Athens News Agency: Daily News Bulletin in English, 99-10-27

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

CONTENTS

[01] Papandreou-Cem contacts in Thessaloniki today

[02] National Bank of Greece to keep rates steady

[03] New FT index for Athens bourse

[04] Alpha Credit Bank shows 9M profit jump

[05] Stocks drop on inflation jitters

[06] SEB sees euro goal intact

[07] Civil servants' salaries up 2.5 pct

[08] Olympic Catering set for second float

[09] Yield on T-bills rises

[10] Varvaressos to hold IPO

[11] Athens Foreign Exchange

[12] Clinton's visit to Greece officially announced

[13] Greek leadership on `OXI Day`, Thessaloniki liberation anniversary

[14] Gov't defends purpose of Clinton visit

[15] Simitis in Bulgaria next week

[16] Russian, Turkish FMs in Thessaloniki

[17] Naval standards, banners returned to Russia

[18] Sept. 7 quake costs to top 500 billion

[19] Delos lions to be moved today

[01] Papandreou-Cem contacts in Thessaloniki today

Athens, 27/10/1999 (ANA)

FM George Papandreou and his Turkish counterpart Ismail Cem will meet in the northern Greek capital.

The last round, conducted in both countries' capitals and concluded in Athens yesterday, included discussions on issues related to tourism, the environment, economic and commercial relations, culture, cooperation in the multilateral regional field and combatting organised crime, illegal immigration, drug trafficking and terrorism.

According to a joint communique, "the talks were conducted in a friendly and business-like atmosphere", and "included updating the contractual framework of Greek-Turkish relations as and when appropriate, as well as defining specific areas where cooperation could be initiated in the short or longer term".

It was decided to establish working groups related to the above fields and aimed at further elaborating draft texts already exchanged, while conclusions will be ratified in the fourth round, tentatively scheduled to begin some time in December.

The ultimate results will be presented to the two countries' foreign ministers, according to the communique.

Tsohatzopoulos: Ankara must make goodwill gesture now : With both Cyprus and Turkey turning their sights on joining the European Union, Ankara must seize the opportunity now to agree to European standards on respect for human rights and peaceful coexistence between peoples, National Defence Minister Akis Tsohatzopoulos said yesterday.

He added that for Greece the right of return of refugees and the restoration of freedom and democracy in a united free Republic of Cyprus, which would join the European Union, were inalienable aspects of any resolution of the Cyprus problem.

The minister was speaking in Thessaloniki, where he attended a church service marking the feast day of the city's patron saint.

The defence minister said Greek citizens had every reason to look forward to the coming of a new millennium.

Constantopoulos received by Demirel in Ankara : ANKARA (ANA - A. Abatzis) - Turkish President Suleyman Demirel yesterday received a Coalition of the Left (Synaspismos) delegation headed by party leader Nikos Constantopoulos.

The Turkish leader stressed that good intentions must be turned into practice and the positive climate shaped in Greek-Turkish relations should be duly utilised.

He added the atmosphere for developing Greek-Turkish relations was "suitable", saying that "resol-ving differences between us is possible", while he extended his thanks for "the interest shown by the Greek people and the Greek government to Turkey after the disastrous earthquake."

"There are three possibilities for us to settle our differences: the first is bad, the second is good and the third is the continuation of the present situation. Everything depends on us," he said, and went on to say that "there are no problems between the peoples but between the countries and these are not yesterday's," he said.

"Our relations will become better in the coming years," he said.

On his part, Mr. Constantopoulos spoke of "an interesting phase in Greek- Turkish relations" and stres-sed that "this positive situation should find response in politics."

The Greek party leader underlined that the two countries should get acquainted and "should not be informed by third parties of things concerning them."

Gov't denies Greek-Turkish textbook committee report : The government yesterday denied press reports that Greek and Turkish experts had agreed to look at one another's school text books, saying the matter could be a focus for discussion.

Government spokesman Dimitris Reppas said the issue could be brought onto the agenda of the so-called 'low-level' talks, which are being held between Greek and Turkish foreign ministry officials.

The talks aim at finding common ground for the two countries on a number of non-contentious issues. These include cooperation in tourism, crime and other sectors.

The Athens daily "Ta Nea" reported that it had been agreed to establish a joint committee of experts to examine books used in Greek and Turkish schools at the talks.

