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Athens News Agency: Daily News Bulletin in English, 99-07-06Athens News Agency: Daily News Bulletin in English Directory - Previous Article - Next ArticleFrom: The Athens News Agency at <http://www.ana.gr/>CONTENTS
[01] Gov't, OA union leaders meet over OA's futureAthens, 06/07/1999 (ANA)Two of the government's top ministers met yesterday with state-run Olympic Airway's union leaders for talks focusing on the ailing national carrier's future, following the recent hand-over of OA's management to a British Airways subsidiary.Following the meeting, National Economy Minister Yiannos Papantoniou said the government will secure the funds necessary for a renewal of the airline's aging fleet, as well as its transfer to the new Athens international airport at Spata. Transport Mini ster Tassos Mantelis also attended the meeting. "The message we wanted to get across to the federation of employees and to management is that the survival of OA depends completely on the management and the employees," Mr. Papantoniou. "The government supported and supports, but it cannot guarantee OA's survival. It cannot fund a company which continually incurs losses," he added. Mr. Papantoniou also promised OA's unions that no existing domestic routes will be eliminated. However, he stressed that the viability of various overseas flights will fall under the domain of the new management. Speedwing, a BA subsidiary, was selected by the government to manage the debt-ridden carrier for an initial period of 30 months, a development greeted with widespread dissatisfaction by OA's Unions. On their part, representatives from the Federation of Civil Aviation Associations (OSPA) noted that they will proceed with strike tomorrow as planned, whereas further actions will depend on the government's expected written proposals. Athens News Agency[02] Gov't: No link between presidential term, general electionsAthens, 06/07/1999 (ANA)The government reiterated yesterday that national elections would be held as planned at the end of the government's four-year mandate, namely, in September 2000.Spokesman Dimitris Reppas said the government did not link an election of the president of the republic with the government's term. President Kostis Stepahanopoulos' five-year term comes up for renewal in March next year. Under the Constitution, if the candidate for president does not receive 200 votes in the 300-seat chamber in the first two rounds, and fails to gather 180 votes in a third round of voting, Parliament is dissolved and general elections held. On Saturday, main opposition New Democracy leader Costas Karamanlis said "the sooner national elections were held, the better", although he declined to comment on whether ND would support Stephanopoulos' re-election. Mr. Simitis has already said that ruling PASOK would support a second Stephanopoulos term. PASOK has 162 seats in the legislature. It would need the support of other parties' MPs during voting for the president if it were to avoid elections in March. "Prime Minister Costas Simitis has never linked the issue of the election of the president with the tenure of the Parliament, but Mr. Stephanopoulos could be that person which all the parties agree to re-elect to the position of president," Mr. Reppas said. He criticised the opposition for what he termed involving the institution of the president with an attempt to force early elections. Athens News Agency[03] Tsohatzopoylos on EU policy in the BalkansAthens, 06/07/1999 (ANA)National Defence Minister Akis Tsohatzopoulos yesterday referred to the principles of European Union policy in the Balkans following the Kosovo crisis as well as Greece's role in the region's reconstruction.The minister was addressing an international conference on the subject of "Geopolitics of Eurasia and Eastern Mediterranean in the New International System", organised by the national defence ministry's general staff. Mr. Tsohatzopoulos said the principles that must govern EU policy in the Balkans include safeguarding borders from any and all territorial claims, non-intervention in the domestic politics of Balkan countries as well as regional security. He said Greece must aim at the European orientation of the Balkans in order to demonstrate Turkey's deadlocked policy in the region through this prospect, which will bring about stabilisation in the Balkans, as he noted. Mr. Tsohatzopoulos reiterated that the change in security conditions in the Balkans, as a result of latest developments in Kosovo, Bosnia Herzegovina, Albania and the Former Yugoslav Republic of Macedonia (FYROM), must be taken into consideration by Ath ens within the framework of its national strategy. He also assessed that Eurasia, southeastern Europe and the eastern Mediterranean will constitute an area of heightened interest over the next decade. Athens News Agency[04] G. Papandreou meets with French health