Athens News Agency: Daily News Bulletin in English, 99-04-07

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

CONTENTS

[01] Premier briefs opposition leaders,former PMs on Kosovo crisis

[02] Cypriot FM Kasoulides expresses Nicosia's concern over Kosovo crisis

[03] Simitis: Yugoslav offer only a 'first step'

[04] Athens ready to assist FYROM

[05] US envoy praises Athens' role in Kosovo crisis

[06] High-ranking gov't meeting prior to KYSEA session on weapons acquisition

[07] G. Papandreou in Skopje, Tirana today

[08] AEK Athens to play friendly in bomb-ravaged Belgrade today

[09] Opposition to genetically modified crops aired at Thessaloniki conference

[10] Stocks rally, fuelled by PM's foreign policy speech

[11] National Bank of Greece gets OK for hefty share cap rise

[12] Titan Cement to up stake in Bulgarian producer

[13] Five-year bond yield drops in auction

[14] Pouliadis becomes dealer for AMP of the US

[15] Trade fair in New York

[16] Athens Foreign Exchange

[01] Premier briefs opposition leaders,former PMs on Kosovo crisis

Athens, 07/04/1999 (ANA)

Main opposition ND leader Costas Karamanlis reiterated to reporters after his meeting with the premier ND's positions on the need to avoid the involvement of ground forces in Kosovo, as well as for operations to be terminated and a political solution to be found with respect for human rights and the inviolability of borders.

He said Greece should become a "champion in the case of the inviolability of borders because the region is troubled," noting that there were innuendoes that initiatives in this direction on the part of Greece are annoying.

Mr. Karamanlis also insisted on the need for the establishment of a foreign policy council because, as he noted, mistakes could be avoided and national understanding achieved.

He added that Mr. Simitis insisted on "his denial and bears responsibility for this."

Former ND premier Constantine Mitsotakis said after his talks with Mr. Simitis that the council of party leaders could also function effectively today under the chairmanship of the president of the republic.

Mr. Mitsotakis added that Greece has the duty to present its views to its allies with "candidness and frankness" because it knows the Balkans better, adding: "it will be us who will pay for whatever development."

He said preconditions are being created for an end to hostilities on both sides and a political solution to be attempted which Greece can also assist without overestimating, as he said, the possibilities of our country, and underestimating difficulties.

Mr. Mitsotakis said the best protection for the refugees and inhabitants of Kosovo was a solution based on respect for borders, which is accepted by all and which will allow the two different ethnic groups to live in harmony.

"Today the powerful of the Earth view refugees as a nuisance and are not willing to accept them, while nobody will remember them tomorrow," Mr. Mitsotakis said.

"...all have realised that the Rambouillet text concerning the points added to the Contact Group's text has been abandoned and all accept, or at least they say they accept, respect for borders."

He noted the fact that Kosovo Albanian leader Ibrahim Rugova also accepted to talk with Yugoslav leadership, and underlined that only the "Albanian extremists are opposed."

Former ND premier George Rallis proposed to the premier that forces from Europe should go to Kosovo to supervise observance of the agreement, NATO should declare and Yugoslav President Slobodan Milosevic should accept that they want widespread autonomy to be given to the province and for refugees to return.

Mr. Rallis said there is no danger for Greece and directly criticised Mr. Milosevic over his policy, saying that he is bent on wiping out the Albanian minority.

Papariga : Mr. Simitis also held talks with Communist Party of Greece (KKE) Secretary General Aleka Papariga, who said the Greek government "had and has ground to observe a different position on the issue."

She said KKE will act in such a way as "to have stationing of Greek soldiers in Albania and the Former Yugoslav Republic of Macedonia (FYROM) cancelled, claiming "they will become part of the occupation forces and will contribute to unbearable pressures to make the Yugoslav people succumb."

Ms Papariga said "protectorate states are being created in the Balkans", adding that in essence the way is being paved for Greek borders to be disputed in the north. She protested because the government, as she said, refused to have an off-the-agenda de bate in Parliament before the NATO summit at the end of April.

The KKE leader also said that the Yugoslavs "are not carrying out mopping- up operations in Kosovo", while "refugees cropped up after the NATO bombings".

She added that Yugoslavia's leadership "is acting against the Kosovar mercenaries who are NATO's allies in the region".