The newspaper claimed the aim of the committee was to examine text books used in history, geography and the environment for chauvinistic aspects.

Mr. Reppas said, however, that the issue had not been a focus of discussions during the talks and was not being discussed in the currently. Discussion of this issue, he added, would require good will.

Foreign Minister George Papandreou told reporters after conferring with Prime Minister Costas Simitis on foreign policy issues that he had yet to be briefed on the results of the talks.

He said, however, that there would be a mid-term report on the talks on the completion of the third round, which is currently under way.

Athens News Agency

[02] National Bank of Greece to keep rates steady

Athens, 27/10/1999 (ANA)

"When that occurs (any decrease in rates by the Bank of Greece), we'll review the development," Mr. Karatzas said.

He was addressing a news conference in downtown Athens to outline nine- month results posted by National, the country's largest commercial bank and the second Greek listing on the New York Stock Exchange.

National Bank unveiled pre-tax profits of 146.4 billion drachmas for January-September compared to 88.6 billion drachmas in the corresponding period of 1998.

The National Bank Group posted consolidated pre-tax profits estimated at 219 billion drachmas in January-September against 128.9 billion in the first nine months of 1998 - an increase of about 70 percent.

Athens News Agency

[03] New FT index for Athens bourse

Athens, 27/10/1999 (ANA)

The new index for medium capitalisation stocks will complement the existing FTSE/ASE 20 index for blue chips and heavily traded shares.

In the future, the FTSE/ASE 40 will be used as a base for futures trading on the Athens Derivatives Exchange, like its predecessor.

Athens News Agency

[04] Alpha Credit Bank shows 9M profit jump

Athens, 27/10/1999 (ANA)

The bank's assets totalled 5.4 trillion drachmas in the same period, up 45.9 percent. Shareholders' equity rose by 63.2 percent to 518.2 billion drachmas.

Deposits totalled 3.8 trillion drachmas in January-September, up 40.7 percent, and loans rose by 40 percent to 2.1 trillion drachmas.

The bank reported that it was proceeding with the integration of Ionian Bank into the Alpha group, and the merger of the two group's subsidiaries.

The merger between the two banks is due for completion in the first quarter of 2000, and that of subsidiaries by the end of this year.

Athens News Agency

[05] Stocks drop on inflation jitters

Athens, 27/10/1999 (ANA)

Trading was nervous with the general index ending 0.96 percent lower at 5, 524.32 points, off the day's low when losses were 2.0 percent. Turnover was a moderate 311 billion drachmas.

Shares in the Miscellaneous and Holding sectors were badly hit to end 2.25 percent and 2.66 percent lower respectively.

On the other hand, the Leasing and Banks sectors scored gains, up 2.20 pct and 1.06 pct respectively.

Other sector indices ended as follows: Insurance (-0.55 pct), Investment (- 2.02 pct), Construction (-0.67 pct) and Industrials (-2.35 pct).

The parallel market index for smaller capitalisation stocks increased 0.62 percent while the FTSE/ASE 20 index for blue chip and heavily traded stocks fell 0.29 percent to 2,777.53 points.

Broadly, decliners led advancers by 228 to 91 with another six issues unchanged.

A total of 26 shares ended at the day's 8.0 percent limit up, while another 25 ended at the day's limit down.

ANEK Lines and Macedonian Spinning Mills were the most heavily traded stocks.

National Bank of Greece ended at 22,380 drachmas, Alpha Credit Bank at 22, 595, Commercial Bank at 23,690, Titan Cement (common) at 35,000, Hellenic Petroleum at 5,050, Intracom (common) at 13,920, Minoan Lines at 9,835, Panafon at 4,000 and Hellenic Telecoms at 6,850.

Athens News Agency

[06] SEB sees euro goal intact

Athens, 27/10/1999 (ANA)

Iason Stratos, SEB's chairman, said yesterday that the government had remained steadfast in the economic policy it had originally adopted, and could deal with any problems in a timely fashion.

He was commenting on reports that the annual inflation rate may rise above 2.0 percent in October, up from 1.9 percent in September.

Athens News Agency

[07] Civil servants' salaries up 2.5 pct

Athens, 27/10/1999 (ANA)

Mr. Christodoulakis pledged that the government would pay rises ranging from 2.1 to 2.9 percent for an average weighed rise of 2.5 percent.

