Athens News Agency: Daily News Bulletin in English, 99-01-23

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

CONTENTS

[01] Athens calls on Belgrade to cooperate with int`l community over Kosovo crisis

[02] Tackling unemployment tops Cabinet meeting discussions

[03] V. Papandreou stresses Greece's stabilising role in Balkans during US speech

[04] Kosovo crisis the focus of ESP conference in Thessaloniki

[05] Karamanlis: Respect of int`l law, human rights conditions for closer Europe-Turkey ties

[06] EU General Affairs council meeting early next week

[07] Greece prepares for full Schengen implementation

[08] New Cypriot Defence Minister Chryssostomis in Athens on Feb. 8

[09] Simitis to represent PASOK at ESP summit in Vienna

[10] Parliamentary delegation at CoE sessions

[11] Gov`t reiterates support for Arsenis, education crisis simmers

[12] Bill for repatriated Greeks

[13] EU-wide sports symposium in May

[14] Burns, Vrettos at tree-planting ceremony near Sounio

[15] Intracom to launch 35-hour working week on the same pay

[16] Duisenberg welcomes progress in Greek economy

[17] Greece to auction 10-year bond Tuesday

[18] Commercial Bank joins the pack, cuts rates

[19] Equities edge down, dampened by world markets

[20] Sector indices suffered losses

[21] Plesio Computers to hold IPO Feb 10-12

[22] Minoan announces buy-out of Air Greece

[23] Study: 59.2% of bank employees concentrated in greater Athens area

[24] Athens foreign exchange

[01] Athens calls on Belgrade to cooperate with int`l community over Kosovo crisis

Athens, 23/1/1999 (ANA)

At the same time, Athens expressed its opposition to any military solution to the problem.

Addressing reporters after a Cabinet meeting, government spokesman Dimitris Reppas said that although the circumstances surrounding the killing of 45 ethnic Albanians in and around the village of Racak in Kosovo had not been fully clarified, responsibil ity lay with "those who contribute to the continuation of violence in the region."

Mr. Reppas said Prime Minister Costas Simitis referred to the Kosovo problem at yesterday's Cabinet meeting and had described the massacre as "a very unfavourable development".

The spokesman underlined that human rights were not a domestic issue for each separate country, but rather were of interest to the entire international community.

"For this reason, Greece calls on Belgrade to take all necessary measures to arrest those responsible (for the killings) and to cooperate with the international community so that agreements which Belgrade has signed may be implemented with consistency," he said.

Mr. Reppas further said that Greece was opposed to any return of Yugoslav troops to the area from which they withdrew on the basis of an agreement on Oct. 25, 1998.

He also called on Belgrade to recognise the jurisdiction of the International Court of Justice.

"Foreign Minister Theodoros Pangalos has made these positions known to the government of New Yugoslavia," Mr. Reppas added.

While stating that Greece, as a member-state, will take part in EU and NATO activities, the Greek spokesman said Athens was opposed to proposals for the use of military force and initiatives for military intervention on land.

Any intervention which does take place, he added, must have the backing of the United Nations Security Council.

Mr. Reppas clarified that the Greek warship "Kimon", which is now sailing in the Adriatic, had nothing to do with the crisis in Kosovo but was "cooperating for training reasons with the naval forces of NATO which are currently in the region."

Pangalos: On his part, Mr. Pangalos yesterday blamed the policy followed by western countries vis-a-vis Yugoslavia, during an address he delivered in an international conference organised by the Hellenic Foundation for Foreign and Defence Policy (ELIAMEP) and focus ing on the Kosovo crisis.

"We have reached the worst point because of western policy", Mr. Pangalos told his audience, describing the west's policy on Yugoslavia as "wrong from the very beginning."

He explained that the west did not want to use all means to achieve the former Yugoslavia's survival under a different form and legal context than the ones existing before.

Instead, he said, the world witnessed the revival of what he called "old- type influence games and aspirations" in the region.

The Greek foreign minister also criticised the "hasty and makeshift moves" with which the west proceeded with the recognition of Yugoslavia's former states, while he reminded that the inviolability of Yugoslavia's borders was included within an agreed u pon framework.

"Any proposal raising the issue again is bringing up the whole problem again," he underlined.

The problem, according to Mr. Pangalos, could not be overcome in the "usual opportunism exhibited by major powers," which he said followed "double- standard policies".

He further described positions favouring Kosovo's independence as "cynical", but explained that he was referring solely to Turkey, the only country in the region having such a position.

