Athens News Agency: Daily News Bulletin in English, 99-02-11

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

CONTENTS

[01] Deutsche Bank bullish on Greek economy

[02] Recruitment of new manager for Olympic Airways ends tomorrow

[03] Attica Enterprises reports 72.1 pct profit jump in 1998

[04] Sportsman gets euro syndicated loan

[05] Stocks edge up after early slump

[06] Gold, silver trade fair begins tomorrow

[07] Athens Foreign Exchange

[08] Talks to begin on status of US forces in Greece

[09] Kosovo crisis should be resolved according to UN resolutions,Pangalos tells Belgrade

[10] Greek, US defence officials discuss Balkan problems

[11] Athens criticises Turkish reactions to consulate bomb attack

[12] Agenda 2000 negotiations top priority for government,Simitis says

[13] Gov't reschedules farmers' debts

[14] Archaeologists discover mosaic depicting the zodiac

[15] Russian poet calls for return of Parthenon Marbles

[16] Greece-US tourism to be promoted at ITIC '99 conference in April

[17] British professor's library to be donated to University of Cyprus

[01] Deutsche Bank bullish on Greek economy

Athens 11/02/1999 (ANA)

The German bank expects the general index of the Athens Stock Exchange to end the year at 3,600 points from around 3,200 points currently, recommending that investors should buy into Greek shares.

It also forecasts that the central bank's 14-day money market intervention rate, currently at 12 percent, will drop by one percentage point by the summer, and to 8.5-9.0 percent by the end of 1999.

In the report, Deutsche Bank underlines that Greece has retained its strength in a global economy facing a slowdown in growth and high foreign exchange risk.

The domestic economy is still making rapid progress towards alignment with the European Union and entry into economic and monetary union by the government's target date of January 1, 2001, thanks to declining inflation.

The bank says that another drachma devaluation before joining the euro had become increasingly unlikely.

It underlines, however, that a slowdown in underlying inflation and the government's sluggish privatisation programme remain causes for concern.

Deutsche Bank remains positive on the future of Greek stocks, despite their high price levels, due to the prospect of a sharp decline in interest rates in the next two years.

Investors seeking drachma investments, EIU says : Market players are enjoying drachma investments, wagering that the government will meet its target of joining the euro by January 1, 2001, the Economist Intelligence Unit (EIU) said in a report.

Describing the drachma as a favourite currency among players since the euro's launch, EIU said investors were also drawn by differentials in short- term drachma rates, and spreads between Greek bonds and securities from other European Union countries.

Drachma bonds were flourishing in the euro market, with heavy demand spurring new issues. In January alone about 1.2 billion dollars' worth of drachma paper was issued, the report said.

The drachma, whose volatility against the euro is restrained by its membership of the EU's exchange rate mechanism II, has risen sharply against the single currency due to capital inflows from abroad for placement in Greece.

At the same time, enthusiasm for the drachma will not last indefinitely, EIU said.

The consensus to emerge from analysts who contribute to EIU forecasts was that on a short-term basis (three months) the drachma's parity would be 339 against the euro, in one year sliding to 350 versus the single currency.

The drachma was likely to remain steady overall against the dollar, the report said.

Athens News Agency

[02] Recruitment of new manager for Olympic Airways ends tomorrow

Athens 11/02/1999 (ANA)

Speaking after a meeting with the Federation of Civil Aviation Unions, Mr. Mandelis said the new management team will have three, five or seven members.

Safety valves for the new management's operation will lie in the contract to be signed and through the participation of OA executives on the board, and in the future selection of an outsider to forge a strategic alliance.

The minister sought to reassure unions that the new management would not change existing labour and social insurance arrangements.

OA executives participating in the new team should learn in their two-year stint under the new manager to take over management themselves, Mr. Mandelis said.

Finally, the new management contractor was committed to bringing new technology to the national carrier. The minister confirmed that OA's managing director, Theodore Tsakiridis, had submitted his resignation last Thursday but was asked to remain in his post until tomorrow.

He said civil aviation unions had initially responded positively to details of the ministry's management scheme, but had nevertheless called a work stoppage, scheduled for tomorrow between 1200 and 1300 hours.

Kanellopoulos heads list for OA director, sources say : Lambros Kanellopoulos, a former general director of Olympic Airways in 1982-1985, is the frontrunner to replace Mr. Tsakiridis, sources told the Athens News Agency yesterday.

The inner cabinet was also considering two other candidates, the sources said.

They are Michalis Karalis, OA's representative for future relocation to the new Athens international airport, and civil aviation deputy director, Yiannis Georgarakis.

