Athens News Agency: Daily News Bulletin in English, 99-08-24

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

CONTENTS

[01] G. Papandreou cites reservoir of goodwill between Greek, Turkish peoples following quake

[02] FM, Christodoulos discuss joint Church-state humanitarian aid missions

[03] ``Ermopouleia``

[04] Simitis stresses Athens` support for closer ties between EU, NATO and Albania

[05] Economic news

[01] G. Papandreou cites reservoir of goodwill between Greek, Turkish peoples following quake

Athens, 24/8/1999 (ANA)

Speaking from Rethymno on Crete, Mr. Papandreou said although the situation regarding relations between the two countries had not changed "in principle" and that problems remained, a conclusion could be drawn in the wake of the natural disaster, which h as claimed more than 12,000 lives so far.

"The conclusion is that there is a stock, a great stock of friendship between our two peoples, and this gives rise to a perspective of peaceful co-existence. Let us hope that prospects for peace, cooperation and sincere friendship indeed emerge from the tragedy," he said. Athens was quick to send substantial humanitarian aid, medical supplies and rescue teams to Turkey in the aftermath of last Tuesday's earthquake.

Turkish officials have publicly thanked Athens and most of the Turkish press praised Greece along with the other countries which responded to a call for assistance.

Claim of 'secret contacts' denied: Meanwhile, replying to reporters' questions, Mr. Papandreou rejected claims of a "secret memorandum" regarding Greek-Turkish relations, contained in an article published in Sunday's edition of the Athens daily "To Vima".

"First of all, Greece, as a democratic country, and I personally, exercise foreign policy in the most transparent, open and public manner. We believe that this is the way foreign policy should be exercised and the Greek people know our every move, parti cularly against the background of the recently initiated Greek-Turkish dialogue. There is no such text. Courtesy calls between ambassadors will always be made and must be made, but there is no text, no memorandum," Mr. Papandreou said.

Gov't on veto: In a related development, government spokesman Dimitris Reppas said it was "too early" to talk about the lifting of Greece's veto over the release of European Union funds to Turkey, stressing that Athens' positive stance in sending quake relief to the nei ghbouring country should not be linked to the issue.

Greece, the spokesman said, will play a leading role in the providing of EU assistance to Turkey if the issue was discussed by the "15".

Mr. Reppas added that the government and Greek people had done whatever they could to relieve the suffering of the Turkish people and would continue to do so with the same vigour.

Regarding the "Vima" article, Mr. Reppas said Greek ambassador Lucas Tsilas had met in Brussels with a Turkish ambassador and discussed various issues.

"This is nothing new. There was simply an exchange of views on Greek- Turkish relations and there was no exchange of any kind of memorandum," Mr. Reppas said.

Finally, a parliamentary delegation is due to leave for Turkey today with a shipment of humanitarian aid for quake victims.

The five-member delegation, made up of deputies from the ruling PASOK party, main opposition New Democracy party and the Communist Party of Greece (KKE), will fly to Turkey on an Hellenic Air Force aircraft.

The aid, comprising medical and sanitary supplies, was gathered on the initiative of Parliament President Apostolos Kaklamanis.

More aid delivered: Additionally, the health ministry yesterday sent another 2,000 blankets, 100 tents and large quantities of pharmaceuticals as aid to Turkey's quake victims.

On its part, the Turkish embsassy in Athens said a report in various Greek media, according to which Turkish Health Minster Osman Durmus claimed country desired neither blood nor medicines from Greece and Armenia, was totally the result of a misinterpre tation.

"Turkey accepts with gratitude the aid and support of the Greek government and people," an embassy release stated.

Prof. Efthymios Lekkas, who headed the Greek team of specialists to Turkey and returned to Athens yesterday, expressed a view that foreign rescue teams would have saved many more people had they been channeled to the heart of the stricken areas immedia tely. He also noted that Turkey was ill- prepared to face such a disaster.

"They don't have an anti-quake mentality. In Greece, besides the people being more sensitised, we have better construction standards and better operational plans," he noted.

The Anatolian fault, which caused the devastating tremor, was bound to affect Greece as well in future, but the time and place could not be forecast, he added.

Athens News Agency

[02] FM, Christodoulos discuss joint Church-state humanitarian aid missions

Athens, 24/8/1999 (ANA)

The foreign minister stated afterwards the meeting that the aid to Turkey's earthquake victims was the result of the Greek people's friendship towards their neighbours.

He later met with the newly elected Archbishop of America Dimitrios and wished him well in his new task.

Athens News Agency

[03] ``Ermopouleia``

Athens, 24/8/1999 (ANA)

"Austrian Art After 1955", an exhibition featuring a series of works over recent decades by participating Austrian schools, drew more than 25,000 visitors between July 31 and Aug. 22.

