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Athens News Agency: Daily News Bulletin in English, 98-12-15

Athens News Agency: Daily News Bulletin in English Directory - Previous Article - Next Article

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

CONTENTS

  • [01] Athens first stop on Fischer tour of EU capitals
  • [02] Cyprus problem dominates Holbrooke talks in Athens
  • [03] Outlining Bonn's priorities
  • [04] Kranidiotis receives Romanian counterpart Ugureanu
  • [05] Today's KYSEA meeting eyes purchase of new fighters
  • [06] Israel's Mordechai in Athens, Thessaloniki
  • [07] Sector debts the focus of EU farm ministers' council
  • [08] Int' conference on Bosnia begins in Madrid
  • [09] Arsenis steadfast on education reform,occupations continue
  • [10] Samaranch receives 2004 managing director Bakouris
  • [11] Moscow exhibition showcases ancient Hellenic presence in northern Black Sea
  • [12] Xanthi man convicted of impersonating mufti
  • [13] Synaspismos leaders wants coalition of left-wing parties, ruling PASOK
  • [14] Passenger shipper ANEK to hold Dr 19 bln IPO this month
  • [15] New Athens airport seen ready for trials in autumn 2000
  • [16] General Bank, Bank of Cyprus join interest rate cuts
  • [17] Stocks slump again, banks badly hit
  • [18] Markets await 10-yr bond auction today
  • [19] ELBE Apparel buys Bulgarian manufacturing unit
  • [20] Germanos Group to form alliance with software firm
  • [21] Apostolopoulos group-Bank of Attica cooperation
  • [22] Gov't warns against illegal firings by NAPC
  • [23] Seamen, trolley drivers to strike
  • [24] Civil aviation employees to strike
  • [25] Athens Foreign Exchange
  • [26] Mother held for strangulation of 14-year-old daughter
  • [27] Decision limits truck traffic for holidays

  • [01] Athens first stop on Fischer tour of EU capitals

    Athens 15/12/1998 (ANA)

    German FM Joschka Fischer yesterday began in Athens a tour of the European Union capitals, ahead of Bonn's assumption of the rotating EU presidency on Jan. 1, 1999.

    Mr. Fischer held talks with his Greek counterpart Theodoros Pangalos on matters concerning European integration, enlargement, "Ag-enda 2000", the 15-nation bloc's institutional prospects and Greek bilateral relations with neighbouring countries.

    Alternate FM George Papandreou and secretary general for European affairs Stelios Perrakis also attended the working breakfast.

    Mr. Pangalos and his new German counterpart had their first private meeting in Oslo earlier this month on the sidelines of the OSCE ministerial conference.

    Mr. Pangalos described Mr. Fischer as an "outstanding personality of his country" with a proven and significant presence in European affairs.

    He said they discussed European integration, enlargement, Agenda 2000, the European Union's institutional prospects and Greece's bilateral relations with neighbouring countries.

    Mr. Fischer, on his first stop in a tour of EU capitals, said the six-month EU presidency term under Germany would be particularly significant as financing matters as well as issues concerning the structure of the EU would be discussed.

    He called Greece a "model" of the integration process, which the candidates for EU accession should carefully study, and expressed his government's satisfaction with what he called the "significant successes" made by the Greek economy in its effort to join EMU.

    Mr. Fischer reiterated that Germany placed particular importance on the EU's next enlargement.

    The German official further stressed the importance his country's new government placed on further advancing Greek-German bilateral relations, adding that he would be in Athens again soon at Mr. Pangalos' invitation.

    Questioned on the situation in Kosovo, Mr. Fischer recalled that the problem was discussed in detail at the most recent EU foreign ministers' general affairs council, adding that the Contact Group would try over the next three years to find a political solution to the problem, with the backing of US ambassador in FYROM Christopher Hill.

    Mr. Fischer warned that the situation would turn dangerous again in the spring if the necessary steps had not been taken for implementation of the Milosevic-Holbrooke agreement.

    Athens News Agency

    [02] Cyprus problem dominates Holbrooke talks in Athens

    Athens 15/12/1998 (ANA)

    US special presidential emissary for Cyprus Richard Holbrooke held talks last night with Greece's leadership on ways to reduce tension and armaments in Cyprus.

    Mr. Holbrooke, accompanied by special US State Department coordinator for Cyprus, Thomas Miller, and US ambassador to Athens Nicholas Burns, met separately with Foreign Minister Theodoros Pangalos and National Defence Minister Akis Tsohatzopoulos.

