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Athens News Agency: Daily News Bulletin in English, 07-04-18

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

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

Wednesday, 18 April 2007 Issue No: 2572

CONTENTS

  • [01] Cabinet approves new bankruptcy code
  • [02] Athens Chamber of Commerce and Industry president satisfied with new Bankruptcy Code
  • [03] Foreign minister to attend BSEC ministerial in Belgrade
  • [04] Gov't counters criticism, says funds' assets up 42% in 2003-06; minister points to losses during PASOK tenures
  • [05] Government spokesman on bonds issue, main opposition
  • [06] Papandreou refers to utilities' mismanagement, funds' 'looting'
  • [07] Parliament president concludes official visit to China
  • [08] Deputy FM to inaugurate new Consulate in Florida
  • [09] Inter-party parliamentary delegation press conference in New York
  • [10] PM sends condolences to US president over Virginia Tech tragedy
  • [11] SE Europe's military chiefs in Thessaloniki
  • [12] KKE on SE Europe's summit of military chiefs
  • [13] FM spokesman on Turkish aircraft interception report
  • [14] Bakoyannis to meet Sri Lankan counterpart Wednesday
  • [15] PASOK deputy Eleni Kourkoula resigns
  • [16] Burgas-Alexandroupoli oil pipeline can operate in early 2011, development minister believes
  • [17] Basiakos attends EU Council of Agriculture Ministers meeting
  • [18] Dep. FM outlines progress of Balkan reconstruction plan; funding for corridor X, Greece-Albania highway cited
  • [19] Garganas supports mergers between smaller banks
  • [20] Natural gas demand to rise in Greece, report
  • [21] World Tourism and Travel Council study predicts great increase in Greek tourism
  • [22] Tourism sector accounts for 18.2 pct of Greek GDP
  • [23] Farm export price index down 4.8 pct in February, yr/yr
  • [24] Allatini acquires 88.51 pct of Katselis
  • [25] Nireus SA buys 17.9 pct equity stake in Norwegian company
  • [26] Greek Fisheries company concludes bonds loan agreement with ATEbank
  • [27] National Bank of Greece network off-line for two hours Thursday
  • [28] Greek stocks end 0.32 pct down on Tuesday
  • [29] ADEX closing report
  • [30] Greek bond market closing report
  • [31] Foreign Exchange Rates - Wednesday
  • [32] Greek population ageing, increasing through immigration, Eurostat finds
  • [33] Events on 10th anniversary of Ombudsman; MRB survey
  • [34] "Rescue" programme presentation in Brussels
  • [35] President Papoulias inaugurates documents exhibition of junta period
  • [36] Greek envoy honoured by Jewish-American group
  • [37] Mike Dukakis addresses ACT event
  • [38] Clean-up operation in Caldera focus of meeting
  • [39] Five called to testify over soccer fan's killing in Peania
  • [40] Individuals attack police guard of Supreme Court president's home
  • [41] Drug arrests in Thessaloniki
  • [42] Mostly cloudy on Wednesday
  • [43] The Tuesday edition of Athens' dailies at a glance
  • [44] Hubner pleased with Cyprus' plans to absorb structural funds Politics

  • [01] Cabinet approves new bankruptcy code

    The inner cabinet chaired by Prime Minister Costas Karamanlis on Tuesday approved a new bankruptcy code drafted by the justice ministry and presented by Justice Minister Anastasios Papaligouras.

    After the meeting, Papaligouras said that the new laws represented a fundamental change to a system that went back in its present form to 1835, with a few minor modifications in 1937. He stressed that the new code was designed along radically different lines, with the focus less on organising the break-up or death of a business and more on keeping businesses alive and giving a second chance to those who go bankrupt in good faith.

    Though satisfying the demands of creditors remains the top priority, the justice ministry stressed that the new bill sought to avoid the "cannibalisation" of bankrupt businesses that occurred under the old system, where all their assets were sold in short order to satisfy creditors - including their productive units, so that they were effectively unable to continue operating.

    Under the new code, priority will be given to saving those businesses that can be saved through their reconstruction so that they remain economically active and are able to pay their creditors by generating income, as well as by liquidating their assets.

    The bankruptcy process - which could previously drag on for up to 30 years - is also greatly speeded up under the new code, while it ensures greater transparency in a bid to protect debtors from illegal exploitation by middle-men who took advantage of their plight, the minister said.

    Papaligouras noted that the new bankruptcy code would boost enterprise, protect jobs and organise the reconstruction of businesses.

    Specifically, it provides for the "collective satisfaction of a debtor's creditors through the liquidation of assets or through other means provided by a reconstruction plan, especially by preserving the debtor's business," according to a justice ministry announcement.

    According to this, the goal of the new bill is "to preserve the life of the productive unit, for the benefit of the economy of the country and to protect employment".

    Businesses that declare bankruptcy will be encouraged to adopt a "Reconstruction Plan" designed to save and utilise their business, which is to be submitted to the courts by the debtor or the receiver within a short deadline. This will be evaluated by the court and will be either accepted or rejected by a meeting of a company's creditors, who will be free to reach a settlement and limit their demands.

