Athens News Agency: Daily News Bulletin in English, 01-12-05

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

CONTENTS

[01] Premier lauds Clerides-Denktash meeting in Cyprus

[02] Denktash proposes negotiations without break

[03] Cyprus government spokesman

[04] Simitis says he'll lead PASOK in next election; no change in law

[05] PM comments on European Rapid Deployment Force

[06] FM says no finalized agreement on European army

[07] Powell to discuss Cyprus issue, EU army in Ankara

[08] Skandalidis - Constantopoulos meeting on local gov't issues

[09] Greece condemns terrorist acts in Jerusalem, Haifa

[10] Justice minister on terrorism draft agreement

[11] Gov't to pursue sale of Olympic Airways despite ailing market

[12] Viable solution will be found for OA, minister Verelis assures

[13] Development minister says Greece's PPC at advantageous position

[14] Greece says no price increases before euro launch

[15] Minister denies plans to raise age of retirement for women

[16] Greek bond market turnover hits record in November

[17] Greek stocks end Tuesday's session flat

[18] Major Balkan City Network to be established

[19] Epiphany to be celebrated at Izmir port after 80 years

[20] US says continuation of Clerides-Denktash talks is a step forward

[01] Premier lauds Clerides-Denktash meeting in Cyprus

Athens, 05/12/2001 (ANA)

Speaking at a press luncheon hosted by the Foreign Press Association in Athens, Simitis said that "this development shows that we have succeeded to some degree."

He added that Denktash met with Clerides on Tuesday, while just some time ago he did not even wanted to talk to him.

"Denktash accepted to talk to him within the framework of the United Nations, while some time ago he did not accept to discuss at all with the representatives of the United Nations, if some preconditions were not met," the Greek premier said.

He stressed that the discussions in Cyprus were conducted in a good climate. He added, however, that he "did not have illusions that through these talks a resolution of the Cyprus issue would appear as if by magic. Work is needed for that. Thought is needed, mobilization is needed and a course as well. And this course we should laud".

As for Turkey, Simitis said that "for it to wish to incorporate the northern part of the island (republic) and at the same time to wish its entry to the European Union are two conflicting aims".

He stressed that Greece always supported the European Union - Turkish rapprochement. Greece believes that in this manner Turkey will abide by certain rules on all sectors.

[02] Denktash proposes negotiations without break

NICOSIA, 05/12/2001 (ANA/CNA)

Speaking in Cyprus' Turkish occupied areas, after his first face-to-face meeting in four years with Cyprus President Glafcos Clerides, Denktash was quoted by AFP as saying that it would be unwise to put a time-limit on the talks, although they should not drag on for years.

"We should start the meetings and continue without break. It could not be done with just one meeting a month," he said, adding they should aim to reach a solution by June and before Cyprus completes accession talks with the EU.

Denktash hailed as "positive" his agreement with Clerides to begin direct talks, noting that "with goodwill and an agenda with no preconditions, we will explore what we can do through face-to-face meetings."

"In my opinion, this is a positive development," he said. Denktash, who was speaking after the meeting with President Clerides in Nicosia, with UN envoy Alvaro de Soto as an observer, explained that at the start of today's meeting he presented Clerides with a two-page document explaining the Turkish Cypriot position on the longstanding Cyprus issue.

"But Clerides rightly responded that if we both put forth our positions from the start, we would not advance and suggested that we discuss the issue in direct meetings. That is how we got a positive result," he added.

The island has been divided since 1974 when Turkey invaded and occupied 37% of its territory. Cyprus opened negotiations with the EU in 1998 and has provisionally closed 23 out of 29 chapters of the acquis communautaire. It is expected to close another chapter, that of home affairs and justice this month.

[03] Cyprus government spokesman

NICOSIA, 05/12/2001(ANA/CNA)

"Commenting on today's agreement between Clerides and Denktash to begin direct talks in mid January in Cyprus, the government spokesman said the basis of the talks continues to be the UN Secretary General's good offices mission and his terms of reference, as defined in UN Security Council resolutions.

