Athens News Agency: Daily News Bulletin in English, 99-10-05

Athens News Agency: Daily News Bulletin in English Directory - Previous Article - Next Article

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

CONTENTS

[01] Greece, Germany to consider Turkey`s EU options

[02] Norway to invest state oil cash in Greek securities

[03] Gov't expresses its full support for G. Papandreou

[04] G. Papandreou: `Dialogue has opened, problems not solved`

[05] State Dept.'s Grossman receives Niotis, Cyprus impasse discussed

[06] Turkish infringements in Athens, Nicosia FIR

[07] Better prevention of breast cancer pinned on new vaccine

[08] Samaranch pleased with 2004 progress so far

[09] Economic News

[01] Greece, Germany to consider Turkey`s EU options

Athens, 5/10/1999 (ANA)

The Greek premier said he set out to his guest the standing Greek position, according to which there must be certain moves on the part of Turkey for the Helsinki summit to be able to arrive at a positive outcome.

Mr. Schroeder, who arrived in Athens yesterday to attend events marking the 75th anniversary of the founding of the German-Greek Chamber of Commerce and Industry, added that his government would do all it could in that direction, but declined "to refer publicly to the conditions which Turkey must, indeed, fulfil in order to become a candidate country."

The two men also tackled bilateral relations and cooperation in the Balkans, agreeing on the need to promote a stability pact for SE Europe, which, according to Mr. Simitis, was the means to dealing with many chronic problems in the region.

Mr. Simitis said bilateral relations were particularly good in the areas of economic and military cooperation.

Further, he said they discussed issues of concern to Greece in view of the upcoming special EU summit in Tampere, Finland.

"For Greece the formulation of a comprehensive view in dealing with the problems of illegal and mass immigration from Balkan countries is particularly important,"Mr. Simitis said.

Mr. Schroeder laid particular emphasis on the protection of the EU's external borders, stressing he fully agreed with his host on the need for "a fair distribution of burdens" among all member-states and not just those with external borders.

He also agreed that negotiations with the candidate countries of the so- called second wave to proceed "without delay".

"Our duty is to make the EU open to expansion," he said.

German-Greek Chamber: Speaking at the German-Greek Chamber later in the evening, Mr. Simitis said the close cooperation between the two governments in the recent Kosovo crisis had confirmed their converging policies and contributed to the positive dynamics amid European develo pments.

"I hope that initiatives now developing will restore normality and stability in the region. Greece's policy and the activities of German and Greek entrepreneurs have a decisive contribution in this direction," he said.

Mr. Schroeder referred to the common interests of Greece and Germany, not only economic, as he said, but also cultural.

"The great works of Greek civilisation have been enthusiastically received in Germany, even in difficult times," he said.

Defence cooperation was effectively tested during the Kosovo crisis, he added.

"We must now extend it to our mutual benefit. We must effectively deal with the issue of stability in the area. Greece can play a distinctive role. I am glad that Mr. Simitis has stressed this," he said.

Further, he praised Athens' efforts to gain accession to the 'euro zone'.

"We are watching with respect and appreciation the efforts of the Greek government. Germany is willing to provide every support in this direction. I am convinced that Mr. Simitis will succeed," he added.

Athens News Agency

[02] Norway to invest state oil cash in Greek securities

Athens, 5/10/1999 (ANA)

The monies from the country's draft budget for 2000 will come from the state Petroleum Fund, which already uses its revenue to invest in 21 other countries.

In addition to Greece, the new countries to join the investment list are Brazil, Mexico, South Korea, Thailand and Taiwan, Reuters said.

The Petroleum Fund generally invests up to 40 percent of its capital in stocks and the remainder in bonds.

The investment capital spent abroad comes in the form of an annual surplus in the budget from oil and natural gas sales. At the end of June this year, the fund totalled 182.7 billion Norwegian kroner.

Before yesterday's extension of the list, the Petroleum Fund's investments were destined for the United States of America, Canada, Japan, Hong Kong, Singapore, Australia, New Zealand, Switzerland and 13 European Union countries, excluding Greece and Lux embourg.

Athens News Agency

[03] Gov't expresses its full support for G. Papandreou

Athens, 5/10/1999 (ANA)

"The foreign minister is exercising his duties on the basis of government policy agreed by the relevant bodies," government spokesman Dimitris Reppas said.