Political Spring party leader Antonis Samaras said that all should protect Greece together, but added that he disagreed that the only way of protecting the country is to approve decisons and actions which destabilise the Balkans.

He proposed that the government should undertake a diplomatic effort, also using Mr. Milosevic's proposal for a ceasefire, for a solution to be found.

Athens News Agency

[02] Cypriot FM Kasoulides expresses Nicosia's concern over Kosovo crisis

Athens, 07/04/1999 (ANA)

Mr. Papandreou told reporters after the meeting that the talks focused on Kosovo, general developments in the Balkans, the Cyprus problem and the island republic's course towards EU accession.

Mr. Kasoulides said the Cypriot people were concerned "since we are witnesses to developments and conflicts which bring destabilisation and of course human suffering", also for Greece, owing to the fact it is a Balkan country in close proximity to the c risis.

He added that Cyprus attached great importance to the territorial integrity of states, international law and the role of the United Nations Security Council, but also the sanctity of human life "for there are accounts of ethnic cleansing".

Noting that Cypriots too had witnessed these tactics, Mr. Kasoulides stressed "unfortunately, military operations do not help".

Mr. Papandreou and Mr. Kasoulides both agreed that constant diplomatic activity was needed to ensure that the Cyprus problem did not lose its place in current affairs.

Replying to reporters' questions, the Cypriot foreign minister said international moves were expected on the Cyprus problem following national elections in Turkey and, within this framework, a meeting in the summer, under UN auspices, between Cyprus President Glafcos Clerides and Turkish Cypriot leader Rauf Denktash would be requested.

Mr. Kasoulides however did not rule out an awaited US initiative on the Cyprus problem being put off if the crisis in Kosovo continued with the same intensity.

Asked about the possibility of developments in Kosovo having adverse repercussions for the Cyprus problem, Mr. Kassoulides said Nicosia was indeed concerned.

"Part of this concern has to do with the role of the UN Security Council and the inviolability of borders," he said.

On the possibility of Turkey's role in the region being upgraded as a result of developments in Kosovo, Mr. Kasoulides commented:

"Each time there is a crisis in the region, either as in the past in Iraq and the Middle East or at the present time, in the Balkans, the country which aggressively exports its problems is upgraded. While in times of peace, countries with a peaceloving orientation are upgraded."

Athens News Agency

[03] Simitis: Yugoslav offer only a 'first step'

Athens, 07/04/1999 (ANA)

Mr. Simitis noted that Belgrade must now "guarantee, among others, the unimpeded return of refugees, the evacuation of the Yugoslav army and peace in Kosovo through the employment of an international peacekeeping force. This proposal must be followed by an effort at political dialogue with Yugoslavia."

Greece, in turn, has called for relevant NATO bodies to examine proposals for negotiations aimed at a satisfactory solution to the entire Kosovo problem.

According to reports, the Greek PM spoke with German Chancellor Gerhard Schroeder, French PM Lionel Jospin and Italian PM Massimo d'Alema yesterday on the issue.

Athens News Agency

[04] Athens ready to assist FYROM

Athens, 07/04/1999 (ANA)

He was responding to reporters' questions regarding a letter sent to all European Union leaders by FYROM Prime Minister Ljupco Georgievski, calling for assistance.

Mr. Reppas said Prime Minister Costas Simitis had spoken with Mr. Georgievski and said he would bring up his concerns with all the international organisations Greece participates in.

Mr. Simitis also reiterated Greece's position that FYROM's existing borders should not be changed.

Mr. Reppas said the long-standing dispute between FYROM and Athens over the former's name was a separate issue that was being dealt within the framework of the UN.

"Greece has no reason to change its stance on this (framework for a resolution)," Mr. Reppas said, adding that the present crisis might create a better understanding leading to a resolution of the issue.

Athens News Agency

[05] US envoy praises Athens' role in Kosovo crisis

Athens, 07/04/1999 (ANA)

"We do not have different positions on Kosovo. We agree on many things. Greece is the only NATO country in the region, where it has a unique role to play. Its special relations with Serbia, geographical position, history and religion, bring it to play a special role in developments, special and different from the role of other NATO countries," he stated afterwards. Mr. Niotis described the meeting as "useful, productive, and important," while Mr. Burns expressed understanding for Greece's disagreement with a possible deployment of ground forces in Kosovo.

"There is understanding, despite different approaches. Greece is not participating in the military operations and the Americans, despite a different type of participation, have expressed an understanding for our stand," Mr. Niotis said.