minister Kouchner over KosovoPARIS, 06/07/1999 (ANA)Foreign Minister George Papandreou focused on the Kosovo problem with the UN's chief envoy in the Yugoslav province and French Health Minister Bernard Kouchner yesterday.The two men also discussed the restoration of political stability, the peaceful coexistence of all minorities in Kosovo as well as reconstruction of the region, among others. These issues were discussed in relation to the Greek contribution from Thessaloniki and the presence of Greek experts and humanitarian organisations in Kosovo. Afterwards, Mr. Papandreou said Athens wanted to support Mr. Kouchner's work in his effort for reconstruction, reconciliation and pacification in the Kosovo region. On his part, Mr. Kouchner referred to the mission entrusted to him by the UN for Kosovo, adding that elementary security must be restored, otherwise, reconciliation will be even more difficult. Referring to Greece's role, he termed it important, underli ning the country's position, history and religion. Mr. Papandreou later presided over the afternoon session of the World Conference on "Education and Sports for a Civilisation of Peace", jointly organised by UNESCO and the International Olympic Committee. He placed emphasis on the contribution of the Olympic Concept to peace and civilisation for the creation of a better world. Mr. Papandreou said, among others, that traditional diplomacy must be supplemented with cultural diplomacy and the diplomacy of citizens. He also referred to the Olympic ceasefire and to examples when it was observed. Mr. Papandreou further said that IOC President Juan Antonio Samaranch, who addressed the event, must be honoured who contributed to the resurfacing of this idea from ancient Greece, meaning the Olympic Games, saying that if we are not capable to provide inspiration,to dream, to have great ideas, "we will indeed lose the sense of mankind and humanity". Athens News Agency[05] Margaret Papandreou hospitalised after heart attackAthens, 06/07/1999 (ANA)Margaret Papandreou, the former wife of PASOK founder Andreas Papandreou and the mother of FM George Papandreou, suffered an acute heart attack yesterday and was admitted to the Onassion Cardiology Centre. According to reports, Ms Papandreou's condition was described as "serious", with pharmaceutical treatment initially prescribed, an Onassion announcement stated. She was being treated in the hospital's intensive care unit.A medical bulletin issued later in the day said Ms Papandreou's condition remained stable. Athens News Agency[06] Russian forces expected this week at Greek portAthens, 06/07/1999 (ANA)A convoy of ships carrying Russian marines and artillery has set sail for a northern Greek port en route to Kosovo despite the snag between NATO and Moscow over the deployment of Russian peacekeepers in the troubled Yugoslav province, sources said.According to reports, four large Russian naval transport ships set sail Saturday from the port of Sevastopol for Thessaloniki or Volos, where they were due to arrive in mid-week. From there, the troops and weaponry would head for neighbouring FYROM and on to Kosovo, sources said. Meanwhile, six military planes - four Dutch and two German - were expected to land at Thessaloniki's Macedonia Airport yesterday, carrying 360 troops for the NATO force in Kosovo. Athens News Agency[07] Policy on visas discussed at high-level gov't meetingAthens, 06/07/1999 (ANA)A high-level government meeting was convened yesterday regarding policy related the issue of foreign nationals' residence and entry visas.The meeting was chaired by Alternate Foreign Minister Yiannos Kranidiotis. "The foreign ministry's effort is to have a single, cohesive and modern policy shaped on the entry and stay of aliens in our country, also within the framework of a decision on reviewing the status of granting the 'green' (residence) card and the effective handling of illegal immigration," Mr. Kranidiotis said. The meeting was attended by the heads of Greece's consular authorities in Balkan, central Asian and Caucasus countries, as well as representatives from relevant ministries. Mr. Kranidiotis reiterated the need for the strict implementation of relevant circulars and instructions to secure the necessary cross-checking of information collected by applicants, as well as a strict implementation of the country's international com mitments witin the framework of the Schengen Pact. KKE : In a related development, the Communist Party of Greece (KKE) yesterday accused the government of unfairly targetting Albanian workers residing in Greece. "The pogrom launched by the government collectively against the Albanians living in Greece constitutes an act of impression which is leading to the further creation of a racist climate. On the other hand, it is certain that this climate will be utilised for the promotion of imperialism's overall plans in the Balkan region," an