    In addition, the new law allows those who go bankrupt "in good faith" to start a new business or enter into economic activity without the current unfavourable repercussions of declaring bankruptcy. The "good faith" debtor also enjoys more lenient treatment under the law, with bankruptcy no longer treated as a criminal offence under the law, so that those who unintentionally end up in debt can no longer be jailed or deprived of their political rights.

    The bad faith creditor, by contrast, is subject to more severe treatment.

    Finally, if the effort to keep the business afloat is unsuccessful, a much faster bankruptcy process is initiated, with ongoing inspection mechanisms that ensure the immediate liquidation of the bankrupt company's assets and their distribution first to the company's most vulnerable creditors - its employees - whose rights are fully protected.

    The process is speeded up chiefly by immediately starting liquidation proceedings as soon as debts are ascertained and by processing bankruptcy cases much faster through the courts, while the entire bankruptcy process ends automatically after 15 years.

    Courts are also enlisted to supervise and provide guidance in negotiations between a company and its debtors for out-of-court settlements that will avert bankruptcies.

    Companies will be auctioned off as a whole by court order through tenders with sealed offers, and piecemeal assets will be sold in open auction to parties that declare that they represent themselves or a specific other, while they will also be required to provide a deposit equal to one third of the initial offer. By this means, the ministry hopes to cut out the middlemen that previously exploited bankruptcy proceedings.

    The entire bankruptcy process will also be supervised by a new "creditors committee" made up of three members that represent a company's three different classes of creditors and assist the receiver.

    Finally, a simplified and much faster bankruptcy procedure is introduced for small-scale bankruptcies not exceeding 100,000 euros in value - which represent the majority.

    Papaligouras said the draft bill would once again be discussed with the various bodies involved and would then be tabled in Parliament and voted on using the procedure applicable for codes.

    According to Development Minister Dimitris Sioufas, meanwhile, the revised bankruptcy code met pressing needs of the time and would help the economy of the market, the national economy, enterprise and the job market.

    He said that it was modelled along the lines of the more successful bankruptcy codes in other EU member-states and representing a major step toward modernisation that would help make Greek businesses more competitive.

    [02] Athens Chamber of Commerce and Industry president satisfied with new Bankruptcy Code

    Athens Chamber of Commerce and Industry (EBEA) President Constantine Mihalos expressed his satisfaction on Tuesday over the approval of the new Bankruptcy Code by the inner cabinet.

    Mihalos said that "with the reforming of bankruptcy law in our country, one of the main demands of the production classes is being satisfied, since a necessary reform is being implemented with a delay of at least 50 years."

    He added that "the Bankruptcy Code existing to date needed reforming, since its arrangements date back to 1835 and then to 1937, meaning that 70 years have passed since the last reforming. With the reforming achieved by Justice Minister Anastasios Papaligouras and Development Minister Dimitris Sioufas a solution is being given to the heated problem of businesses, that will now have a second chance to continue their operation."

    [03] Foreign minister to attend BSEC ministerial in Belgrade

    Foreign Minister Dora Bakoyannis is due to travel to Belgrade on Thursday to attend the Black Sea Economic Cooperation organisation's ministerial taking place in the city, foreign ministry spokesman George Koumoutsakos announced on Tuesday.

    On Wednesday, meanwhile, she is to meet the head of the UN mission in Kosovo, UNMIK chief Joachim Ruecker, who will be visiting Athens.

    Concerning the BSEC meeting, Koumoutsakos said that Greece placed special emphasis on the BSEC's rapprochement with the European Union, particularly giving the BSEC observer status in the EU.

    During the meeting, the BSEC member-states are to sign a memorandum for the construction of a highway that will encircle the shores of the Black Sea, while on its sidelines Bakoyannis will have meetings with Serb President Boris Tadic, Serb Foreign Minister Vuk Draskovic, Serb Prime Minister Vojislav Kostunica and Russian Foreign Minister Sergey Lavrov.

    On Friday, the Greek foreign minister is due back in Greece for the second day of a two-day meeting of EU European Affairs Ministers' beginning on April 19 on the Aegean island of Rhodes that will discuss the EU's new maritime policy.

    In Athens on Saturday, she is to meet Palestinian Authority President Mahmoud Abbas, who is visiting Greece at her invitation during a tour of European countries that takes in France, Switzerland, Sweden, Poland, Bulgaria and the Czech Republic.

    Koumoutsakos underlined Greece's lively interest in the situation in the Middle East, pointing to the country's generous aid during the war in Lebanon and the discussion on the Arab-Israeli conflict organised at the UN Security Council by Greece during its one-month presidency last autumn.

    The following Monday, Bakoyannis will travel to Luxembourg for the EU General Affairs Council and on Tuesday she is to have meetings with her Slovenian counterpart Dimitrij Rupel and British Minister for Europe Geoff Hoon, who is then due to visit Nicosia in Cyprus.

    On April 26-27, meanwhile, the foreign minister is due to attend an informal NATO foreign ministers' meeting taking place in Oslo that will discuss events in Afghanistan, Kosovo and expanding the Alliance.