    Mr. Tsohatzopoulos, addressing the Cyprus issue, told reporters after his meeting with Mr. Holbrooke that "the result (of the talks) is a difficult issue to pin down."

    He added that the two sides elaborated on "the prospects that each side sees as realistic."

    Mr. Burns said that the meeting was "excellent and useful".

    According to diplomatic sources, the purchase order for the Russian-made anti-aircraft S-300 missiles has not been cancelled. The same sources said they were supposed to be loaded on Russian vessels today. Cyprus' decision to purchase the missiles, destined to boost the island republic's air- defences, has been met with opposition by Washington, the EU as well as Turkey, which threatened military strikes. The Cyprus government has repeatedly stated that a substantial decrease in armaments and the start of a political dialogue, aiming at an overall settlement of the Cyrpus problem, would be a sufficient reason for postponement of the missiles' deployment.

    Other issues discussed at the meeting were developments in Bosnia and Kosovo.

    Mr. Holbrooke's talks with Mr. Pangalos and Deputy Foreign Minister Yiannos Kranidiotis were held at the ambassador's residence.

    No comments were made after the working dinner.

    S-300 discussed in Nicosia : NICOSIA (ANA - G. Leonidas) - The Russian-made S-300 missiles were the focal point of discussions at Cyprus' defence ministry yesterday, with the participation of Russian ambassador Georgi Muratov and representatives of the missiles' manufacturer, Rosvoor uzheniye.

    On his part, Mr. Muratov said nothing has changed and that Russia will honour its commitments, while he added that the S-300 contract remains intact.

    The envoy also said that he believes there will be no Turkish strike against the deployed missiles.

    Athens News Agency

    [03] Outlining Bonn's priorities

    BRUSSELS 15/12/1998 (ANA - M. Spinthourakis)

    Before flying to Greece, the German FM outlined Bonn's EU pre-sidency's main political targets, namely, smooth introduction of the euro on Jan. 1., the successful outcome of negotiations for the EU's fiscal reshaping an d the promotion of substantive accession negotiations with Cyprus and the five eastern European countries.

    Germany will assume the EU's six-month rotating Presidency as of Jan. 1, 1999.

    The focal political message Mr. Fischer wanted to give was that EU enlargement constitutes "a historical landmark" in the course towards European unification given, however, that "the economic factors do not allow an increase in EU resources and fundings." This (namely enlargement) must take place "through the fiscal discipline and reform of the most vital of expenditures."

    Focusing on decisions taken at the Vienna summit, Mr. Fischer said that the German presidency believes that the Agenda 2000 must be preserved as an overall package of proposals and that the finding of a compromise solution to the EU's fiscal problem for the next few years can only be achieved "in the framework of an overall balancing of interests and an overall compromise between all member-states and all individual sectors."

    Mr. Fischer said that he communicated these views to Mr. Pangalos in Athens yesterday morning and will reiterate them in the other meetings he will have with his counterparts and concluded by saying on the issue of fiscal prospects that a political unan imity must be reached by March 1999 on the entire package of proposals for the Agenda 2000 and more specifically on the reform of the EU's structural policy and the in-depth restructuring of Common Agricultural Policy (CAP). He also referred to relations between the EU and Turkey, saying that he considers it a candidate-country which, however, has many and special problems such as the functioning of democracy and the economy, respect for human and minority rights, the role played by the military, etc.

    "We want to strengthen our relations with Turkey. However, it must also take necessary steps if it wants to have firm relations with the EU," he said.

    He also said that Turkey has problems with EU member-states which it must resolve if it wants close relations with the EU.

    Lastly, Mr. Fischer referred to the candidacy of Cyprus, saying that Germany attributes special importance on promoting substantive negotiations on its accession and that this issue was also discussed in a good spirit during his meeting with the Greek foreign ministry's leadership in Athens yesterday morning.

    Athens News Agency

    [04] Kranidiotis receives Romanian counterpart Ugureanu

    Athens 15/12/1998 (ANA)

    Deputy Foreign Minister Yiannos Kranidiotis met with his Romanian counterpart yesterday on bilateral relations, the situation in the Balkans and progress in cooperation between Greece, Romania and Bulgaria.

    Romanian Deputy Foreign Minister Mihail Razvan Ugureanu is in Athens to address a conference being held by the Hellenic Foundation for Foreign and Defence Policy. He will speak on Romania's foreign policy towards its neighbours today.

    Also a focus for discussion between the two deputy ministers was Foreign Minister Theodoros Pangalos' visit to Bucharest on Jan. 19-20.