The government considers that the talks should be in earnest and should conclude within a "reasonable time frame" and promises to go to the negotiating table in good faith and with a strong desire for a settlement.

The spokesman announced that tomorrow, President Clerides will attend a dinner hosted by Denktash in his residence in Turkish occupied Nicosia in honor of UN Secretary General's Special Adviser on Cyprus Alvaro de Soto, who was present at today's meeting.

"The President believes that at today's meeting the conditions for direct negotiations, under the aegis of the UN Secretary General and in accordance with his terms of reference, as defined by Security Council resolutions, were created," Papapetrou told a briefing after the hour-long face-to-face meeting between Clerides and Denktash.

Under these circumstances, he said, "the possibility of a permanent solution of the Cyprus question cannot remain unexplored and unexploited", adding that the meeting dealt with procedural matters.

Stressing that the Greek Cypriot side will go to the talks "in good faith and with a strong will for a solution," the spokesman said such a solution should be based on UN resolutions, respect for human rights and the acquis communautaire, with a view to having a permanent and just settlement "for the benefit of all the people of Cyprus, Greek and Turkish Cypriots.

"The President considers that the interests of the people of Cyprus, on the basis of declared positions, "can be secured", Papapetrou said, adding that the talks should be continuous and conclude with in a "reasonable time frame."

"The government believes that there must not be long drawn discussions and repetition of known declarations and analysis of details, something which the government will diligently avoid to do, "the spokesman said in his initial remarks.

Invited to comment on the absence of any reference to UN resolutions, the spokesman said "this absence means nothing, the basis of the talks, under the aegis of the good offices of the Secretary General, remains unchanged.

"This basis, he explained, relates to the four principles outlined in UN resolution 1250, which calls on the two leaders to begin talks with no preconditions, with all issues on the table, to negotiate in good faith until a comprehensive settlement is reached and taking full consideration of relevant resolutions and treaties.

"The basis of the talks has been secured and there is no reason to repeat the obvious again and again," the spokesman said.

Replying to questions, he said "each meeting between Clerides and Denktash, as part of the peace effort, cannot be turned into a death duel with a vanquished and a victor, as this may satisfy part of public opinion but it will never lead to a just settlement." "The President is determined to go to talks in good faith and a firm objective to achieve a settlement that will meet in the long term the visions of the people of Cyprus," the spokesman said, pointing out that "the government has no intention of blowing everything up in the air as they begin to emerge."

"Our goal is to exploit every opportunity offered to us for a solution, making sure the interests of the people of Cyprus are safeguarded, and without hiding behind words, commas or fears," the spokesman added. Questioned on tomorrow's dinner in occupied Nicosia, the spokesman stressed that "the presence of President Clerides at the dinner does not in any way signify, even indirectly, recognition of the illegal Turkish Cypriot regime in occupied Cyprus", which no other state but Turkey recognizes.

The spokesman said this is the first time the President will go to dinner in Turkish occupied Cyprus.

Earlier today, Clerides and Denktash agreed to meet again in mid-January with a view to negotiate until a comprehensive settlement is reached. This was their first face to face meeting since August 1997.

[04] Simitis says he'll lead PASOK in next election; no change in law

Athens, 05/12/2001 (ANA)

Simitis made the remark at a press luncheon hosted in Athens by the Foreign Press Association (FPA), before clarifying that under the recent constitutional revision a two-thirds majority in Parliament is necessary for election law changes to take effect during the next election.

Touching on an issue that has repeatedly been raised by the opposition, Simitis said other election-related matters - voters lists, expanded metropolitan districts, parties' finances and relations with media groups - would be the focus of an upcoming draft bill.

"Within this general framework the election system issue can be examined in cooperation, of course, with all the other parties (in Parliament)," he added.

Turning to another politically charged topic, Simitis again emphasized that he will definitely lead ruling PASOK into the next general elections, while reiterating that he will "personally decide when to open the issue of a new party president..."Simitis added that he will not designate any successor, pointing instead to what he called "democratic and open procedures" within PASOK to elect the party's leader -- something he reminded occurred in his election.