    [04] Gov't counters criticism, says funds' assets up 42% in 2003-06; minister points to losses during PASOK tenures

    Greek pension funds' assets rose 42 percent to 31 billion euros at the end of 2006, up from 21.8 billion euros in 2003, Employment and Social Protection Minister Savvas Tsitouridis said on Tuesday.

    Speaking to reporters during a news conference after completion of the first meeting of a newly established watchdog Commission - formed to draft a new regulatory framework on the management of pension funds' reserves - the minister accused past PASOK governments of losing 3.46 billion euros from investments made by pension funds in stock shares during the period 1999-2002. Tsitouridis said funds lost 7.85 million euros from their investments in bonds, of which 5.5 million euros in transactions with the embattled Acropolis Securities firm.

    "Our policy aims at promoting full transparency and efficiency in asset management without hurting the independence of funds," Tsitouridis said, adding that the ministry would publish, on May 2, a detailed list of all transactions made by pension funds. He noted that he has already asked pension funds to stop investing in structured bonds.

    The minister said pension funds were independent and noted that their investments in bonds were not subject to government control, while he stressed that a commission designed to monitor funds' investments failed to operate in time because of lack of a regulatory framework in the market.

    Tsitouridis, the minister whose has borne the brunt of opposition criticism, also emphasised that structured bonds were widely used around the world, noting that pension funds would not lose their money by the time of the bonds' maturing. He stressed that auditors to be selected to monitor funds' investments would not related in any way with bond market activities or other professionals.

    Finally, he pointed to a "clash of vested interests" as hiding behind recent criticism against him, pledging that all data would be tabled to Parliament as soon as possible. Tsitouridis said he sensed he had the responsibility of completing a task of strengthening a system that suffered a great deal in the past due to various shortcomings.

    [05] Government spokesman on bonds issue, main opposition

    Commenting on the ongoing furore surrounding the purchase of high-risk structured bonds by Greece's social security funds, particularly the accusations levelled against the government by main opposition PASOK, government spokesman Theodoros Roussopoulos on Tuesday said PASOK's accusations served a "party-political policy".

    "They are less interested in the truth than in creating impressions," the spokesman told reporters.

    Questioned about an announcement by Employment Minister Savvas Tsitouridis giving a retrospective account of fund finances and assets, the spokesman noted that, while every state had continuity, successive governments saw things in similar or very different ways.

    "On issues of foreign policy we have a very similar approach to the previous government but on issues of transparency we are very far apart: you need only remember the letter sent by [ND president Costas] Karamanlis to [then Prime Minister Costas] Simitis in the summer of 2000, to which Simitis replied that there are 'no issues of corruption in the country'," Roussopoulos said.

    Though the approaches were different, there had to be a process of comparison that could and the reference to the past was made in order to draw comparisons, he added.

    Regarding reports claiming that the head of the independent authority against money-laundering George Zorbas had run up against difficulties during his investigation into the structured bonds affair, Roussopoulos said the meeting between Zorbas and Finance Minister George Alogoskoufis a month ago - which was strongly criticised at the time - had been on precisely this issue and had sought ways to assist the authority in collecting evidence.

    Returning to the state-issued structured bonds, meanwhile, the spokesman reminded reporters that several private institutional investors in Greece and abroad had invested in these.

    "This proves the value of these bonds and is an indirect answer to those who danger-monger on this issue," he added.

    Roussopoulos also pointed out - in response to questions about past pension fund losses on the stock market - that pension funds would not lose their capital as a result of investing in bonds, since this was guaranteed by the Greek State, compared with losses of several billion euros on the stock market.

    "My information is that the capital losses incurred by pension funds exceeded two billion euros, while the court proceedings against the former board of the Public Securities Company (DEKA) is still pending," he said.

    Finally, the spokesman denied reports that the seamen's pension fund NAT was having difficulty paying supplementary pensions, pointing out that the fund was supported from the state budget.

    "Finally, there are certain procedures that also concern NAT, according to which it was judged that it was better worth while to boost employment than to subsidise unemployment. Under this system, work is given to workers in the merchant fleet by supporting business people that owe NAT," Roussopoulos said.

    Opposition parties criticise employment minister over bonds issue

    Opposition parties criticised Employment Minister Savvas Tsitouridis over statements he made on the bonds issue on Tuesday.

    Main opposition PASOK party spokesman Petros Efthymiou said that "it is a fundamental issue that the government responds to the demand of working people, of the insured, of the General Confederation of Workers of Greece (GSEE) and the Civil Servants Supreme Administrative Council (ADEDY) that is 'bring back the money'."

    The spokesman added that this demand means that "social insurance funds should be rid of the complex structured products and return to the prior property state, meaning investments in firm guaranteed bonds of the Hellenic state."

    PASOK's Employment and Social Affairs rapporteur Maria Damanaki said on her part that "with various alchemies with numbers and with the threadbare method of 'bad PASOK is to blame for everything', Mr. Tsitouridis is trying to convince public opinion that the insured should even be pleased with the coordinated robbery of the reserves of their social insurance funds."

