Athens News Agency: Daily News Bulletin in English, 99-11-20

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] Clinton pledges to help improve Greek-Turkish relations, resolve Cyprus problem

[02] Simitis tells Turkish TV he envisages a tension-free Balkans

[03] Patriarch Vartholomeos receives Cyprus president

[04] Violent incidents in down town Athens follow protests over Clinton visit

[05] Outgoing FYROM president refers at length to Greece

[06] The Economist makes predictions for Greece

[07] Papademos calls for shift to fiscal policy

[08] Ridenco sets up Turkish subsidiary

[09] Clinton visit fuels hope of stronger business ties

[10] Greek stocks change direction, end higher

[11] Liquidity, inflation bring bourse down this week

[12] Bank of Greece intervenes to rein in money rates

[13] Greek shipping to remain competitive, Soumakis says

[14] Telestet expands network with Dionik agreement

[15] Athens Foreign Exchange

[01] Clinton pledges to help improve Greek-Turkish relations, resolve Cyprus problem

Athens, 20/11/1999 (ANA)

"Mr. President, I heard what you said in your address. As you know I just arrived from Turkey. I must tell you that I deployed my best efforts to help you resolve those issues and to promote friendship and reconciliation. Talks on the Cyprus issue are due to begin. I must also tell you I will do everything on my part in order to have progress on this issue as well," President Clinton said, in a response to Greek President Kostis Stephanopoulos's address during an official dinner at the presidential mansion.

"The future we envision includes Greece. We expect (Greece) to assume a leading role in the region," the US president said.

Earlier, the US president called Greece the "economic powerhouse in SE Europe, the country with the highest growth rate in the EU" and with a "booming stock market."

"Greece is one of only seven nations of the world that has sided with the United States in every major military conflict," Mr. Clinton said, before referring in detail to the contribution of the ethnic Greek community in the United States over two centuries since Greek sailors permanently settled in New England as well as US President James Monroe's encouragement of the Greek Independence struggle in 1822. He also lauded Greek-Americans for their "hard work and devotion to church and family," saying the United States would not be the same without them.

"Oli mazi (all together)," was President Clinton's final remark in his address.

President Clinton, along with his wife Hillary and daughter Chelsea, arrived at the presidential mansion at approximately 9:10 p.m. They were greeted by President Stephanopoulos and Prime Minister Costas Simitis, before the playing of the American and Greek national anthems.

Among the Greek president's gifts to the Arkansas native were two classic volumes, Aristotle's 'Politics' and Plato's 'Republic'. Premier Simitis headed a high-ranking government delegation at the official dinner, including top Cabinet ministers, most of Greece's party leaders -- sans the leftist opposition leaders -- past presidents and premiers, Greek-American leaders, including well-known businessman Angelos Tsakopoulos, Archbishop of Athens and All Greece Christodoulos, new Ar chbishop of America Demetrios and Mr. Clinton's entourage -- a total guest list of 162 in all.

Secretary of State Madeleine Albright preceded the US president at the presidential mansion by about 20 minutes.

Stephanopoulos : President of the Republic Kostis Stephanopoulos in his address said:

"Welcome to Greece. We greet you and Mrs. Clinton with feelings of sincere friendship and great respect towards your person, as well as towards your great country, with which Greece is connected by strong past and present ties."

"We greet you as a distinguished president of the United States; who with his policy reinforced even more the prosperity of his country, and as president of the leading country of the western world, (a country) that aspires to express and support the grand principles of freedom, democracy and respect of human rights," Mr. Stephanopoulos added.

"Greece today is a peaceful nation, fully respecting its international obligations, with an impeccably functioning democratic system of government, with a strong and growing economy , a member of the European Union and many other international organisations, an important factor of stability in the Balkan region. We do not like war, nor do we project it as a means for resolving differences, we accept and support United Nations resolutions , we respect international law and international treaties, and mai ntain friendly relations with all our neighbours, not having problems other than those caused against us by Turkey's aggressive policy," he said.

Referring to the Cyprus problem, Mr. Stephanopoulos said it should be resolved according to the principles of justice and democracy.