Asked about the results of yet another recently published opinion poll - this one giving main opposition New Democracy nearly a six-point lead (37.5% to 32.2%) over ruling PASOK in the voters' preference category - Simitis stressed that this difference isn't entirely negative, but serves as a call "for us to work harder".

Along those same lines, he expressed his conviction that PASOK will again be victorious in the next general election.

The same gallop poll - conducted by the firm Metron - gave Simitis a lead over his ND rival Costas Karamanlis in the category of "most fit for premier" -- 38.1 percent to 31.9 percent, respectively.

In terms of next year's municipal and prefectural elections, Simitis declined to mention any names of prospective PASOK-backed candidates, warning that "name-dropping" only leads to confusion. Moreover, he said the party's internal committees are charged with filling candidate lists.

Social security reform: Regarding the contentious issue of social security reform, Simitis said the government will soon unveil its position on the issue, as dialogue with trade unions and other "social partners" is expected to commence in January.

Wide-spread and heated opposition by trade unions, opposition parties and even many PASOK deputies in April led to the quick "freezing" of a set of controversial labor ministry measures to reform the country's bloated social security and pensions sector.

Olympic Airways: The future of debt-riddled national carrier Olympic also came up during the question-and-answer portion of the FPA luncheon, with the Greek premier reiterating that "the government will proceed with structural changes but will not sell-off any enterprise at a cut-rate price ... we're not going to privatize in order to unload a business, or for fiscal reasons, but in order to promote development."

He stressed that if negotiations for OA's faltering sale fail, "then the government will subsequently move in the direction of maintaining the existence of a national carrier that doesn't, however, burden the Greek people with its operation".

2004 Olympics: Furthermore, he forecast that despite delays and deficiencies in Athens 2004 preparations, "all indications are that the projects will finish on time".

He denied assertions that 2004-related construction projects are over-budget, saying that a 1.5-trillion-drachmas figure still stands for new venues and the Games' holding, whereas expenses beyond that figure refer to jointly financed projects included in the Third Community Support Framework.

OTE – Intracom: Finally, Simitis rejected a recent high-profile proposal by the president of the Intracom group, Socrates Kokkalis, for a merger between the state-run telecoms utility, OTE, and the latter's Intracom --the largest IT company in Greece.

"We do not agree with the vertical linking between the buyer and provider," he said, adding: "OTE today has the ability to use more suppliers, and to utilize competition as well as to seek out better solutions for the public".

[05] PM comments on European Rapid Deployment Force

Athens, 05/12/2001 (ANA)

Speaking at a luncheon given by the Foreign Press Association in Athens, Simitis said a document was given to Greece, which the foreign ministry is currently examining.

Greece will state its case at the General Affairs Council on December 10, based on assessments resulting from this document, while other European countries are also expected to underline their position there on developments on this issue.

On the question of the proposal for a composite name for the Former Yugoslav Republic of Macedonia (FYROM), Simitis said he has already discussed the issue with FYROM Prime Minister Ljubco Georgievski, while negotiations are continuing at the UN at the same time.

"It is time for this issue to be resolved. We are awaiting a response from FYROM," he said.

Referring to the issue of illegal immigration, Simitis said it is a very important issue, which is preoccupying the European Union in its entirety.

[06] FM says no finalized agreement on European army

Athens, 05/12/2001 (ANA)

He said the document is being examined by relevant officials and the relevant foreign affairs and defense ministries on the shaping of the government's final negotiating position in light of Monday's Council of Foreign Ministers and the Laeken summit. Papandreou was replying to an announcement by main opposition New Democracy party's foreign and defense affairs official Dora Bakoyianni which spoke of the existence of an agreement document on terms and preconditions for the activation of the European army force.

Bakoyianni said that since Monday ND had requested officially from the foreign ministry to be given the relevant document, adding that the ministry refused to give any information on the existence of such an agreement document.

She further said the concealment of the document caused deep concern and justifiable questions and called on the PASOK government to publicize the agreement document immediately and to officially state its position on it.

Papandreou said in his reply that it would constitute a lack of responsibility, to say the least, in handling crucial foreign policy issues, at a time when negotiating is continuing, to publicize informal negotiating documents to satisfy impressions.