    Replying to Damanaki, an announcement by the employment ministry said that "the Employment and Social Protection minister, apart from full data that he presented, raised specific questions on PASOK's past in government on issues concerning the management of the property of social insurance organisations."

    The Communist Party of Greece (KKE) said that "the data presented by the government on the looting experienced by the working people's social insurance funds through gambling at the stock exchange during PASOK governments implicate itself as well. Because (ruling) New Democracy (ND) agreed to gambling with reserves, but mainly because it is implementing the laws of PASOK, continuing its policy," and adding that "the bipartisan squabble as to which government, that of ND or PASOK, has the greatest contribution to the looting of the social insurance funds, shows how audacious the parties that serve the bankers, financiers, industrialists, shipowners, etc, have become."

    The Coalition of the Left, Movements and Ecology (Synaspismos) party's Political Bureau member Dimitris Stratoulis said that the two ministers, Tsitouridis and Minister of State and government spokesman Theodoros Roussopoulos, "avoided once again to reply to the crucial questions as to who have the political responsibilities for the great feast prepared at the expense of the property of social insurance funds, as to who prepared it, as to which bankers and stockbroker companies gained and how much, as to how those who gained paid back with 'graft' or with 'political money' those who allowed it and as to how and when the government will return to the insured what has been stolen."

    In another development, ADEDY will "escalate its intervention in the issue of the purchasing of complex or structured bonds by social insurance funds by upgrading the social insurance issue in May Day strike action with the holding of a special strike rally (probably on May 15, 2007) and with legal moves with Greek justice and international authorities."

    An announcement by ADEDY spoke of a scandal and called on working people and pensioners in their entirety to rally and to participate fully both in May Day rallies and in strike action that will be finalised soon.

    Gov't spokesman responds to PASOK

    Minister of State and government spokesman Theodoros Roussopoulos on Tuesday evening responded to statements made earlier in the day by main opposition Panhellenic Socialist Movement (PASOK) spokesman Petros Efthymiou on the bonds issue.

    "Mr. Efthymiou, as he did yesterday, thus today as well, noted painful truths for his party. He is right when he says that 'nothing which is happening after 2004 has any comparison, similarity or proportion with any similar handling in the period of the PASOK governments'," Roussopoulos said.

    "Actually, contrary with what was happening under PASOK governments, from 2004 until today not even one euro from the capitals of the reserves was lost at the Stock Exchange or elsewhere. Actually, contrary with what was happening before, this government dares to bring to light every case and to take measures for the safeguarding of transparency and proper management," Roussopoulos added.

    Employment minister replies to statements by PASOK spokesman

    Employment Minister Savvas Tsitouridis, replying to statements by main opposition PASOK party spokesman Petros Efthymiou, said on Tuesday that "during the years of the New Democracy party's governance the property of social insurance organisations increased by 42 percent. Wherever responsibilities exist on specific issues, they will be discovered and attributed."

    Tsitouridis also underlined the specific data he presented on Tuesday during a press conference he gave and which concern the period of PASOK's governance and the great losses that, as he said, were experienced by the property of the Greek insured and pointed out that he fully understood Efthymiou's perplexity and awaits "replies."

    [06] Papandreou refers to utilities' mismanagement, funds' 'looting'

    Main opposition PASOK leader George Papandreou on Tuesday again touched on the heated issue of pension funds' management of their reserves while expanding his criticism to the government's handling of a handful of large state-run enterprises, this time in an address to his party's Parliamentary Council meeting.

    "Public utilities are seen as the property of the partisan state and rival government ministers," he charged.

    The PASOK leader also pointed out that an effort is being made to control both the public and the private sector through repeated interventions, ones aimed at satisfying different interests.

    Papandreou added that state-run utilities and enterprises are of strategic importance for the country's development and constitute essential part of PASOK's programme, while he also pointed out that they became profit-making as a result of measures taken by PASOK governments until 2004.

    The PASOK president and former foreign minister stressed that in the past three years state-run utilities and enterprises have slumped, affecting the national economy and the people, with quality dropping and costs rising.

    In reference to the pension funds issue, he pointed out that through the "looting of the pension funds" the Greek citizen became deeply aware of ND's attitude and practices.

    He underlined that PASOK directs its efforts at economic growth through a "fair redistribution", having as an objective the improvement of the Greek family's finances, whereas the ND government is motivated by party interests.

    Finally, he stressed that had ND accepted a 30-point proposal on transparency, suggested by PASOK in November 2005, the looting of pension funds would be impossible, as he noted.

    [07] Parliament president concludes official visit to China

    Parliament President Anna Benaki-Psarouda on Tuesday termed her official visit to China very productive, following her meeting with Prime Minister Wen Jiabao.

    "My feeling is that Greece can constitute China's gateway to the European Union," Psarouda told reporters.

    On the occasion of recent visits made to China by the prime minister and by many ministers, the Parliament president said that plans for cooperation with the Chinese leadership, as well as with the Chinese people, are proceeding at a speedy pace.

