Athens News Agency: Daily News Bulletin in English, 01-05-02

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

CONTENTS

[01] Social insurance ensures record turnout at Labor Day rallies

[02] State Department terrorism report notes positive steps in Greece

[03] State Department official says Greece has taken steps forward in counter terrorism

[04] Greek FM notes EU action over political prisoner deaths in Turkey

[05] Turkey to be invited to EU informal Foreign Ministers Council

[06] Turkish air force infringes Athens FIR and violates national airspace on Monday

[07] Greek FM meets Tunisian FM for talks on bilateral relations

[08] Greek FM receives Germany's PDS leader, discusses war reparations

[09] Cyprus president outlines goals of Athens visit

[10] Program of Pope's Athens visit made official

[11] Ecumenical Patriarch Vartholomeos arrives in Greece on Wednesday

[12] Venizelos meets Yilmaz, culture and sports ministers in Turkey

[13] Economy ministry to propose creation of social revenue fund to support social security system

[14] Party youth leaders back unions on social insurance issue

[15] Conference in NY on Greek investments, bourse and Olympics

[16] Nat. Economy minister meets Grasso in New York

[17] Nestos municipality decides to become shareholder in power plant

[18] Axon Airlines buys four ERJ-145 Embraer aircraft

[19] Blue chips push ASE higher on Monday

[20] Clergymen and religious organizations stage protest against Pope's visit to Greece

[21] FIFA grants Greece 3-month extension to harmonies sports law

[22] Offices of Athens Olympic Broadcasting SA company inaugurated

[23] President Clerides refers to domestic policies in press conference

[01] Social insurance ensures record turnout at Labor Day rallies

Athens, 02/05/2001 (ANA)

Down the road from Pedion tou Areos, where the General Confederation of Workers of Greece (GSEE), the civil servants' union ADEDY and Labor Centers from various areas in Greece were addressing their members, the Communist Party-affiliated PAME trade union organization was addressing its own membership in Kotzia Square.

The two rival union groups rose above their differences, however, and joined together in a protest march to Parliament.

In both rallies, the key issue dominating the meetings was that of social insurance reform and unemployment.

Similarly in Patras, PAME and the local Labor Center staged separate rallies but joined forces to march through the city and shout slogans against the government's social insurance reforms.

GSEE leader calls for PM's intervention on social insurance: A call to Prime Minister Costas Simitis to intervene personally for a solution to the issue of social insurance reform and to guarantee the three-way funding of pensions, was made on Tuesday by the president of Greece's largest umbrella trade union organization Christos Polyzogopoulos, head of the Confederation of Workers of Greece (GSEE).

The GSEE leader, who was addressing a May Day labor rally organized by the local Labor Center in Thessaloniki, also urged Simitis to guarantee "honest dialogue on finding additional funds for the social insurance system," and said that trade union movement would not "back down an inch" from its positions, while suggesting that funds to finance social insurance should be levied by taxing larger incomes.

Unlike in Athens and other Greek cities, the rival May Day rally organized by the Communist Party-affiliated PAME trade union organization was larger and more impressive in Thessaloniki, where the marchers did not join ranks in the protest march but went their separate way.

Polyzogopoulos was critical of these decisions by the organizers of the PAME rally, saying that they should think twice before their fragmented the united front of the unions and workers. "We can't afford the luxury of separate appearances," he added.

May Day messages highlight labor issues: Political parties on Monday issued May Day messages high-lighting current labor issues, while the message by the ruling PASOK party's president and Executive Bureau said May Day in 2001 is undoubtedly being celebrated in a climate of emotion and intense social confrontation.

The PASOK party's message further said "the responsible dialogue on reforming the social security system, which will develop in the coming weeks, and primarily our governmental positions in the dialogue process, will be the best reply in every direction."