Apart from favouring the independence of Kosovo, Turkey, he said, was also striving for the division of Cyprus, but not of Nagorno-Karabakh P as Ankara was in each case adjusting its policy based on its own interests.

Greece does not have the luxury to do that, he stressed, as it had to stick to a policy of principles.

Referring to problems in the implementation of the US-brokered Milosevic- Holbrooke agreement, Mr. Pangalos pinpointed the lack of a unified expression of the Albanian population's positions and the absence of measures to "seal" the Albania-Kosovo border .

Furthermore, he termed Belgrade's approach for non-involve-ment of third parties in its internal affairs as "naive" and "outdated", saying there were some internal sovereignty issues, but "human rights is an international problem."

"You cannot invoke your soveveign rights when grossly violating human rights," he stressed.

Mr. Pangalos said a solution to the Kosovo crisis should be sought through an extended autonomy to the Albanian-speaking population, with a consolidation of their rights, saying that he was strongly opposed to any idea for the province's independence.

Tsohatzopoulos: National Defence Minister Akis Tsohatzopoulos warned that "the worst" could happen if a solution to the crisis in Kosovo was not achie-ved before the end of winter, stressing that the solution must be a political one.

In an interview with the Athens-based German-language weekly "Athener Zeitung", Mr. Tsohatzopoulos noted that while the international organisations' policy had succeeded in Bosnia and Albania, the situation in Kosovo "appears to be uncontrollable".

"Nationalistic extremism is increasingly gaining ground," he said, expressing concern over the so-called Kosovo Liberation Army's (KLA) rejection of "the only possible solution: broad autonomy in the framework of the existing borders of Yugoslavia, sinc e there can be neither changes of borders nor independence for Kosovo."

Mr. Tsohatzopoulos also rejected any kind of military solution to the problem, adding: "The solution can only be a political one."

"We must make every effort now, during the course of the winter, to succeed in that direction," he said, warning: "After April, when the snows start to melt, I fear the worst."

Athens News Agency

[02] Tackling unemployment tops Cabinet meeting discussions

Athens, 23/1/1999 (ANA)

Speaking to reporters after the meeting, Labour and Social Security Minister Miltiades Papaioannou stressed that the fight against unemployment would be a top priority for the government this year.

He described as "positive" developments in 1998, noting that 85,000 new jobs were created, while prospects were even better for 1999 owing to anticipated higher rates of growth generated by private and public investments, as well as structural changes i n the labour market.

Mr. Papaioannou added that the ministry's programmes would also make a significant contribution, since one of their main targets was to create new jobs.

Some 110,000 new jobs are expected to be created this year, Mr. Papaioannou said, of which 60,000 will be for young people between the ages of 20 and 29, with the total cost of financing the relevant programme being 500 billion drachmas P which will be made available from national and European Union resources.

Asked about the 35-hour working week, Mr. Papaioannou said the government favoured collective bargaining among the social partners and would encourage companies entering into such negotiations in their particular area of activity.

"The government will meanwhile make optimum use of the experience acquired and any other positive development related to a reduction of the number of working hours at a European level," Mr. Papaioannou said.

Athens News Agency

[03] V. Papandreou stresses Greece's stabilising role in Balkans during US speech

WASHINGTON, 23/1/1999 (ANA - T. Ellis)

The event was attended, among others, by CATO Institute officials involved in the study of the specific region.

Ms. Papandreou underlined the fact that Greece was, as she termed, the cross-roads between the east and west, offering the United States and EU members advanced access to developing markets in southeastern Europe, and as such was open to investments by US businesses attempting to penetrate these markets via Greece.

She also referred to major infrastructure projects in the region funded by the EU.

Speaking on the course of the Greek economy, the Greek development minister placed emphasis on its adjustment to competitive policies and the market's opening. She expounded on details about economic indices, such as inflaltion which she noted it had dropped from 13 per cent in 1993 to a forecast 1.5 per cent in 1999.

Ms Papandreou also underlined the fact that after a 25-year course of gradual devaluation, the drachma was now a stable currency, following its introduction into the EU's Exchange Rate Mechanism last March, while drawing on the importance of EMU and the euro to US investors.

Athens News Agency

[04] Kosovo crisis the focus of ESP conference in Thessaloniki

Athens, 23/1/1999 (ANA)

National Defence Minister and ESP vice-president Akis Tsohatzopoulos said efforts must be continued to find a political solution and there should be no military intervention by the international community if they are not exhausted.

