Athens News Agency: Daily News Bulletin in English, 99-01-12

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

CONTENTS

[01] Simitis says opposition to education reform unrelated to education

[02] Protocol finalising multinational force in SE Europe expected at Athens meeting

[03] FYROM's Toupourkovski in Athens on unofficial visit

[04] Simitis to begin visit to Spain

[05] High-ranking PASOK delegation meets with Arafat,talks with Sharon today

[06] Gov't dismisses reports of scheduled meeting between US,Greek, Turkish leaders

[07] V. Papandreou takes aim at PASOK 'internal opposition'

[08] G. Papandreou's political office firebombed in broad daylight,no injuries reported

[09] ND, gov't consider prospects of Avramopoulos creating new party

[10] Man arrested for attempted...coffee smuggling into Albania

[11] Papoutsis remarks on financial mismanagement allegations

[12] OA management,pilots near compromise

[13] Bear Sterns says central bank has room to cut rate

[14] Greece, Bulgaria to start talks on new customs post

[15] Themeliodomi confirms stock handover to Vardinoyiannis family

[16] Rampant drachma still ascending

[17] Stocks drop in profit-taking after last week's surge

[18] Xenia tourism trade fair opens Jan. 28

[19] Combined mutual funds show average 45 pct return in 1998

[20] Marfin favours foodstuff, construction stocks

[21] Ministry endorses engineering contractors' merger

[22] New bourse framework for buyoffs, mergers

[23] Gov't abolishes obligation to report income from tax-exempt sources

[24] Drys receives Britain's alternate ambassador to Athens

[25] EOT employees strike in Greece, abroad

[26] Athens Foreign Exchange

[01] Simitis says opposition to education reform unrelated to education

Athens 12/01/1999 (ANA)

He was speaking in Parliament last night during an extraordinary debate on education among political party leaders.

The education bill sparked vehement nationwide protests and school occupations by pupils beginning in late November 1998 and climaxing last month before the holidays, although the government spokesman said yesterday that most secondary schools in Greece were now functioning normally.

The premier also denounced what he called an "anti-government struggle" aimed at the creation "of favourable conditions for the opposition in the next electoral confrontations."

Mr. Simitis said that education stands to lose from confrontations in the streets, the closure of schools and the dissemination of the mentality that "we destroy so as to impose."

He called on citizens, parents, pupils and teachers to assume their responsibilities and criticised tho-se he said who "mock" citizens by claiming that, through sit-ins and vandalism schools, they are conducting a struggle for their rights and interests.

"Those who are encouraging such actions are undermining children's future and are directed primarily against social groups that are unable to send their children to private schools," he said and called on opposition parties to denounce those responsible for damages.

Mr. Simitis reiterated that he realises the concerns, insecurities and omissions which the reform possibly has at its outset and that he wants pupils and teachers' bodies as associates in the effort to improve it.

However, he said that a dialogue in good faith only takes place through the smooth functioning of schools and not on the basis of the demand put by the Federation of Secondary School Teachers OLME to the education minister that it will not talk unless the law on educational reform is abolished.

Referring to the content of educational reform, Mr. Simitis said the educational system is handled in its entirety, touches on 'taboo' issues such as the evaluation of teachers and the waiting list for hirings, implements targets proclaimed years ago such as the single senior high school and the all-day elementary school, opens universities and technical institutes (TEI) to all, as well as provides additional training for teachers, among others.

Constantopoulos : On his part, Coalition of the Left and Progress (Synaspismos) leader Nikos Constantopoulos, who provoked the Parliamentary debate, accused the government of "political rhetoric, blackmail against Greek families, disorganisation and authoritarianism," provoking the prime minister's reaction.

Mr. Constantopoulos maintained that "the education sector is found in complete disintegration...however, the (education) minister is persisting, the prime minister is covering for him, while all the others are being called underminers and the public prosecutor is called on to restore order...the same method is followed across the board, with some adjustments".