He reassured her that the government is handling foreign policy issues with a sense of responsibility and duty to safeguard the country's national interests.

[07] Powell to discuss Cyprus issue, EU army in Ankara

ISTANBUL, 05/12/2001 (ANA - A. Kourkoulas)

According to sources, Powell intends to ask Ankara to avoid anything that might encourage Iraqi leader Saddam Hussein, including opening a new border crossing with Iraq, and to persuade Baghdad to abandon programs to build weapons of mass destruction. In meetings with Turkish Prime Minister Bulent Ecevit and Turkish foreign minister Ismail Cem, Powell is also expected to discuss the Cyprus problem and Turkey's demand to participate in the European army.

An ANA dispatch from Ankara, meanwhile, quoted Belgian Deputy Foreign Minister Annemie Neyts-Uytterbroeck as saying that an agreement on this issue struck by Turkey, the United States and the United Kingdom would not snag on the approval of the other EU members, including rival Greece.

"The text of the agreement between Turkey, the US and Britain on the issue of Common European Foreign And Defense Policy was prepared following consultations with all EU member-states and I don't think there will be a problem as regards its ratification by the Community," she told Turkey's CNN Turk television station.

Neyts-Uytterbroeck also stressed the importance of Tuesday face-to-face meeting between Cyprus President Glafcos Clerides and Turkish-Cypriot leader Rauf Denktash.

The Belgian minister, whose country currently holds the rotating EU presidency, arrived in Ankara on Monday.

[08] Skandalidis - Constantopoulos meeting on local gov't issues

Athens, 05/12/2001 (ANA)

As expected, talks revolved around local government issues, with Constantopoulos once again reiterating his smaller party's long-standing position in favor of a proportional representation election system.

On his part, Skandalidis - who returned to the interior ministry following a lengthy stint as ruling PASOK party's secretary - said "a dialogue between the government and opposition parties has commenced, especially on what procedures will be taken to formulate final proposals over basic changes necessary in all levels of the political system's organization, as well as in public administration and local governments."

"I believe that constitutional revision in itself prescribes the activation of relevant articles of the Constitution, not just in letter, but in spirit as well, and this necessitates a series of institutional interventions so that our democracy functions better," he added.

[09] Greece condemns terrorist acts in Jerusalem, Haifa

Athens, 05/12/2001 (ANA)

Foreign ministry spokesman Panos Beglitis said that the Greek government condemned "unequivocally, and in the most categorical manner, the terrorist actions of Palestinian extremists that cost the lives and caused injury to tens of innocent people, mainly youths, in Jerusalem and Haifa".

We believe that the Palestinian leadership will take all the appropriate steps to arrest the perpetrators and bring them to justice and to avert other such abhorrent actions," Beglitis said.

The foreign ministry spokesman further express hope that "self-restraint and calm will prevail on the two sides", and called on both sides to immediately materialize the Tenet plan and Mitchell Commission proposals "so as to break the vicious circle of violence, which entails dangers to the stability in the region".

[10] Justice minister on terrorism draft agreement

Athens, 05/12/2001 (ANA)

This assessment was made by Justice Minister Philippos Petsalnikos on Tuesday during a briefing of the members of Parliament's relevant committee, both on this issue and the promotion of the European arrest warrant which will simplify extradition processes between EU member-states.

Petsalnikos referred to Greece's efforts, as well as to those of other countries, in the direction of the strict definition of terrorist behavior to enable the draft agreement to defend human rights.

[11] Gov't to pursue sale of Olympic Airways despite ailing market

Athens, 05/12/2001 (ANA)

"Negotiations for the sale of a majority stake in OA will continue with the same transparency within what is an extremely adverse global environment, as everyone knows. The only thing that fails to benefit the company and its staff is an undermining of this effort," Verelis said.

He was responding to criticism earlier in the day by the main opposition New Democracy (ND) party of the government's handling of the tender.

"The government has done and will continue to do all it can for a solution that takes the national carrier into healthy operation, protects workers and helps the country's economy," Verelis said.

He added that New Democracy would have faced the same difficulties if it were handling the sale.