Mr. Tsohatzopoulos said that the case of Kosovo is not the same as that of Bosnia, adding that it was the Bosnian government itself that had requested military intervention, while in the case of Kosovo every military intervention is an intervention in Y ugoslavia's domestic affairs, which "in the framework of the unity of European security cannot conceivably take place without the agreement of Russia."

He said, however, that both the Milosevic government and the Albanian rebels are pursuing confrontation and the exercising of force. He added that NATO must avoid the use of military forces, because if this happens it will serve the designs of one of th e two rival sides and predicted that the crisis in the region will continue for quite a long time.

He further criticised both the European Union and the West European Union, saying that it has been proved that weaknesses exist in handling crises.

On the question of achieving a common foreign and defence policy in Europe, which he termed essential, Mr. Tsohatzopoulos proposed respect for the border "status quo", the non-promotion of geopolitical axes of confrontation in the region and collective guarantees by states in the region that "they will abstain from the threat of the use of force and, naturally, from the use of force itself."

ESP President and German Defence Minister Rudolf Scharping attacked Slobodan Milosevic, terming him a "nationalist and a dictator" and accused the Yugoslav government of failing to observe conditions set in treaties and agreements it signed before the i nternational community.

Mr. Scharping expressed the wish that a political solution will be found to the problem of Kosovo which, as he said, if both sides should cease pursuing a solution through arms, with the reliable military presence of the west, which will guarantee secur ity, peace and respect for human rights.

He said that "hopes for a peaceful solution are diminishing, but without this meaning that the effort to achieve it must be abandoned."

Ruling PASOK Secretary Costas Skandalidis said that Europe must clarify its position, adding that initiatives made to date lacked depth since they were limited to the suppression of violence and not the consolidation of rapprochement and cooperation bet ween the peoples in the region. He proposed autonomy for the Albanians within the borders of Yugoslavia, an end to violence and a continuation of diplomatic initiatives.

Athens News Agency

[05] Karamanlis: Respect of int`l law, human rights conditions for closer Europe-Turkey ties

ISTANBUL, 23/1/1999 (ANA - A. Panagopoulos)

Mr. Karamanlis is attending an European Democratic Union (EDU) conference, which began here with a meeting of the group's party leaders.

Britain's conservative party leader William Hague delivered the opening address at the meeting, stressing that "the greatest challenge we have to face is the left, which has stolen our terminology and ideological arsenal."

Mr. Hague also noted that after the fall of the Berlin Wall and socialist ideology, parties of the centre-left proved they had better reflexes and made a fast about-face, "a pseudo-change", placing emphasis on the young people, in contrast with the cent re-right parties which lost ground.

The Tory leader noted that the socialists and the centre-left parties proved to be smarter, since they managed to increase taxation, without the citizens realizing it, while at the same time they managed to better manage the media.

Mr. Karamanlis agreed with his British counterpart's remarks and added that the centre-right proved weaker during the 1980s, lossing valuable ground.

He also said that the weakest point was and still is that they have no message, vision and prospects.

"They are using terminology empty of essential meaning, vague and superficial approaches," he added.

The ND leader stressed that the centre-right has to challeges to face; one is to fomulate a vision, which oversteps the managerial attitude of the EMU and second to lead the European Union toward its aim and prospect, moving it toward that direction of an essetial and political unification.

Mr. Karamanlis also said the centre-right should provide a vision for the average citizen, of such kind as to aid the citizen in confronting the everyday problems.

Following the meeting, former Turkish premier Mesut Yilmaz hosted a dinner for the EDU party leaders.

Athens News Agency

[06] EU General Affairs council meeting early next week

Athens, 23/1/1999 (ANA)

Foreign Minister Theodoros Pangalos and Alternate Foreign Minister George Papandreou will represent Greece. The main issue to be discussed by EU FMs will be "Agenda 2000."

Individual issues to be discussed include the amount of the EU budget (1.27 per cent according to the Commission's initial proposal) and latest stabilising scenarios, a new classification of expenditures (compulsory-non compulsory), the privileged chara cter of structural expenditures and fiscal corrections.