"It is not possible to be resolved through the acceptance of military force and accomplished facts. It is not conceivable for the bicommunal system of government being studied to disregard the overwhelming majority of Greek Cypriots, as it is not concei vable for the rights of all Cypriots to be disregarded... The entry of the Republic of Cyprus in the EU cannot be permitted to depend on a previous solution of the Cyprus problem. This problem, I believe, is of primary importance," he said. The Gr eek president stressed that no nation desired friendship and cooperation with Turkey more than Greece, as this would be beneficial to the economic development of both countries and save money from expensive armaments.

"Greece has proposed to all sides and, of course, to Turkey, the (adoption of the) procedure of the International Court at The Hague, which bears the guarantees and the binding nature of the rulings of this court. The international community also concurs to this proposal".

Arrival and statements : President Bill Clinton arrived at the Athens international airport at approximately 6:50 yesterday afternoon for a 24- hour lightning trip to the Greek capital following a brief flight from Istanbul, where he participated in an Organisation for Security an d Cooperation in Europe (OSCE) summit.

President Clinton's arrival was delayed by about 15 minutes, with the scheduled time of arrival originally set for 6:35 p.m.

A complete flight ban was in effect over Attica prefecture as the US president, accompanied by his wife Hillary and daughter Chelsea, arrived aboard Air Force One. Security in and around the airport, located in a seaside Athens suburb, was described as draconian.

In a brief statement at the airport shortly after exiting Air Force One at 7 p.m. President Clinton said: "Hello, thank you all for coming out to greet us...my family and our American delegation are very happy to be here in Greece, I have come here as a philhellene (a friend of Greece), and I look forward to experiencing that wonderful quality of hospitality -- philoxenia -- known to all the world."

Besides Hillary and Chelsea Clinton, Secretary of State Madeleine Albright and White House Chief of Staff John Podesta also accompanied the US president, who was officially greeted at the airport by Foreign Minister George Papandreou and the US Ambassador to Athens Nicholas Burns.

President Clinton noted that he wanted "through this visit" to demonstrate to the US people the significant role that Greece plays today in southeastern Europe in terms of stability and economic vigour, mentioning the Athens Stock Exchange in particular .

"...we look to ancient Greece for inspiration, we look to modern Greece for leadership," he stressed, before heading with Hillary Clinton into a crowd of supporters gathered on the runway and waving Greek and US flags.

"Our nations have so much in common, we are allies with a long tradition in democracy, two nations proud of our past which also look to the future. I look forward to my stay here," he said.

Mr. Clinton mentioned both a solution to the long-standing Cyprus problem and "building a Europe in which the Balkans are stabilised". "Our nations have so much in common...democracies with a long tradition of impassioned political debate about issue s which affect our lives..." he said.

The US president's motorcade has reached the Intercontinental Hotel in central Athens, running a route from the airport cleared of all vehicular traffic and with no one in sight, sans police.

Clinton says unconcerned over protests to his visit : ANKARA (ANA) - Speaking in Istanbul yesterday, President Clinton said the Greek government and the Greek people have hopes over the new initiative on the Cyprus issue, adding that he was not concerned over the prospect of protests against him in Athens.

"If there is a question of protest rallies, there should be a possibility for them to take place," he said and went on to say that the majority of the Greek people "think differently" from himself and that "facts have proved that I was right."

President Clinton said he was not concerned over the rallies and that "the US and Greece are allies and Greece is very important to us. Greece has achieved amazing progress over the past 10 years."

Referring to Greek-Turkish relations, President Clinton said that "in three different speeches I made in Turkey, I referred to the need for a compromise between the peoples of Turkey and Greece and I received a receptive ear."

Athens News Agency

[02] Simitis tells Turkish TV he envisages a tension-free Balkans

ISTANBUL, 20/11/1999 (ANA-A.Kourkoulas)

"My dream is for there to be peace in this area, that there be friendship and progress," Mr. Simitis said in his first-ever interview on Turkish television.

"We want a relationship between the two countries (Greece and Turkey), the growth of one to aid the growth of the other, and both countries contributing, together with the rest of the Balkans, to prosperity in the region, to ending foolish nationalistic sentiments and tensions, which can be easily resolved on the basis of the international pacts and treaties," the Greek premier told Turkish state television TRT1.

