Athens News Agency: Daily News Bulletin in English, 99-03-23

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

CONTENTS

[01] Greece pleads for only peaceful outcome in Kosovo

[02] Tsohatzopoulos tops vote for new PASOK central committee

[03] Clinton warns of Kosovo crisis spillover

[04] PM in Berlin today for EU summit

[05] Prince Hitachi,Princess Hanako conclude visit to Greece

[06] Athens hopeful of compromise at Berlin summit over 'Agenda 2000'

[07] Brief Blair-Tsohatzopoulos meeting scheduled today

[08] Computer programme enables conversion of written Greek into spoken Greek

[09] EFG Eurobank share offer attracts massive demand

[10] First round of paperless shares for launch on March 29

[11] Stocks nose down in profit-taking

[12] Bonds end flat around last week's highs

[13] Ionian Bank sale deadline expires on Friday

[14] Selonda gets syndicated euro loan

[15] Cash-strapped Agno Dairy to become SA company

[16] Ridenco to seek main market listing

[17] Bank workers, bosses again fail to reach pay agreement

[01] Greece pleads for only peaceful outcome in Kosovo

BRUSSELS, 23/03/1999 (ANA - M. Spinthourakis/Y. Zitouniati)

Mr. Papandreou was speaking to reporters after a meeting with NATO Secretary General Javier Solana, who told him that the alliance was ready to move against Belgrade.

The Greek minister said he told Mr. Solana that pressure should be brought to bear on Yugoslav President Slobodan Milosevic so that "even at the last minute he can take the necessary initiatives to avert a military clash in Kosovo."

Mr. Papandreou reiterated that Greek troops would participate in a mission in Kosovo only at the request of both Belgrade and the Kosovo Albanians.

"Greece believes that there can and should not be a military solution to the Kosovo problem," he said.

Also discussed during the meeting were Greek-Turkish relations, the foreign minister said.

EU foreign ministers' meeting : In later comments after the conclusion of the "15" European Union (EU) foreign ministers council, Mr. Papandreou added that a military intervention in Kosovo, although not desirable by anyone, could begin soon.

He reiterated the Greek position about exhausting all possibilities for finding a peaceful solution, while pointing to the negative stance of other Balkan states (Rumania, Bulgaria, FYROM and Turkey) toward a possible intervention, fearing "transfusion of the problem" to nearby regions.

He added that as a last bid to find a solution, the British and French foreign ministers may visit Belgrade after coordination with US envoy Richard Holbrooke, who is already there.

The EU foreign ministers council in a statement condemned the further deployment of the Serbian forces in Kosovo as well as acts of violence against the Albanian-speaking po-pulation, as well as acts of violence by the latter. Finally, he called on the Yugoslav side to accept the final agreement which followed the Rambouillet talks.

The council also deliberated on the contents of a statement to prevent polarisation in the Middle East leading up to May 4, anticipated to be the date when the Palestinian state is proclaimed independent.

Tsohatzopoulos talks with US ambassador : In a related development in Athens, National Defence Minister Akis Tsohatzopoulos yesterday discussed developments in Kosovo with US ambassador Nicholas Burns.

According to sources, the Greek minister again told the US envoy that Athens would only participate in a peace mission to the troubled Yugoslav province on the condition there was an agreement between the two sides, something often repeated by Greek officials over the past few months.

The defence minister later left on an official visit to London at the invitation of his British counterpart George Robertson.

Athens News Agency

[02] Tsohatzopoulos tops vote for new PASOK central committee

Athens, 23/03/1999 (ANA)

Mr. Tsohatzopoulos received 3,230 votes from among 5,802 delegates, followed by Foreign Minister George Papandreou (2,843), Development Minister Evangelos Venizelos (2,830), the outgoing party secretary Costas Skandalidis (2,682), public works minister Costas Laliotis (2,667), former FM Theodoros Pangalos (2,657), Paraskevas Avgerinos (2,482), former minister Alekos Papadopoulos (2,422), Parliament President Apostolos Kaklamanis (2,415) and Interior Minister Vasso Papandreou with 2,408 votes, the top 10.