    According to a relevant Parliamentary press release, Psarouda underlined the possibilities of cooperation on issues of mutual interest, such as the Olympic Games "where Greece is offering considerable services and advice", merchant shipping, cultural exchanges and population mobility between China and Greece, that will be strengthened "with the creation of a direct air link between Athens and Beijing."

    [08] Deputy FM to inaugurate new Consulate in Florida

    NEW YORK (ANA-MPA / P. Panagiotou)

    Greece's Deputy Foreign Minister Yannis Valynakis referred to Greek national issues and to Greece's new image, speaking in an event in Astoria, New York, organized by the Federation of Dodecanese Societies of USA-Canada.

    Valynakis, who represented the Greek foreign ministry at the Greek-American community celebrations marking the March 25 Greek Independence Day, outlined the Greek government's positions on Turkey's EU accession course and other Greek foreign policy matters. He also referred to Dodecanese-related issues and exchanged views with the Greek expatriates aimed at the further economic growth of the SE Aegean islands.

    On the opportunity of his visit to New York, the deputy foreign minister also had meetings with representatives of the Greek-American community and attended a luncheon in his honor hosted by Metropolitan Bishop of New Jersey Evangelos on Monday.

    Valynakis will visit Tampa, Florida, to inaugurate the Greek Consulate Offices on Tuesday and bestow a medal on Greek-American former US House of Representative member Michael Bilirakis on behalf of Greece's President of the Republic.

    [09] Inter-party parliamentary delegation press conference in New York

    NEW YORK (ANA-MPA / P. Panagiotou)

    The members of a visiting inter-party parliamentary delegation from Greece referred to Greek national issues, the right of the Greeks abroad to vote in the Greek elections at their place of residence, education problems and the improved cooperation between Greece and the Greek expatriate organizations, during a press conference on Monday in New York.

    The Greek parliamentary delegation, made up of Greek Parliament vice-president Ioannis Tragakis (ND), President of the Special Permanent Committee on Greeks Abroad Evgenios Haitidis (ND), committee vice-president Grigoris Niotis (PASOK), Dimitris Tsiogas (KKE) and Asimina Xirotiri (SYN) visited New York on the occasion of the March 25 Greek Independence Day celebrations.

    Tragakis stated that he will most likely be in New York for the Greek-American parade, which was postponed to Sunday, April 22, due to inclement weather conditions last Sunday, when the parade was originally scheduled. Referring to the meeting the delegation had with Archbishop Demetrios of America, he said that they discussed the issue of the Ionia Camp for young expatriates in southern Greece, while, regarding the shortage of Greek language teachers in the US, he commented that the problem can be tackled only through Boston College scholarships granted on behalf of the Greek government.

    The delegation also referred to the assistance the Greek expatriate mass media need, the Charter Schools' major contribution to the quality teaching of the Greek language and the role of the Special Permanent Committee on Greeks Abroad.

    [10] PM sends condolences to US president over Virginia Tech tragedy

    Prime Minister Costas Karamanlis on Tuesday sent a letter of condolences to US President George W. Bush in light of Monday's murderous rampage at Virginia Tech University.

    In his letter, Karamanlis expresses his "sadness and sincere condolences to the families of the victims and to all those who suffered from the consequences of the attack," a press release of the prime minister's office stated.

    [11] SE Europe's military chiefs in Thessaloniki

    National Defence Minister Evangelos Meimarakis will open the inaugural summit of Balkan and SE European countries' general staff chiefs in Thessaloniki on Wednesday, with the theme revolving around the subject of "Improvement of Cooperation and Security in the Region".

    The summit will be attended by the armed forces chiefs of Albania, Bosnia-Herzegovina, Bulgaria, Croatia, Greece, Montenegro, Romania, Serbia, FYROM and Turkey, as well as the EU military committee chairman and the operational commander of NATO's southern wing.

    Military leaders will arrive in Thessaloniki on Tuesday, with Greece's National Defence General Staff Chief, Adm. Panagiotis Hinofotis, hosting a formal reception in their honor later in the evening.

    A press conference will take place after the summit meeting on Wednesday.

    A later dispatch on Tuesday reported that the head of the Turkish General Staff, Gen. Mehmet Ya_r Büyükanit, had already arrived in Thessaloniki to participate in Wednesday's sessions.

    [12] KKE on SE Europe's summit of military chiefs

    The Communist Party of Greece (KKE) in an announcement on Tuesday evening termed as "provocative" the summit of Balkan and SE European countries' general staff chiefs which will be held in Thessaloniki, central Macedonia on Wednesday,

    The KKE's Thessaloniki branch underlined, "the summit of the general staff chiefs of the countries of the Balkans, which is being held at the initiative of the Greek government, serves the promotion of the Euro-American plans for the further attachment of the Balkan countries to NATO. In a region which has recently received NATO bombs, enriched uranium, the dismemberment of countries and interventions with NATO occupation forces, the holding of such meetings constitutes a particular provocation."

    [13] FM spokesman on Turkish aircraft interception report

    Greece's sovereign rights could not be disputed, foreign ministry spokesman George Koumoutsakos said Tuesday, adding that Turkey's long-standing practice was being faced both operationally and by diplomacy, in close cooperation between the foreign and national defence ministries.