Mr Burns expressed appreciation for Greece's efforts on the humanitarian aspect of the crisis, with the aid channeled to refugees in Albania and FYROM. According to sources, the two men also discussed preparation of a possible visit by US President Bi ll Clinton to Athens in November.

Athens News Agency

[06] High-ranking gov't meeting prior to KYSEA session on weapons acquisition

Athens, 07/04/1999 (ANA)

The meeting was in advance of a Government Council for Foreign Affairs and Defence (KYSEA) session, expected to convene after the Easter holiday in order to take final decisions concerning the 1.2-1.3-trillion-drachma purchases. The air force armaments programme provides for the purchase of new combat aircraft and the filling of current operational gaps of the Hellenic Air Force.

In an unrelated development, sources said National Defence Minister Akis Tsohatzopoulos briefed Mr. Simitis over an incident yesterday on Greece's border with the Former Yugoslav Republic of Macedonia (FYROM), in which an Albanian woman was accidentally shot dead as she tried to enter the country illegally.

Athens News Agency

[07] G. Papandreou in Skopje, Tirana today

Athens, 07/04/1999 (ANA)

Mr. Papandreou told reporters yesterday that his visits to the two Balkan capitals, swamped under the weight of a massive influx of displaced Kosovo Albanians, would include visits to refugee camps.

He said his talks would focus on coordinating the safe distribution of humanitarian aid.

The Greek FM also reiterated that Greece had not specified how many refugees it would take and would take a decision based on the attitude to be taken by its European Union partners.

In addition, he said that in his conversation with Turkish Foreign Minister Ismael Cem on Sunday, the Turkish FM had told him that Ankara had also come under "pressure" from US Secretary of State Madeleine Albright to accept refugees.

He said he and Mr. Cem were cooperating on issues of humanitarian aid, including the issue of Turkish planes flying through Greek air space and on how refugees and aid were to be transported.

Athens News Agency

[08] AEK Athens to play friendly in bomb-ravaged Belgrade today

Athens, 07/04/1999 (ANA)

Visibly moved, many of the players, team officials and reporters comprising the more than 150-member AEK delegation spoke of "a visit of peace" and of "a historic match" prior to their departure from Athens airport yesterday afternoon.

The team's management has repeated over the past week that sports are over and above politics, and that through the team's visit they want to send a message to NATO.

Taking part in the "peace charter" are 156 people, 16 of whom are AEK players. Political party respresentatives will also be on hand.

"History is not written by itself. We write it. A Greek team is making a peace visit to the friendly people of Serbia. Sports and soccer are over and above politics. And this match is over and above any political expediency," AEK President Dimitris Melissanidis stated yesterday before the team's departure for Belgrade, via Hungary.

Athens News Agency

[09] Opposition to genetically modified crops aired at Thessaloniki conference

Athens, 07/04/1999 (ANA)

Experts appearing at a press conference in Thessaloniki also opposed the experimental cultivation of GM plants in Greece and called on the government to put a freeze on the issue of licences for such crops for at least the next decade, and hinted that pressure was being exercised by "various sides" for the Environment Ministry to reverse a ban in effect for 1999.

The press conference was held in view of a discussion by the Thessaloniki Prefectural Council of a request submitted by the multinational Monsanto for the cultivation of GM cotton and corn in Thessaloniki.

Anastasios Kovatsis, professor of Toxicology at Thessaloniki's Aristotelion University, warned of the danger of varieties in farm products disappearing and the creation of monopolies in cultivation and distribution.

Tassos Kourakis, a professor at the university's Medical School, said the spread of GM crops entailed risks of epidemics breaking out.

Paola Meyer of the Biological Products Certification Organisation said research had shown that the consumption of GM products created allergies and cancers, and increased the levels of estrogen and fatty substances in the human metabolism.

Michalis Tremopoulos, a member of the Thessaloniki Prefectural Council and representative of the "Citizens' Coalition - Ecology, Solidarity" movement, claimed the Greek government was being pressured by the US and multinational companies involved in GM crop cultivation to allow the cultivation of such crops in Greece.

Finally, the Thessaloniki prefectural council also expressed its categorical opposition to any licence for the experimental cultivation of GM crops in the prefecture. The prefectural councils of Serres, Imathia, Evros and Xanthi have also rejected appli cations by several companies for GM cultivations.