Delegates backed about 110 new central committee members affiliated with Prime Minister Costas Simitis, while about 70 affiliated to the so-called internal party opposition were also elected.

According to final results, Mr. Simitis was re-elected to party's leadership with a total 68.57 per cent of the valid votes. The final results released yesterday showed Mr. Simitis re-elected with 3,723 votes from the 5,666 out of a total of 5,802 deleg ates who voted, while 235 invalid and 1,708 blank votes were also cast.

Mr. Simitis and Mr. Skandalidis yesterday had a one-hour meeting during which the results of the congress were assessed.

Speaking to reporters after the meeting, Mr. Skandalidis said the congress reconfirmed the unity of the party, while the election of the central committee illustrated that procedures within PASOK were based on meritocracy, "since those candidates were elected who have the ability and desire to make a contribution."

PASOK's new central committee is due to meet next Monday to elect its secretary and the new executive bureau.

Simitis satisfied : Mr. Simitis was quoted in the press yesterday as stating that he was satisfied over developments at the 5th PASOK congress.

The Greek premier, in an interview with the Athens morning daily "To Vima", said "the congress was a great political victory. It supported and demanded unity and perspective..."

He pointed to opportunities involved in the 3rd Community Support Package and promised "better infrastructure toward growth, better social protection measures and a better tax system" starting in 2000.

Regarding June's Euroelections, he said he was "convinced they would be victorious. The congress undoubtedly created new dynamics, more forces rallied around our effort. In June, the citizens will support those powers, ideas and policies that ensure the country's European perspective and they will renew their trust in PASOK."

Gov't spokesman : On his part, government spokesman Dimitris Reppas said there will not be a government reshuffle following the congress.

Mr. Reppas also termed the congress as a "major political event of national importance".

Answering a question on whether the prime minister was satisfied by the percentage of votes he received for the post of PASOK presidency, Mr. Reppas said "totally", adding that Mr. Simitis was the only candidate, a fact that had its own "special meaning ".

Mr. Reppas also said Mr. Simitis' re-election was conducted in a democratic and was indisputable, while it was very important since he is the prime minister of the country.

Athens News Agency

[03] Clinton warns of Kosovo crisis spillover

WASHINGTON, 23/03/1999 (ANA - T. Ellis)

"Serbia's mounting aggression must be stopped. Since the adjournment of the peace talks in Paris less than a week ago, an estimated 30,000 more Kosovars have fled their homes. The number now exceeds more than a quarter of a million people, one out of ev ery eight people in Kosovo. May of them now are in neighbouring Albania, (the Former Yugoslav Republic of) Macedonia and Montenegro, all of which could be quickly drawn into this conflict.

"So could other nations in the region, including Bosnia, where allied determination ended a terrible war, and our allies Greece and Turkey", Mr. Clinton said.

Athens News Agency

[04] PM in Berlin today for EU summit

Athens, 23/03/1999 (ANA)

According to government spokesman Dimitris Reppas, subsidies through EU funds, a major topic set to preoccupy the summit, will help in planning the country's future, while he expressed a conviction that at the Berlin summit "we will safeguard national interests."

Mr. Reppas said the agreement on Common Agricultural Policy (CAP) achieved is absolutely fair and beneficial for Greek interests.

Replying to a question on the individual Greece will support for the European Commission's presidency, Mr. Reppas said the 15 partners will address the issue at the Berlin summit. He said that on the basis of what is anticipated by the Maastricht Treaty and the Amsterdam Treaty, the selection of the Commission's president and of Commissioners takes place with a certain process which must be strictly adhered to.

"There must be an agreement between member-states, while the European Parliament is also involved. The cycle of consultations has not been completed and, consequently, it is very premature to say whatever," he said.