Greece is supporting, at least at the present stage, the positions favouring the Commission's initial proposal (1.27 per cent for the amount of the EU budget, 0.46 per cent for structural actions and maintaining the method of assessing the agricultural guiding policy), the funding of (pre) accession means apart from expenditures for the 15 member-states, maintenance of the privileged character of structural expenditures and, regading the "Own Funds System", rejects scenarios on the joint funding of Comm on Agricultural Policy (CAP) and the generalised corrective mechanism, placing itself in favour of the GDP fund with a progressive character.

Athens News Agency

[07] Greece prepares for full Schengen implementation

Athens, 23/1/1999 (ANA)

Athens News Agency

[08] New Cypriot Defence Minister Chryssostomis in Athens on Feb. 8

NICOSIA, 23/1/1999 (ANA)

Mr. Chryssostomis will meet with Defence Minister Akis Tsohatzopoulos during his visit.

The Cypriot defence minister said yesterday that defence department officials were continuing talks on the S-300 issue in Athens and that the ministry would act "in line with developments".

Cyprus announced late last year that it would not deploy the Russian surface to air missile system on the island, after consultations with the Greek government in Athens.

Apostolakis: Meanwhile, National Defence Deputy Minister Dimitris Apostolakis yesterday denied a report in the Greek-American newspaper "Proini", which claimed that negotiations were under way for the sale of the S-300 missiles to Egypt. He was replying in Parliament to a question tabled by ruling PASOK deputy Lefteris Veryvakis.

Mr. Apostolakis said that when the S-300s and recently ordered US-made Patriot missiles arrive Greece, they would have the capability of operating in conjunction with electronic weapons systems already deployed in Greece. He added that the Russian manuf acturer of the S-300 had given a guarantee that "when we negotiate the system, and before we take the decision to purchase Patriot missiles, these systems will have the capability of functioning with existing electronic systems."

Mr. Apostolakis said consultations were in progress with the Russian side about the way in which "the Cypriot-owned (S-300) missiles" would be transported to Greece.

In his question, Mr. Veryvakis cited an August 1998 report by Greek and Cypriot military officials, according to which S-300 and NATO missiles were not operationally compatible.

The report claimed that a period of five years would be needed before the S- 300 missiles could be fully integrated into the overall system.

Tsohatzopoulos: On his part, Mr Tsohatzopoulos in an interview with the Athens-based German-language weekly "Athener Zeitung", described Cyprus President Glafcos Clerides' decision not to deploy S-300 missiles on the island republic and proceed to unilateral disarmament as "courageous".

"The road of Cyprus' demilitarisation is the path we must follow. This is also what the UN called for in its latest resolution in December. Now it is Turkey's turn," the defence minister said. Regarding Athens' decision to deploy the S-300 missiles on t he island of Crete, Mr. Tsohatzopoulos said that it was not anything "exceptional".

"Greece already has Patriot missile systems, which are as powerful, if not more so, than the Russian missiles. We shall incorporate the S-300s into our defence system in order to be able to avert any attack and any threat in the Aegean," Mr. Tsohatzopoulos said.

Athens News Agency

[09] Simitis to represent PASOK at ESP summit in Vienna

VIENNA, 23/1/1999 (ANA - D. Dimitrakoudis)

Athens News Agency

[10] Parliamentary delegation at CoE sessions

Athens, 23/1/1999 (ANA)

Sessions will be held next week and will deal with a number of issues including commitments and obligations of Turkey as a CoE member-state, the creation of an enlarged Europe, religion and democracy, the crisis in the Yugoslav province of Kosovo, the s ituation in Federal Yugoslavia and internal security in Europe.

Athens News Agency

[11] Gov`t reiterates support for Arsenis, education crisis simmers

Athens, 23/1/1999 (ANA)

Government spokesman Dimitris Reppas also stressed that Mr. Arsenis was the "only minister competent to handle the issue".

He reiterated that there was no question of Arsenis resigning, adding that Mr. Simitis had told the Cabinet that the government wanted to resolve the problems in the education sector through dialogue and that those schools still being occupied must re-o pen.

Mr. Reppas also expressed regret at what he said were "negative responses" to proposals for dialogue announced by Mr. Arsenis.

Arrests: Meanwhile, on the protests' front, one of the 26 youths arrested during Thursday's violent student protest march was detained for further questioning yesterday, after he was arrested in possession of a firebomb.

He is expected to be charged with procurement and possession of explosive material, a felony charge, as well as resisting arrest and disturbing the peace.

Security was tight at the court as the group was led in to be formally charged. About 150 people had gathered outside the courts as a show of support for those arrested.