Main opposition New Democracy party leader Costas Karamanlis said in his message "it is becoming obvious today that the proclaimed 'social sensitivity' of the Simitis government in practice 'produces' the collapse of the social security system, more unemployment and more taxes for the socially weaker. It 'produces' new social exclusions, the unilateral questioning of rights, social destabilization and new deadlocks. This year's May Day acquires a new content: It puts forward the need for social solidarity, it seals the end of obsessions and necessitates a new page and a change in policy."

The Communist Party of Greece (KKE) said in its own message "worker, you are not obliged to pay even a drachma. The state, bankers, ship owners, industrialists, big merchants and those who create treasures by exploiting you should pay."

The Democratic Social Movement (DHKKI) said, "today, more than ever, militant rallying and the creation of a big and effective social front against neo-liberalism and social injustice is necessary."

[02] State Department terrorism report notes positive steps in Greece

WASHINGTON, 02/05/2001 (ANA – T. Ellis)

The report released shortly after midnight on Tuesday notes that Greece has adopted a series of much tougher measures against crimes of political violence since the murder of British Embassy attache Brigadier Stephen Saunders last summer, but also that these have not yet resulted in any arrests.

The report welcomes measures such as an agreement for cooperation in law enforcement signed with the US, new and tougher legislation on terrorist crimes drafted by the justice ministry and the government's strong public condemnation of the Saunders' killing. It particularly stresses the effort made to persuade what it calls "historically skeptical" Greek public opinion of the damage that terrorism causes to Greek interests and the country's international reputation.

The report also rests on the higher levels of cooperation between Greek, US and British police forces to deal with the problem, citing it as a "notable example" of multilateral international cooperation to quash terrorism.

However, despite measures such as establishing an anonymous hotline and offering rewards of several million dollars for information on the terrorists, as well as outside assistance from Britain and the US and a newly empowered local counter terrorism unit, Greece had not resolved any outstanding terrorist incidents and arrested no terrorist suspects in 2000, the report notes.

Finally, the report listed a series of attacks carried out by leftist and anarchist groups, most of which targeted buildings and cars of the Greek government and military, NATO, foreign diplomats and foreign companies.

It said that, throughout the year, anarchist groups claimed responsibility for about two bomb attacks a week on average, with no casualties reported and no arrests. It particularly cited the groups Revolutionary Nuclei, and the two most active anarchist groups with 31 attacks in 2000, Black Star and Anarchist Faction.

[03] State Department official says Greece has taken steps forward in counter terrorism

WASHINGTON, 02/05/2001 (ANA - T. Ellis)

He was responding to a question by the Athens News Agency (ANA) on progress registered in this sector in the US annual global terrorism report.

Speaking at a press briefing at the State Department on the occasion of the global terrorism report's publication, Hull said "I think we have seen in Greece over this period some steps forward in counter terrorism. Tragically, I think the catalyst for many of those steps was the murder of the British defense attache, but in the wake of that event, the Greek authorities did, I think, speak out more clearly than they have in the past in condemning these kinds of actions. Mrs. Saunders herself was given opportunities to address the Greek people, with great effect, I believe. And so you can see the beginning of, I think, popular questioning of a phenomenon that has been remarkably uncriticized for many years.

"Beyond that, of course, you have a strengthening of the counter-terrorism unit and the Greeks have under consideration right now some tougher counter terrorism laws. I think all of that is to the good. I think we have to keep our eye on the ball, however, and in this case, it's very much arrests, convictions, putting these people in jail. And therefore, until we get those kinds of results, I don't think we and I don't think the Greek government should rest."

[04] Greek FM notes EU action over political prisoner deaths in Turkey

Athens, 02/05/2001 (ANA)

The questions were put to the minister during a joint press conference in Athens with his visiting Tunisian counterpart Habib Ben Yahia.

Prison conditions, democratization and human rights were all within the framework of the EU-Turkey partnership agreement, Papandreou noted, and had been included in talks between Brussels and Ankara. He also pointed to Turkey's assurances that it was heading in the right direction.