In his letter of resignation, Mr. Tsakiridis said he was vacating the post in order to facilitate efforts by the government to find a management contractor for the ailing airline through an international tender.

British Airways, Lufthansa and a US operator have reportedly expressed interest in taking over management.

The new managing director to be chosen will remain as an advisor to the new manager to emerge from the tender.

Athens News Agency

[03] Attica Enterprises reports 72.1 pct profit jump in 1998

Athens 11/02/1999 (ANA)

Attica said in a statement that consolidated sales rose to 26.8 billion drachmas against 16.3 billion in 1997, marking a 64.6 percent increase.

The firm, which is listed on the Athens bourse, attributed its robust performance to returns from its four Superfast ferries, which ply the Greece-Italy route.

Of the four vessels, two came into service in spring 1998. The passenger and car ferries' returns exceeded company forecasts by 42 percent, the statement said.

Athens News Agency

[04] Sportsman gets euro syndicated loan

Athens 11/02/1999 (ANA)

Sportsman said in a statement yesterday that the loan will be used to improve its liquidity and repay short-term credits.

Endysi SA, a listed subsidiary, reported a 28.2 percent rise in sales and 18.1 percent increase in net profits for 1998 to 2.9 billion drachmas and 303 million drachmas respectively.

Endysi expects this year's sales to rise to 3.5 billion and pre-tax profits to 420 million drachmas.

The company aims to launch three new shops this year.

Athens News Agency

[05] Stocks edge up after early slump

Athens 11/02/1999 (ANA)

The general index ended 0.14 percent up at 3,224.47 points after losing 1.80 percent early in the session reflecting the market's worries over volatility in European markets and a decline by Wall Street.

Turnover was 129.05 billion drachmas and volume 30,158,074 shares.

Sector indices were mixed.

Banks rose 0.12 percent, Leasing fell 0.41 percent, Insurance ended 0.74 percent up, Investment dropped 1.02 percent, Construction jumped 2.61 percent, Industrials fell 0.21 percent, Miscellaneous surged 2.71 percent and Holding eased 0.39 percent.

The parallel market index for small cap companies ended 1.40 percent up, while the FTSE/ASE 20 index rose 0.17 percent to 2,046.35 points.

Broadly, advancers led decliners by 173 to 108 with another 13 issues unchanged.

Eskimo, Viosol, Hellenic Technodomiki and Mytilineos were the most heavily traded stocks.

Bank of Greece, Etma, Development Invest, Macedonian Plastics, Elmec Sport, Connection, Ermis, Ekter, Agrinio Metalplastic were among the 60 shares which hit the day's 8.0 percent limit up.

Vis, Sarandopoulos, Gekat, Techniki Olympic, Avax, Anek Lines, Edrasis and Varagis suffered the heaviest losses.

National Bank of Greece ended at 20,250 drachmas, Alpha Credit Bank at 34, 695, Ergobank at 24,645, Ionian Bank at 16,100, Titan Cement at 22,800, Hellenic Petroleum at 2,280, Intracom at 15,350, Minoan Lines at 7,700, Panafon at 9,600 and Hellenic Telecoms at 8,130 drachmas.

Athens News Agency

[06] Gold, silver trade fair begins tomorrow

Athens 11/02/1999 (ANA)

The organisers are the Greek Gold and Silver Smiths' Centre and POBAKO, which represents small gold and silver businesses, jewellers and watchmakers.

Also contributing is the development ministry.

Within the sector are around 2,300 workshops and 7,500 stores, directly or indirectly employing 40,000 people.

Athens News Agency

[07] Athens Foreign Exchange

Athens 11/02/1999 (ANA)

Parities in Drachmas

Banknotes             Buying  Selling
US Dollar             281.778 288.311
Can.Dollar            188.321 192.688
Australian Dlr        181.506 185.715
Pound Sterling        460.744 471.427
Irish Punt            405.307 414.705
Pound Cyprus          549.568 562.310
Pound Malta           693.269 722.155
Turkish pound (100)     0.073   0.076
French franc           48.663  49.791
Swiss franc           199.888 204.522
Belgian franc           7.913   8.096
German Mark           163.208 166.992
Finnish Mark           53.687  54.932
Dutch Guilder         144.849 148.207
Danish Kr.             42.934  43.929
Swedish Kr.            35.704  36.532
Norwegian Kr.          36.922  37.778
Austrian Sh.           23.198  23.736
Italian lira (100)     16.486  16.868
Yen (100)             244.578 250.248
Spanish Peseta          1.919   1.963
Port. Escudo            1.592   1.629