The remaining 25 youths were charged with resisting arrest, disturbing the peace and abuse before a prosecutor this morning: 11 minors in the group were released, pending their appearance before the juvenile court.

Riot police fired tear gas at masked youths throwing fire bombs and stones during the march on Thursday by about 6,000 students and teachers through the centre of Athens. One student was injured by stones and a passerby knocked down during the violence.

It was the latest clash between young protestors and police in a series of protest marches held since the beginning of the protests the education ministry's reforms.

Another 13 people arrested during violence in Patra were also charged. The youths attacked television crews and reporters with stones and planks of wood and later threw firebombs at public buildings, breaking windows and causing damage to a neighbouring branch of the National Bank of Greece and the entrance to the prefectural building.

In addition, high school students have added the resignation of the education minister to their demand that a contentious law, which introduces sweeping changes to the structure of education and university entrance, be revoked.

PASOK youth cadre calls for suspension: In a related development, the executive secretariat of ruling party PASOK's youth organisation yesterday issued a statement calling for the suspension "for as long as it is deemed necessary" of the education reform law and for talks on any reforms to begi n anew.

"The government and the education ministerIcan not be simple bystanders without taking any initiative to end the conflict and opposition in the education sector," the statement read.

The youth organisation said the government's perception that the students' protests were "instigated" had led it to the wrong conclusions.

"These protests express the genuine concerns of the younger generation suffering the extended downgrading of the education process and (are) a refusal to compromise with the 'grey' future it promises," the statement said.

Any changes to the education system, the statement continued, must have the "widest possible consensus".

In reaction, Mr. Reppas criticised the PASOK youth organisation's announcement, saying "we have already lost valuable time and it's not possible to put off tackling the problems until some time in the future".

He Reppas said those who had different views were "not up to the mark" and should assume their responsibilities "because Greece must make use of the time (available)".

Karamanlis: On his part, main opposition leader Costas Karamanlis called for parents, students and the teaching community to press the government for a "national dialogue" on education with a 20-year outlook.

Speaking earlier in Thessaloniki, Mr. Karamanlis called on students to return to classes and seek other more effective and "socially-friendly" ways to press for their demands.

Mr. Karamanlis called the contentious education reform law one that transformed high schools into "centres for endless examinations, creates enormous confusion ...increases the need for students to resort to private coaching schools and increases the fi nancial burden on parents."

Mr. Karamanlis, who was speaking at a New Democracy organised seminar on education, once again called for Mr. Arsenis to resign, calling him "the personification of the crisis and social authoritarianism."

Athens News Agency

[12] Bill for repatriated Greeks

Athens, 23/1/1999 (ANA)

Replying to a question raised by Democratic Social Movement (DHKKI) MPs, including party leader Dimitris Tsovolas, Mr. Papandreou said the government was in favour of Greeks remaining in their places of residence, but wanted to assist those who wished t o repatriate.

He said government coordination could be better, but stressed that the foreign ministry could not get involved in the re-settlement of repatriated people.

Athens News Agency

[13] EU-wide sports symposium in May

Athens, 23/1/1999 (ANA)

The event, organised by the European Commission, comes on the heels of a challenge posed at the Vienna summit last December by the leaders of the 15 EU member-states for the preparation of an exhibition aiming to safeguard contemporary athletic structur es.

Some 300 sports personalities representing all European Union member-states are expected to participate.

Athens News Agency

[14] Burns, Vrettos at tree-planting ceremony near Sounio

Athens, 23/1/1999 (ANA)

The official inauguration of the "Woods of Greek-Americans Living in the US", a project funded by the organisation "Plant Your Roots in Greece", will also be attended by various Greek-American leaders and US officials, among others.

"Ambassador Nicholas Burns will participate in the tree-planting ceremony in order to express the strong support of the US government to help the Greek people begin the reforestation of their land," an embassy press release stated.

Athens News Agency

[15] Intracom to launch 35-hour working week on the same pay

Athens, 23/1/1999 (ANA)

Staff will also be offered stock in the company in 2002 at 1999 prices, Mr. Kokkalis told a New Year staff celebration.

Intracom's trade union leader, Thodoros Yannakopoulos, told the Athens News Agency that the reduction in working hours was welcomed by workers.

The move may be a first in the Greek market.

The Federation of Greek Industry has not backed the 35-hour week, and consultations so far have implied a pay-cut if the measure were to be introduced.

The arguments against the measure have included a drop in competitiveness in comparison with firms abroad.