Asked to comment on statements made over the weekend by his predecessor Theodoros Pangalos, who claimed that Turkey had not lived up to its end of the bargain with respect to the EU Helsinki Summit conditions, Papandreou said that two years of rapprochement and Turkey's EU candidacy have highlighted all the prospects of a difficult path that also, however, opens new prospects.

[05] Turkey to be invited to EU informal Foreign Ministers Council

Athens, 02/05/2001 (ANA)

One of the main issues on the agenda will be EU enlargement and the prospects and course of candidate countries' accession negotiations, while Turkey will be invited to the meeting as a candidate country following relevant consultations between Papandreou and his Swedish counterpart Anna Lindh, who chairs the council.

A discussion will also be held at the informal council on Turkey's European vocation and as Foreign Ministry spokesman Panayiotis Beglitis told reporters on Monday, domestic policy and the economic situation in Turkey will be examined.

Beglitis said Turkey has not yet started accession negotiations with the EU, but has all the obligations and all the rights of a candidate country and it is in its own interest, while other candidate countries have already started their accession negotiations, to participate in all processes in which European developments and the obligations of candidate countries are discussed.

He further said Turkey being invited to the council was not a Greek request alone but also constituted in a way a reminder by Greece to its partners and to the presiding country, Sweden, that all candidate countries should be invited to these meetings and to other similar ones.

Beglitis also said the Greek foreign ministry considers these meetings very useful for both Turkey and the EU and Lindh, according to this rapprochement, told Papandreou that Turkish Foreign Minister Ismail Cem will be invited to Nikoping over the weekend.

[06] Turkish air force infringes Athens FIR and violates national airspace on Monday

Athens, 02/05/2001 (ANA)

Four and then two Turkish F-16 warplanes made two infringements of air traffic rules in the Athens FIR, which developed into five violations of national airspace south of the island of Lesvos, and in the region of Kastelorizo.

In all cases, the Turkish aircraft were recognized and intercepted by Greek warplanes.

[07] Greek FM meets Tunisian FM for talks on bilateral relations

Athens, 02/05/2001 (ANA)

Talks between the two men focused on bilateral relations between Greece and Tunisia, which they described as traditionally good, and developments in the surrounding region.

The two ministers also discussed plans to revive regional cooperation in the Magreb region - which would be complementary to Magreb-EU cooperation - and exchanged views on the Middle East, voicing concern over a renewed flare-up of violence.

Papandreou referred to the importance of a proposal for an Olympic truce and of dialogue between cultures, particularly in view of the fact that Tunisia would be hosting the next Mediterranean Games.

The Tunisian minister focused on the importance of peace, stability and security for the entire region and of the interaction-taking place as part of the integration process on the southern and northern shores of the Mediterranean.

[08] Greek FM receives Germany's PDS leader, discusses war reparations

Athens, 02/05/2001 (ANA)

The PDS, which is the successor of the former East German Communist party, has called for the creation of a war reparations fund that would be financed partly by the German government and partly by German businesses.

Other issues discussed during the meeting were affairs in the Balkans and Eastern Mediterranean regions and cooperation on European issues.

In addition, Zimmer and Papandreou talked about plans for cooperation between their respective parliamentary groups in the European Parliament, the human rights situation in Turkey and the Cyprus issue.

[09] Cyprus president outlines goals of Athens visit

NICOSIA, 02/05/2001 (ANA)

Clerides is due to leave for an official visit to Athens on Wednesday, accompanied by Foreign Minister Ioannis Kasoulides, Minister of State Pantelis Kouros and government spokesman Michalis Papapetrou, and he returns to Cyprus on Friday afternoon.

According to an official announcement, the visit is being made at the invitation of his Greek counterpart, President of the Republic Kostis Stephanopoulos.

Clerides said that his talks with Stephanopoulos and Simitis would chiefly focus on efforts for the resolution of the Cyprus problem and the current phase of developments, as well as various possible scenarios and Turkey's threats that aimed at preventing Cyprus' accession to the European Union.