Foreign Exchange      Buying  Selling
New York              281.778 288.311
Montreal              188.321 192.688
Sydney                181.506 185.715
London                460.744 471.427
Dublin                405.307 414.705
Nicosia               549.568 562.310
Paris                  48.663  49.791
Zurich                199.888 204.522
Brussels                7.913   8.096
Frankfurt             163.208 166.992
Helsinki               53.687  54.932
Amsterdam             144.849 148.207
Copenhagen             42.934  43.929
Stockholm              35.704  36.532
Oslo                   36.922  37.778
Vienna                 23.198  23.736
Milan                  16.486  16.868
Tokyo                 244.578 250.248
Madrid                  1.919   1.963
Lisbon                  1.592   1.629

Athens News Agency

[08] Talks to begin on status of US forces in Greece

Athens 11/02/1999 (ANA)

The talks will be conducted alternately in Athens and Washington and fall under the provisions of a 1990 U.S.-Greek accord on mutual defence cooperation.

The U.S. operates an air base at Souda, Crete.

The talks are also expected to deal with issues of bilateral defence cooperation, which the ministry statement said would be a "positive step forward" in Greek-U.S. relations.

The head of the Greek delegation to the talks will be ambassador Lyssandros Miliaressis-Fokas. The U.S. delegation will be led by a U.S. State Department official yet to be named.

Athens News Agency

[09] Kosovo crisis should be resolved according to UN resolutions,Pangalos tells Belgrade

Athens 11/02/1999 (ANA)

Mr. Pangalos was speaking at the end of a two-day visit to Belgrade, where he also had talks yesterday with Deputy Premier Vuk Draskovic and the leaders of the opposition coalition "Alliance for Change" Zoran Jijic and Vesna Pesic.

On Tuesday, Mr. Pangalos had talks with Serbian President Milan Milutinovic, the President of the Federal Parliament's council of citizens Milomir Minic and his Yugoslav counterpart Zivadin Jovanovic.

Referring to Kosovo after talks with Draskovic, Mr. Pangalos said "even ethnic minorities have the possibility of preserving their ethnic identity in a system of complete autonomy, but with strict respect for existing borders".

Stressing that there should be no change of borders in the Balkans, Mr. Pangalos said Serbia too had its own borders "which should not be violated by anyone".

Mr. Pangalos said the peace talks in Rambouillet, France, provided a good opportunity for an acceptable settlement of the Kosovo problem.

He said he had invited Mr. Draskovic to visit Greece and expressed the hope that the Yugoslav deputy premier would do so soon.

Mr. Draskovic said the main cause of the problem in Kosovo was the idea of a "Greater Albania" and that Serbia was the victim of Albanian "terrorism" and secessionist tendencies.

Mr. Pangalos' visit to Belgrade was part of a tour of the region which takes in Bosnia-Herzegovina, Croatia and federal Yugoslavia.

After his talks in Belgrade, Mr. Pangalos left for Podgorica, Montenegro - the last leg of the tour - to meet Montenegrin President Milo Jukanovic.

Mr. Pangalos said the Yugoslav president assured him that he will insist on the extremely constructive, as he termed it, position for the continuation of talks and stressed that "this constructive attitude must be appreciated by the international commun ity which in turn must assume its responsibilities in taking steps for substantive negotiations."

Talks with Montenegrin president 'useful' : PODGORICA (ANA - A. Podimata) - Montenegrin President Milo Jukanovic termed talks he had with Greek Foreign Minister Theodoros Pangalos here yesterday as "very constructive and useful."

President Jukanovic said he and Mr. Pangalos primarily discussed three issues: the course of democratic and economic reforms applied in Montenegro, problems faced by the republic in the framework of the Yugoslav federation and bilateral relations between the two countries.

On his part, Mr. Pangalos said the two countries have common plans and common prospects, on condition that peace will prevail in the region. He reiterated that necessary conditions for the achievement of this target are respect for borders,democratic principles, protection for human rights and the existence of open societies in the Balkans.

Called on to clarify a statement he made on Tuesday that the international community applies double standards regarding respect and protection of human rights, Mr. Pangalos gave a characteristic example.

He criticised the fact that 44 countries have been invited to Washington to attend celebrations on the 50th anniversary of NATO, including former Soviet republics such as Tajikistan, Kazakhstan and Turkmenistan and reminded that Turkey is a NATO member.

However, Croatia is not invited because some people say that there is an issue of human rights violations. He said that double standards are obvious.