Athens News Agency

[10] Stocks rally, fuelled by PM's foreign policy speech

Athens, 07/04/1999 (ANA)

Traders said market sentiment was encouraged by a speech on Monday by Prime Minister Costas Simitis, who said that Greece would not get involved in military confrontations and that the government would not sacrifice the aim of euro entry because of the crisis in Kosovo.

The general index ended 2.55 percent higher at 3,300.20 points, off the day's highs.

Turnover was 93.314 billion drachmas and volume 16,733,421 shares. The market also reacted favourably to a government decision to float another stake in Hellenic Telecoms, and to stable conditions in the domestic money and bond markets.

Traders, however, noted that developments in Kosovo were being closely monitored by the market.

Sector indices scored gains. Banks jumped 3.65 percent, Leasing rose 1.11 percent, Insurance ended 5.37 percent up, Investment increased 1.02 percent, Construction rose 3.60 percent, Industrials surged 1.92 percent, Miscellaneous jumped 3.31 percent and Holding rose 0.52 percent.

The parallel market index for small cap companies ended 4.46 percent higher while the FTSE/ASE 20 index rose 2.57 percent to 2,066.51.

Broadly, advancers led decliners by 193 to 74 with another 14 issues unchanged.

Hellenic Telecoms, Thessaliki, Veterin and National Bank were the most heavily traded stocks.

Boutaris, Endysi, Connection, Mouriadis, Xifias, Remek, Ridenco and GEK hit the day's 8.0 percent limit up.

Tzirakian, Singular, Commercial Invest, Naoussa, Lanacam, Oinerga, Desmos, Imperio, Zampa and Aspis Invest suffered the heaviest losses.

National Bank of Greece ended at 21,350 drachmas, Alpha Credit Bank at 21, 450, Ergobank at 22,500, Ionian Bank at 18,400, Titan Cement at 22,900, Hellenic Petroleum at 2,300, Intracom at 17,900, Minoan Lines at 6,890, Panafon at 7,620 and Hellenic Telecoms at 6,800.

Bond prices edge up in light trade : Bond prices yesterday gained 60-70 basis points, returning to last Friday's levels.

The new 10-year bond was at 102.85, showing a yield of 5.90 percent.

Electronic trade totalled 59 billion drachmas.

In the foreign currency market, trade was quiet and the central bank made no intervention.

At the central bank's daily fix, the euro ended at 326.480 drachmas from 326.900 drachmas in the previous session.

After the fix, the drachma gained on talk that a political solution to the Yugoslav crisis might be found. The national currency was trading at 325.86 against the euro.

Money supply growth eases in February : Growth of the money supply slowed slightly in February according to the new M4N index, the Bank of Greece said yesterday.

The central bank's new M4N money supply index shrank by 650 billion drachmas in the first two months of 1999 compared with a reduction of 456 billion in the same period last year.

The index slowed to an annual growth of 9.6 percent in February from an 11.9 percent rise in January and 10.1 percent in December 1998, near the central bank's annual target of 7-9 percent this year. The index includes M4 (money in circulation, depos its, drachma repos, bank securities and T- bills), foreign currency deposits and mutual fund dividends.

The Bank of Greece said that contributing to the slower rate of growth was a fall in credit expansion in the private sector.

Meanwhile foreign capital inflows continued, forcing the central bank to increase its absorption of cash in the domestic interbank market in order to support its anti-inflationary policy.

Athens News Agency

[11] National Bank of Greece gets OK for hefty share cap rise

Athens, 07/04/1999 (ANA)

The plan envisages issuing 14,843,024 new shares at a nominal value of 1, 450 drachmas each to be offered to existing shareholders at a ratio of one new to 10 old at 11,500 drachmas each.

The general shareholders' meeting mandated the bank's board to offer 682, 326 shares to the bank's staff at the same price.

Public subscriptions will begin on April 26 and last until May 28.

Following the increase, National Bank's share capital will total 226 billion drachmas, or 156,450,000 shares at a nominal value of 1,450 drachmas each.

The bank's governor, Theodoros Karatzas, said that the crisis in Yugoslavia should not have a negative impact on the Greek economy and the Athens bourse.

Economic fundamentals were sound, Mr. Karatzas noted.