Replying to a question on Turkey's bid for European Union membership, Mr. Simitis said Greece has repeatedly said it welcomes Turkey's European vocation.

"But we have also said that Turkey's candidacy is acceptable under certain terms and conditions," he warned, referring to the conditions under which Greece would agree to upgrading Turkey's status to "candidate-country".

Regarding Turkish Cypriot leader Rauf Denktash's agreement to take part in UN-sponsored proximity talks with Cyprus President Glafcos Clerides at the invitation of the UN Secretary General, due to commence December 3 in New York, Mr. Simitis noted that "we are continuing something that had been going on for some time, had been discontinued, and there was a pledge for its resumption".

"It (Denktash's agreement) is not an event that radically changes things," Mr. Simitis said.

Asked on the prospect of a repeat of crises such as that over the Imia islets in 1996, the prime minister said repetition of such an incident would be totally contrary to the present climate in Greek-Turkish relations.

"Naturally, I cannot completely rule out such an eventuality in the future, but I certainly hope not," he added.

"I believe it would be foolish if some embarked on such an effort," Mr. Simitis said, adding that he believed that the Turkish people, like the Greeks, desired a "very friendly relationship between the two countries".

Questioned on the resolution of specific differences between Greece and Turkey, he said: "The solution that Greece proposes is simple: Since for so long we have been unable to agree, let the International Court of Justice at The Hague give an opinion, let it take a decision. It will be an objective and binding decision and will not give rise to disputes by any side."

Athens News Agency

[03] Patriarch Vartholomeos receives Cyprus president

ISTANBUL, 20/11/1999 (CNA/ANA - A. Kourkoulas)

The Orthodox prelate noted that the Cyprus problem has had a negative impact on the Greek community in Istanbul and the Ecumenical Patriarchate, adding that this outfall was not instigated by the Greek Cypriots.

On his part, President Clerides, the first ever leader of Cyprus to visit the Patriarchate, offered a pastoral staff to Patriarch Vartholomeos and expressed the decision of the Cyprus government to aid in the reconstruction and repairs of Church and Greek community buildings damaged by the earthquakes since August.

President Clerides, who visited the patriarchal church of Saint George at Phanar, on the sidelines of the Organisation for Security and Cooperation in Europe summit, was given by Patriarch Vartholomeos a set of rosary beeds, a patriarchal publication on the environment and a copy of the US Congress medal awarded to the Patriarch.

The Cypriot delegation also visited various sights in Istanbul, such as Agia Sophia, Agia Irene and the Top Kapi Palace.

Athens News Agency

[04] Violent incidents in down town Athens follow protests over Clinton visit

Athens, 20/11/1999 (ANA)

"Organised groups of protesters are responsible for the violent events, which took place tonight. A group of protesters, which was at the head of the rally in Syntagma Square, attacked the men of Greek police and naturally was forced away," government spokesman Dimitris Reppas said.

Several bank storefronts were destroyed in the heart of Athens yesterday evening as widespread rioting by mostly young masked demonstrators left scores of offices and trash bins in flames at almost as the same moment as Bill Clinton's plane touched down in the Greek capital for a long-awaited visit.

Violence broke out at several points near the Greek parliament, particularly on Panepistimiou, Stadiou, Solonos and Philellinon streets. The earlier mass protest winded its way peacefully through central Athens, even though Greek police authorities this week had banned any demonstrations in the city's centre, particularly near the presidential mansion and the US embassy.

Police rounded up about 40 persons by 10 p.m. and detained at least 18 of them for their involvement in the incidents.

About 15 people were taken to Athens hospitals, as they experienced respiratory probelms caused by tear gas discharged by riot police, in efforts to stop the violent incidents.

"Among others, the responsibility of the Communist Party of Greece (KKE), which has been cultivating a climate of confrontation and conflict, is great, while today (on Friday) it provided political cover and contributed to the creation of conditions of tension and incidents," Mr. Reppas said.

"We condemn and denounce this minority, which with its stance turns directly against democratic legality. Such actions not only are not related to the principles of free movement of ideas, but are also a slander to the struggles of the popular movement, in the name of which they are supposedly manifested.

"The Greek people know how to defend our country's interests, while the government safeguards and guarantees the nation's safe course to the future, especially in this difficult period," Mr. Reppas concluded.