The Synaspismos leader proposed dialogue, which as he said, has been adopted as a solution by socialist governments in France and Italy in similar incidents of students' unrest, adding: "the options of any government are daily surveilled by the people and the political parties and their legitimisation must be daily ascertained through social consent."

Regarding the specific legislation on educational reforms, Mr. Constantopoulos renewed his appeal for its postponement since "the students' free time, so crucial and useful during adolescence, is non-existant", while the new examinations system deprives many from a university education and "does not offer the children a second chance, since the law prohibits them to improve their grades".

Mr. Simitis, responding to Mr. Constantopoulos, asked him to clarify his position on the issues of school sit-ins and damage to various school buildings during the students' take-overs.

Karamanlis : In addressing Parliament, main opposition New Democracy leader Costas Karamanlis accused the government of a "show of arrogance and authoritarianism."

Mr. Karamanlis rejected criticism by Mr. Simitis that ND was inciting the mobilisations and reactions to educational reform, saying that young people today cannot be patronised by either parties or trade union organisations.

"We stated from the very start that that we do not agree with sit-ins and the blockading of streets. Approving of such actions is not in our mentality. You have taught such mentalities. We are alien to it," he said.

Mr. Kaaramanlis called on the government "if it has the courage" to withdraw the educational reform and show that it can recognise its mistakes.

"However, a weakened government and a weakened premier cannot show courage, " he said.

The ND leader further denounced the government for failing to absorb European Union funds and added that his party commits itself "to providing a big part of funds from the third package for education with absolute priority."

Replying to Mr. Karamanlis' address, Mr. Simitis accused him and ND of "hypocrisy", adding that he refused to even reply to a relevant letter from the education minister on reform and that "we speak of dialogue here, but we do not want a dialogue."

"This is hypocrisy. ND also wanted the hiring list abolished but voted against it in Parliament. The trade unionists of DAKE (the labour group affiliated to ND) are inciting...We say one thing and do another.This is the hypocrisy of the right," he added.

KKE : On her part, Communist Party of Greece (KKE) leader Aleka Papariga asked for the abolition of what she called the "reactio-nary" law on education reform, saying the specific law was based on recommendations by the Organisation for Economic Cooperation and Development in Europe (OECD) and the European Union.

Replying to criticism that KKE was behind the recent wave of protests by both teachers and students, she said her party's role was to advice people on problems in education and to promote the necessity to rally together.

Finally, Democratic Social Movement (DHKKI) leader Dimitris Tsovolas also attacked the education reform package, calling for its postponement.

Gov't says most secondary school occupations over, crisis defused : The education ministry's efforts to re-open schools has worked and the situation is markedly better, government spokesman Dimitris Reppas told reporters yesterday, as several high schools opened around the country for the first time since widespread prote sts and school occupations occurred last month.

"Information, dialogue and the actions of the education ministry have significantly helped to defuse the tense climate of occupations," Mr. Reppas said.

Students at high schools around the country boycotted classes and occupied schools late in 1999 to protest a series of education ministry changes to the structure and grading system of secondary education.

Mr. Reppas said the majority of schools in the regions were operating normally and that a "small minority" were under occupation.

He said that it was logical to expect judicial officials to intervene if illegal activity obstructing the operation of schools was ascertained.

An Athens prosecutor issued a circular last Thursday ordering the arrest of students setting up road blocks and instructing police to arrest any students attempting to occupy school buildings.

The judicial order instructs school headmasters to resort to the law if they believe that certain students are obstructing the normal operation of the schools.

Summary road blocks and occupations of schools have been the hallmarks of the weeks-long student protests late last year to have the education ministry change its tack on the changes.

Students 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.

Education Minister Gerasimos Arsenis underlined in statements that if protests continued in the new year, pupils were in danger of losing the entire 1998-1999 school year.

He was optimistic however that pupils would not continue their protests.

The ministry said yesterday morning that 95 per cent of schools in the Attica region were operating normally. The figure was disputed by the pupils, who claimed 450 schools were still under occupation.

In Thessaloniki, education authorities said that yesterday morning almost all schools in the area were back to classes.

In Hania, Crete, occupations resumed at seven schools in the prefecture, with a student committee saying that occupations at more schools were possible as of today.