The pay increases represent a minimum of 166 drachmas and a maximum of 366 drachmas daily.

He said that the government's proposals, including tax cuts, would increase the purchasing power of civil servants with pay rises exceeding the inflation target for the year 2000.

ADEDY president G. Koutsoukos said that the government's proposals did not meet his members' demands.

The union plans to stage demonstrations in the first 10 days of November.

Athens News Agency

[08] Olympic Catering set for second float

Athens, 27/10/1999 (ANA)

The ministers also discussed the financial condition of public utilities supervised by the transport ministry.

Athens News Agency

[09] Yield on T-bills rises

Athens, 27/10/1999 (ANA)

The average weighed rate of the 60 billion drachmas of T-bills rose to 9.07 percent from 8.74 percent in the previous auction on September 28.

The auction was held through the market's primary dealers and the finance ministry paid a commission of 0.45 percent.

Bids submitted totalled 107.2 billion drachmas, 1.8 times more than the amount sought. The ministry finally accepted bids totalling 65.2 billion drachmas.

The finance ministry will launch a new issue of tax-free savings bonds in paperless form in a public offering on Friday 29 October to Tuesday 2 November.

The bonds will pay an annual fixed coupon of 8.6 percent.

Athens News Agency

[10] Varvaressos to hold IPO

Athens, 27/10/1999 (ANA)

The plan, approved by the Athens bourse and the capital market commission, envisages the issue of 2,576,270 common shares at a nominal value of 200 drachmas each.

A total of 2,453,590 shares will be offered to the public while another 122, 680 shares are destined for the company's staff through a private placement.

The company's total shares will rise to 10,305,079 after the share capital increase.

The new capital will be used to finance the company's business plan, including a five billion drachma investment to modernise facilities, build a new spinning mill and to forge cooperation agreements.

Varvaressos was founded in 1964. Its 1998 turnover totalled 7.25 billion drachmas, a 14 percent increase from 1997, while pre-tax profits totalled 473 million drachmas, up 180 percent.

In 1999, the company expects its turnover to reach 7.3 billion drachmas and pre-tax profits 594 million drachmas.

National Bank of Greece is acting as the main underwriter to the IPO, with Alpha Finance as consultant.

Athens News Agency

[11] Athens Foreign Exchange

Athens, 27/10/1999 (ANA)

Parities in Drachmas

Banknotes             Buying  Selling
US Dollar             307.837 314.975
Can.Dollar            209.014 213.860
Australian Dlr        200.726 205.380
Pound Sterling        510.781 522.624
Irish Punt            415.598 425.234
Pound Cyprus          566.035 579.159
Pound Malta           730.653 761.097
Turkish pound (100)     0.060   0.063
French franc           49.899  51.056
Swiss franc           204.764 209.511
Belgian franc           8.114   8.302
German Mark           167.351 171.232
Finnish Mark           55.050  56.326
Dutch Guilder         148.527 151.971
Danish Kr.             44.033  45.054
Swedish Kr.            37.754  38.629
Norwegian Kr.          39.650  40.570
Austrian Sh.           23.786  24.338
Italian lira (100)     16.904  17.296
Yen (100)             294.227 301.049
Spanish Peseta          1.967   2.013
Port. Escudo            1.633   1.671

Foreign Exchange      Buying  Selling
New York              307.837 314.975
Montreal              209.014 213.860
Sydney                200.726 205.380
London                510.781 522.624
Dublin                415.598 425.234
Nicosia               566.035 579.159
Paris                  49.899  51.056
Zurich                204.764 209.511
Brussels                8.114   8.302
Frankfurt             167.351 171.232
Helsinki               55.050  56.326
Amsterdam             148.527 151.971
Copenhagen             44.033  45.054
Stockholm              37.754  38.629
Oslo                   39.650  40.570
Vienna                 23.786  24.338
Milan                  16.904  17.296
Tokyo                 294.227 301.049
Madrid                  1.967   2.013
Lisbon                  1.633   1.671

Athens News Agency

[12] Clinton's visit to Greece officially announced

WASHINGTON, 27/10/1999 (ANA - Thomas Ellis)

Mr. Clinton will visit Turkey on Nov. 15-17 ahead of a planned Organisation for Security and Cooperation in Europe (OSCE) summit, scheduled for Nov. 17- 19 in Istanbul.