    Mr. Kranidiotis told reporters after the meeting that Greece extended unreserved support for Romania's efforts to gain entry to the European Union and NATO.

    Bilateral relations between Greece and Romania are developing at a healthy pace: Greece is Romania's 12th largest foreign investor and Greek exports to Romania totalled $192 million in 1997.Imports from Romania came to $175 million for the same year.

    Athens News Agency

    [05] Today's KYSEA meeting eyes purchase of new fighters

    Athens 15/12/1998 (ANA)

    Prime Minister Costas Simitis conferred with National Defence Minister Akis Tsohatzopoulos yesterday ahead of today's crucial meeting of the Government Council for Foreign Affairs and Defence (KYSEA).

    The meeting, which will be chaired by the premier, will focus on issues related to a multi-million dollar armaments programme currently in progress.

    On the table are procurements for the Hellenic Air Force, primarily the purchase of fourth generation combat aircraft and airborne radar.

    Mr. Tsohatzopoulos told reporters after his talks with the premier that some decisions might be made at today's meeting.

    KYSEA will reportedly choose between airborne radar systems produced by two different US companies and a Swedish firm. Mr. Tsohatzopoulos will also brief KYSEA regarding the progress in the implementation of the rest of the armaments programme.

    In a related development, Deputy Minister of Defence Dimitris Apostolakis and army chief Gen. Manousos Paragioudakis yesterday attended a tank performance test at the Litohoro firing range in northern Greece.

    Hellenic Army units and crews from manufacturers have been testing the tanks from the Ukraine, US, Russia and Germany.

    The defence ministry is planning to purchase some 250 new main battle tanks.

    Athens News Agenc

    [06] Israel's Mordechai in Athens, Thessaloniki

    Athens 15/12/1998 (ANA)

    Israeli Defence Minister Yitzhak Mordechai will begin a visit to Athens on Sunday, where he will meet with Greece's political leadership to reportedly discuss the controversial Israeli-Turkish military pact.

    Mr. Mordechai will initially arrive in Thessaloniki on Friday in an unofficial capacity, where he will meet with representatives of the Jewish community in the city and will lay a wreath at a holocaust monument erected in memory of the city's Greek Jews , most of whom were exterminated by Nazis forces during World War II.

    Greek Jewish representatives are expected to request a balance in the relations of Israel with Greece and Turkey.

    Mr. Mordechai is also expected to meet with Defence Minister Akis Tsohatzopoulos on Saturday evening, as the later will host a dinner in his honour.

    Athens News Agency

    [07] Sector debts the focus of EU farm ministers' council

    BRUSSELS 15/12/1998 (ANA - P. Pantelis)

    The EU farm ministers' council will consider agricultural debts during its two-day meeting here, set to begin today.

    Greece will be represented by Agriculture Minister George Anomeritis. He expressed "guarded optimism" over a decision by the council regarding Greece's massive farm debts.

    The Greek government has taken recourse to the farm ministers' council in order to attempt to override a European Commission decision mandating that Athens not write-off 162.4 billion drachmas worth of agriculture-related debts. The Commission has ruled that such write-offs, through bill 2538 of 1997, are incompatible with EU provisions against state subsidies.

    Athens News Agency

    [08] Int' conference on Bosnia begins in Madrid

    Athens 15/12/1998 (ANA)

    A two-day International Conference on Bosnia, namely, the Council for the Implementation of the DAYTON-PIC Peace Agreement, will get underway in

    Madrid today.

    Greece is represented by Alternate Foreign Minister George Papandreou.The European Union (through its Presidency), the European Commission, the EU member-states individually, the Contact Group countries (US, Russia, Germany, France, Britain and Italy) are participating in PIC, as well as international organisations, the Federal Republic of Yugoslavia, Croatia and Bosnia-Herzegovina, while the two Bosnian entities are participating with observer status. Lastly, big donors, such as Canada, Japan and Saudi Arabia are also participating.

    The Councils for the Implementation of the Dayton Peace Agreement (Peace Implementation Council-PIC) have been convened every year in December since 1995 with the purpose of determining the means for achieving peace in Bosnia-Herzegovina.

    The issues expected to be discussed during the conference are international military presence in the controversial region, while the PIC will be called on to decide on whether preconditions exist for a decrease in international military presence. Greece does not object to a gradual decrease in military presence and, in parallel, it maintains that for as long as there is an international force Greece will keep the Greek Bosnia Force (ELDYB).