In Patra, 15 of the 19 senior high schools and four junior high schools were under occupation, although most schools in the wider region of the Achaia prefecture were operating normally.

Pupils were holding general assemblies at many schools to take a final decision on whether they would continue occupations and protests, interrupted by the Christmas holiday.

At midday yesterday, the protests coordination committee and the teacher's federation OLME held a concert to support the continuation of protests. A nationwide rally is scheduled for Athens on Friday.

Parents block occupation : At one school in northern Greece, parents turned the tables on errant pupils, throwing a protective ring around the local school to prevent a resumption of occupations.

Parents and guardians at the Asvestohori, Thessaloniki school complex on Sunday told the school's student protests committee that they would have to respect their action, as they had respected the occupation of the school.

The president of the parents and guardians' association, Sotiris Dimitropoulos, said members of the association had begun patrolling the school grounds and went on an overnight watch on Jan. 7 to prevent pupils gaining entry and resuming the occupation.

The 413-pupil school had been occupied continuously since Nov. 23. The occupation effectively ended on Dec. 23, with the start of the Christmas break.

Education ministry circulars : The education ministry issued circulars to all school principals to ensure that teachers gain access to their schools at all cost.

The circular forced one headmaster, refused entry to his Neo Iraklion junior high school by pupils, to tender his resignation. It was refused.

Parents of students at the Piraeus Ralleion School argued among themselves over the occupations yesterday morning.

At the 14-school Gavras complex in Galatsi, 12 schools voted to continue the occupation, amid queries from parents over the voting procedure.

At two Kypseli schools, parents camped out overnight to ensure that the school would be able to open in the morning.

Thessaloniki : Police yesterday arrested four students trying to break into a Thessaloniki high school to stage a sit-in, while four others were detained on charges of using drugs during a sit-in in Patra school.

Four students were spotted around midnight trying to break into the 2nd Lyceum in Thessaloniki by school neighbours who took them for thieves and alerted the police.

The four were arrested and charge sheets were drawn up. The four, all minors, were released on orders of the local public prosecutor.

Nearly all Thessaloniki schools re-opened for classes as usual after the Christmas/New Year break following weeks of takeovers in protest of reforms to the education sector planned by the government.

Meanwhile, Patra police arrested four students and a fifth individual about an hour after midnight on charges of using hashish in a school building during a sit-in.

Athens News Agency

[02] Protocol finalising multinational force in SE Europe expected at Athens meeting

Athens 12/01/1999 (ANA)

National Defence Minister Akis Tsohatzopoulos will open proceedings.

The additional protocol contains proposals drafted by military experts during their recent Istanbul meeting on issues that remained unresolved.

These proposals include defining the force's base as Plovdiv, Bulgaria, with Turkey undertaking to lead the force for the first period and Greece taking over the presidency of the political and military committee.

The defence ministers of Albania, Bulgaria, Greece, Italy, and the Romanian chief of staff will be participating in the meeting. Slovenia and the United States will send observers. The Turkish defence minister has been invited but it was unclear whether he would be able to attend.

Athens News Agency

[03] FYROM's Toupourkovski in Athens on unofficial visit

Athens 12/01/1999 (ANA)

Mr. Toupourkovski, the leader of FYROM's Democratic Alternative Party, which is participating in the current government coalition in the neighbouring country, was scheduled to meet with Alternate Foreign Minister George Papandreou.

He is also FYROM's Olympic committee president.

Athens News Agency

[04] Simitis to begin visit to Spain

Athens 12/01/1999 (ANA)

Greece, Spain and Portugal have common positions on the EU negotiations over the 'Agenda 2000'. The prime ministers of these three countries had meetings during the latest EU summit in Vienna.

During his stay in Madrid, Mr. Simitis will be received by King Juan Carlos whlie on Thursday, he will meet with International Olympic Committee (IOC) president Juan Antonio Samaranch.

Mr. Simitis will be accompanied on his visit by Foreign Minister Theodoros Pangalos, Culture Minister Evangelos Venizelos, Press Minister Dimitris Reppas and National Economy Deputy Minister Alekos Baltas.