Calm returned to the city centre after the fire brigade had put out all the fires, about two hours later.

At about the same time, protesters outside the US Consulate in Thessaloniki burned an American flag and three coins at the building. The demonstrators in Athens had approved a resolution intended to be delivered to the American embassy stating they opposed "a denial to exercise their inalienable right against the barbarity of the 'new world order".

Police said the total number of protesters was 6,000.

A strong but discreet police force had cordoned off major arterial roads in which Clinton and his entourage are expected to circulate during the US president's 24-hour visit. The ban on cars circulating on these roads will remain in force until this afternoon, when President Clinton leaves.

Earlier yesterday, Public Order Minister Michalis Chrisohoidis appealed to organisers of protest rallies over the Clinton visit to "display a sense of responsibility".

Citing "reasons of public safety", the Athens chief of police issued a prohibition of rallies and marches in several areas of the Greek capital for the duration of the Clinton visit, including the route to and from Athens' international airport to be followed by President Clinton's motorcade and in the vicinity of the US embassy.

The move sparked sharp criticism from the left-wing opposition parties, and the organisers of the march said they were determined to break through the police cordon to reach the embassy.

Government spokesman Yiannis Nikolaou said everybody had the right to freely express their opinions but the state also had the right to protect the country's national interests.

Regarding the content of talks between Mr. Clinton and Greek Prime Minister Costas Simitis, Mr. Nikolaou said the government had "no intention or inclination" to sign a bilateral agreement relating to terrorism.

The talks in Athens, he said, would focus on Greek-American relations and issues pertaining to the region.

Reactions : A spokesman for the KKE's Politburo accused the government of responsibility for the incidents, saying it had acted on the basis of a plan and used provocators in order to justify its ban of the march.

Democratic Social Movement (DHKKI) Dimitris Tsovolas also accused the government of responsibility for the incidents, having shown indifference in isolating the well-known provocators.

Athens News Agency

[05] Outgoing FYROM president refers at length to Greece

SKOPJE, 20/11/1999 (ANA - M. Vichou)

Kiro Gligorov, after 10 years in power and two presidential terms during which he dominated the country's political scene and enjoyed the respect of the international community, gave a farewell speech in Parliament and referred at length to Greece.

"Maybe it is too much for us to expect from Greece and its modern pro- European leadership to accept reality on the issue of the name (of FYROM) which does not constitute a threat to Greece. For the good of our future good relations and the development o f our good neighbourly relations in their entirety, and ultimately for the good of our common interest to be in Europe and NATO together, I hope it will not be necessary to find the solution through the General Assembly. I would like to underline once aga in that we are ready for a compromise and to accept a possible name which Greece will use in referring to the 'Republic of Macedonia'," he said.

Athens News Agency

[06] The Economist makes predictions for Greece

LONDON, 20/11/1999 (ANA - L. Tsirigotakis)

"We expect an election to be held in March 2000, probably before it is known whether the government has achieved its goal of securing Greek participation in EMU (European Monetary Union)," the report's summary for Greece stated.

It added that "although the election will be close, we expect PASOK to be returned to office, helped by substantial tax cuts in the 2000 budget.

"Inflation will remain low. We expect growth to fall short of the government's revised forecast of 3.5 per cent in 1999, owing to a slowdown in investment growth to 6 per cent, but stronger investment, as well as export growth, should lead to 3.7 per ce nt growth in 2000, moderating to 3.4 per cent in 2001," the report noted.

The report forecast conditions for the remainder of the fourth quarter of 1999 for the short term and through 2001 for the long term.

Athens News Agency

[07] Papademos calls for shift to fiscal policy

Athens, 20/11/1999 (ANA)

Addressing the European Banking Conference in Frankfurt, Mr. Papademos said the shift in emphasis was essential to enable Greece to thrive in the 11- member euro zone after its planned entry in 2001, which he saw as very likely, but still not certain.

Greece's target should be to achieve full employment and the alignment of the standard of living in Greece with the European Union average, the Bank of Greece's governor said.

Athens News Agency

[08] Ridenco sets up Turkish subsidiary

Athens, 20/11/1999 (ANA)

The Istanbul-based subsidiary, created this week, is named Ridenco Tekstil Sanayi ve Ticaret.