Athens News Agency

[04] Simitis stresses Athens` support for closer ties between EU, NATO and Albania

TIRANA, 24/8/1999 (ANA)

"The ties between our countries are continously and steadily developing in all areas over the past few years," Mr. Simitis said in an interview with the state-run Albanian Telegraph Agency (ATA).

"We believe in Albania's progress and growth, because it is exactly that growth and progress that secure stability in the Balkans," the Greek premier said, adding that "this is why cooperation in the past was and will continue in the future to be one of the main targets of Greek foreign policy.

"We took two basic directions in order to achieve this cooperation: support for Albania's accession to international cooperation structures and economic cooperation," Mr. Simitis told ATA.

"I believe that we have taken specific steps on both levels; we already have tangible results. We have supported and have worked for closer cooperation between the European Union and Albania, as well as closer cooperation between the neighbouring countr y and NATO as well as the WEU. We have said that we will also support its (Albania) membership in all the international organisations it wishes," he added.

Referring to the recent Kosovo crisis, Mr. Simitis said that "healing the wounds emphasised the need for cooperation and restructuring of the region toward the complete restoration of stability and an approach to the humanitarian issues caused by war."

"We feel that the European Union must contribute toward this direction," Mr. Simitis continued.

"There is a need for a deeper rapprochement of the Balkans and the European family...this will prevent future crises and conflicts," he added.

Regarding the issue of undocumented Albanian nationals and labourers in Greece, the premier said that "we have already promoted measures which lead to the legalisation of illegal immigrants; we have stressed the need for a better control on illegal immi gration and we have talked about a bilateral cooperation in the public order sector as well as the need to combat crime more effectively.

"My meetings with the political leadership of your country tomorrow will contribute to furthering the cooperation between our countries and to consolidating the friendship between the two peoples," Mr. Simitis concluded.

The Greek prime minister is expected to arrive today in Tirana, where he will meet with Albanian President Rexhep Mejdani and Prime Minister Pandeli Majko.

He will also meet with Archbishop of Tirana and All Albania Anastasios, before returning to Athens in the evening.

Meanwhile, government spokesman Dimitris Reppas announced yesterday that Mr. Simitis will meet with the premier of the Former Yugoslav Republic of Macedonia (FYROM) Ljubco Georgievski later in the week.

On Saturday, Mr. Simitis will travel to Florina, northern Greece, to attend the "Prespes '99" events, where he will meet with Mr. Georgievski. The Greek prime minister will return to Athens on Sunday.

Mr. Reppas said the premier will chair a meeting of the government's economic team tomorrow morning, while on Friday a Cabinet meeting will convene a meeting to discuss issues relating to the third Community Support Framework.

Athens News Agency

[05] Economic news

Athens, 24/8/1999 (ANA)

The index ended 2.56 percent up at 5,066.39 points. Turnover was a heavy 305.455 billion drachmas with 39,800,314 shares changing hands.

Dealers said retail investors remained the driving force behind the market's rally, showing confidence both in economic prospects and in the profitability listed companies.

A positive opening in international markets also encouraged buying activity with investors seemingly feeling comfortably with a decision expected from the Federal Reserve today to nudge up US interest rates.

Market sources, however, said that share prices could not extend their rally without a major correction.

Dimitris Karagounis, chairman of the Union of Greek Listed SA Companies, said: "Breaking the 5,000 barrier has made us all happy. But I remain puzzled by the performance of certain smaller capitalisation stocks, which are producing excessive returns whi le blue chips are underperforming the market. This not a healthy sign and needs careful attention."

Analysts expect the market to find its next resistance level at 5,250 points.

Sector indices ended as follows: Banks (+1.76 pct), Insurance (+3.97 pct), Construction (+6.85 pct), Miscellaneous (+1.92 pct), Leasing (+6.34 pct), Holding (+4.64 pct), Industrials, (+2.30 pct) and Investment (+5.86 pct).

The parallel market index for smaller capitalisation stocks ended 4.18 percent higher while the FTSE/ASE 20 index for blue chip and heavily traded stocks rose 2.17 percent to 2,752.02 points.

Broadly, advancers led decliners by 243 to 50 with only four issues remaining unchanged.

A total of 87 shares ended at the day's 8.0 percent limit up, while two finished at the day's limit down. Altec, Hellenic Telecoms, Piraeus Bank and Ergo Invest were the most heavily traded stocks.

National Bank of Greece ended at 22,900 drachmas, Alpha Credit Bank at 23, 000, Commercial Bank at 27,450, Titan Cement at 36,000, Hellenic Petroleum at 3,140, Intracom at 23,300, Minoan Lines at 7,490, Panafon at 8,780 and Hellenic Telecoms at 6,440.