"Mr. Papandreou enjoys the full confidence and full support of other government members."

The policies pursued by George Papandreou have had positive results and bolstered the country's standing worldwide, Mr. Reppas said.

Referring to comments by Mr. Pangalos, carried in a newspaper interview on Sunday, Mr. Reppas said that he was a "high-profile member of the (PASOK) party and his opinions are always listened to with interest."

He also disagreed with Mr. Pangalos' comments that a Turkish candidacy for membership of the EU would be tantamount to a "defeat for the nation".

In an interview with the Sunday newspaper "Vima tis Kyriakis", Mr. Pangalos expressed his opposition to the change reportedly surfacing in Greek foreign policy, particularly with regard to Greek-Turkish relations.

"This policy of dialogue, friendship and the creation of impressions, without it being clear why these impressions are being created, is not compatible with all that PASOK had announced before the elections," Mr. Pangalos was quoted as saying.

Athens News Agency

[04] G. Papandreou: `Dialogue has opened, problems not solved`

ISTANBUL, 5/10/1999 (ANA - A. Kourkoulas)

Mr. Papandreou said the meeting had provided a chance for an overview of issues related to the Greek-Turkish dialogue, adding that there would be specific results announced soon.

He was referring to contacts initiated at a foreign ministry officials' level between the two countries earlier this year. The talks hoped to find common ground on a number of issues which would allow room for better relations to develop.

Mr. Cem said also that a "good climate" prevailed in talks between the two countries, but he also said that this did not mean that problems would be automatically solved.

"Mr. Papandreou is a tough negotiator," Mr. Cem said, saying that despite a good personal relationship between the two, no quick solutions should be expected.

Address at university: Addressing the opening ceremony for the new academic year at the University of Istanbul earlier, Mr. Papandreou pledged to "devote his life" to working for peace between the Greek and Turkish people, and warned the international community that peace in th e region was not served by the application of double standards.

"I give you my promise that for as long as I live, I shall work with all my power for peace between the two peoples," Mr. Papandreou said.

"Peace will prevail in our region, for the people and by the people," he said, adding that a university was the most powerful forum for commencing such a campaign.

"Greece shares today with its neighbours the vision of a southeastern Europe that comprises a section of a united Europe...We shall become a family of nations, a gathering of cultures, a kaleidoscope of nationalities in which pluralism will be a strengt h and borders will be so deeply respected and protected that there will be no questions," Mr. Papandreou said.

At the same time, he warned the international community, "the UN, EU, NATO, that they must realise that peace in the region is not served through promoting dual standards."

"They say they want to re-define the borders, isolating nationalities, which means separate states, and say that this will lead to peace. I say no, " Mr. Papandreou said.

He said Greece shared with Turkey the fundamental conviction that borders must not change.

"All our forces must concentrate on protecting the nationalities within the existing borders," the Greek foreign minister stressed.

He also expressed a hope that the new-found spirit of dialogue would help both parties overcome a stalemate over the protracted Cyprus issue.

"Let us bring down the last remaining wall; Let us free Cyprus from this burden; free ourselves from this burden," he told his audience. Turning to Turkey's European orientation, Mr. Papandreou reiterated that Greece was not seeking a "sham Turkish " candidacy for the EU, as he said.

"We want Turkey in the European Union, we want it to share in all its obligations and all the rights entailed, and we want to work for that, now, " Mr. Papandreou said.

Mr. Papandreou was received by the Ecumenical Patriarch Vartholomeos.

Athens News Agency

[05] State Dept.'s Grossman receives Niotis, Cyprus impasse discussed

WASHINGTON, 5/10/1999 (ANA - T. Ellis)

This assessment was conveyed by US Assistant Secretary of State Marc Grossman to Deputy Foreign Minister Grigoris Niotis at the US State Department on Sunday, according to statements by the latter.

According to the Greek position, such progress should be substantive and not merely a few days' presence by Turkish Cypriot leader Rauf Denktash at talks without any results being produced.

Diplomatic sources assess that "everything is on the table" over the next two months and in this context Athens is encouraging the US initiative and appears ready to respond to every gesture by Turkey in the right direction.

The US side avoided creating expectations at the hour-long meeting between Mr. Niotis and Mr. Grossman, also attended by new expatriates abroad secretary general Dimitris Dollis and Greek ambassador to Washington Alexandros Philon. However, it appeared reservedly optimistic over the possibilities of success for the upcoming tour of the region by presidential envoy Alfred Moses.