Athens News Agency

[05] High-ranking PASOK delegation meets with Arafat,talks with Sharon today

JERUSALEM 12/01/1999 (ANA)

Deputy Foreign Minister Yiannos Kranidiotis and high-ranking PASOK cadre Theodoros Tsoukatos head the delegation, which arrived in the area on Sunday and will hold talks with both Palestinian and Israeli officials.

Mr. Kranidiotis said the peace process in the Middle East is at a very delicate stage, as Israel is in the midst of a "prolonged election campaign", adding that the Israeli government has "frozen" steps toward the realisation of an agreement for the han ding over of 13 per cent of the occupied territories to the Palestinian authority.

On his part, Palestinian negotiator Faycal Husseini said there is a climate of uncertainty over the peace process, increased by the fact that elections in Israel on May 17 coincide the final phase of the peace agreement realisation of May 4.

Mr. Kranidiotis reassured Mr. Husseini that Athens will continue efforts to facilitate understanding between the two sides and will maintain a "dialogue of Athens" process, while it will continue to financially support the Palestinians.

Later in the evening, the PASOK delegation met with Palestinian President Yasser Arafat.

Earlier, the delegation met with Jerusalem Orthodox Patriarch Diodoros and discussed issues related to millennium celebrations.

Today the delegation will meet with Israeli Foreign Minister Ariel Sharon.

Athens News Agency

[06] Gov't dismisses reports of scheduled meeting between US,Greek, Turkish leaders

Athens 12/01/1999 (ANA)

"A tripartite meeting between US President Bill Clinton with the prime ministers of Greece and Turkey has not been brought up; has not been discussed and has not been examined," government spokesman Dimitris Reppas said in response to press questions.

Reports said the meeting would be held on the occasion of a NATO summit in Washington in April.

Athens News Agency

[07] V. Papandreou takes aim at PASOK 'internal opposition'

Athens 12/01/1999 (ANA)

In an interview with the Athens daily "Ta Nea", Ms Papandreou said PASOK cadres should allow Prime Minister Costas Simitis to achieve the aims set forth, because if it will not be so "all of us will have failed."

She said that in order for the party to overturn the negative political climate before the June elections, it was decided by Mr. Simitis that she and other high-ranking party to begin a campaign aimed at informing voters on PASOK work.

Finally, Ms. Papandreou proposed that all party groups strike a "political agreement for a common course," noting that political differences do not preclude agreements.

Athens News Agency

[08] G. Papandreou's political office firebombed in broad daylight,no injuries reported

Athens 12/01/1999 (ANA)

The device, comprised of a gas cannister and a container filled with gasoline, went off at approximately 1:45 p.m. on the first floor office in central Athens, only a block away from ruling PASOK's headquarters. The fire was extinguished by the fire dep artment.

An anonymous caller to the Athens daily "Athinaiki" later claimed that the firebomb was the work of the shadowy group "Children of November."

Police said there was no warning call, as four people were inside the minister's office at the time of the blast.

"Children of November" last attacked in December, when it claimed responsibility for a similar gas cannister attack on the offices of former Communist Party of Greece deputy and Athens mayoral candidate Leon Avdis.

The group has also claimed responsibility for similar attacks last year on the offices of Transport Tassos Mandelis, former PASOK public order minister Sifis Valyrakis and a double bomb attack on the offices of Deputy Labour Minister Christos Protopapas and Labour and Social Security Minister Miltiades Papaioannou.

Mr. Papandreou issued a statement in which he condemned the attack, saying it was regrettable for a democratic country like Greece to experience such violent incidents.

"We shall continue to protect the values of democracy and an open society," Mr. Papandreou said.

The attack on the alternate foreign minister's office was also condemned by main opposition party New Democracy and the Coalition of the Left and Progress.

ND spokesman Aris Spiliotopoulos said the perpetrators had chosen "a critical day for education" for their attack and that ND extended full support to the efforts by authorities to arrest those responsible.