    One of the most important issues to preoccupy the conference will be the issue of the return of refugees who amount to 1,400,000. The return to their homes is taking place at a slow pace and the issue must be tackled. It is maintained on the part of Greece that every possible effort must be made to achieve the return of refugees to their homes without turbulence which will overturn the political achievements of the past year.

    Greece also supports, as is the case with the other EU member-states, with slight differentiations on each issue, reforms in the legal system and the system for implementing justice, as well as support for the region's economic recovery and combatting crime and corruption.

    Athens News Agency

    [09] Arsenis steadfast on education reform,occupations continue

    Athens 15/12/1998 (ANA)

    Education Minister Gerasimos Arsenis,in the midst of heightened students' protests and school occupations around Greece, yesterday stressed the role played by additional training in the recently announced, and embattled, educational reform the government is promoting.

    Addressing a conference organised by the Paedagogical Institute on additional training for educators, said the possibility of an academy to provide additional training for teachers on a permanent basis is being examined.

    Speaking to reporters, Mr. Arsenis said he is continuing his contacts with pupils in order to brief them on the main points of educational reform, as he noted.

    At the same time, pupils whose schools have been taken over continued mobilisations with roadblocks in various parts of Athens. At noon, pupils from the Grava complex in Galatsi marched to Koliatsou Square in central Athens and then blocked Patission Av enue for an hour. Pupils from the Agioi Anargyroi and Liosia districts symbolically blocked Demokratias Avenue in Agioi Anargyroi. Pupils also symbolically blocked Harilaou Trikoupi street for an hour outside the offices of ruling PASOK. Pupils from schoo ls in the Pangrati area blocked Formionos street for an hour as well.

    Pupils and teachers will participate in the rally organised by labour unions in Athens today.

    Gov't criticises ND : On its part, the government slam-med main opposition party New Democracy leader Costas Karamanlis' comments on education ministry reforms, saying Mr. Karamanlis failed to address the issues.

    "The education ministry called on all opposition parties and New Democracy to participate in the dialogue on education. ND refu-sed...Now, not in a position to talk about the essence of the problem, Mr. Karamanlis generalises, theorises and calls for dial ogue," government spokesman Dimitris Reppas said.

    Mr. Karamanlis, in an interview with an Athens daily, said he was against pupils' tactics of occupying schools and blocking roads. He called on the government to withdraw the contentious education reforms and begin "national dialogue" on policies for the sector.

    Mr. Reppas said if Mr. Karamanlis could set out real proposals on specific reforms adopted by the education ministry, this would be "positive".

    Any differrent political tactic, Mr. Reppas said, was due to inability or the need for Mr. Karamanlis to "be liked by everyone".

    The number of schools around the country presently occupied by pupils protesting planned reforms to the education system is thought to number in the hundreds.

    Students, teachers and parents are protesting a number of issues, including teacher shortages, education ministry changes to grading and examinations at the primary, secondary and tertiary levels, the introduction of open university-type programmes, and changes to procedures for appointing new teachers.

    Also sparking discontent are budget allocations for education, private schooling, and the prosecution of those occupying or vandalising school property.

    In Thessaloniki yesterday, students continued their tactics of "snap road blocks" of major intersections, causing traffic to bank up throughout the city and delay deliveries to local businesses.

    In Patra, students at the local university occupied dozens of buildings as a mark of support to high school pupils.

    Students and teachers have said they will join a 24-hour general strike called by the General Confederation of Greek Labour for today. It will be the third time they have rallied in as many weeks against the ministry's reforms.

    ND proposal for education dialogue : In a related development, ND tab-led a draft law in Parliament last night for a start to a national dialogue regarding education, the creation of an inter-party committee and the withdrawal of laws implementing educational reform.

    The proposal was signed by ND leader Karamanlis and another 13 deputies.

    "ND steadfastly believes that the policy on education must secure the greatest possible social consensus which can only come from within a bold and sincere national dialogue which will embrace all the types and levels of education," the proposal said.

    It proposes the creation of an Inter-Party Committee for national dialogue under the chairmanship of the National Education Ministry which, in a period of two months, will determine the object, bodies, process and details for holding the dialogue for a national education policy to be determined.

    Measures proposed immediately to handle the explosive situation currently prevailing in the sector of education are the suspension of the educational reform and the prompt creation of a special national committee composed of a acknowledged scientists to be proposed by parties and chosen by the minister and representatives of educational bodies. The committee must complete its work and deliver its report by Dec. 31, 1999.

    Athens News Agency

    [10] Samaranch receives 2004 managing director Bakouris

    Athens 15/12/1998 (ANA)

    International Olympic Committee (IOC) President Juan Antonio Samaranch yesterday received "Athens 2004" Olympic Games managing director Costas Bakouris in Lausanne.