Preliminary engineering for Greece, FYROM pipeline Hellenic Petroleum said yesterday that Penspen Limited of the UK will undertake a preliminary engineering study to choose the route for an oil pipeline linking Thessaloniki and the Former Yugoslav Republic of Macedonia.

The deal, which also includes the construction of terminals in Thessaloniki and Skopje, was made by FYROM's prime minister, Ljubco Georgievski, and Hellenic Petroleum with engineering contractor Meton-ETEP.

The study for the pipeline, which is to supply FYROM with oil, is expected to be completed in the next two months, Hellenic Petroleum said in a statement.

The pipeline's length will be 230 km with a capacity of 2.5 million metric tonnes of oil annually.

The investment agreement worth 150 million US dollars also envisages upgrading the state-owned OKTA refinery in Skopje.

Hellenic Petroleum, which is listed on the Athens bourse, is eventually expected to acquire a majority stake in the refinery.

Hellenic Petroleum plans to expand in the Balkans and the Black Sea region.

Athens News Agency

[12] Titan Cement to up stake in Bulgarian producer

SOFIA, 07/04/1999 (ANA/B.Borisov)

Titan is to buy all shares in the rights issue, raising its stake in Plevenski to 96 percent from 83 percent.

The Greek firm first bought into Plevenski and then gradually increased its share as part of Sofia's privatisation programme.

Titan is to modernise the plant's production lines and boost capacity, which is currently at 360,000 tonnes annually.

Athens News Agency

[13] Five-year bond yield drops in auction

Athens, 07/04/1999 (ANA)

The average weighed yield in the bond's reopening fell to 6.31 percent from 6.75 percent in the previous auction.

Bids submitted totalled 338.4 billion drachmas, 1.7 times more than the 200 billion drachmas sought.

The finance ministry finally accepted bids totalling 238.3 billion drachmas.

The issue pays an annual coupon of 6.60 percent. The bond's average weighed price was 101.10 points, up from 99.36 in the previous auction.

The original five-year bond was issued on January 15.

Athens News Agency

[14] Pouliadis becomes dealer for AMP of the US

Athens, 07/04/1999 (ANA)

AMP is the biggest manufacturer of electronic interconnect systems in the world.

It employs 46,500 workers in more than 53 countries worldwide and had an annual turnover of 5.5 billion dollars in 1998.

Athens News Agency

[15] Trade fair in New York

Athens, 07/04/1999 (ANA)

It is the seventh time the trade fair is being held, and the first in New York.

Included are seminars on business opportunities for Greeks and Cypriots in the US.

Leading the Greek delegation will be Achaia Prefect Efstathios Athanasopoulos- Seretis.

Athens News Agency

[16] Athens Foreign Exchange

Athens, 07/04/1999 (ANA)

Parities inn Drachmas

Banknotes             Buying  Selling
US Dollar             301.747 308.743
Can.Dollar            200.880 205.537
Australian Dlr        189.502 193.895
Pound Sterling        479.414 490.529
Irish Punt            411.228 420.762
Pound Cyprus          560.520 573.516
Pound Malta           722.018 752.102
Turkish pound (100)     0.072   0.075
French franc           49.374  50.519
Swiss franc           203.087 207.796
Belgian franc           8.028   8.215
German Mark           165.592 169.431
Finnish Mark           54.471  55.734
Dutch Guilder         146.965 150.372
Danish Kr.             43.583  44.593
Swedish Kr.            36.488  37.334
Norwegian Kr.          38.791  39.691
Austrian Sh.           23.536  24.082
Italian lira (100)     16.726  17.114
Yen (100)             248.823 254.592
Spanish Peseta          1.946   1.991
Port. Escudo            1.615   1.652

Foreign Exchange      Buying  Selling
New York              301.747 308.743
Montreal              200.880 205.537
Sydney                189.502 193.895
London                479.414 490.529
Dublin                411.228 420.762
Nicosia               560.520 573.516
Paris                  49.374  50.519
Zurich                203.087 207.796
Brussels                8.028   8.215
Frankfurt             165.592 169.431
Helsinki               54.471  55.734
Amsterdam             146.965 150.372
Copenhagen             43.583  44.593
Stockholm              36.488  37.334
Oslo                   38.791  39.691
Vienna                 23.536  24.082
Milan                  16.726  17.114
Tokyo                 248.823 254.592
Madrid                  1.946   1.991
Lisbon                  1.615   1.652

Athens News Agency

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