Asked whether Mr. Simitis has someone in mind for the Commission presidency, Mr. Reppas said he is not authorised to convey Mr. Simitis' thoughts.

"I do not know them. Only he knows them," he said.

Athens News Agency

[05] Prince Hitachi,Princess Hanako conclude visit to Greece

Athens, 23/03/1999 (ANA)

Prince Masahito - the younger brother of Japan's Emperor Akihito - and his wife Princess Hanako, yesterday concluded a four-day official visit to Greece, the first ever by members of the Japanese imperial family, before flying to Frankfurt in the evening.

The members of the imperial family were in Greece to attend events commemorating the 100th anniversary of the signing of a Greek-Japanese friendship, trade and navigation pact in 1899.

Athens News Agency

[06] Athens hopeful of compromise at Berlin summit over 'Agenda 2000'

BRUSSELS, 23/03/1999 (ANA - M. Spinthourakis)

Speaking to reporters, Foreign Minister George Papandreou said that despite differences between member-states, there is hope that the summit due to start in Berlin tomorrow can reach a compromise agreement.

Summing up Athens' positions on the issue, both Mr. Papandreou and Alternate Foreign Minister Yiannos Kranidiotis said the agreement achieved on agricultural issues is satisfactory for the Greek side.

On the question of the development of discussions on the EU's structural policies, the foreign ministry's leadership said proposals existing at the moment determine Structural Fund financing, for the next few years, between 200 and 220 billion euro, adding that the Greek side would be satisfied if the amount of financing to be agreed exceeds 216 billion euro.

What is also important for the Greek side is determining criteria by which EU subsidies will be provided by EU structural funds, as well as the regions these subsidies will concern.

Athens News Agency

[07] Brief Blair-Tsohatzopoulos meeting scheduled today

LONDON, 23/03/1999 (ANA)

Athens News Agency

[08] Computer programme enables conversion of written Greek into spoken Greek

Athens, 23/03/1999 (ANA)

Both come from northern Greece and both take the written word and bring it to life through speech.

Developed over the past four years by postgraduate computer science students at the University of Thessaloniki, ESOPOS (Experimental Study on Prosody of Speech) is a computer software programme that enables written Greek to be automatically converted in to spoken Greek.

Well-known British astrophysicist Stephen Hawking uses a similar programme to communicate in English.

The project entailed the recording of some 1,000 commonly used Greek words, in all their different pronounciation. Variant syllabic pronounciation was then codified into symbols to allow a written word to respond to the exact spoken equivalent.

The final and most difficult stage involved the regularisation of the speech to make it appear as natural as possible.

"The aim of the programme is to assist people with hearing, sight and speech problems, as well as all of us, to hear a text rather than read it," Aristotelian University telecommunications professor Georgios Sergiadis says.

Prof. Sergiadis supervised the three postgraduate students working on the project, which is part of their doctoral thesis.

"The fact that new computers will now be able to speak Greek contributes to our language's equal participation in the information society," he said.

ESOPOS is stored on a CD-ROM and will be distributed free to people with special needs and to institutions assisting people with special needs. The programme is expected to be further developed for telecommunications purposes. More information o n the programme can be found on the following web sites: http://esopos.ee.auth.gr and http://mri.ee.aut.gr/esopospare.html

Athens News Agency

[09] EFG Eurobank share offer attracts massive demand

Athens, 23/03/1999 (ANA)

The remainder will be distributed to investors who sought the highest number of shares.

Received were 627,122 applications for the 11,162,500 shares available.

The applications were the most ever recorded by the Athens Stock Exchange in its history. They represented 2.1 trillion drachmas in demand.

The starting price for trade on the bourse is 19,970 drachmas, which is based on the close for Bank of Athens on March 10.

The price will drop to 17,325 drachmas after rights.

EFG Eurobank has gained listing on the bourse through its acquisition of Bank of Athens, which was already listed.