In addition, he said, he would once again have the opportunity to express Cyprus' gratitude for the unqualified support it has received from Greece in its efforts to be reunited once more, particularly in two important areas: Cyprus' EU accession and in boosting its defense shield through the Cyprus-Greece joint defense doctrine.

Finally, Clerides said he would also meet with Greek Parliament speaker Apostolos Kaklamanis.

Program: First on the agenda of President Clerides' visit is a meeting with his Greek counterpart, President of the Republic Kostis Stephanopoulos, to be followed by a joint press conference.

The Cyprus president will then attend an event at the Athens Town Hall, where Athens Mayor Dimitris Avramopoulos will hand him the golden key to the city.

There will follow a meeting between Clerides and the head of the Greek Orthodox Church, Archbishop of Athens and All Greece Christodoulos.

On Thursday, the Cyprus president will have talks with Prime Minister Costas Simitis and members of the government, and on Thursday afternoon he will begin a series of meetings with the leaders of Greek political parties.

On Friday morning, the last day of his visit, Clerides will meet successively with Defense Minister Akis Tsohatzopoulos and the honorary president of main opposition New Democracy, Constantine Mitsotakis.

During the course of his stay, Clerides will attend an official dinner in his honor given by Stephanopoulos, while there will also be a reception by the Cyprus Embassy in Athens.

[10] Program of Pope's Athens visit made official

Athens, 02/05/2001 (ANA)

According to an announcement on Monday, the head of the Roman Catholic Church will be met at the airport by Foreign Minister George Papandreou. Immediately after his arrival, he will be meeting with the president, Prime Minister Costas Simitis, Parliament Speaker Apostolos Kaklamanis and main opposition New Democracy leader Costas Karamanlis at the presidential mansion.

During his stay, Pope John Paul will also be meeting with the head of the Greek Orthodox Church, Archbishop of Athens and All Greece Christodoulos, and will depart from Athens on Saturday morning.

[11] Ecumenical Patriarch Vartholomeos arrives in Greece on Wednesday

ISTANBUL, 02/05/2001 (ANA - A. Kourkoulas)

At the Bishopry of Xanthi, the Patriarch will attend events commemorating Saint Theofanis, while at the Bishopries of Serres and Nigrita he will inaugurate a new cathedral.

The visit will last until May 7, when the Patriarch will be returning to Istanbul.

[12] Venizelos meets Yilmaz, culture and sports ministers in Turkey

ISTANBUL, 02/05/2001 (ANA - A. Kourkoulas)

Venizelos also had a chance to visit an Orthodox monastery just outside the old Istanbul walls, where he addressed a meeting of ethnic Greeks.

[13] Economy ministry to propose creation of social revenue fund to support social security system

NEW YORK, 02/05/2001 (ANA - P. Loukopoulos)

During private discussions with business and economic circles here, Papantoniou said that the economic staff has a processed proposal suggesting the creation of a social revenue fund, which will result from revenues to be obtained from privatizations.

Papantoniou let it be understood that talk on the imposition of new taxes was "meaningless" because the issue of funding social security funds would be raised after 2012 since the funds' present economic situation, as well as the budget's abilities, allowed for the social security system's viability over the next 12 years.

He said this is so because the economy's growth is very high, over the past four years more than 350,000 economic migrants have entered the production process, providing funds with new resources and, in addition, the reserves of funds were utilized in a better way with the government's recent legislation.

Taxes on big incomes are not expected to produce considerable revenues, since latest data provided by tax statements show that only 221,000 taxpayers declared an annual income exceeding 10 million drachmas.