The OSCE summit "is an opportunity for the leaders of 54 countries of the Euro-Atlantic region to focus on the promotion of democracy, human rights, security and stability between us, as well as within the participating countries," the announcement read .

Mr. Clinton will also visit Italy on Nov. 20-21 and Bulgaria on Nov. 21- 23.

Athens News Agency

[13] Greek leadership on `OXI Day`, Thessaloniki liberation anniversary

Athens, 27/10/1999 (ANA)

"The anniversary we are celebrating tomorrow, as well as the anniversary of the liberation of Thessaloniki, which we honoured yesterday, is a source of pride for the nation and of teachings for Hellenism," he stated in a message yesterday.

"Greece's heroic resistance against the axis forces in 1940, as well as the liberation of Thessaloniki in 1912, proved that Greeks maintain significant reserves of ancestral virtues and fight with heroism when it concerns regaining or maintaining their freedom," he added.

"...The Greek people will always remember the days of the 1940s with emotion, as well as the 1912-13 period, during which national desires were realised and Greece's just causes recognised. Today, national desires focus on repelling any questioning of our sovereign rights, on the just solution of the Cyprus problem, development and the prosperity of our people," Mr. Stephanopoulos said.

Simitis : On his part, Prime Minister Costas Simitis said in his message that "we Greeks have shown on the battlefields in 1940, and then in the resistance, that we can struggle for our visions and build our future with trust."

"The eve of the third millennium finds Europe with a completely different geographical and political landscape from that which it experienced on the eve of the Second World War and during the Cold War period: that of the gradual unification of the conti nent in all sectors," he said.

Opposition leaders : In his message on the occasion of the Oct. 28 national holiday, the anniversary of the outbreak of war between Greece and Italian troops in 1940, main opposition New Democracy leader Costas Karamanlis referred to Greece's role as a force pursuing peace, d emocracy, stability, prosperity, respect for human rights and adherence to international law.

Commenting on the issue of globalisation, Mr. Karamanlis said "global peaceful cooperation will have no prospects if it is supported on domination, levelling, contempt, hypocrisy and the infringement of international law."

In a similar message, the Coalition of the Left said "today, our country needs a processed national strategy and a minimum national understanding through the creation of a national foreign policy council. The surge in xenophobia and racism which is also knocking menacingly at our door as well requires a new big movement of humanity and solidarity."

Political Spring leader Antonis Samaras said October 28 "teaches duty. The supreme duty to the motherland which understands nothing of compromises, offsetting and backtracking."

Thessaloniki celebrations : Thessaloniki yesterday celebrated the 87th anniversary of its liberation from Ottoman rule and the feast day of its patron saint, Agios Demetrios.

Mr. Stephanopoulos, representatives of the government, party leaders and high-ranking military officers were present at several events, which will culminate tomorrow with a military parade.

Macedonia-Thrace Minister Yiannis Magriotis and Development Minister Evangelos Venizelos represented the government, while Mr. Karamanlis represented ND during the events. The celebrations began with a service at the Agios Demetrios Cathedral.

In the afternoon, Mr. Stephanopoulos addressed an official celebration at the city's university campus, while Thessaloniki Mayor Vassilis Papageorgiou hosted a dinner in honour of the president in the evening.

Athens News Agency

[14] Gov't defends purpose of Clinton visit

Athens, 27/10/1999 (ANA)

"It is not justified," government spokesman Dimitris Reppas told reporters. "This visit will be of benefit to the country as important issues will be discussed and these discussions may help in the resolution of problems."

He said there should be no reactions against Mr. Clinton's visit, adding however, that there was a right to freedom of expression of any opinion, within the context of democratic dialogue.

However, he underlined that asking for a cancellation of the visit was out of the question and that any "events" should not blacken the visit.

"The expression of political views can not be conducted through the exercise of force or threat. These acts are to be condemned," he said.

The US president will be in Greece at the same time as events get under way to mark the 26th anniversary of the student uprising at Athens Polytechnic in November 1973.

The annual events culminate in a march to the US embassy on November 17 which has sometimes been marred by violence.

Asked by reporters whether he was predicting a stormy welcome for the US leader, Mr. Reppas said he was not, and that he was making a statement on the basis of principles.

Meanwhile, Foreign Minister George Papandreou said that the foreign ministr y was not aware of any plans by US Secretary of State Madeleine Albright to arrive in Greece before Mr. Clinton.