Athens News Agency

[10] First round of paperless shares for launch on March 29

Athens, 23/03/1999 (ANA)

The transition from paper shares will initially be made in three stages, covering 20 stocks each time chosen on the basis of relatively low turnover in order to test the system.

The first round, due to end on April 2, is to convert the shares of the following companies: Piraeus Leasing, Pouliadis, Delta Informatics, Singular, European Credit, Alpha Leasing, Mohlos, Piraeus Invest, Texapret, Exelixi, Interinvest, Fourlis, Babyla nd, Intertech, Alpha Invest, Orion, Lavipharm, Dis Ethnex and Eleha.

Listed firms holding their annual general meetings by May 25 will begin paperless trade on the day following their AGM.

In another development, bourse-linked trading terminals will be installed in brokerages at the end of the month and two weeks later staff training will begin to enable off-floor trade.

Athens News Agency

[11] Stocks nose down in profit-taking

Athens, 23/03/1999 (ANA)

Traders said investors had already discounted positive political developments in the ruling Pasok party's congress and preferred to rake in their profits.

The general index ended 0.39 percent off at 3,759.45 points after hitting an intra-day high of 3,889.42 points and a low of 3,747.99.

Turnover was 180.165 billion drachmas and volume 30,129,292 shares.

Sector indices were mixed.

Banks rose 0.17 percent, Leasing dropped 3.44 percent, Insurance ended 2.23 percent up, Investment fell 1.0 percent, Construction eased 1.58 percent, Industrials ended 1.25 percent off, Miscellaneous fell 0.20 percent and Holding increased 0.36 percent.

The parallel market index for small cap companies ended 0.90 percent off while the FTSE/ASE 20 index ended 0.14 percent up at 2,354 points.

Broadly, decliners led advancers by 185 to 95 with another 12 issues unchanged.

Strintzis, Piraeus Bank, Eskimo and Mytilineos were the most heavily traded stocks.

Metrolife, Fanco, Commercial Invest, Sigalas, Sfakianakis, Kyriakidis Marbles, Tasoglou hit the day's 8.0 percent limit up.

Sarandopoulos, 3A, Nafpaktos Spinning Mills, Fintexport, Ionian Hotels, Hadzioannou, Atemke and Esha suffered the heaviest losses.

National Bank of Greece ended at 23,590 drachmas, Alpha Credit Bank at 41, 000, Ergobank at 27,600, Ionian Bank at 23,135, Titan Cement at 27,270, Hellenic Petroleum at 2,635, Intracom at 21,700, Minoan Lines at 7,670, Panafon at 8,800 and Hellenic Telecoms at 7,545.

Athens News Agency

[12] Bonds end flat around last week's highs

Athens, 23/03/1999 (ANA)

Electronic trade was 55 billion drachmas from a record 231 billion drachmas on Friday.

The drachma edged up against the euro in the foreign currency market due to minor demand, prompting the central bank to buy 10 million euros at the daily fix.

The euro was set at 321.600 drachmas at the fix from 321.710 drachmas in the previous session.

Athens News Agency

[13] Ionian Bank sale deadline expires on Friday

Athens, 23/03/1999 (ANA)

The bids should state the offer price and include a business plan outlining a growth strategy for the bank. The government, bankers, analysts and investors are anxiously awaiting the results of the current tender after the failure of the first sale at tempt last year when the bids were too low.

Alpha Credit Bank, Eurobank with Ergobank and the Bank of Piraeus Group submitted non-binding offers earlier this year, and they are the only eligible bidders in the tender's final phase.

Commercial Bank of Greece, Ionian's main shareholder, reserves the right to negotiate the terms of offers with any bidder within a period of 20 days after the deadline through JP Morgan.

Athens News Agency

[14] Selonda gets syndicated euro loan

Athens, 23/03/1999 (ANA)

The three-year loan, which was signed in London on Friday, has a fixed interest rate for the first 18 months based on Libor with a six-monthly coupon.