If, as proposed, a new tax is imposed on these incomes in the region of 100,000 drachmas a year it will only yield revenues amounting to 21 billion drachmas, while it is known that the needs of social security funds exceed two trillion drachmas a year. A possible increase in indirect taxes in a series of consumer goods (cigarettes, beverages, fuel, etc), or even VAT, could produce increased revenues but it is certain that it would deal a blow at the Greek economy in its entirety and have direct repercussions on inflation, growth and low incomes.

Papantoniou addressed three meetings of businessmen and institutional investors in New York on prospects of the Greek economy and the positive climate being created for Greece with its accession to the euro zone.

[14] Party youth leaders back unions on social insurance issue

Athens, 02/05/2001 (ANA)

Polyzogopoulos was speaking after a meeting with the youth organizations of three major parties - ruling PASOK, Coalition of the Left and the Democratic Social Movement (DHKKI) - who informed him of their joint resolution to support the workers' struggle against the government's proposed reforms of the social insurance system. Also participating in the initiative is main opposition New Democracy's youth branch ONNED, whose president did not attend Monday's meeting with Polyzogopoulos, while conspicuous in its absence is KNE, the youth group of Greece's Communist party KKE.

All three said they would ask for reforms based on the joint proposals of GSEE and the main civil servants' union ADEDY.

Asked whether he was satisfied with the government's decision to back down and shelve its proposals in favor of dialogue with no "prior demands," the GSEE leader noted that dialogue was not the main issue at stake for the unions but that funds be found to support the social insurance system.

"We could have had dialogue before, it's not like they were going to shut our mouths...The problem isn't for us to have our photo taken around a table but to clear up the political framework: will things move in the direction of (wealth) redistribution, or will the insurance system be reduced to eating its own innards," he said.

[15] Conference in NY on Greek investments, bourse and Olympics

Athens, 02/05/2001 (ANA)

The annual conference is organized by Capital Link, working with the Greek-UK Business Council.

Foreign Minister George Papandreou will open the conference. Among the speakers are the president of the Athens Olympics organizing committee, Gianna Angelopoulos-Daskalaki, and the chairman of the Athens Stock Exchange, Panayiotis Alexakis.

[16] Nat. Economy minister meets Grasso in New York

NEW YORK, 02/05/2001 (ANA)

After the one-hour meeting, Papantoniou said they had discussed the listing of more Greek companies on the New York exchange, while Grasso referred to the ASE's transition from developing to developed market in May.

Grasso is due to visit Athens on June 21.

[17] Nestos municipality decides to become shareholder in power plant

Athens, 02/05/2001 (ANA)

The plant is being build by a German group that is trying to get the project into the 3rd Community Support Framework's energy program.

[18] Axon Airlines buys four ERJ-145 Embraer aircraft

Athens, 02/05/2001 (ANA)

The 50-seater aircrafts will be used to expand the airlines' domestic flight schedule from June 2001, adding four new destinations from Athens to Heraklion, Thessaloniki, Mykonos, Rhodes, Samos, Santorini and Hania.

Axon Airlines operates a fleet of four Boeing 737 aircraft, with the two based in Heraklion, Crete, operating charter flights to 20 European destinations and the other two based in Athens operating scheduled daily flights to Paris, Milan and Brussels.

[19] Blue chips push ASE higher on Monday

Athens, 02/05/2001 (ANA)

Turnover remained low, with investors unable to find new incentives in the Greek market.

Unibrain's share price soared 223.7 percent on the first day of trading on a New Stock Exchange (NEXA) for new technology companies.

It was NEXA's debut session since its creation in July 1999. The market was founded in an effort by market authorities to help Greek new technology companies to raise money from the capital market and to finance their expansion.

Omega Securities, NEXA's primary dealer, said a large part of Unibrain's turnover was attributed to heavy intra-day transactions.

Companies seeking listing in NEXA should have an equity capital of 200 million drachmas, to implement a share capital increase plan worth 250 million drachmas, to commit 80 percent of their basic shareholders and to announce a three-year expansion plan. The general index ended 0.68 percent higher at 3,286.67 points, after failing to break the 3,300 level during the session. Turnover was a low 153.82 million euros, or 52.42 billion drachmas.