    According to reports, Mr. Samaranch said to Mr. Bakouris that he is satisfied with the course of the preparation for the Athens Games.

    Mr. Bakouris visited the IOC headquarters to brief Committee members on preparations for the Games.

    In a related develpment, Sports Undersecretary Andreas Fouras yesterday met in Athens with the presidium of the newly established International Olympic Medalists' Union.

    Athens News Agency

    [11] Moscow exhibition showcases ancient Hellenic presence in northern Black Sea

    MOSCOW 15/12/1998 (ANA - D. Konstantakopoulos)

    An exhibition entitled "Ancient Greeks of the Northern Black Sea" opened here recently, organised by the Moscow Historical Museum and the Greek embassy, in light of the 170-year anniversary of Greek-Russian diplomatic relations.

    The exhibition includes 100 artifacts found during excavations in ancient Greek colonies in the Black Sea region, several of which were imported from Greece proper.

    Hellenic presence, according to the finds, ranges from the 6th century BC to the 4th century AD.

    An exhibition of neolithic-era artifacts is set to open today at the National Archaeological Museum in Athens.

    The exhibition includes metal jewellry from the neolithic and late neolithic eras from museums from around the country, including 53 gold artifacts confiscated from antiquities smugglers.

    Athens News Agency

    [12] Xanthi man convicted of impersonating mufti

    Athens 15/12/1998 (ANA)

    A Larissa court yesterday convicted a Xanthi man to seven months in prison on charges of impersonating a religious authority figure.

    Ahmet Aga claimed he was the "elected mufti", an Islamic religious figure, which according to Greek law is a state-appointed position and subject to approval by the state. Muftis are state-appointed in most predominately Islamic countries as well.

    Four deputies of Turkey's parliament and Muslim leaders from Xanthi attended the trial.

    Aga has been convicted in the past on the same charges, while Greek law allows for a pay-off of the jail term at 1,500 drachmas a day.

    The state-approved mufti in the Xanthi region is Emin Sinikoglou.

    Aga appealed the decision and was released.

    Athens News Agency

    [13] Synaspismos leaders wants coalition of left-wing parties, ruling PASOK

    Athens 15/12/1998 (ANA)

    Coalition for the Left and Progress (Synaspismos) leader Nikos Constantopoulos yesterday called on ruling PASOK, the Communist Party of Greece (KKE) and the Democratic Social Movement (DHKKI) to take joint initiatives for the formation of a coalition gove rnment.

    He added that such a cooperation necessitates a preliminary agreement among all "progressive political forces."

    Mr. Constantopoulos, speaking at a central Athens theatre yesterday, presented his party's recommendations for the re-organisation of the "progressive political arena", and said the "replacement of the current voting law and the establishment of simple proportional representation were key conditions for the achievement of that target."

    The Synaspismos leader proposed discussions to re-examine the country's foreign policy stategy, general understandings on economy and development, as well as the operation of the state and the political systems.

    He launched strong criticism against the PASOK government regarding its foreign as well as its domestic policies and forecast a defeat for PASOK in the next general elections.

    In a related development, DHKKI leader Dimitris Tsovolas said that he viewed proposals coming from PASOK for collaboration of "progressive political parties" as "pre-election ploys", while he also placed them within the same context as Mr. Constantopoul os' proposals for a conditional dialogue between PASOK and the left-wing parties.

    "It is futile for 'new PASOK' and its government to seek support in really progressive political parties that are struggling for social justice and popular rule'," Mr. Tsovolas said.

    Athens News Agency

    [14] Passenger shipper ANEK to hold Dr 19 bln IPO this month

    Athens 15/12/1998 (ANA)

    ANEK, a major Crete-based passenger shipper, is to hold a 19 billion drachma initial public offer (IPO) on December 17-22 in order to enter the main market of the Athens Stock Exchange, company officials told a presentation yesterday.

    The firm is to issue 6,384,000 new shares at 3,000 drachmas each of which 6, 184,000 stocks will be available to the public with the remainder destined for private placement.

    The IPO's adviser is Piraeus Finance and the coordinator is Bank of Piraeus. The main underwriters are Bank of Piraeus, National Bank of Greece and Commercial Bank of Greece.

    Eighty three percent of IPO proceeds will be used to fund the company's investment programme and 17 percent to boost operating capital.

    ANEK, a broad-based share company headquartered in the town of Hania with holdings in small Cretan shippers, has nine ships.

