One person, also in serious condition, was taken to hospital at Rio.

Athens News Agency

[13] 'Cannabis Shop' owner faces dock again

Georgia Kalofolia, the proprietor of the "Cannabis Shop" in central Athens, was arrested on Thursday, acting on the orders of the public order ministry.

All the items in Ms Kalofolia's store bearing the distinctive five-leaf cannabis stamp were confiscated.

In September, Ms Kalofolia, the publisher, editor-in-chief, copy-editor and staff writer of the 01 magazine were each sentenced to 15 months jail and fined two million drachmas after an Athens court found them guilty of promoting the use of illegal dr ugs.

The "01" had featured the store's range of clothing made from Indian cannabis. The feature had prompted a suit from the president of the Greek Anti-Cancer Council, alleging that the way the article had been written had encouraged the use of narcotics am ong the young.

Athens News Agency

[14] Stocks jump on expectations of domestic rate cuts

The general index ended 2.30 percent higher at 2,469.07 points, recouping the bulk of losses from the previous session's 3.46 percent plunge. Trade was active with turnover at 68.7 billion drachmas.

Market players are discounting a signal from the central bank that domestic rates will finally fall in the wake of rate declines agreed in European euro-zone countries.

Leading the market were shares in the heavily weighted banking sector, which were briskly traded in strong demand.

The FTSE/ASE-20 blue chip index gained 2.35 percent to finish at 1,531.18 points.

The parallel market for smaller cap stocks outperformed the general index to close 4.03 percent higher.

Sector indices recorded gains across the board.

Banks jumped 2.92 percent, Leasing edged up 0.16 percent, Insurance gained 1.33 percent, Investment rose 1.89 percent, Construction increased 0.83 percent, Industrials surged 2.16 percent, Miscellaneous gained 1.89 percent, and Holding surged 3.94 perce nt.

Of 260 shares traded advances led declines at 202 to 45 with 13 unchanged.

The most heavily traded stocks were Hellenic Telecommunications Organisation, Thessaliki, Eskimo and Bank of Piraeus.

Scoring the highest percentage gains were Eskimo, Alcatel, Metrolife, Viosol, Parnassus Enterprises, Atemke, Orion, Corinth Spinning Mills and Aspis Invest.

Posting the biggest percentage losses were Ippotur, Daring, Hermes, Nafpaktos Spinning Mills, General Commerce, Development Invest, Xifias, Yannousis, Galis and Pavlidis.

National Bank of Greece ended at 50,250 drachmas, Ergobank at 27,900, Alpha Credit Bank at 27,000, Ionian Bank at 13,800, Hellenic Telecommunications Organisation at 6,700, Delta Dairy at 3,515, Intracom at 13,650, Titan Cement at 20,165, Hellenic Petro leum at 2,320 and Minoan Lines at 6,640 drachmas.

Athens News Agency

[15] Northern exporters call for strike moratorium

In an open letter to Prime Minister Costas Simitis, SEBE said that its members were badly hit by this week's customs officers' strike.

A two-three year moratorium on similar walkouts would prevent lasting damage to the economy, protect livelihoods and avoid blackening the country's name abroad, SEBE said.

Copies of the letter were also sent to cabinet ministers and the customs officers' trade union federation.

"Exporters have been held hostage by the strike. Our credibility is damaged abroad every day," the letter said.

Athens News Agency

[16] Finance ministry to auction 6M T-bills on Tuesday

The ministry said in a statement yesterday that banks taking part in the auction would receive a 0.25 percent commission.

Athens News Agency

[17] Athens bourse remains perky despite volatile week

The general index slipped 0.38 percent, or 9.3 points on the week to end at 2,469.07 points against 2,478.37 points a week earlier.

From the start of the year the index has gained 66.87 percent. It stands 12.62 percent down on its all-time high of 2,825.52 points on July 21.

The week's turnover was 448.05 billion drachmas to post a daily average of 89.6 billion drachmas, up from 61.1 billion a week earlier.

Aiding the market was a drop in November's consumer price inflation to 4.2 percent year-on-year from October's 4.7 percent, and an upgrade for Greece's long-term borrowing from Standard and Poor's, the international ratings agency.

The market also traded on expectations that the central bank will lower its weekly intervention rate in the money market, a move that would signal an across-the-board decline.

Beyond lower inflation, aiding a possible cut is a decision by euro-zone countries to lower their rates.

In addition, Bank of Piraeus and Xiosbank, both in the private sector and listed on the bourse, announced a share swap merger that will form a powerful new banking group.

Finally, several international banks and investment houses released favourable reports on the domestic economy and the bourse.