    Replying to press questions, Koumoutsakos said that the information at the defence ministry's disposal did not confirm reports appearing in an Athens daily on Tuesday that Greek fighter planes had intercepted Turkish jetfighters (on the day that the trilateral interstate agreement between Greece, Russia and Bulgaria for construction of the Burgas-Alexandroupolis oil pipeline was signed in Athens--March 15).

    He clarified that in the period 13-15, there had been a "practice of approach of aircraft, which however did not have the characteristics of a reconnaissance or interception".

    "But even this practice is closely monitored, both operationally and at diplomatic level," he added.

    Koumoutsakos further said that the briefing of Greece's partners and allies on this matter was continuous, and stressed that "the Greek sovereign rights and the status quo in the Aegean are beyond any doubt, and are determined by the international treaties and the Treaty of Lausanne".

    [14] Bakoyannis to meet Sri Lankan counterpart Wednesday

    Foreign Minister Dora Bakoyannis will have a working breakfast with her Sri Lankan counterpart Robitha Bogollagama on Wednesday, a ministry press release stated on Tuesday.

    Bilateral political and economic relations will be at the focus of the meeting which will be followed by a press conference.

    [15] PASOK deputy Eleni Kourkoula resigns

    Main opposition Panhellenic Socialist Movement (PASOK) deputy Eleni Kourkoula on Tuesday submitted her resignation and her seat in Parliament will be taken by Argyris Ev. Yiannopoulos.

    Kourkoula links her resignation with the demand by PASOK leader George Papandreou for the holding of elections.

    She announced that she will not seek anew her vote by the citizens and thanked former prime minister Costas Simitis and his options for the country, which, as she said, "were the motive for my involvement in politics."

    Financial News

    [16] Burgas-Alexandroupoli oil pipeline can operate in early 2011, development minister believes

    Development Minister Dimitris Sioufas, speaking before the Parliamentary Production and Trade Committee, assessed on Tuesday that the operation of the Burgas-Alexandroupoli oil pipeline is possible in early 2011.

    "We believe that the whole process of the creation of an international company, the studies and the interstate passage agreements will have been completed in a year-and-a-half, so that construction can begin at the end of 2008 and the pipeline can be in operation from the end of 2010 until the beginning of 2011," the minister said.

    On the part of the main opposition PASOK party, Christos Papoutsis insisted on the need for the clarification and underlining on the part of the government of its own view regarding the ownership state of the ground and the sea encircling the pipeline, believing that the terms used in its English text are ambiguous and leave ground for the raising of doubts on national sovereignty issues.

    Communist Party of Greece (KKE) rapporteur Nikos Gatzis said that "it is a crime when corporations of crucial importance are privatised, such as those of energy. Unfortunately, however, you are following the same policy as well."

    Lastly, Coalition of the Left, Movements and Ecology (Synaspismos) party rapporteur Asimina Xirotyri said that Greece has a bad record regarding environmental protection and that the relevant clauses contained in the bill "come last".

    [17] Basiakos attends EU Council of Agriculture Ministers meeting

    BRUSSELS (ANA-MPA/V. Demiris)

    Greece's Agricultural Development and Foods Minister Evangelos Basiakos attended in Luxembourg on Monday and Tuesday the meeting of the EU Council of Agriculture Ministers which focused on the European Commission's proposals for reform in the sector of fruit and vegetables.

    Basiakos underlined "the particular economic, social and political importance which the reform in the sector of fruit and vegetables has for Greece," stating that he "will only accept solutions which will effectively support the income of Greek producers, increase the sector's competitiveness, encourage the concentration of production and producers, strengthen the offer to consumers of particularly high quality products and contribute in local growth and employment."

    He presented Greece's positions, as shaped in cooperation with farmers' representatives and which are identical to the positions of the Panhellenic Confederation of Agricultural Cooperatives (PASEGES).

    Basiakos proposed, particularly for sensitive products, for EU member-states to be given the possibility of choosing the most effective way for the granting of subsidies, even through "the creation of national files."

    He also supported the increase of EU funds which will be granted as subsidies to Greek producers and called for consideration to be taken regarding the serious destruction which was caused in the production of fruit and vegetables by inclement weather, in the implementation of the new Common Market Organisation, in the period 2003-2005.

    [18] Dep. FM outlines progress of Balkan reconstruction plan; funding for corridor X, Greece-Albania highway cited

    The foreign ministry on Tuesday outlined the ongoing course of Athens' high-profile Economic Reconstruction of the Balkans (ESOAB in its Greek abbreviation) plan, with Deputy Foreign Minister Evripidis Stylianidis noting that the Greek-funded restoration of new Sarajevo's new government house, among others, will be ready next month.

    Among the other priorities, Stylianidis cited funding for the Pan-European road corridor X, namely, a 108-kilometre upgrading of the current Thessaloniki-Skopje-Belgrade highway, budgeted at 635 million dollars, of which Greece will contribute roughly 150 million.

    Another seminal road project, the Sayiades-Konispol-Sarande highway, connecting the extreme northwestern tip of Greece -- across from the Ionian island of Corfu -- with southwestern Albania, is expected to dramatically boost cross-border traffic in the region, which hosts a sizeable ethnic Greek community on the Albanian side.