ND leader Costas Karamanlis had accused the government of negotiating with Axon Airlines, the original frontrunner in the tender whose bid was finally rejected - and which announced its closure on Friday, citing adverse global and domestic market conditions.

Verelis noted that major global airlines had declared bankruptcy; and that it would be wrong to hasten negotiations, as demonstrated by Axon's financial condition and the often lengthy duration of sale negotiations abroad in order to arrive at a viable arrangement.

[12] Viable solution will be found for OA, minister Verelis assures

Athens, 05/12/2001 (ANA)

Speaking on an Athens radio program, Verelis also said that a further reinforcement of airlines would be discussed at the council of EU transport ministers to be held Friday in Brussels, and expressed optimism that the authoritative European Commissioner would approve such a step.

One of the major problems faced by OA were the high fees at Athens' new Eleftherios Venizelos international airport, Verelis said, adding that he believed that proposals he has submitted would be the airport administration and the fees would be reduced by 10 percent as of January 1, 2002.

The minister further said that an effort was being made to 'transpose' some 20 percent of OA's debt, and also that negotiations would be concluded on December 23 with Australian company IAS, from which the sum of 100 million euro was being sought, which Verelis said would be placed on a blocked bank account to ensure the company's operation.

The Australian - US firm Integrated Airlines Solutions (IAS) became the frontrunner in a buy-out tender for OA following the recent high-profile closure of the leading contender, small, Athens-based Axon Airlines.

He also pointed out the problems faced by all the European airlines, citing SABENA, Alitalia, Swissair and others as examples.

ND attacks gov't over OA tender, reforms: Main opposition New Democracy on Tuesday unleashed a crescendo of criticism against the government over its handling of both an ongoing tender for state-run Olympic Airways (OA) and its previous reform packages to save the debt-ridden national carrier.

Following a meeting at the party's headquarters regarding OA's future, ND leader Costas Karamanlis said, "OA's deplorable state today was molded in the government's image. OA's state comprises a reflection of the government ... In its weakness to promote necessary structural changes it falls back on improvisations later paid by the Greek economy, employees and taxpayers."

Karamanlis also referred to what he called a "fiasco" in efforts to sell the airline, while he charged that one trillion drachmas have been spent on "so-called reform packages ... and seven years were needed, seven administrations, seven ministers and one prime minister in order for OA to end up in an utterly scorned state."

In statements regarding the high-profile closure of small, Athens-based Axon Airlines last week - the frontrunner in a tender to buy-out OA - the government clarified that Axon's offer had been rejected before the announcement to close its doors.

Government spokesman Christos Protopappas also noted this week that an offer by the runner-up, the Australian-US venture capital group Integrated Airline Solutions (IAS), will be carefully examined.

He added that if the IAS offer is also rejected then other "moves" would be taken, while declining to comment on the details.

Most of the Cabinet members also reiterated statements by Prime Minister Costas Simitis over the weekend, namely, that the government wants a national carrier to exist but not at the expense of taxpayers.

Transport Minister Christos Verelis on Saturday said any "new schemes vying for OA should be very robust, and must be comprised of several business alliances ... Until Dec. 23 discussions with the Australians (i.e. IAS) will have concluded. If these negotiations don't produce results, then we're faced with all possible outcomes ..." Verelis warned in reference to troubled OA's future

Axon Airlines, until recently the frontrunner in a tender to privatize Olympic Airways, announced on Friday that it would cease operations due to a slump in the airline industry after terrorist attacks in the US deterred the public from air travel.

At the same time, the privately owned airline did not rule out a resumption of operations in the future if conditions in the industry improved, management said in a statement.

"The global crisis in air transportation that has hit all sector companies after the September 11 terrorist attacks in the US has deteriorated rapidly with a spectacular rise in losses. Recovery is not discernible in the near future," the statement said. "This radical, fundamental upheaval in market conditions has annulled planning and led us to taking the unpleasant decision of halting the company's operations," management said.