On the downside, the market was upset by the government's failure to fully privatise Hellenic Duty Free Shops for the second time through the bourse when the winning consortium of two Greek firms led by Saresco of France missed several payment deadlines after signing a contract to buy out the firm.

The government has said it will hold a third sale attempt for the company.

Athens News Agency

[18] Athens to get first batch of new buses tomorrow

Built at ELBO's plant in Thessaloniki, the articulated buses and mini-buses ready for delivery are air-conditioned, also containing facilities for people with special needs and digital information display units for passengers.

The buses were ordered by Thermal Buses Company (ETHEL), which is part of the Athens Urban Transport Organisation (OASA).

Athens News Agency

[19] Romanian embassy holds business meeting with Greek trade group

The economic counsellor's office said in a statement yesterday that the meeting, being organised with the Hellenic Organisation for Small and Medium Sized Manufacturing and Handicrafts Firms (EOMMEH), will be held at 1800-2000 at the National Mortgage B ank's training centre in Glyfada.

Areas of interest for the Romanian side are imports and exports, cooperation arrangements and joint ventures in many sectors including software.

In addition, twenty five managers representing 24 Romanian private sector companies are attending a training course by EOMMEH that began on November 30 and ends on December 10, the statement said.

Athens News Agency

[20] Conference focuses on new business people

Ms Papandreou, addressing a conference organised by the Hellenic Organisation of Small and Medium Sized Enterprises and Craftsmen (EOMMEH), said that "through the programme sponsored by EOMMEH, 32 new-business centres are created to promote communicatio n and the exchange of experience."

The development minister said that through EOMMEHYs programme, to this day 872 new-business investment plans, totalling16 billion drachmas, have been approved, while 1,000 applications for a total of 25 billion drachmas are currently under review.

Athens News Agency

[21] Insurance executive: Fivefold growth in sector over next 5 years

Athens News Agency

[22] Minoan-Ceres partnership

The new company resulted from a unification of five companies: Ceres hydrofoils; Minoan Lines High-speed Ferries and Minoan Lines. Minoan Lines will hold a 70 per cent stake in the share capital and Ceres the remaining 30 per cent.

The value of the company's invested capital in ships, together with available funds, currently exceeds 100 million dollars. The number of the company's highspeed ships is 32 (three catamarans, 26 dolphins and three mega dolphins). The company also has a classic-type ship, the "Ariadne".

The new company has certain impressive business parameters to display which guarantee the success of the undertaking, such as the fact that it links 62 ports with each other and possesses the most perfect on-line booking system. On an annual basis it ca rries out more than 100,000 departures, carrying 2.4 million passengers (1998) and covers a distance of 1.5 million miles (equal to 62 voyages around the world).

Minoan Lines President Costas Klironomos said that on completion of necessary conditions, the new company will seek the enlargement of its capital composition with the listing of its shares for negotiating at the Athens Stock Exchange.

Athens News Agency

[23] Athens Foreign Exchange

Banknotes       Buying    Selling
US Dollar        279.407   285.885
Can.Dollar       181.496   185.704
Australian Dlr   173.292   177.310
Pound Sterling   465.486   476.279
Irish Punt       414.656   424.270
Pound Cyprus     561.968    574.997
Pound Malta      692.827    721.695
Turkish pound (100) 0.081     0.084
French franc       49.767    50.921
Swiss franc       204.183   208.917
Belgian franc       8.091     8.278
German Mark       166.859   170.728
Finnish Mark       54.895    56.168
Dutch Guilder     148.071   151.504
Danish Kr.         43.894    44.912
Swedish Kr.        34.849    35.657
Norwegian Kr.      37.654    38.527
Austrian Sh.       23.719    24.269
Italian lira (100) 16.859    17.250
Yen (100)         235.154   240.606
Spanish Peseta      1.961     2.007
Port. Escudo        1.622     1.660

Foreign Exchange    Buying   Selling
New York          279.407    285.885
Montreal          181.496    185.704
Sydney            173.292    177.310
London            465.486    476.279
Dublin            414.656    424.270
Nicosia           561.968    574.997
Paris              49.767     50.921
Zurich            204.183    208.917
Brussels            8.091      8.278
Frankfurt         166.859    170.728
Helsinki           54.895     56.168
Amsterdam         148.071    151.504
Copenhagen         43.894     44.912
Stockholm          34.849     35.657
Oslo               37.654     38.527
Vienna             23.719     24.269
Milan              16.859     17.250
Tokyo             235.154    240.606
Madrid              1.961      2.007
Lisbon              1.622      1.660

Athens News Agency

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