The FTSE/ASE 20 index for blue chip and heavy traded stocks ended 0.82 percent higher at 1,922.37 points, and the FTSE/ASE 40 index rose 0.10 percent to 379.15 points.

Sector indices ended as follows: Banks: 7,035.36 +0.76% Telecoms: 1,112.18 +1.03% Insurance: 1,514.73 +1.21% Investment: 1,135.40 -0.12% Construction: 1,541.04 -0.03% Industrials: 1,966.32 +0.23% Holding: 3,829.46 +1.38% Base metals: 997.89 -0.45% Minerals: 1,087.71 -0.33% Publishing: 1,008.58 -0.01% Textiles: 1,170.71 -1.37% Retailing: 1,195.59 +1.06% IT: 1,059.74 -1.03% IT solutions: 978.93 -1.43% Wholesale: 939.23 -1.12% Food & Beverages: 925.80 +1.65%

The parallel market index for smaller capitalization stocks ended at 326.35 points, off 0.69 percent.

Broadly, decliners led advancers by 214 to 101 with another 43 issues unchanged.

Atlantic, Vardas, Boutaris, Lambropoulos, Allatini Ceramics, Korfil, Alpha Finance, Paperpack and Intersat scored the biggest percentage gains, while Xylemporia, Creta Farm, Mohlos, Kalpinis-Simos, Electra, Alysida, Halyps Cement, Multirama and Mosholios suffered the heaviest losses.

Unibrain, National Bank, Hellenic Telecoms, Alpha Bank and EFG Eurobank Ergasias were the most heavily traded stocks.

Leading shares' closing prices (in euros): National Bank: 43.74 Alpha Bank: 32.28 Commercial Bank: 55.66 Egnatia Bank: 5.50 Eurobank: 17.48 Piraeus Bank: 14.48 Lambrakis Press: 14.16 Altec: 6.68 Intrasoft: 10.76 Technodomiki: 7.98 Titan Cement: 42.62 Hellenic Telecoms: 16.80 Panafon: 7.04 Hellenic Petroleum: 9.90 Attica Enterprises: 8.56 Intracom: 21.86 Mytilineos: 7.98 Minoan Lines: 4.86 Viohalco: 11.88 Coca Cola HBC: 17.00

Bond prices drop in heavy trade: Bond prices in the domestic secondary market on Monday finished lower in heavy trade with players dumping their paper.

The Greek benchmark 10-year bond showed a yield of 5.54 from 5.48 percent a day earlier.

The yield spread over German bunds was 49 basis points from 50 basis points in the previous session.

Turnover through the central bank's electronic system totalled 1.45 billion euros (496 billion drachmas) from 1.2 billion euros (432 billion drachmas) in the trading day before.

Sell orders accounted for the bulk of turnover.

Equity futures end mixed, tracking Athens bourse: Equity futures traded on the Athens Derivatives Exchange finished mixed on Monday, roughly in line with the bourse indices on which they are based, traders said.

The FTSE/ASE 20 index closed 0.82 percent up, and the FTSE/ASE 40 ended 0.10 percent higher.

Traded were 2,553 contracts on turnover of 20.0 million euros.

[20] Clergymen and religious organizations stage protest against Pope's visit to Greece

Athens, 02/05/2001 (ANA)

Pope John Paul II will be making to Greece on Friday and Saturday.

Demonstrators had also expressed the desire to march to the Presidential Mansion to protest, as they said, the invitation extended to the Pope by President Kostis Stephanopoulos.

Another rally will be organized outside the Athens Cathedral on Wednesday afternoon.

[21] FIFA grants Greece 3-month extension to harmonies sports law

Athens, 02/05/2001 (ANA)

FIFA has threatened to expel Greek teams and the national squad from international play over alleged government interference in the game and with the national soccer federation (EPO). The international organization demands, among others, that EPO enjoy complete autonomy from the state.