"These unacceptable acts, from wherever they may come from, are targeted against the normal functioning of democratic institutions and for this reason draw universal condemnation," the Coalition of the Left said in a statement.

Commerce ministry building firebombed : Finally, three "Molotov-cocktail" firebombs were thrown yesterday afternoon at the first floor of the commerce ministry building on Kaningos Square in central Athens.

Two of the three firebombs went off, breaking glass windows and causing a minor fire.

The fire brigade subsequently extinguished the fire.

Only material damage was reported, with some documents destroyed. No one claimed responsibility for the incident by press time.

Patra bomb neutralised : In an unrelated incident yesterday, bomb disposal units dismantled a powerful explosive device planted at an importing company in the western port city of Patra.

Authorities said a building guard spotted the home-made device planted at the entrance of the Olympic Bravo cigarette and coffee importers' garage, where the merchandise is loaded and unloaded.

A similar bomb exploded last year at the premises of the same company -- owned by Panayiotis Oros, an expatriate Greek national from South Africa -- causing extensive damage but no injuries as the explosion took place late at night.

Athens News Agency

[09] ND, gov't consider prospects of Avramopoulos creating new party

Athens 12/01/1999 (ANA)

Views of ND cadres over this prospect differ, since some believe that the extremely popular Avramopoulos will definitely create his own party and that ND must brace itself from now, while others believe he will not ultimately take the plunge,since ND's grassroots supporters have presently rallied round the party's leadership absolutely.

Associates of ND leader Costas Karamanlis avoided any comment on the issue, while Mr. Karamanlis throughout the day yesterday prepared for his speech in Parliament on education later in the day.

Referring to the same issue, government spokesman Dimitris Reppas said that in democracy the field is always open.

Athens News Agency

[10] Man arrested for attempted...coffee smuggling into Albania

Athens 12/01/1999 (ANA)

Dimitrios Grigoriadis, 32, from the village of Komninadis, is reported to have undertaken the mission on behalf of an Albanian ring illegally importing coffee into that country from Greece.

Police are seeking another two individuals on the tractor at the time of the suspect's arrest, who fled when police stopped the tractor.

Athens News Agency

[11] Papoutsis remarks on financial mismanagement allegations

BRUSSELS 12/01/1999 (ANA, P. Pantelis)

Mr. Papoutsis said the mismanagement allegations refer to sums allocated to the tourism sector between 1990-1994, before the Jacques Santer Commission took office in January 1995, when a special team was formed to investigate the incidents and action was recommended and taken against guilty parties, a mechanism set in motion for the return of misappropriated amounts.

The EU Commissioner said he was satisfied that the case was closed and that the Tourist Directorate was at the present functioning unhindered and effectively.

Athens News Agency

[12] OA management,pilots near compromise

Athens 12/01/1999 (ANA)

The meeting focused on efforts to break a deadlock over pilots' refusal to work overtime for the debt-ridden national carrier.

According to sources, OA's management has undertaken to propose to the government that it freeze tax increases for OA pilots this year.

Pilots' Association (EXPA) President Yiannis Athanasopoulos said in a statement that he was expecting to receive OA proposals in writing today, which will be discussed in detail during an EXPA general assembly on Friday.

Earlier, the pilots' union issued a stinging attack on Transport and Communications Minister Tassos Mantelis, blaming him for the delays and flight cancellations suffered by OA passengers over the past two weeks.

Pilots began a work-to-rule strike on Jan. 1 in support of their demands for new hirings and opposition to the government's plans to increase their income tax rate.

The pilots' representatives said the minister and OA's management were pressuring them to work between 13-18 hours daily without taking into account the consequences, such as accidents, occuring under these "inhuman working conditions".

They reminded Mr. Mantelis and management that their union had warned them in October 1998 that problems would arise as of January when pilots stopped working overtime.

The pilots' action has created serious problems for OA services, the most notable occurring on Jan. 2 when an OA flight from London, originally scheduled for Thessaloniki and then Athens, skipped Thessaloniki and landed directly in the capital.