    The firm is soon to sign an order for construction of a new passenger and vehicle ferry at a cost of 35 billion drachmas that will make its maiden voyage in 2000. It also plans to order a second new building.

    ANEK's equity capital was 19.2 billion drachmas on December 31, 1997 and its borrowing on September 30, 1998 totalled 17.5 billion drachmas, of which 16.2 billion drachmas are in the form of long-term bank loans and 1.3 billion in short-term loans.

    Managing director Stelios Zambetakis said ANEK's turnover is expected to total 31.4 billion drachmas in 1998 and 34.5 billion in 1999.

    Profits in 1998 are forecast at 5.4 billion drachmas, and in 1999 7.3 billion drachmas.

    Among officials attending ANEK's presentation in Athens were Merchant Marine Minister Stavros Soumakis and Deputy Minister to the Prime Minister George Paschalidis.

    Athens News Agency

    [15] New Athens airport seen ready for trials in autumn 2000

    Athens 15/12/1998 (ANA)

    A new international airport being built for Athens will begin trial operations in September or October 2000 with the airport expected to open to traffic in March 2001.

    Officials of Hochtief of Germany, builder of the airport near Spata, told a news conference yesterday that the facility's two runways would be ready in February 2001.

    By the end of this year, 50 percent of total projects will be completed for the airport, which is to replace the existing facility at Hellenikon.

    The airport's fire brigade building had been completed a month ahead of schedule, and in February a tender will be held for construction of a 350- bed hotel in the airport's vicinity, the officials said.

    Finally, in December a tender will be called for a consultant to handle the transfer of national carrier Olympic Airways to Spata from Hellenikon.

    Being discussed with the public works ministry is whether the airport's car park will be above or below ground.

    Athens News Agency

    [16] General Bank, Bank of Cyprus join interest rate cuts

    Athens 15/12/1998 (ANA)

    General Bank of Greece and Bank of Cyprus yesterday joined the latest round of interest rate cuts after the central bank lowered its key intervention rate by 50 basis points last week.

    Among General Bank's new rates, effective tomorrow, are the following:

    • Savings deposits to 8.50 percent from 8.75 percent
    • Operating capital and fixed asset loans to 14.8 percent from 17.00 percent
    • Personal and consumer loans to 18 percent from 18.8 percent Some of Bank of Cyprus's new loan rates, effective yesterday, are as follows:
    • Home loans to 13.50 percent
    • Personal loans to 21 percent
    • Consumer loans to 19 percent
    Bank of Cyprus's deposit rates remain unchanged except for the upper brackets of savings deposits, whose rate fell 25 basis points.
    Athens News Agency

    [17] Stocks slump again, banks badly hit

    Athens 15/12/1998 (ANA)

    Equities finished sharply lower on the Athens Stock Exchange yesterday in a second consecutive decline, sliding further below stubborn resistance at 2, 500 points.

    The general index ended 2.18 percent lower at 2,407.05 points. Trade was slim with turnover falling to 51.5 billion drachmas from 56.2 billion a session earlier on volume of 13,541,000 shares.

    Worst hit were the banking and leasing sectors. Bucking the trend were construction shares, which jumped in heavy buying interest.

    The market lost 3.00 percent on Friday after signs for several sessions that the index might manage to consolidate above 2,500 points.

    The FTSE/ASE-20 blue chip index slumped 2.56 percent to finish at 1,484.28 points.

    The parallel market for smaller cap stocks outperformed the general index, closing 0.79 percent lower.

    Sector indices were mostly down.

    Banks nosedived 2.88 percent, Leasing plunged 4.45 percent, Insurance slumped 2.52 percent, Investment shed 2.36 percent, Construction surged 4.99 percent, Industrials fell 1.62 percent, Miscellaneous dropped 3.28 percent, and Holding shed 1.33 percent.

    Of 252 shares traded declines led advances at 156 to 81 with 15 unchanged.

    The most heavily traded stocks were Cambas, Hellenic Telecommunications Organisation, Viosol and Eskimo.

    Scoring the highest percentage gains at or near the daily 8.0 percent upper volatility limit were Halyps (preferred and common) due to a technical change in the status of its shares, Xifias, Attica Aluminium, Etane, Alte, Aegek, Dimitriadis, and Desmos.

    Posting the biggest percentage losses were General Bank of Greece, Radio Athina, Britannia, Eskimo (preferred and common), Levenderis (preferred and common) and Halyvdofyllon.