Intracom, a blue chip on the Athens bourse whose customers include NATO and the European Union, is a major industry and the move is expected to send waves through the labour market.

The government has so far said that the country is not ready to legislate a 35-hour working week on the same pay, but it would welcome initiatives by individual companies.

Mr. Kokkalis also announced the creation of new departments for the company to be located in Patras and Thessaloniki and work with the two cities' universities.

Athens News Agency

[16] Duisenberg welcomes progress in Greek economy

FRANKFURT, 23/1/1999 (ANA - M. Spinthourakis)

"Greece has worked very hard in recent years," Mr. Duisenberg told a news conference.

Although the country had yet to meet all European Union alignment criteria, much ground had been covered. The progress was major, especially due to the fact that Greece had "come a long way".

Mr. Duisenberg also said he was aware of the Greek government's pledge to join the euro by January 1, 2001 and hoped the EU would respond positively.

Athens News Agency

[17] Greece to auction 10-year bond Tuesday

Athens, 23/1/1999 (ANA)

The annual coupon is 2.30 percent lower than in previous auctions, reflecting a substantial drop in long-term yields in the domestic market, and lower state spending on interest, the ministry said in a statement yesterday.

The statement also said that insurance companies would be offered a total of 43 billion drachmas worth of bonds dated January 29 at the average weighed price to emerge from from Tuesday's auction.

The bonds will replace previous floating-rate securities as part of a deal between the Union of Insurance Companies and the finance ministry to restructure the sector's bond portfolios.

Drachma rises again, fuelled by upcoming bond auction: The drachma firmed again yesterday buoyed by demand from abroad by investors planning to buy into a 10-year bond being auctioned on Tuesday, traders said. The euro was trading at 322.000 drachmas before ending at 322.780 drachmas at the central bank's d aily fix.

In late trade after the fix the drachma picked up steam again, to trade at 322.10-322.40 versus the euro. News of the auction was welcomed by the secondary bond market, shown by the fact that the price of benchmark 10- bonds stayed firm.

The 15-year bond was flat at 103.40-112.00, the 10-year bond at 116.00- 115.80, and the seven-year bond at 110.30.

Electronic trade totalled 44 billion drachmas, up from 36 billion drachmas in the previous session.

Athens News Agency

[18] Commercial Bank joins the pack, cuts rates

Athens, 23/1/1999 (ANA)

Among the reductions, the state bank's base lending rate is to drop to 12.5 percent from 14.5 percent, its base floating mortgage rate to 12.0 percent from 13.0 percent, and savings deposit rate to 8.0 percent from 8.5 percent.

The latest round of rate cuts began on January 13 after the central bank cut its key intervention rate by 25 basis points and forecast a swifter deceleration of inflation in the first half of the year.

Among key banks that have already cut their rates are private Alpha Credit Bank and state National Bank of Greece, both blue chips on the Athens bourse.

Athens News Agency

[19] Equities edge down, dampened by world markets

Athens, 23/1/1999 (ANA)

The general index ended 0.65 percent down at 2,985.75 points, off the day's lows. The index ended the week 3.55 percent higher.

Turnover was 91.7 billion drachmas. Volume was 19,886,000 shares.

The week's average daily turnover rose to 100.2 billion drachmas, up from 97.5 billion the previous week.

Athens News Agency

[20] Sector indices suffered losses

Athens, 23/1/1999 (ANA)

The Investment and Construction indices bucked the trend to end 2.41 and 0.02 percent up, respectively.

The parallel market index for small cap companies ended 1.10 percent up, while the FTSE/ASE 20 index ended 0.89 percent off at 1,894.27.

Broadly, decliners led advancers by 192 to 86 with another 14 issues unchanged.

Thessaliki, Hellenic Sugar, Anek Lines and Viosol were the most heavily traded stocks.

Hellenic Sugar, Metka, Mosholios Chemicals, Alcar-Aemet, Britannia, GEK, Nematemboriki, Technodomi and Hellenic Bottling hit the day's 8.0 percent limit up.

Levenderis, General Warehouses, Interinvest, Parnassos, Viosol and Macedonian Spinning Mills suffered the heaviest losses.

National Bank of Greece ended at 69,250 drachmas, Ergobank at 36,790, Alpha Credit Bank at 32,000, Ionian Bank at 15,650, Titan Cement at 21,740, Hellenic Petroleum at 2,260, Intracom at 13,500, Minoan Lines at 7,650, Panafon at 8,950 and Hellenic Telec ommunications Organisation at 8,300 drachmas.