    The project has a length of 40.5 kilometers and is budgeted at 37.5 million euros, 30 million of which will come from the Plan.

    Finally, Stylianidis said another "big ticket" project is the establishment of SEElight, a regional fibre optic network connecting some 300 universities and research centres in Greece, Bulgaria, Romania, Serbia and the Former Yugoslav Republic of Macedonia (FYROM).

    Additionally, the Greek minister said Athens has continued stepped up efforts to renegotiate the original ESOAB agreement of 2002 with the six (at the time) partners (Serbia-Montenegro, FYROM, Romania, Albania and Bosnia-Herzegovina).

    Finally, he said the primary criteria that Athens employs to meet its ESOAB commitments is reciprocity with Greek companies and the entire economy, as well as promotion of Greece's overall role in the region.

    [19] Garganas supports mergers between smaller banks

    Bank of Greece governor Nikos Garganas on Tuesday defended the strong profit growth rates by Greek banks saying the banking sector was the dynamic sector of the economy and it was only natural to have the biggest profitability.

    Speaking in Parliament, presenting the bank's monetary policy for 2006-2007, the central banker stressed economic growth depended on the performance of the banking sector and noted that the Bank of Greece's responsibility was solely on transparency issues. Commenting on deputies' remarks over excessively high interest rates by Greek banks, Garganas said te Development ministry was responsible for the matter and reiterated his call for households to be cautious in taking over new debt. "I am not worried about banks, they have ample capital to cover any credit risks, but I am worried about households that cannot afford it," he said.

    Garganas noted that 7.0 percent of Greek households could not afford repayment of their debt to banks, according to 2006 figures. "I am not worried about the current rate, but about the possibility of such risk in a period of economic recession. That's why we urge banks to be very strict and they have significantly improved the evaluation of borrowers," Garganas noted.

    He said he supported mergers between smaller bankers, saying "We encourage such a move, since it was to their benefit, but on the precondition that they abide by the law".

    The central banker said he was not responsible to comment on the issue of structured bonds and reiterated that the Bank of Greece was also not responsible for any controls in pension funds.

    Commenting on investments made by the Postal Savings bank on structured bonds, Garganas said the bank's portfolio on special products reported a positive return and noted that investments on structured bonds did not affect the bank's credibility. The central banker said a Bank of Greece's report on the Postal Savings Bank showed that classic state bonds recorded losses up to 40 million euros, while structured securities' investments gains totaling 1.9 million euros.

    [20] Natural gas demand to rise in Greece, report

    The Greek energy market is expected to witness a continuous increase in demand for natural gas due to the construction of new power stations and higher electricity prices, a survey by Kantor Consultants stated on Tuesday.

    The survey noted that volatility in oil prices, due to geopolitical factors, were expected to continue this year and slow oil demand internationally. This volatility is forecast to affect other energy markets, such as Greece, where the share of oil in total primary energy supplies are one of the highest in the EU.

    Kantor said a series of significant natural gas projects, currently in early stages in Greece, would have an impact in the wider European region and strengthen the country's position in international natural gas market. In particular, a Greek-Italian natural gas pipeline, linking Thessaloniki with Otranto, was of significant strategic importance to the European Union, the report said.

    International consumption of natural gas grew by 28 percent in the last decade (1995-2005), while oil consumption was up 18 pct over the same period, as countries preferred natural gas because of it was more environmental friendly compared with oil and was cheaper.

    Kantor said the full deregulation of electricity market in the EU by mid-2007 was expected to accelerate a trend of partnership deals among energy companies in the region, while the deregulation pace in Greece was expected to lag behind other EU countries.

    The survey said the country's production capacity was not enough to cover the system's needs and as a result Greece's dependence from electricity imports has risen in recent years, to 13 pct of demand in 2006, of which 73 pct were imported from Bulgaria. Greece's total electricity consumption totaled 59.2 TWh, down 0.5 pct from 2005, while average price jumped to 64 euros/MWh in 2006 from 43 euros/MWh in the previous year.

    Kantor said a rationalisation of energy bills was necessary since current levels could not support new investments in the domestic market.

    [21] World Tourism and Travel Council study predicts great increase in Greek tourism

    The World Tourism and Travel Council has prepared and delivered a study to the Tourist Development ministry's leadership, predicting an annual average growth rate of 6.5 percent in tourist demand for Greece until 2016 and underlining that for years Greece has been enjoying healthy development regarding tourist movement.

    The report notes that for Greece this demand will easily exceed the expected global development of tourist travel by 4.2 percent a year, as well as the European Union's expected average increase rate of 3.5 percent.

    As regards employment in the tourism sector, the Council believes that by the year 2016 employment in the Greek tourist industry is expected to increase by 152,000 jobs, to remain at 10.3 percent of total employment in Greece.

    The 867,200 jobs in Greece's tourist economy in 2006 represent 20 percent of the total labour force. By the year 2016, direct and indirect employment in the tourist economy is expected to increase by 349,000 jobs in Greece, amounting to 20.9 percent of total employment.