    National Bank of Greece ended at 52,650 drachmas, Ergobank at 26,150, Alpha Credit Bank at 26,010, Ionian Bank at 12,745, Hellenic Telecommunications Organisation at 6,220, Delta Dairy at 3,375, Intracom at 11,850, Titan Cement at 19,060, Hellenic Petro leum at 2,130, Minoan Lines at 6,105, and Panafon at 6,475 drachmas.

    Athens News Agency

    [18] Markets await 10-yr bond auction today

    Athens 15/12/1998 (ANA)

    Markets are awaiting a 10-year bond auction today to see if foreign investors buy into the issue, possibly presaged by some demand for drachmas reported in domestic markets yesterday.

    In the foreign currency market a number of banks sold marks. The central bank bought around 100 million marks at the daily fix to curb the drachma's rise.

    The mark was 167.650 drachmas at the fix, lower than on Friday; the Ecu at 329.060 drachmas; and the dollar at 277.210 drachmas, marking the sharpest decline.

    Trade in the secondary bond market was lacklustre, as expected ahead of an auction, with turnover in electronic trade at 11 billion drachmas.

    The ten-year bond was quoted at 109.15-109.40.

    Athens News Agency

    [19] ELBE Apparel buys Bulgarian manufacturing unit

    Athens 15/12/1998 (ANA)

    ELBE Apparel SA, which is listed on the Athens bourse, announced that it had signed a contract yesterday for the acquisition of 51 percent of a Bulgarian clothes manufacturing unit.

    The facility has a staff of 90 and part of its output is for ELBE. Personnel will be increased to 200 by April next year.

    Athens News Agency

    [20] Germanos Group to form alliance with software firm

    Athens 15/12/1998 (ANA)

    The Germanos Group announced yesterday it had forged an alliance with Singular, a software company that will acquire a 34 percent stake in the group's Multirama chain of stores.

    At the same time, the chain will become a separate subsidiary of the group, also gaining SA status. It is to hold a share capital increase, with both Germanos and Singular taking part.

    The plan aims to make Multirama the leader in the country's rapidly growing information technology retail sector.

    Launched by Germanos in August 1996, the Multirama chain began with one store in Thessaloniki and now has 14 shops nationwide.

    Three more stores are under construction and are due to open next year.

    Company officials forecast Multirama's sales at 4.5 billion drachmas this year, expected to double in 1999. The Germanos Group plans to join the Athens Stock Exchange in 1999, which will further aid Multirama's expansion.

    Athens News Agency

    [21] Apostolopoulos group-Bank of Attica cooperation

    Athens 15/12/1998 (ANA)

    The newly created health insurance firm La Vie Assurance, owned by the G. Apostolopoulos group, announced an agreement with the Bank of Attica yesterday.

    The agreement anticipates the briefing of Bank of Attica clients regarding policies and services provided by the firm at any of the bank's 100 branch offices. Clients will also be able to sign on for medical and hospital coverage at the Attica branches.

    The agreement was signed by the president of the Athens Medical Centre group, Georgios Apostolopoulos, and Bank of Attica President Soulis Apostolopoulos.

    Athens News Agency

    [22] Gov't warns against illegal firings by NAPC

    Athens 15/12/1998 (ANA)

    The government warned yesterday that it would not allow any unlawful firings at the Prinos off-shore oilfield, save voluntary retirements with legal compensation.

    Deputy Labour Minister Christos Protopapas, speaking in the town of Drama, during a meeting yesterday with workers' representatives from the North Aegean Petroleum Co. (NACP), said "the labour ministry has already committed 665 million drachmas to fund additional severance pay, in addition the severance pay by the company, to 75 employees who will opt for early retirement in order to secure 260 jobs at the Prinos and Nea Karvali off-shore oil fields".

    Citing financial woes, low production and a severe dip in international crude oil prices, NAPC last December forwarded termination notices to its entire workforce sparking vehement protests among the 400 employees at the Prinos site in the northern Aegean.

    The minister told the employees' representatives that next Thursday ministry officials would meet with the employee's union leadership as well as with key NAPC officials, to conclude a final agreement on the future of the joint venture.

    Athens News Agency

    [23] Seamen, trolley drivers to strike

    Athens 15/12/1998 (ANA)

    Representatives from the Seamen's Pension Fund (NAT) said yesterday it would hold a two-hour work stoppage today in the framework of the general strike called by the General Confederation of Greek Labour (GSEE) to protest the government's 1999 budget.

    Seamen will walk off the job at 10 a.m. They want measures to combat unemployment in the sector, and are pressing a range of pension, taxation and wage demands.