Its share capital initially totals one million US dollars.

Ridenco Tekstil is to conduct wholesale and retail sales of Nautica products in Turkey.

Within the year, three Nautica Stores will operate in the neighbouring country.

Athens News Agency

[09] Clinton visit fuels hope of stronger business ties

Athens, 20/11/1999 (ANA)

The Hellenic-American Business Council is working to foster alliances between businesses in the two countries to carry out joint investments in countries of southeast Europe and the Black Sea region.

But officials say there is still a discrepancy between words and deeds.

According to Sotiris Yiannopoulos, general director of the Hellenic- American Chamber, a lack of confidence on the US side stemmed partly from ardent Greek trade unionism in the 1980s that acted as a disincentive to investors.

However, the 1990s were more promising for business ties and investment interest in Greek by US firms has taken a quantum leap, although there is much room for improvement, Mr. Yiannopoulos says.

The US embassy in Athens estimates that American investments in Greece currently total 2.2 billion dollars, just over a third of total foreign investments in the country.

Athens News Agency

[10] Greek stocks change direction, end higher

Athens, 20/11/1999 (ANA)

The general index ended 0.70 percent higher at 5,610.50 points, off the day's highs of 5,625.16 points with turnover at 310 billion drachmas.

Smaller capitalisation stocks, mainly in the Construction and Miscellaneous sectors, were at the focus of attention although Banks remained under pressure.

Sector indices ended as follows: Banks (-0.12 pct), Leasing (+0.49 pct), Insurance (+1.96 pct), Investment (+2.06 pct), Construction (+3.07 pct), Industrials (+1.60 pct), Miscellaneous (+2.44 pct) and Holding (-1.73 pct). The parallel market index for smaller capitalisation stocks jumped 3.39 percent, while the FTSE/ASE 20 index for blue chip and heavily traded stocks fell 0.34 percent to 2,739.51 points.

Broadly, decliners led advancers by 228 to 79 with another 29 issues unchanged.

A total of 35 shares ended at the day's 8.0 percent limit up, while only General Warehouses ended at the day's limit down.

Techniki Olympiaki and Epiphania were the most heavily traded stocks.

National Bank of Greece ended at 21,150 drachmas, Alpha Credit Bank at 25, 400, Commercial Bank at 23,450, Titan Cement (common) at 37,300, Hellenic Petroleum at 4,650, Intracom at 13,500, Minoan Lines at 9,900, Panafon at 3, 660 and Hellenic Telecoms at 6,305.

Futures turnover totals 3.4 billion drs : Turnover at the Athens Derivatives Exchange totalled 3.4 billion drachmas yesterday, with a total of 610 futures traded on the market.

December 1999 and January 2000 contracts were the most heavily traded.

The closing prices of contracts and their expiry dates were as follows: November 1999, 2,726.67; December 1999, 2,806.70; January 2000, 2,836.92; March 2000, 2,860.00; June 2000, 2,899.51; and September 2000: 2,943.22.

Athens News Agency

[11] Liquidity, inflation bring bourse down this week

Athens, 20/11/1999 (ANA)

Traders said investors had adopted a short-term investment policy ahead of the end of the year, awaiting news about inflation and interest rates.

A recent wave of share capital increases and new listings have drained liquidity from the Athens bourse although dealers expect the market to regain its confidence and move higher in the next few months.

Buying interest this week focused on smaller capitalisation stocks, while blue chips stocks remained under pressure.

Banking and other blue chip valuations remained at attractive levels, with the P/E ratio at 58 this year and at 47 in 2000, a fact largely ignored by investors, traders said.

The general index ended the week 1.61 percent lower, reflecting losses in Banks (-1.13 pct), Industrials (-3.75 pct) and Holding (-2.91 pct).

The Construction, Miscellaneous and Leasing sectors, however, ended 2.41, 2.62 and 2.62 percent higher, respectively.

Weekly turnover totalled 1.561 trillion drachmas to post a daily average of 312.205 billion, down from 350.6 billion drachmas the previous week.

Athens News Agency

[12] Bank of Greece intervenes to rein in money rates

Athens, 20/11/1999 (ANA)

The central bank supplied the domestic interbank market with 199.7 billion drachmas through a five-day repo tender, holding the overnight deposit rate at 11.0 percent, the two-day deposit rate at 11.10 percent and the two-week deposit rate at 11.25 perc ent.