At the same time, should international and domestic conditions improve, then Axon would consider a resumption of operations, making use of the investments it has made since 1999 in a fleet of modern aircraft and fully trained staff, the statement added

In a related development, Axon Holdings told the Athens Stock Exchange on Monday that the closure of its airline would cost the group up to 8.4 billion drachmas in direct and indirect losses.

[13] Development minister says Greece's PPC at advantageous position

BRUSSELS, 05/12/2001 (ANA - Y. Zitouniati)

Tsohatzopoulos said the Belgian EU presidency made a considerable effort to achieve convergences on the way with which the deregulated natural gas and electric power market will be implemented from now on in Europe, believing that the new framework will be ratified in the coming months (during the Spanish presidency) to facilitate the first readjustment of the open energy market in the EU, three years after its first implementation.

Speaking to reporters after his first participation in the Energy Council as development minister, Tsohatzopoulos said the Public Power Corporation (PPC) is in an advantageous position regarding the implementation of the energy market opening in Greece, adding that this ascertainment coincides with its positive presence at the London and Athens Stock Exchanges.

In his address during the discussion at the Council, Tsohatzopoulos said Greece supports the utilization of renewable energy sources and the rational managing of demand, particularly in places of energy consumption regarding transportation and buildings.

The EU energy ministers gave the go-ahead for a directive aimed at improving the energy performance of buildings, which will also be examined by the European Parliament, anticipating special specifications in this sector for new or renovated buildings (over 1,000 square meters) and a regular inspection of heating and air conditioning systems.

[14] Greece says no price increases before euro launch

BRUSSELS, 05/12/2001 (ANA - M. Spinthourakis)

In view of the circulation of the euro in 12 countries as a physical currency on January 1, 2002, the minister said there was no particular concern and that inflation was low.

He underlined that the general economic climate does not encourage price increases as this will have repercussions on the competitiveness of companies.

Christodoulakis said that in Greece, both drachmas and euros will be used in the first two months of 2002 and that the price of goods will be stated in both currencies.

The meeting focused mainly on the issue of the taxation of bank deposits. Christodoulakis told journalists that most EU-member countries, including Greece, agree on the maintenance of the timetable. According to the timetable, the member-states should proceed gradually in abolishing banking confidentiality for EU citizens who have bank accounts in other countries other than their own.

[15] Minister denies plans to raise age of retirement for women

Athens, 05/12/2001 (ANA)

Spyropoulos was responding to press coverage of his statements during a seminar in Athens on Monday, when he had hinted that positive discrimination in favor of women would be gradually phased out by social insurance reforms.

The minister underlined on Tuesday that any changes to the social insurance system would only occur after the completion of talks with employers and worker unions beginning in January and that there would be no surprise measures.

Explaining his statements on Monday, he said that retirement age would only be discussed if there was a possibility of mutually acceptable solutions and that the central focus in the case of women would be the protection of motherhood in order to deal with low birth rates and demographic imbalances.

[16] Greek bond market turnover hits record in November

Athens, 05/12/2001 (ANA)

In its monthly report the central bank said that this development was stressing the Greek bond market's international prestige in a highly competitive environment in the European Union.

State bond prices fell in November following a similar trend in international markets.

Daily average turnover totalled 2.58 billion euros in November, almost double the October figure of 1.34 billion euros, the report said. The Bank of Greece said that buyers and sellers were almost equally distributed in the month (49.36 percent and 50.64 percent, respectively), with investor interest focusing in long-term securities of more than five years.

The report said that high volatility in international bond markets in November had affected the Greek market, while favorable developments in Afghanistan in the war against terrorism rekindled investors' hopes of a return of stability in global markets.

Meanwhile, the announcement of contradicting economic data in both sides of the Atlantic has made it more difficult to predict the future of interest rates.

The report said that investors took profits in November after a significant rebound in the previous month.

The Greek bond market, however, rebounded in the last trading sessions of November with bond prices falling by 28-142 basis points. Long-term bond were particularly hit with the five-year bond price falling by 111 basis points and the seven-year bond dropping by 142 basis points. The 10-year Greek benchmark bond ended at 102.63 in November from 103.59 in October.

The yield curve flattened with the three-year Greek bond yield rising to 3.94 percent in November from 3.40 percent in October and the 20-year bond yield rising to 5.43 percent from 5.41 percent, over the same period.