Pangalos voices concern : Foreign Minister Theodoros Pangalos expressed concern over developments in the western Balkans in talks with reporters during his return flight to Athens at the end of his four-day tour of Bosnia-Herzegovina, Yugoslavia and Croatia, saying that the situat ion is not at all pleasant and nor are developments auspicious.

Athens News Agency

[10] Greek, US defence officials discuss Balkan problems

Athens 11/02/1999 (ANA)

It was the first meeting between the two men, who will meet again at the end of May or early June on the sidelines of the High-Level Advisory Committee which convenes annually to examine Greek-US relations.

Asked by reporters after yesterday's meeting about the possibility of Greece and Turkey becoming embroiled if the Kosovo problem spins out of control, Mr. Kramer replied that the NATO countries were working jointly on their problems and the Greek govern ment had always supported these efforts.

Referring to statements in the past by U.S. President Bill Clinton about the possible involvement of Greece and Turkey in any conflict, Mr. Kramer said the president's statement did not only concern those two countries but related to destabilisation in the entire region, which could pose a threat to all.

What we all want, Mr.Kramer said, is stability in the region and the attainment of an agreement between the parties to the conflict which will be respected by all.

Athens News Agency

[11] Athens criticises Turkish reactions to consulate bomb attack

Athens 11/02/1999 (ANA)

"The Turkish government is following a policy of tension," government spokesman Dimitris Reppas said. "Ankara can not act as prosecutor and judge for everybody."

According to an AFP dispatch, Ankara claimed that the attack, which injured a Greek bomb disposal expert, was a result of Greece's "hostile policies".

"We hope that the Greek government will receive the necessary lessons from this incident and better understand the consequences which arise from the hostile policy it follows against Turkey," a Turkish foreign ministry announcement said.

The explosion occurred Monday night across the street from the consulate on the first floor of a half-completed building, about 20 metres from the consulate's courtyard.

The area had been cordoned off by police after they received an anonymous warning call about the bomb.

A examination of the bomb by police revealed later that it was unlikely to have had any impact on the Turkish consulate.

Greece's charges d'affaires in Ankara was summoned to the foreign ministry on Tuesday. Ankara lodged a protest over the explosion and demanded the immediate arrest of the perpetrators.

Earlier, the Greek government had issued a strong condemnation of the attack, underlining that such actions were aimed at harming Greek-Turkish relations.

"The perpetrators of this criminal action, which aimed to strike a blow to Greek-Turkish relations, are spurred by base motives and are the pawns of circles whose target is to create anomaly," a statement said.

Athens News Agency

[12] Agenda 2000 negotiations top priority for government,Simitis says

Athens 11/02/1999 (ANA)

The premier, speaking during yesterday's parliamentary debate on the ratification of the Amsterdam Treaty, he also said said that his government's top current priority was to secure Greek interests in the framework of the "Agenda 2000" negotiations, also setting as goals the reshaping of the EU structural policy, the Common Agricultural Policy and the Union's budget.

In reffering to the Cyprus accession process, he said that if the Turkish Cypriot side does not abondon its intransigence "then Cyprus should become a full member of the Union as soon as the process is complete."

He added that "as for Turkey, Greece supports the European orientation of Ankara, but it (Ankara) should 'respect' the European principles of justice, human rights and the inviolability of borders."

Addressing the country's priorities, Mr. Simitis also said that Greece supports the allocation of adequate funds for the support of the EU policies as well as the enlargement of the Union, as well as the adequate funding of the Union's structural funds for the support of the economic and social cohesion and the promotion of "real convergence".

Main opposition New Democracy (ND) leader Costas Karamanlis did not participate in yesterday's debate as he was ill with a cold.

KKE calls for referendum : Communist Party of Greece (KKE) Secretary General Aleka Papariga sharply criticised the government yesterday and once again raised her party's request for a referendum on the Amsterdam Treaty.

She said the process of ratifying the treaty constitutes "one more process of deceiving the Greek people."

"We know that the government will argue that the people have already taken a position with their vote in the elections. However, elections for the national and European Parliament are one thing and a referendum is another, " she said.

Tsovolas raises doubts : Democratic Social Movement (DHKKI) leader Dimitris Tsovolas raised doubts as to whether Greece's accession to the euro zone constitutes an opportunity for Greece and charged that Prime Minister Costas Simitis, together with the main opposition New Democra cy party, are following the mandates of the European "directorate" in that the agricultural population of Greece must decrease from 18 per cent to 8 per cent.

He said that with the Treaty of Amsterdam, just as with the Maastricht Treaty, sovereign rights of the country are transferred to centres outside Greece, just as "rights of exercising monetary policy" are transferred to the central European Bank.