Talks also focused on US President Bill Clinton's visit to Greece, while Mr. Niotis said it will be considered a success if it functions as a catalyst for the Cyprus issue.

Mr. Clinton's visit will also target the promotion of bilateral economic cooperation and the possibility of US president being accompanied by businesspeople interested in investing in Greece, and through it in the Balkans in general, will be examined fo r this purpose.

Mr. Niotis and Mr. Grossman also discussed the issue of terrorism, as Greece's political volition for bilateral and multipartite cooperation in this sector was confirmed.

Athens News Agency

[06] Turkish infringements in Athens, Nicosia FIR

Athens, 5/10/1999 (ANA)

According to reports, 28 Turkish fighter planes entered international airspace between Crete and Cyprus, departing before Greek warplanes reached the area and without entering Greek or Cypriot airspace.

According to Hellenic Air Force sources, the Turkish reaction to the annual exercise was the "mildest to date".

Athens News Agency

[07] Better prevention of breast cancer pinned on new vaccine

Athens, 5/10/1999 (ANA)

According to experts, initial results from tests of the vaccine on laboratory animals are expected to be announced by US professor Robert Guy, at the 4th International Conference on Research on Breast Cancer, beginning Nov. 4 in Irakleio. Announ cing the conference, the president of the Greek Society for Research into Breast Cancer, N. Agnatis, told reporters yesterday that breast cancer was still the most common cancer afflicting women, with estimates of between one in eight or one in 12 women s uffering from the disease at some stage in their lives.

In Greece, figures show 3,500 new cases a year, with 2,000 deaths linked to the disease. Mortality rates for breast cancer are stabilising worldwide, a development due primarily to timely diagnosis, experts say. Ten years ago, only 42 per cent o f women had the disease detected in the first or second stages, which would allow for effective treatment.

Today, following intense information campaigns, more than 56 per cent of cases are diagnosed in the early stages. The use of diagnostic tools such as mammograms have helped bring mortality rates down as far as 30 per cent.

Laser therapy, hormone therapy and "third generation" drugs can significantly extend longevity, even for women with advanced breast cancer.

Athens News Agency

[08] Samaranch pleased with 2004 progress so far

Athens, 5/10/1999 (ANA)

"Greece is doing well in all sectors. It has all the prerequisites for an excellent organisation of the Games and we are satisfied with the progress, " Mr. Samaranch told reporters at the Greek National Olympic Committee headquarters.

"According to the official report from the Athens Organising Committee, there are no delays in projects. We have not the slightest question about the report presented," he said. Mr. Samaranch said the 2004 Games were important not only for the Olympic movement, but for Greece as a whole.

He said he and the IOC's executive board had been left highly impressed by the presentation ceremony of the new Athens 2004 emblem last week, and praised both the presentation and the choice of music, by composer Vangelis Papathanasiou.

Mr. Samaranch has had meetings with Prime Minister Costas Simitis, Culture Minister Elizabeth Papazoi, Foreign Minister George Papandreou as well as with Athens 2004 and Greek Olympic Committee officials.

He also lent his support to a proposal by Deputy Minister for Sports Andreas Fouras for a youth festival to be held every four years at ancient Olympia, saying:

"It is a very good proposal. The IOC's final decision on the issue will be taken next year."

Referring to the IOC's decision, announced over the weekend, to set up an international anti-doping agency, Mr. Samaranch said he hoped the agency would begin operating as of 2000.

"The anti-doping service will be an institution that will operate under a supervisory body of some 30-35 members, and there will also be a smaller executive committee," IOC General Director Francois Carrard explained. Mr. Carrard said the agency wo uld be based at the outset in Switzerland and a decision on a permanent home would be taken by the agency's board of directors.

Mr. Samaranch reiterated his comments over the weekend that he had accepted an invitation to testify before the US Congress over a sub-committee hearing into the Atlanta 1996 Games, but said:

"We have accepted to appear before Congress but in December and after the IOC has taken the final decisions on a new framework for the IOC."

"The crisis was serious but there is a positive side to each crisis. With this opportunity, we will amend many things at the IOC meeting in December, and there will also be changes made to the Olympic Charter," Mr. Samaranch said, referring to the bribe ry scandal that has rocked the Olympic movement. Mr. Samaranch also said the IOC had established an ethics council at the IOC and said the IOC was planning on doing away with visits by IOC members to candidate host cities.