Athens News Agency

[15] Simitis in Bulgaria next week

SOFIA, 27/10/1999 (ANA - B. Borisov)

Athens News Agency Athens 27/10/1999 (ANA)

The "Daily Bulletin" will not be published tomorrow, Oct. 28, due to the "OXI Day" commemoration.

It will again recirculate on Friday, Oct. 29

Athens News Agency

[16] Russian, Turkish FMs in Thessaloniki

Athens, 27/10/1999 (ANA)

Among them is Turkish Foreign Minister Ismail Cem, who was due to arrive late last night in Thessaloniki from Germany. Mr. Cem is expected to have a meeting with his host, Foreign Minister George Papandreou today, on the sidelines of the summit.

Also expected yesterday was Russian Foreign Minister Igor Ivanov. In the wake of the dramatic developments in the Caucasus, the meetings Mr. Ivanov will have with his Caucasus counterparts are expected to be watched with interest.

Bulgarian Foreign Minister Nadhezda Mihailova will be unable to attend, however. A question mark also hanged over the arrival of Albanian FM Paskal Milo, following the resignation of Albanian Prime Minister Pandeli Majko on Monday.

The meeting will focus on organisational issues, such as a headquarters for the BSEC and the appointment of officials. Other issues related to the BSEC's relations with the European Union, the Black Sea development bank and cross-border cooperation will also be discussed.

The meeting is expected to wind up in the afternoon with a press conference.

Athens News Agency

[17] Naval standards, banners returned to Russia

Athens, 27/10/1999 (ANA)

The historic items, along with others of ecclesiastical use, were part of property kept in an apartment in the Algerian capital bequeathed to the Greek state and maintained as a chapel by the Greek embassy in the city. They were turned over to Russian ambassador to Greece Mihail Botcharnikov by the Greek foreign ministry.

A statement said Russia had agreed to reciprocate by returning the archives of Thessaloniki's Jewish Community for the period between 1870 and 1942. The latter had been uncovered in Berlin by Red Army troops in 1945 and kept in Moscow ever since.

Athens News Agency

[18] Sept. 7 quake costs to top 500 billion

Athens, 27/10/1999 (ANA)

Mr. Papantoniou, speaking after a meeting chaired by Prime Minister Costas Simitis on housing policies for the quake-stricken, said that he was awaiting a European Union response on covering more than half of the amount.

The budget and loans from the European Investment Bank are expected to help meet the rest of the bill.

Attending the meeting yesterday were, apart from Mr. Papantoniou, Interior Minister Vasso Papandreou, Environment, Town Planning and Public Works Minister Costas Laliotis and his deputy Christos Verelis, among others.

Meanwhile, measures and support for businesses affected by the quake will be announced next week, the government said.

Ms. Papandreou added that the meeting had decided to adopt a new measure providing landlords with tax exemptions if they rented their properties to the quake's homeless.

Athens News Agency

[19] Delos lions to be moved today

Athens, 27/10/1999 (ANA)

Strong Cycladic winds and sea breezes over the centuries have damaged the lions, which are thought to date back to the 6th and 7th centuries BC. Only five are in a reasonable condition today, while only half of another two can be saved and a further thr ee are in fragments.

The lions - each thought to weight about 2.5 tons - will be moved to a special hall at the island's museum where they will be restored and exhibited.

Replicas of the statues will be placed along the road the lions guard on Delos. The 'Lions Way' is a popular drawcard for the thousands of tourists who visit the island annually.

Archaeologists have expressed concern about the degenerating condition of the marble lions for some time. They first requested their removal to the museum in 1992.

Other archaeologists have voiced objections against the move, saying that the lions had to be saved but not to the cost of the aesthetic unity of the site.

Delos, which has been described as "a floating archaeological site", is visited by thousands of tourists every year. It is inhabited by only a handful of museum guards and the staff of a small hostel for archaeologists.

According to mythology, Delos was raised from the seabed by Poseidon, god of the sea. Archaeological findings show that it was inhabited as far back as the early Bronze Age (around 2000 BC). By the second and first centuries BC, the isle had become the chief trading centre of the eastern Mediterranean. Apart from the impressive row of lions, its numerous archaeological sites have yielded a large number of ancient temples, villas and magnificent sculptures.

Athens News Agency

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