Bond prices nose up in negligible trade: Secondary market bond prices crept up yesterday but trade was almost non-existent.

Electronic turnover was 2.0 billion drachmas from 3.0 billion drachmas in the previous session and 17 billion drachmas on Thursday.

At the centre of trade were five- and seven-year securities.

The benchmark 10-year bond was still trading below par at 98.50-98.55 from 97.80-98.10 in the previous session, showing a yield of 6.50 percent.

The yield spread above German bunds was steady from Friday at 178 basis points, slightly down from 180 basis points on Thursday.

At the central bank's daily fix, the euro edged down versus the drachma.

The euro was set at 326.560 drachmas from 326.790 drachmas in the previous session and 326.670 drachmas on Thursday.

Also at the fix, the dollar crept up against the drachma in line with the US currency's ascent in markets abroad.

The greenback was set at 307.090 drachmas from 306.730 drachmas in the previous session and 310.350 drachmas on Thursday.

Gov't policy in 2000 aims at euro zone entry: Economic policy in the year 2000 will focus on the country's bid to join economic and monetary union while offering as much assistance as possible to weaker social groups and priority areas including education and health.

The announcement was made after a meeting of senior government officials yesterday chaired by National Economy and Finance Minister Yiannos Papantoniou.

The officials discussed the economy in detail ahead of final proposals to be made on changes in taxation and next year's budget, due to be submitted to parliament in October.

The officials said that the inflation criterion to be met for euro zone entry was critical due to rising oil prices and lasting economic stagnation in the European Union.

Ministry sources said that the government's economic leaders appeared to agree on the need to lower heating oil prices in October in order to aid the drive to contain inflation.

New Egnatia Bank makes trading debut Thursday: The new Egnatia Bank to be created after a merger of the old Egnatia and Bank of Central Greece will make its trading debut on the main market of the Athens bourse on Thursday.

Egnatia Bank plans to open eight new branches this year as part of a policy to widen its activities.

It also plans to expand into Balkan markets and break into new sectors including leasing.

Management hopes to fund the investment plans through a share capital rise of 30 billion drachmas in September.

Intracom gets Argentina deal: Intracom, a blue chip telecommunications and information systems manufacturer, is to supply Argentina's state telecom with a pilot digital subscriber radio transmission system (FQUAD network) for an initial 220,000 US dollars.

The contract with Telecom De Argentina was forged after Intracom won an international contract, the Greek firm said in a statement yesterday.

The project's budget may to rise to around 6.0 million dollars by next year, depending on evaluation of the pilot arrangement. The system, which was designed and manufactured by Intracom, has already been exported abroad, the statement said.

Chipita posts H1 profit rise: Chipita International SA, a listed manufacturer of packaged snacks, yesterday reported net pre-tax profits of 1.455 billion drachmas in the first half, up 28.5 percent on the same period of last year, it said yesterday. Sales in the same period rose by 28 .2 percent to 19.664 billion drachmas, the company said in a statement. Contributing favourably to results were Chipita's subsidiaries in Bulgaria and Poland. Also performing well were companies in Egypt and Portugal in which Chipita has minority holdings . Their profits do not appear in Chipita's consolidated results.

Banknotes Buying Selling: US Dollar 304.633 311.696 Can.Dollar 203.757 208.481 Australian Dlr 194.288 198.793 Pound Sterling 491.734 503.135 Irish Punt 411.329 420.866 Pound Cyprus 560.361 573.353 Pound Malta 709.822 739.398 Turkish pound (100) 0.063 0.066 French franc 49.386 50.531 Swiss franc 202.800 207.502 Belgian franc 8.030 8.217 German Mark 165.631 169.471 Finnish Mark 54.484 55.747 Dutch Guilder 147.001 150.409 Danish Kr. 43.581 44.591 Swedish Kr. 36.914 37.770 Norwegian Kr. 39.194 40.103 Austrian Sh. 23.542 24.088 Italian lira (100) 16.730 17.118 Yen (100) 274.467 280.830 Spanish Peseta 1.947 1.992 Port. Escudo 1.616 1.653

Foreign Exchange Buying Selling: New York 304.633 311.696 Montreal 203.757 208.481 Sydney 194.288 198.793 London 491.734 503.135 Dublin 411.329 420.866 Nicosia 560.361 573.353 Paris 49.386 50.531 Zurich 202.800 207.502 Brussels 8.030 8.217 Frankfurt 165.631 169.471 Helsinki 54.484 55.747 Amsterdam 147.001 150.409 Copenhagen 43.581 44.591 Stockholm 36.914 37.770 Oslo 39.194 40.103 Vienna 23.542 24.088 Milan 16.730 17.118 Tokyo 274.467 280.830 Madrid 1.947 1.992 Lisbon 1.616 1.653

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