A delay at London's Heathrow airport led the pilot to decide to fly directly to Athens so as not to work overtime.

This resulted in a two-hour occupation of the aircraft at Athens airport by 86 passengers who had paid to travel to Thessaloniki.

The passengers were eventually persuaded to leave the aircraft by Civil Aviation representatives and were taken to a Glyfada hotel to stay the night. They flew for Thessaloniki Sunday morning.

The pilot involved in the incident was later taken off all duty pending an administrative inquiry.

On Friday, OA management announced changes to the airline's flight schedule up to Jan. 31, aimed at limiting the repercussions from the pilots' refusal to work overtime.

According to the new schedule, the number of cancellations will be between two and five per day for a total of approximately 110 flights.

The cancellations mainly affect destinations for which there is less passenger demand, so as to ensure the least impact on the airline's receipts.

OA's main international destinations remain largely unaffected.

On the domestic front, OA's subsidiary, Olympic Aviation will step in to make up for some OA cancellations, while another subsidiary, Macedonian Lines, will be scheduling additional flights to destinations in the Balkan countries and eastern Europe.

In a related development, OA's board decided last night to proclaim a new competition for the hiring of 45 new pilots, while it approved a loan agreement for the purchase of four "AirBus 340" aircraft.

In a goodwill gesture towards the Pilots' Association, the OA board will reportedly raise the maximum age requirement for the hiring of pilots from 32 to 35 years of age.

In the meantime, deliberations continue between government's advisors, National Investment Bank for Industrial Development (ETEBA), Solomon Smith Barney and interested companies for undertaking OA's management, a move opposed by pilots and flight attendants.

Athens News Agency

[13] Bear Sterns says central bank has room to cut rate

Athens 12/01/1999 (ANA)

In its latest country report on Greece, Bear Sterns was quoted as saying that Greece's bond and stock markets had entered into a virtuous cycle of falling interest rates and inflation.

If, as expected, inflation falls to 2.5 percent in April, then it will approach the government's 2.0 percent target for 1999 that in turn will ease the country's entry into economic and monetary union by January 1, 2001.

Attaining the 2.5 percent figure would allow domestic markets to rise further in coming months due to the growing likelihood of EMU entry.

As a result, a cut in the Bank of Greece's intervention rate would fuel a new round of gains throughout domestic markets, Bear Sterns was quoted as saying.

Athens News Agency

[14] Greece, Bulgaria to start talks on new customs post

ALEXANDROUPOLIS 12/01/1999 (ANA - D. Petrovich)

The talks on the customs post at Kyprinos in Evros, are expected to begin during a visit to Sofia by Foreign Minister Theodoros Pangalos, Mr. Dolios said.

The customs post would be located next to a highway between the two countries that is currently scarcely being used. It would serve tourism and local travel.

Athens News Agency

[15] Themeliodomi confirms stock handover to Vardinoyiannis family

Athens 12/01/1999 (ANA)

In a letter to the Athens Stock Exchange, Themeliodomi's founders and main shareholders (the Tabakoulis, Economou and Patramanis families), confirmed that the transfer of shares to Stegi SA, owned by Pavlos Vardinoyiannis, was effected through the Athens bourse in Friday's session.

The three main shareholders' stake is now 63.25 percent.

Athens News Agency

[16] Rampant drachma still ascending

Athens 12/01/1999 (ANA)

The euro was 323.400 drachmas at the Bank of Greece's daily fix after trading at 323.10 early in the session, which led the central bank to step into the market.

It bought 120 million euros at 323.40 drachmas but the national currency later continued to rise with the euro trading at 322.92 drachmas.

The drachma's ascent is attributed by traders to capital inflows, which are destined mainly for the domestic bond and stock markets.

Little or none of the capital is being used to fund long-term drachma positions that could in the future have acted as the basis for speculative pressure.

The secondary bond market corrected yesterday with most long-term bond prices slumping 80 basis points on profit-taking mainly by domestic investors in the wake of a recent surge.

Electronic trade totalled 46 billion drachmas. The 15-year bond was 110.50 and the 10-year bond 114.50-114.85.