The yield spread between the 10-year Greek/Bund state bond fell to 43 basis points in November from 45 bp in October.

[17] Greek stocks end Tuesday's session flat

Athens, 05/12/2001 (ANA)

The general index ended 0.11 percent higher at 2,682.69 points, with turnover a low Dr 42.4 billion, or 124.5 million euros.

The IT and IT Solutions sector suffered the heaviest percentage losses (1.05 percent and 0.66 percent, respectively), while the Metals and Cement sectors scored the biggest percentage gains (3.62 percent and 1.90 percent).

The FTSE/ASE 20 index for blue chip and heavy traded stocks ended 0.09 percent down, the FTSE/ASE MID 40 index rose 0.25 percent and the FTSE/ASE SmallCap 80 index fell 0.14 percent.

Broadly, decliners led advancers by 168 to 138 with another 50 issues unchanged.

The most heavily traded shares were Intracom Construction, Hellenic Telecommunications Organization, Titan, Axon Holding and Panafon.

Equity futures trade in record low turnover: Equity futures on the Athens Derivatives Exchange on Tuesday mostly edged up in record low turnover, outperforming the underlying indices, with players and market makers taking a wait-and-see attitude, traders said.

Changing hands were 2,505 contracts on turnover of 15.7 million euros.

The underlying FTSE/ASE-20 index for heavily traded stocks and blue chips shed 0.09 percent; and the underlying FTSE/ASE-40 for medium capitalization stocks rose 0.25 percent.

Bond prices rise in moderate trade: Bond prices in the domestic secondary market on Tuesday finished slightly higher in light to moderate trade again focusing on ten-year paper.

The Greek benchmark 10-year bond showed a yield of 4.95 percent, and the yield spread over German bunds was 43 basis points.

Turnover through the central bank's electronic system totalled 1.3 billion euros.

Buy orders accounted for the bulk of turnover.

[18] Major Balkan City Network to be established

Athens, 05/12/2001 (ANA)

The Network's Executive Secretariat will be based in Thessaloniki.

The two-day meeting took place at the initiative of Thessaloniki Mayor Vassilis Papageorgo-poulos.

Twenty-eight mayors of major Balkan cities convened with the purpose of implementing inter-Balkan inter-municipal cooperation through the creation of the Network. The proposal for the creation of a Network had been made last year by Papageorgopoulos during the first meeting.

A proposal was also put forward for the establishment of an International Inter-Balkan University with the cooperation of the universities of the Network's cities and financed by the Stability Pact. At its initial stage the creation of a "Virtual Institute" will be examined, aimed at providing knowledge to students through the use of new technologies and informatics.

The 3rd Friendship and Cooperation Meeting of Major Balkan Cities will be held in Sofia, Bulgaria, in 2002.

[19] Epiphany to be celebrated at Izmir port after 80 years

Athens, 05/12/2001 (ANA)

The idea for the event was agreed by the citizens from both sides of the Aegean.

"Our objective is to give a lesson of tolerance to the views of others and to show the value of co-existence," Mathiellis said.

The ceremony will take place at the historic port of Izmir, following the service at the small Orthodox (former Dutch) church of Aghia Fotini.

[20] US says continuation of Clerides-Denktash talks is a step forward

WASHINGTON, 05/12/2001 (CNA/ANA)

Weston, who was speaking at an event organized by the US Congress "Helsinki Commission", said that Cyprus' EU accession course provides an opportunity to reach a comprehensive settlement of the Cyprus problem, noting "the fact that the two leaders agreed to go to direct talks under these circumstances is a dramatic indication of the understanding that something must happen in the short period that remains until accession to the EU".

He added that both Clerides and Denktash should be commended for agreeing to these direct talks.

Weston said "the US consistently support Cyprus' accession to the EU, even though we are not a member", adding that "it is better to have a united island in the EU but the EU is clear in saying that a settlement is not a precondition for accession".

Asked if he believed the EU could grant membership to a divided country, Weston said "the EU can make the necessary adjustments" and gave the example of Germany.

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