"We have done a great deal to date and we will do more in the near future," he said.

Gov't: In a related development, government spokesman Dimitris Reppas denied that there were any delays in the execution of Olympic Games projects.

Responding to reporters' questions regarding comments made by Environment, Town Planning and Public Works Minister Costas Laliotis, cited in the newspaper "Vradyni", Mr. Reppas said "we are within the timeframes we have set."

Mr. Laliotis was quoted as saying that Olympic Games projects were two years behind.

Athens News Agency

[09] Economic News

Athens, 5/10/1999 (ANA)

Turnover was around 240 billion drachmas from 482.122 billion drachmas a trading day earlier.

Buying interest focused on construction and smaller capitalisation stocks listed on the parallel market. Most banking blue chips came under pressure.

The market is seeking to consolidate around 5,600 points after a phase of extreme shifts.

Analysts are still reluctant to forecast the short-term outlook. Sector indices ended as follows: Banking (-1.59 pct), Insurance (+1.92 pct), Construction (+6.20 pct), Miscellaneous (+2.30 pct), Leasing (+2.40 pct), Investment (-2.42 pct), Industrials (+1.13 pct) and Holding (+4.24 pct).

The parallel market index for smaller capitalisation stocks gained 5.91 percent while the FTSE/ASE 20 index for blue chips and heavily traded stocks shed 0.56 percent to finish at 2,938.15 points.

Of 307 stocks traded, advances outpaced declines at 193 to 102 with 12 shares remaining unchanged.

Among shares to end at the daily 8.0 percent upper volatility limit were General Warehouses, Heracles, Alysidas and Vioter.

Stocks finishing at the 8.0 percent lower volatility limit were Athinea, Emborikos Desmos and Viosol.

The day's most heavily traded stocks were Aegek, Strintzis Lines, Ergo Investment and Halyvdofyllon.

National Bank of Greece ended at 23,890 drachmas, Commercial Bank of Greece at 27,495, Alpha Credit Bank at 23,600, Minoan Lines at 8,769, Intracom (common) at 27,500, Titan Cement (common) at 37,000, Hellenic Petroleum at 5,635, Hellenic Telecommmunica tions Organisation at 7,035 and Panafon at 8, 095 drachmas.

Central bank steps in to quash attack on drachma: The drachma came under a new round of speculative attacks in the domestic foreign exchange market yesterday with the central bank again selling euros to drive up the national currency.

The Bank of Greece sold around 350 million euros after the drachma slid to around 329 to the euro at the opening. It has sold a total of one billion euros since Thursday to stem the drachma's decline.

Traders said monetary authorities were signalling to the market that they would scotch an unbridled descent of the drachma to its central parity in the European Union's exchange rate mechanism II of 353.1 to the euro.

A plan for a phased depreciation of the drachma, which currently stands around 8.0 percent above parity, towards the ERM rate is part of the country's counter-inflationary policy devised to take Greece into the euro zone by January 1, 2001.

At the central bank's daily fix, the euro ended slightly higher versus the drachma.

The European currency was set at 328.700 drachmas from 328.570 drachmas in the two previous sessions and 328.320 drachmas on Wednesday.

The dollar finished marginally higher against the drachma.

At the fix, it was set at 306.350 from 306.340 drachmas a day earlier and 308.270 drachmas on Thursday.

Bonds drop in light trade: Secondary market bond prices dropped again yesterday in line with pressure being felt across Europe on the likelihood of a rate cut by the end of the week, bucking forecasts of an increase towards the end of the year.

Electronic trade totalled 25 billion drachmas from 30 billion drachmas a session earlier and 29 billion drachmas on Thursday.

Of yesterday's turnover, sell orders accounted for most of the sum.

The benchmark 10-year bond, which was still trading below par, slipped after shedding around sixty basis points a session earlier to show a yield of 6.80 percent, the same as the previous trading day, from 6.73 percent on Thursday.

The 10-year paper's yield spread over German bunds was 163 basis points, the same as the previous session, from 161 basis points on Thursday.

CSFB sees rate cut if inflation drops: The Bank of Greece is likely to trim its intervention rates on October 13 in the wake of an anticipated slip in inflation in September, Credit Suisse First Boston said yesterday.