announcement by KKE stated. "The increase in crime is linked, one way or another, with the deep crisis dealing a blow to working classes on an international level..." KKE claimed. Authorities announced yesterday that 512 Albanian illegal immigrants had been arrested in the Epirus region over the past three days and would be deported via the Kakavia border post. Athens News Agency[08] Simitis to attend summit in SarajevoAthens, 06/07/1999 (ANA)Prime Minister Costas Simitis will attend a Balkan stability pact summit in Sarajevo on July 30, the government announced yesterday.Dozens of European and world leaders are expected to attend the summit, although according to some reports, it may be postponed. A final decision on the date is expected next week. Athens News Agency[09] Another CoE warning to Turkey over Loizidou rulingAthens, 06/07/1999 (ANA)The Council of Europe (CoE) yesterday again sent a terse warning to Ankara to comply with a European Human Rights Court decision awarding compensation to a Greek Cypriot landowner.The court had ruled that Titina Loizidou should be compensated by Turkey, as she is prevented from using her property in northern Cyprus by Turkish occupation forces. The CoE Foreign Ministers' committee, chaired by Ireland, noted in the warning that lack of compliance will lead to a temporary decision by the committee against Ankara. Alternate Foreign Minister Yiannos Kranidiotis said the decision "is a positive action, since in this manner the responsibility of Turkey for violating Ms Loizidou's human rights...is recognised." Athens News Agency[10] OEK to build Olympic Village in Thrakomakedones siteAthens, 06/07/1999 (ANA)An inter-ministerial committee yesterday awarded the state-run Workers' Housing Organisation (OEK) with a contract to build the Olympic Village - the largest project for the Games - in the Thrakomakedones region of northwest Athens.The meeting was attended by Culture Minister Elizabeth Papazoi, Deputy Environment, Town Planning and Public Works Minister Christos Verelis, Deputy National Economy Minister Christos Pachtas, the president and managing director of the 2004 organising committee, Stratis Stratigis and Costas Bakouris, respectively, as well as OEK President G. Ioannidis. In addition, the immediate proclamation of an international architecture tender was also decided at the meeting. Athens News Agency[11] Ergobank's workers back merger offerAthens, 06/07/1999 (ANA)Workers at Ergobank said yesterday that they backed a merger offer by Bank of Piraeus but would consider a new proposal by EFG Eurobank, whose hostile takeover bid Ergobank's management has opposed.The president of Ergobank's staff association, Theodoros Papavlassopoulos, told a news conference that Bank of Piraeus' offer safeguarded the rights of personnel. He also said that that Bank of Piraeus' structure and culture were similar to Ergobank's. Bank of Piraeus made its offer to Ergobank's management on Friday to merge and create a new banking group. Piraeus' existing group also contains Xiosbank and Bank of Macedonia-Thrace. At the time time, Ergobank's staff association may review its recommendation if EFG Eurobank improves its offer, especially terms concerning personnel and management, Mr. Papavlassopoulos added. In an interview to Reuters, EFG managing director Nikos Nanopoulos did not rule out a new offer. EFG Eurobank, through its parent company Consolidated Eurofinance Holdings, made the first hostile takeover bid in Greece, offering the target bank's retail and institutional shareholders 2.2 of its shares plus 4,000 drachmas in cash for each Ergobank s hare they sell. EFG Eurobank, which is a member of the Latsis Group, has said it is seeking control of Ergobank, or 50.1 percent of its stock. It would also accept a minimum of 33.4 percent, which would allow it to block decisions at shareholders' meetings. All the banks involved are listed on the Athens Stock Exchange. Also yesterday, Ergobank's management said in a statement that Bank of Piraeus' offer would benefit shareholders, staff and customers. The new bank to emerge would be called Ergobank Piraeus. The 18-member board and senior management positions would be split equally between the two banks, the statement said. Ergobank's shareholders would receive three new shares in Bank of Piraeus, which have yet to be issued, plus 10,000 drachmas in cash, for each share they hold. In order to proceed, Bank of Piraeus' shareholders would have to endorse the merger deal at a meeting scheduled for August 7. Further approval would then be needed by shareholders' meetings of Ergobank and Xiosbank, expected in November. Ergobank is the fifth largest commercial bank in Greece, and Bank of Piraeus the fourth largest. Athens News Agency[12] Stocks jump, hitting new all-time highAthens, 06/07/1999 (ANA)Equity prices soared to a new record yesterday with the general index surpassing the 4,300 level.News