In the interbank market rates on short-term depos increased in tighter liquidity.

Around 330 billion drachmas left the system due to settlement of a bond auction last week.

The overnight rate rose to 12.10 percent, one-month funds at 11.80 percent, and six-month funds at 11.30 percent. Twelve-month funds slipped to 10.65 percent, traders said.

Athens News Agency

[17] Stocks drop in profit-taking after last week's surge

Athens 12/01/1999 (ANA)

The market slipped below the 3,000-point barrier broken last week for the first time in the bourse's history.

The general index ended 0.89 percent off at 2,983.56 points reflecting losses in banking blue chips. Trading was active with turnover at 98.4 billion drachmas on volume of 19,118,000 shares.

Profit-takers raked in their gains mostly in the heavily weighted banking sector. Strong buying interest was noted in the construction sector, and 32 stocks finished at the upper 8.0 percent volatility limit.

Sector indices were mixed. Banks fell 1.76 percent, Leasing plunged 3.01 percent, Insurance dropped 2.58 percent, Investment ended 1.22 percent down and Industrials fell 0.15 percent.

Miscellaneous ended 1.20 percent up, Holding jumped 4.24 percent and Construction soared 6.14 percent, reflecting strong buying in the sector.

The parallel market index for small cap companies bucked the general index to end 1.43 percent up. The FTSE/ASE 20 index fell 1.25 percent to 1,892.41 points. Mytilineos, Hellenic Telecommunications Organisation, Thessaliki and Metrolife were the mos t heavily traded stocks.

Broadly, advancers led decliners by 149 to 113 with another 19 issues unchanged.

Among the thirty-two stocks to hit limit up were Mosholios Chemicals, Proodeftiki, Athinea, Dimitriadis, GEK, Lavipharm, Kyriakidis Marbles, Sanyo and Interinvest.

Etma, Infoquest, Kallinis, Mouriadis, Karamolegos, Constantinidis, Ridenco and Delta Inform suffered the heaviest losses.

National Bank of Greece ended at 68,000 drachmas, Ergobank at 35,900, Alpha Credit Bank at 32,280, Ionian Bank at 15,900, Hellenic Telecommunications Organisation at 8,480, Delta Dairy at 4,160, Intracom at 15,000, Titan Cement at 22,990, Hellenic Petro leum at 2,340 and Minoan Lines at 6,950 drachmas.

A bourse announcement said that technical problems on Friday in the electronic trading system had been partially resolved, although online data was being transmitted with a 15-minute delay.

Athens News Agency

[18] Xenia tourism trade fair opens Jan. 28

Athens 12/01/1999 (ANA)

The fair, hosting 230 pavilions and more than 1,500 companies this year, will also be celebrating its 30th birthday.

Athens News Agency

[19] Combined mutual funds show average 45 pct return in 1998

Athens 12/01/1999 (ANA)

International Combined led the table with an 84.32 percent annual return, followed by Allianz Unit Linked at 65.95 pct and Ermis Combined at 65.89 percent.

The sector's assets totalled 756.6 billion drachmas on December 31, 1998, a rise of 28.3 percent from the start of that year.

Athens News Agency

[20] Marfin favours foodstuff, construction stocks

Athens 12/01/1999 (ANA)

The firm said it had completed the first phase of its investment plan, also having bought shares of Corinth Pipeworks, Shelman, Hellas Can, European Credit, Esha, Nireas, Selonda, Riopesca, Eskimo and Bank of Greece.

Since the firm's share capital rise 43 working days ago, Marfin has invested 52 percent of its portfolio.

Furthermore, in the nine Athens bourse sessions since Marfin's new shares were listed, 1,407,510 have been sold, which the firm's management attributes to short-term investment strategies by the original buyers.

Marfin's share is currently trading above the new shares' entry price on December 28.

Athens News Agency

[21] Ministry endorses engineering contractors' merger

Athens 12/01/1999 (ANA)

The move involves the absorption of Evklidis by Etane, which will also hold a share capital increase. The new company's main shareholder is Nikolaos Rotskos with 15.8 percent.