    Trolley bus workers have also called a 24-hour strike. Green and blue buses and the railways will run from 9 a.m. and stop running again at 9 p.m.

    Hospital doctors will hold the second of their walkouts between 8-2 p.m.

    GSEE and the civil servants union ADEDY are demanding an increase in the tax-free threshold for wage earners and pensioners, higher wage and pension increases than those foreseen in the budget and an inflation-linked tax scale.

    Athens News Agency

    [24] Civil aviation employees to strike

    Athens 15/12/1998 (ANA)

    The Federation of Civil Aviation Employee Associations (OSYPA) yesterday announced a 24-hour strike for today, in concert with a GSEE call for a general strike.

    The announcement noted that the strike will not affect Olympic Airways flights but it will affect the Olympic Aviation flights.

    Athens News Agency

    [25] Athens Foreign Exchange

    Athens 15/12/1998 (ANA)

    Bank of Greece closing rates of: December 14, 1998

    Parities in Drachmas

    Banknotes            Buying  Selling
    US Dollar            274.992 281.368
    Can.Dollar           178.778 182.923
    Australian Dlr       169.806 173.743
    Pound Sterling       462.649 473.376
    Irish Punt           413.406 422.991
    Pound Cyprus         560.321 573.313
    Pound Malta          681.879 710.291
    Turkish pound (100)    0.080   0.083
    French franc          49.592  50.742
    Swiss franc          205.776 210.547
    Belgian franc          8.062   8.249
    German Mark          166.309 170.165
    Finnish Mark          54.709  55.977
    Dutch Guilder        147.560 150.981
    Danish Kr.            43.700  44.713
    Swedish Kr.           34.291  35.087
    Norwegian Kr.         35.730  36.558
    Austrian Sh.          23.645  24.194
    Italian lira (100)    16.795  17.184
    Yen (100)            236.909 242.402
    Spanish Peseta         1.955   2.001
    Port. Escudo           1.621   1.659
    
    Foreign Exchange     Buying  Selling
    New York             274.992 281.368
    Montreal             178.778 182.923
    Sydney               169.806 173.743
    London               462.649 473.376
    Dublin               413.406 422.991
    Nicosia              560.321 573.313
    Paris                 49.592  50.742
    Zurich               205.776 210.547
    Brussels               8.062   8.249
    Frankfurt            166.309 170.165
    Helsinki              54.709  55.977
    Amsterdam            147.560 150.981
    Copenhagen            43.700  44.713
    Stockholm             34.291  35.087
    Oslo                  35.730  36.558
    Vienna                23.645  24.194
    Milan                 16.795  17.184
    Tokyo                236.909 242.402
    Madrid                 1.955   2.001
    Lisbon                 1.621   1.659
    
    Athens News Agency

    [26] Mother held for strangulation of 14-year-old daughter

    Athens 15/12/1998 (ANA)

    Athens police are holding a woman on charges that she strangled her sleeping 14-year-old daughter to death.

    According to police, Valia Siambani, a chemist from the former Soviet Union, telephoned her estranged husband and told him that she had killed their daughter and threatened to hang herself.

    The father discovered his daughter's body when he went to his estranged wife's residence in the Athens suburb of Holargos. An autopsy showed that the girl had been dead at least eight hours.

    The woman later turned herself in, to police.

    Later reports said Siambani had throttled the girl, Ljuba, with a cord while she lay sleeping because she "was rebellious and had arrived home late".

    The woman told police she had killed the girl on Sunday after the girl came home at 8 a.m.

    Athens News Agency

    [27] Decision limits truck traffic for holidays

    Athens 15/12/1998 (ANA)

    Truck traffic on highways during the Christmas season will be limited, as part of efforts to minimise traffic accidents.

    Various government ministries announced the decision for trucks more than 1.5 tons.

    Specifically, trucks will not be allowed to use both the new and old outbound Athens-Corinth highways and the new outbound Athens-Lamia highway from Dec. 24 and Dec. 31, and from 2 p.m. to 9 p.m - as well as the use of the outbound Patra-Corinth-Athens highway and the inbound Athens-Lamia highway on Dec. 27 and Jan. 3, from 4 p.m. to 10 p.m.

    Another exclusion is for the outbound Thessaloniki-Kavala highway on from Dec. 24 and Dec. 31, from 2 p.m. to 9 p.m. and the inbound on Dec. 27 and Jan. 3, from 4 p.m. to 10 p.m.

    Trucks trasporting milk, fresh fish and meat, are not included in the order.

    Athens News Agency

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