Medium-term deposit rates, however, remained low with the 12-month rate stable at 9.30 percent.

The drachma weakened against the dollar, reflecting the US currency's rally in international foreign exchange markets.

At the day's fixing the dollar stood at 318.900 drachmas, up from 316.340 drachmas on Thursday.

The drachma, however, was slightly stronger against the euro at 328.850 drachmas, down from 328.960 drachmas the previous day.

Long-term yields in the secondary bond market remained steady reflecting a favourable climate.

The finance ministry will auction 135 billion drachmas of seven-year bonds on Tuesday.

The benchmark 10-year bond was trading around 99.05, showing a yield of 6.58 percent from around 6.48 percent in the two previous sessions and 6.44 percent on Tuesday.

The yield spread over German bunds between 154 and 156 basis points from 155 basis points a day earlier and 156 basis points on Wednesday.

Electronic turnover in the secondary bond market was low at six billion drachmas from 11.0 billion drachmas in the previous session and 4.0 billion drachmas on Wednesday.

The market cut short its session ahead of US President Bill Clinton's visit to Athens later in the day.

Athens News Agency

[13] Greek shipping to remain competitive, Soumakis says

Athens, 20/11/1999 (ANA)

Addressing an international shipping conference entitled "International shipping on the threshold of the new millennium" in Athens, Mr. Soumakis said: "We can all maintain the leading role of Greek shipping and enhance it in the 21st century. Greece, a country rich in maritime history, will have a permanent strong presence in the international shipping market". "The state has made significant interventions in the last three years aimed at promoting administrative restructuring and improving quality co ntrol through Port State Control and ISM Code certification," Mr. Soumakis said.

Commenting on a recent wave of mergers and takeovers in the domestic passenger shipping market, the minister said that the changes were long overdue.

"However, I want to stress that we will not allow the promotion of a monopoly status in the market," he noted.

Mr. Soumakis urged Greek shipowners, seamen and the state to take their share of the responsibility and jointly promote a new agreement covering the Greek shipping market.

Athens News Agency

[14] Telestet expands network with Dionik agreement

Athens, 20/11/1999 (ANA)

The deal envisages that Dionik Teleclub, Dionik's subsidiary and owner of 18 information technology and software shops, will exclusively offer Telestet's products and services in its Action retail outlets.

Telestet's retail outlets exceed 1,000 around the country.

Athens News Agency

[15] Athens Foreign Exchange

Athens, 20/11/1999 (ANA)

Parities in Drachmas

Banknotes             Buying  Selling
US Dollar             316.349 323.684
Can.Dollar            215.244 220.235
Australian Dlr        201.693 206.370
Pound Sterling        511.059 522.908
Irish Punt            414.213 423.816
Pound Cyprus          563.020 576.073
Pound Malta           737.119 767.832
Turkish pound (100)     0.056   0.058
French franc           49.732  50.885
Swiss franc           203.653 208.374
Belgian franc           8.087   8.274
German Mark           166.793 170.660
Finnish Mark           54.867  56.139
Dutch Guilder         148.032 151.464
Danish Kr.             43.854  44.871
Swedish Kr.            37.894  38.773
Norwegian Kr.          39.847  40.771
Austrian Sh.           23.707  24.256
Italian lira (100)     16.848  17.239
Yen (100)             298.493 305.413
Spanish Peseta          1.960   2.006
Port. Escudo            1.627   1.665

Foreign Exchange      Buying  Selling
New York              316.349 323.684
Montreal              215.244 220.235
Sydney                201.693 206.370
London                511.059 522.908
Dublin                414.213 423.816
Nicosia               563.020 576.073
Paris                  49.732  50.885
Zurich                203.653 208.374
Brussels                8.087   8.274
Frankfurt             166.793 170.660
Helsinki               54.867  56.139
Amsterdam             148.032 151.464
Copenhagen             43.854  44.871
Stockholm              37.894  38.773
Oslo                   39.847  40.771
Vienna                 23.707  24.256
Milan                  16.848  17.239
Tokyo                 298.493 305.413
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