Athens News Agency

[22] New bourse framework for buyoffs, mergers

Athens 12/01/1999 (ANA)

According to the latest framework, new companies resulting from mergers will have to fulfill preconditions set out by the law on the listing of companies at the Athens Stock Exchange and in particular those concerning the allocation of shares and the co ntrol of accounting data.

In another development, Athens Stock Exchange President S. Kouniakis said the bill on the "third market" at the Athens Stock Exchange will be unveiled by the end of January.

Small dynamic companies having high profit-making while their other indicators, primarily own capital, do not allow them to enter the parallel market of the Athens Stock Exchange, will be joining the new market.

In essence, the creation of the new market is necessitated by the European Union and is aimed at supporting small and average-size dynamic companies.

Athens News Agency

[23] Gov't abolishes obligation to report income from tax-exempt sources

Athens 12/01/1999 (ANA)

Abolition of this obligation is anticipated in an amendment tabled in Parliament by National Economy and Finance Minister Yiannos Papantoniou.

The obligation concerned income from interest, mutual fund dividends or income from the sale of shares, as well as a series of other incomes which are not taxable.

The abolition of the relevant clause tackles the problem created particularly for income from interest. Banks were faced with technical and other difficulties in sending receipts to all taxpayers for interest they received in 1998 from all of their accounts.

Athens News Agency

[24] Drys receives Britain's alternate ambassador to Athens

Athens 12/01/1999 (ANA)

Mr. Drys briefed Mr. Miller on the course of the Greek economy, while views were exchanged regarding tax alignment within the framework of the European Union.

Athens News Agency

[25] EOT employees strike in Greece, abroad

Athens 12/01/1999 (ANA)

The memo reportedly contains EOT employees' own positions and proposals on four draft presidential decrees regarding EOT's radical restructuring and the state-run agency's transition into several societe anonyme companies.

The presidential decrees were unveiled by Ms Papandreou to EOT employees late last month.

Employees said they will return to work on the condition that the minister withdraws the draft decrees and begins what they called "substantial" talks with them.

Meanwhile, Communist Party of Greece (KKE) deputy Dimitris Kostopoulos visited EOT offices in Athens yesterday, where he outlined his party's positions on tourism policy.

Athens News Agency

[26] Athens Foreign Exchange

Athens 12/01/1999 (ANA)

Parities in Drachmas

Banknotes            Buying  Selling
US Dollar            277.036 283.459
Can.Dollar           183.024 187.268
Australian Dlr       176.849 180.949
Pound Sterling       455.169 465.723
Irish Punt           407.348 416.793
Pound Cyprus         553.219 566.045
Pound Malta          686.947 715.570
Turkish pound (100)    0.072   0.075
French franc          48.908  50.042
Swiss franc          198.985 203.599
Belgian franc          7.953   8.137
German Mark          164.029 167.832
Finnish Mark          53.957  55.208
Dutch Guilder        145.578 148.954
Danish Kr.            43.092  44.092
Swedish Kr.           35.192  36.008
Norwegian Kr.         37.458  38.326
Austrian Sh.          23.314  23.855
Italian lira (100)    16.569  16.953
Yen (100)            254.150 260.043
Spanish Peseta         1.928   1.973
Port. Escudo           1.600   1.637

Foreign Exchange     Buying  Selling
New York             277.036 283.459
Montreal             183.024 187.268
Sydney               176.849 180.949
London               455.169 465.723
Dublin               407.348 416.793
Nicosia              553.219 566.045
Paris                 48.908  50.042
Zurich               198.985 203.599
Brussels               7.953   8.137
Frankfurt            164.029 167.832
Helsinki              53.957  55.208
Amsterdam            145.578 148.954
Copenhagen            43.092  44.092
Stockholm             35.192  36.008
Oslo                  37.458  38.326
Vienna                23.314  23.855
Milan                 16.569  16.953
Tokyo                254.150 260.043
Madrid                 1.928   1.973
Lisbon                 1.600   1.637

Athens News Agency

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