of a mega-merger deal in the banking sector between Bank of Piraeus, Xiosbank and Ergobank, creating the third largest credit institution in the country, combined with a record close on Wall Street on Friday, encouraged sentiment on the Athens Stoc k Exchange. The general index ended 4.76 percent higher at 4,350.13 points, its 31st record close this year. It now stands 58.91 percent higher against January 1. Turnover was 179.228 billion drachmas with 25,899,422 shares changing hands. The Banks and Holding sectors outperformed the market ending 5.70 and 6.09 percent higher respectively. Other sector indices ended as follows: Leasing (+5.58 pct), Insurance (+2.53 pct), Investment (+5.75 pct), Construction (+3.35 pct), Industrials (+4. 29 pct) and Miscellaneous (+2.75 pct). The parallel market index for smaller capitalisation stocks ended 1.70 percent up, while the FTSE/ASE 20 index jumped 5.18 percent to 2,588.66 points. Broadly, advancers led decliners by 218 to 72 with another seven issues unchanged. Bank of Piraeus and Ergo Invest were the most heavily traded stocks, while Bank of Piraeus, Ergobank and National Bank of Greece led the day's turnover. A total of 41 shares ended at the day's 8.0 percent limit up, while another two ended at the day's limit down. National Bank of Greece ended at 22,000 drachmas, Alpha Credit Bank at 22, 090, Ergobank at 37,465, Ionian Bank at 16,640, Titan Cement at 30,850, Hellenic Petroleum at 2,890, Intracom at 20,410, Minoan Lines at 6,095, Panafon at 8,170 and Hellenic Telecoms at 6,875. Bonds directionless in scant trade : Bond trade in the secondary market was minimal with institutional investors abroad keeping out of the market. Electronic trade totalled 10 billion drachmas from 28 billion drachmas in the previous session and 100 billion drachmas on Thursday. The ten-year bond showed a yield of 6.18 percent from 6.19 percent a session earlier and 6.13 percent on Thursday. The yield spread over German bunds was 158 basis points from 160 basis points in the previous session and 158 basis on Thursday. The yield spread narrowed slightly due to a poor performance by German securities. At the central bank's daily fix, the euro fell against the drachma. It was set at 324.790 drachmas from 324.910 drachmas in the previous session. Athens News Agency[13] Agricultural Bank offers loans for OTE rights issueAthens, 06/07/1999 (ANA)Agricultural Bank of Greece is offering loans to help retail investors buy into a rights issue by Hellenic Telecommunications Organisation.The bank said in a statement yesterday that the rates on the loans were 16 percent under two schemes for amounts up to 1.5 million drachmas and up to five million drachmas. Athens News Agency[14] Mutual fund assets rise to Dr 10.1 trillion in JuneAthens, 06/07/1999 (ANA)Assets of the country's 190 mutual funds rose to 10.1 trillion drachmas on June 30, up 259 billion drachmas from the previous month, the Union of Institutional Investors said in a statement yesterday.The sharpest rise was posted by domestic equity funds, whose assets showed a 17.53 increase to total 1.516 trillion drachmas. Athens News Agency[15] Panafon reports rise in subscribersAthens, 06/07/1999 (ANA)Panafon, one of the country's three mobile phone operators, said yesterday that new subscriptions rose by 69 percent, or 206,108 subscriptions, in the second quarter against the first quarter.The company said in a statement that at the end of the second quarter, its subscribers totalled 1,396,946. Athens News Agency[16] Athens Foreign ExchangeAthens, 06/07/1999 (ANA)Bank of Greece closing rates of: July 5, 1999Parities in Drachmas Banknotes Buying Selling US Dollar 314.821 322.120 Can.Dollar 215.066 220.052 Australian Dlr 209.818 214.683 Pound Sterling 496.417 507.926 Irish Punt 409.099 418.584 Pound Cyprus 557.603 570.531 Pound Malta 740.547 771.403 Turkish pound (100) 0.069 0.072 French franc 49.118 50.257 Swiss franc 200.632 205.284 Belgian franc 7.987 8.172 German Mark 164.734 168.553 Finnish Mark 54.189 55.445 Dutch Guilder 146.204 149.594 Danish Kr. 43.327 44.331 Swedish Kr. 37.081 37.941 Norwegian Kr. 39.924 40.850 Austrian Sh. 23.414 23.957 Italian lira (100) 16.640 17.026 Yen (100) 257.295 263.261 Spanish Peseta 1.936 1.981 Port. Escudo 1.607 1.644 Foreign Exchange Buying Selling New York 314.821 322.120 Montreal 215.066 220.052 Sydney 209.818 214.683 London 496.417 507.926 Dublin 409.099 418.584 Nicosia 557.603 570.531 Paris 49.118 50.257 Zurich 200.632 205.284 Brussels 7.987 8.172 Frankfurt 164.734 168.553 Helsinki 54.189 55.445 Amsterdam 146.204 149.594 Copenhagen 43.327 44.331 Stockholm 37.081 37.941 Oslo 39.924 40.850 Vienna 23.414 23.957 Milan 16.640 17.026 Tokyo 257.295 263.261 Madrid 1.936 1.981 Lisbon 1.607 1.644 Athens News AgencyAthens News Agency: Daily News Bulletin in English Directory - Previous Article - Next Article |
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