Quoted by Reuters news agency, CSFB said that if inflation fell to 1.9 percent in September, as expected, then there was room for the central bank to cut its two-week deposit rate by 25-50 basis points.

The rate is currently at 12 percent.

British Hellenic Chamber to hold energy conference: The British Hellenic Chamber of Commerce is to hold a conference on liberalising the energy market in Greece on October 12 at the Athenaeum Intercontinental, Athens.

The live forum aims to bring together the combined expertise of government officials, decision makers and experts from the energy industry in Greece and abroad, the chamber said in a news release yesterday. The main themes of the conference are opportun ities in electricity; opportunities in gas; institutional reform and deregulation; and financing and managing energy sector projects.

Among speakers invited to the conference are Development Minister Evangelos Venizelos; Christopher Jones, head of the European Commission's Internal Market Unit; and Richard Laikin, a partner in Price Waterhouse Coopers. The conference's sponsors are Ka ntor management consultants and Credit Suisse First Boston.

Greek-flagged merchant fleet rises in September: The Greek-flagged merchant fleet showed a net gain in capacity and number of vessels in September, the Merchant Marine Ministry said in a statement yesterday.

The registry gained nine vessels totalling 275,927 gross registered tons and lost five ships totalling 52,625 grt, the statement said.

Petroleum firms to brief gov't on prices: Domestic producers and distributors of petroleum products are to inform the government each Wednesday of the prices at which they are selling their products to retailers.

Development Minister Evangelos Venizelos ordered the ruling, which was published in the Government Gazette yesterday, to help eliminate profiteering in the fuel market.

Both state and privately owned companies must comply.

Dorian Bank becomes Telesis Investment Bank: Dorian Bank is to change its name to Telesis Investment Bank following the acquisition of a stake in the bank by Telesis Securities last July. The change of name was endorsed by a Dorian Bank shareholders meeting yesterday, which also approved a share capital increase to expand the branch network to six branches from three in the next 18 months.

'Infosystem '99' in Thessaloniki this week: The 13th computer software exhibition "Infosystem '99" will open its gates on Thursday in Thessaloniki with 623 exhibits from 23 countries.

This year's exhibition is touted as the largest of its kind in Greece, occupying some 11,000 square metres of floor space.

The exhibition also includes a conference entitled "Formulating Society of the Year 2000 ".

Among the speakers scheduled to address the conference are Interior Minister Vasso Papandreou, Duputy Interior Minister Leonidas Tzannis, New Democracy deputy Prokopis Pavlopoulos and various local and international business leaders.

Banknotes Buying Selling: US Dollar 303.899 310.945 Can.Dollar 206.177 210.958 Australian Dlr 200.196 204.837 Pound Sterling 503.400 515.072 Irish Punt 414.024 423.623 Pound Cyprus 561.472 574.490 Pound Malta 712.509 742.197 Turkish pound (100) 0.060 0.063 French franc 49.709 50.862 Swiss franc 205.027 209.780 Belgian franc 8.083 8.271 German Mark 166.717 170.583 Finnish Mark 54.841 56.112 Dutch Guilder 147.965 151.395 Danish Kr. 43.902 44.920 Swedish Kr. 37.252 38.115 Norwegian Kr. 39.551 40.468 Austrian Sh. 23.697 24.246 Italian lira (100) 16.840 17.231 Yen (100) 287.204 293.863 Spanish Peseta 1.960 2.006 Port. Escudo 1.627 1.665

Foreign Exchange Buying Selling: New York 303.899 310.945 Montreal 206.177 210.958 Sydney 200.196 204.837 London 503.400 515.072 Dublin 414.024 423.623 Nicosia 561.472 574.490 Paris 49.709 50.862 Zurich 205.027 209.780 Brussels 8.083 8.271 Frankfurt 166.717 170.583 Helsinki 54.841 56.112 Amsterdam 147.965 151.395 Copenhagen 43.902 44.920 Stockholm 37.252 38.115 Oslo 39.551 40.468 Vienna 23.697 24.246 Milan 16.840 17.231 Tokyo 287.204 293.863 Madrid 1.960 2.006 Lisbon 1.627 1.665

Athens News Agency

Athens News Agency: Daily News Bulletin in English Directory - Previous Article - Next Article