On Monday, FIFA President Sepp Blatter received Greek Sports Minister George Floridis, EPO officials and even Greece's EU commissioner, Anna Diamantopoulou, in a bid to stave off any ban.

[22] Offices of Athens Olympic Broadcasting SA company inaugurated

Athens, 02/05/2001 (ANA)

The company was established as a continuation of the agreement signed on December 20, 2000, with the ISB company for radio and television coverage of the 2004 Athens Olympic Games.

The company's president and managing director is Manolo Romero, who chaired its first board meeting on Tuesday.

Rogge, who will be standing for the IOC presidency in elections this July, arrived in Athens on Tuesday.

The IOC official is chiefly concerned with the progress of three projects undertaken by the General Sports Secretariat, the indoor stadiums of Nikaia, Liosia and Galatsi, which were running behind schedule when he last visited in Athens in February.

Other top priority concerns are the Olympic Village and press facilities.

Rogge has stressed in previous visits to Athens that the next six months will be crucial in the country's course in preparing for the Games.

[23] President Clerides refers to domestic policies in press conference

NICOSIA, 02/05/2001 (CNA/ANA)

The president admitted however that he is not infallible and assumed full responsibility for the errors committed during his term in office, saying he would like the people of Cyprus to remember him for entering the Presidential Palace poor and leaving even poorer.

President Clerides said his strategy on domestic issues is based on a policy to adjust legislation to the acquis communautaire, to modernize social and economic institutions and to have credible defenses to act as a deterrent and to contribute to efforts for a just and viable settlement of the Cyprus question.

"The domestic policy we have been following and continue to follow aims at turning into reality our vision to join the European Union and when this is achieved, it will be the most important accomplishment since the declaration of independence of the Republic of Cyprus (in 1960)," the president said.

He explained that even if the prospect of EU accession was not looming on the horizon, updating and modernizing institutions and society at large was "a must" for Cyprus to enable the country to meet global challenges.

"I consider our accession course a catalyst in the effort to upgrade and restructure our economy and society," he said, noting that globalization of world economies, liberalization of international trade and rapid technological developments create an environment which Cyprus has to tackle.

He said boosting the Republic's defenses increases the feeling of security among people and added "our planned participation in European defense and security institutions would give a new dimension of security to Cyprus."

Replying to a question on defense matters, he said he has no intention of reducing arms and expects to get additional deliveries of military hardware.

Replying to questions on the problems the Cyprus Stock Ex-change is facing, the president said people got the wrong impression that they would always win on the Exchange, explaining that a stabilization fund, strengthening current institutions and allowing more time for the repayment of loans could help bring trust back into the market.

Invited to comment on criticism of the economy, crime and nepotism, he said what is important "is not how we see ourselves but how the world sees us", adding that often the media exaggerate and bring to the foreground crimes and other ills of society which abroad would not get the same prominence.

Clerides cited UN and EU reports that Cyprus is among the first 22 richest countries worldwide, has a very low crime rate and described nepotism as "an illness, which has been around since the Republic was set up" and called for a change in attitudes to rid the place of nepotism.

He said public deficit dropped, unemployment stands at around 3% and Cyprus meets the Maastricht criteria.

Outlining some of the achievements of his government, he said there is "a sound economy, social justice, loans and grants were given to refugees and state allowances increased."

Invited to list some of the errors he has committed, the president replied in Latin "it is human to err and it would be very arrogant to say no errors were committed", explaining however that what is important is not the errors one makes but whether overall policies adopted and implemented by the government yield results.

Asked to say what he wants the people to remember him by, the president said "I would like the people to credit me with this: I became president as a man of modest means and I am not leaving the office of the president with a larger fortune than what I had at that time and once I leave and publish my assets, people will see clearly the difference.

"Clerides was first elected to the presidency in 1993 and then reelected for a five-year term in 1998.

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