Athens News Agency

[21] Plesio Computers to hold IPO Feb 10-12

Athens, 23/1/1999 (ANA)

The company will issue 600,000 new common shares at 3,250 drachmas each.

The IPO's coordinator and main underwriter is Ergobank. The other main underwriter is EFG Eurobank with Telesis Brokerage as advisor.

The firm expects to see 1998 profits of 850 million drachmas on sales of 9.8 billion drachmas.

In 1999, profits are forecast at 1.1 billion drachmas on turnover of 12.5 billion drachmas.

Athens News Agency

[22] Minoan announces buy-out of Air Greece

Athens, 23/1/1999 (ANA)

An official announcement of an agreement was made at a press conference in Irakleio yesterday by Minoan Lines Air Greece executives.

The acquisition of a majority package of shares by Minoan Lines, as anticipated by the relevant agreement signed, will be carried out through an increase in the share capital of Air Greece and the purchase of resulting shares at their face value with th e present shareholders of Air Greece waiving their right of preference. The agreement also stressed that there is no reservation on the implementation of the agreement by the two sides.

With this new investment, Minoan Lines will become the largest transporter of passengers and goods in Greece and one of the biggest in Europe since the passengers of Air Greece will be added to the 3.6 million passengers that Minoan Lines transport year ly. Consequently, the number of passengers contacting Minoan Lines group services on an annual basis amounts to four million (according to data of the 1998 fiscal year).

Air Greece started its activities in September 1994. It currently exploits, in the form of leasing, three aircraft of the ATR-72 type, each having a capacity of 70 passengers. It carries out regular flights on the Athens- Thessaloniki, Athens-Rhodes, Ath ens-Irakleio, Athens-Hania and Irakleio- Athens-Thessaloniki routes.

The company will obtain capital exceeding one billion drachmas through the participation of Minoan Lines in its share capital increase, facilitating it in implementing its business plan.

Athens News Agency

[23] Study: 59.2% of bank employees concentrated in greater Athens area

Athens, 23/1/1999 (ANA)

This was one of the figures unveiled in the latest study by the Greek Banks Union (GBU) on the issue of "structural changes and employment in banks."

The region of central Macedonia is in second place in the relevant classification, based on the results of research focusing on 12 banks, with 12.24 per cent, followed by the Peloponnese (5.50 per cent), Thessaly (3.59 per cent), Crete (3.47 per cent) a nd eastern Macedonia and Thrace (3.41 per cent). Employees at Greek bank branches abroad constitute 0.9 per cent of the total number of employees contained in the study.

Athens News Agency

[24] Athens foreign exchange

Athens, 23/1/1999 (ANA)

Banknotes Buying Selling
US Dollar 275.687 282.079
Can.Dollar 182.151 186.374
Australian Dlr 175.405 179.472
Pound Sterling 456.161 466.738
Irish Punt 406.567 415.994
Pound Cyprus 550.421 563.183
Pound Malta 683.602 712.085
Turkish pound (100) 0.072 0.075
French franc 48.814 49.946
Swiss franc 200.131 204.771
Belgian franc 7.937 8.122
German Mark 163.715 167.510
Finnish Mark 53.853 55.102
Dutch Guilder 145.299 148.668
Danish Kr. 43.833 44.031
Swedish Kr. 35.597 36.422
Norwegian Kr. 37.091 37.951
Austrian Sh. 23.270 23.809
Italian lira (100) 16.537 16.920
Yen (100) 242.028 247.640
Spanish Peseta 1.924 1.969 Port.
Escudo 1.597 1.634

euro
Buying: 320.198 Selling: 327.622

Exchange Buying Selling
New York 275.687 282.079
Montreal 182.151 186.374
Sydney 175.405 179.472
London 456.161 466.738
Dublin 406.567 415.994
Nicosia 550.421 563.183
Paris 48.814 49.946
Zurich 200.131 204.771
Brussels 7.937 8.122
Frankfurt 163.715 167.510
Helsniki 53.853 55.102
Amsterdam 145.299 148.668
Copenhagen 43.833 44.031
Stockholm 35.597 36.422
Oslo 37.091 37.951
Vienna 23.270 23.809
Milan 16.537 16.920
Tokyo 242.028 247.640
Madrid 1.924 1.969
Lisbon 1.597 1.634

Athens News Agency

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