Taking part in the syndicate are Alpha Credit Bank (London branch), Agricultural Bank of Greece (Frankfurt branch), Piraeus Bank, Hellenic Bank (Nicosia), Ionian Bank (London branch) and HVB London Finance Ltd.

The loan will be used to restructure Selonda's bank debt (conversion of short-term debt to medium-term), lower its borrowing costs and finance the company's investment programme.

Selonda expects 1999 exports to total 6.0 billion drachmas.

Athens News Agency

[15] Cash-strapped Agno Dairy to become SA company

Athens, 23/03/1999 (ANA)

The majority of the board accepted proposals by international auditors Ernst & Young and Deloitte on Agno's viability, commissioned by main shareholder Agricultural Bank of Greece (ATE).

ATE had warned that it would have to liquidate AGNO if the company did not adopt the change in status.

The report calls for cutbacks in the company's workforce by 150 out of a total of 560 workers. The company's debts total nearly 25 billion drachmas.

Athens News Agency

[16] Ridenco to seek main market listing

Athens, 23/03/1999 (ANA)

The underwriters for a share capital increase of more than 2.0 billion drachmas to enable Ridenco's shift are Bank of Piraeus and National Bank of Greece. The adviser is Sigma Securities.

The proceeds will be used to expand the firm's storage and sales network in Greece and abroad.

In 1998 Ridenco posted pre-tax profits of 824 million drachmas from 472 million a year earlier, up 74.5 percent.

Turnover last year totalled 5.7 billion drachmas from 4.9 billion in 1997, marking a 17.3 percent rise.

Athens News Agency

[17] Bank workers, bosses again fail to reach pay agreement

Athens, 23/03/1999 (ANA)

Sources said after yesterday's meeting that the two sides are to meet again on April 1 for fresh talks including salaries, an area in which there is major disagreement.

In addition, unions want to see a gradual implementation of a 35-hour working week but employers are unwilling to consider the issue beyond theoretical discussion, the sources said.

Athens News Agency Athens 23/03/1999 (ANA)

ATHENS FFOREIGN EXCHANGE

Bank of Greece closing rates of: March 22, 1999

Parities in Drachmas

Banknotes             Buying  Selling
US Dollar             293.275 300.075
Can.Dollar            193.976 198.473
Australian Dlr        185.345 189.643
Pound Sterling        477.569 488.641
Irish Punt            405.081 414.473
Pound Cyprus          551.552 564.340
Pound Malta           706.841 736.293
Turkish pound (100)     0.074   0.077
French franc           48.636  49.763
Swiss franc           199.898 204.533
Belgian franc           7.909   8.092
German Mark           163.116 166.897
Finnish Mark           53.656  54.900
Dutch Guilder         144.769 148.125
Danish Kr.             42.934  43.929
Swedish Kr.            35.692  36.520
Norwegian Kr.          37.664  38.538
Austrian Sh.           23.185  23.723
Italian lira (100)     16.476  16.858
Yen (100)             249.835 255.628
Spanish Peseta          1.918   1.962
Port. Escudo            1.591   1.628

Foreign Exchange      Buying  Selling
New York              293.275 300.075
Montreal              193.976 198.473
Sydney                185.345 189.643
London                477.569 488.641
Dublin                405.081 414.473
Nicosia               551.552 564.340
Paris                  48.636  49.763
Zurich                199.898 204.533
Brussels                7.909   8.092
Frankfurt             163.116 166.897
Helsinki               53.656  54.900
Amsterdam             144.769 148.125
Copenhagen             42.934  43.929
Stockholm              35.692  36.520
Oslo                   37.664  38.538
Vienna                 23.185  23.723
Milan                  16.476  16.858
Tokyo                 249.835 255.628
Madrid                  1.918   1.962
Lisbon                  1.591   1.628

Athens News Agency

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