Athens News Agency

[13] Gov't reschedules farmers' debts

Athens 11/02/1999 (ANA)

The package was announced by National Economy Minister Yiannos Papantoniou and Agriculture Minister George Anomeritis after a meeting yesterday.

Farmers demanding lower debt repayment rates and satisfaction of other issues have warned of a repeat of protest action in 1997, when the country's road and rail network was paralysed by tractor blockades.

On Monday, they began congregating at several points along the Athens- Thessaloniki motorway in central Greece but have not yet blocked traffic.

The measures announced on Wednesday also provide for the write-off of all outstanding interest payments, 50 per cent of accrued interest and refinancing with new loans at favourable interest rates.

Mr. Papantoniou clarified that the measures would in no way burden the state budget, since sole responsibility rested with the Agricultural Bank. During a meeting held in Thessaly last night to examine latest developments, the Panthessalian committee of farmers described yesterday's announcement by the agriculture ministry as disappointing and vague.

Party reactions : Referring to the announcements made by the government on the settlement of farmers' debts, main opposition New Democracy party Agricultural Development Sector chief Savvas Tsitouridis said that in a timid and inadequate way the government adopted yesterda y what ND has been proposing since 1995 on the settlement of farmers' debts.

He added that the announcements must be implemented in an objective way and far from petty partisan expediencies, but stressed that they are inadequate for the survival of the agricultural sector.

The Coalition of the Left and Progress said the settlements lack boldness, are unclear and have a fragmented character. It called on the government to take measures immediately for a decrease in production costs with the return of VAT and a decrease in the price of fuel.

Athens News Agency

[14] Archaeologists discover mosaic depicting the zodiac

Athens 11/02/1999 (ANA)

The mosaic, measuring 9.6 by 6.5 metres (or 60 square metres in total), is thought to have been the centrepiece of a large reception hall in the home of some Byzantine noble.

Details of the find will be presented today, the first day of the three-day 12th annual meeting of archaeologists working in Macedonia and Thrace.

The parts of the mosaic that have been saved depict the personifaction of Pisces, Taurus and Capricorn - in black, white, red, blue and ochre - as well as images of four of the months - April, May, June and July - and the South wind, which is depicted as a beautiful face, blowing through an enormous cockle shell.

The zodiac is thought to have its origins with the Babylonians from about 2000 B.C. The ancient Greeks passed it on to the Western world.

Athens News Agency

[15] Russian poet calls for return of Parthenon Marbles

Athens 11/02/1999 (ANA)

"Greece is the cradle of world culture. Everybody is born in Greece even the Russians, even I, a Siberian.

"All of us have to be spiritual columns of the resurrected Parthenon. Each crumb of its ruins has to be given back to the land where it was created", Mr. Yevtushenko, a member of the European Academy of the Arts and Sciences and an honorary member of the American Academy of Arts and Letters, said in his letter.

The London-based committee said the letter was received following the recent resolution by the European Parliament, voted by a majority of 347 of its 626 members last month.

The resolution calls on the British government to give positive consideration to Greece's request for the return of the Elgin Marbles to their natural site.

Athens News Agency

[16] Greece-US tourism to be promoted at ITIC '99 conference in April

Athens 11/02/1999 (ANA)

"The goal of ITIC '99 is to promote tourism between Greece and the US. ...Organised by the US Embassy in Athens, it will enable the participants to hear first hand the business opportunities associated with the development, construction and opertion of tourism infrastructure projects in the region" the release said.

"The conference will focus international attention on Greece as a leading market for tourism infrastructure development. The Embassy decided to undertake this event as a direct response to Greek private sector and government interest in improving the tourism infrastructure in Greece", the release added.

"Greek Development Minister Vasso Papandreou will give the keynote speech on April 28. US Ambassador Nicholas Burns will discuss this event, during a special press conference on February 11, 1999 at 12:30 p.m., at the Athens Concert Hall", according to the release.

Athens News Agency

[17] British professor's library to be donated to University of Cyprus

Athens 11/02/1999 (ANA)

The purchase of the library, comprising 5,000 volumes, was made possible after a joint initiative by Greek Culture Minister Evangelos Venizelos, Deputy Foreign Minister Yiannos Kranidiotis and the president of the Leventis Foundation, Dinos Leventis.

Professor Browning has been associated with Cyprus long ago in the field of research and his work with the University of Cyprus. He has also been a prominent Hellenist and chairman of the British committee for the restitution of the Partenon Marbles.

Athens News Agency

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