    [22] Tourism sector accounts for 18.2 pct of Greek GDP

    The tourism sector's contribution to the Greek Gross Domestic Product reached 18.2 percent after a recent GDP revision, the Association of Greek Tourist Enterprises (SETE) said on Tuesday.

    In an announcement to the press, SETE stressed "tourism is the most dynamic growth sector of the economy and must be included among high priority government policies".

    SETE said tourism's direct contribution to the Greek economy was 7.27 pct in 2005, while the contribution of tourism economy was 16.35 pct before the GDP revision. The association said that based on average per capita spending by foreign tourists, Greece ranked 10th in the world tourism league with 1,072 US dollar per tourist, while the country ranked 24th in the general economic competitiveness list. It also noted that tourism accounted for 6.1 pct of per capita GDP in Greece, while total tourism revenues accounted for more than 1,200 US dollar per capita. These figures rank Greece 5th and 9th in the world league, respectively.

    The tourism sector sustained 838,250 job positions, or 19.1 pct of total employment in Greece in 2005.

    [23] Farm export price index down 4.8 pct in February, yr/yr

    Farm export prices fell by 4.8 percent in February, compared with the same month last year, the National Statistics Service on Tuesday.

    The statistics service said the farm import price index jumped 5.1 pct over the same period, for an increase of 1.7 percent in February from January 2007. The farm export price index fell 0.8 pct in February from January.

    [24] Allatini acquires 88.51 pct of Katselis

    Allatini SA on Tuesday said its subsidiary Cereals Enterprise of Northern Greece has acquired 88.51 percent of Katselis Sons ABEE after completion of an obligatory public offer submitted by Allatini to Katselis' shareholders.

    Allatini said its subsidiary currently owned 18,586,566 shares in Katselis. The public offer ended on Friday 13, April and covered 21.71 percent of Katselis' equity capital.

    [25] Nireus SA buys 17.9 pct equity stake in Norwegian company

    Nireus SA on Tuesday announced the purchase of a 17.9 percent equity stake in Marine Farms ASA, a company listed in the Oslo Stock Exchange.

    The Greek company said the move was part of a strategic plan to expand its activities around the world and noted it has recently invested in Turkey and Spain.

    The Norwegian company reported a turnover of 71.9 million euros last year, its pre-tax, interest and amortization earnings (EBITDA) was 19.9 million euros and pre-tax profits were 13.3 million euros.

    [26] Greek Fisheries company concludes bonds loan agreement with ATEbank

    The listed Greek Fisheries ABEE company has concluded a bonds loan agreement amounting to 12 million euros with the Agricultural Bank of Greece (ATEbank).

    According to a relevant announcement, the duration of the loan has been set for seven years. The money to be obtained will be used both for the refunding of existing short-term and long-term loaning and the funding of the extension of the Group's activities.

    [27] National Bank of Greece network off-line for two hours Thursday

    National Bank of Greece (NBG) cashpoint machines will be offline for 2.5 hours on Thursday, April 19 between the hours of 4:30 and 7:00 due to an upgrade of their TANDEM and POS systems, the bank announced on Tuesday. Also offline during the same period will be systems for NBG debit cards.

    [28] Greek stocks end 0.32 pct down on Tuesday

    Greek stocks ended slightly lower in the Athens Stock Exchange on Tuesday, with the composite index falling 0.32 percent to end at 4,850.26 points. Turnover was a strong 456.1 million euros.

    Most sector indices moved lower, with the Oil (1.84 pct), Telecommunications (1.31 pct) and Financial Services (0.75 pct) suffering the heaviest percentage losses of the day, while the Food-Beverage (0.95 pct), Raw Materials (0.85 pct) and Commerce (0.83 pct) scored gains.

    The Big Cap index fell 0.34 pct, the Mid Cap index rose 0.01 pct and the Small Cap index eased 0.16 pct.

    Ideal (19.67 pct) and N.Galis (12 pct) were top gainers, while Viosol (10.53 pct), Tria Alpha (8.70 pct) and Ippotour (7.78 pct) were top losers.

    Broadly, decliners led advancers by 134 to 118 with another 55 issues unchanged.

    Sector indices ended as follows:

    Insurance: +0.05%

    Industrials: -0.25%

    Commercial: +0.83%

    Construction: +0.21%

    Media: -0.17%

    Oil & Gas: -1.84%

    Personal & Household: -0.37%

    Raw Materials: +0.85%

    Travel & Leisure: -0.11%

    Technology: -0.09%

    Telecoms: -1.31%

    Banks: -0.26%

    Food & Beverages: -0.26%

    Health: -1.24%

    Utilities: -0.65%

    Chemicals: +0.52%

    Financial Services: -0.75%

    The stocks with the highest turnover were National Bank, Piraeus Bank, Alpha Bank and OPAP.

    Selected shares from the FTSE/ASE-20 index closed in euros as follows:

    Alpha Bank: 24.36

    ATEbank: 4.04

    Public Power Corp (PPC): 17.96

    HBC Coca Cola: 32.76

    Hellenic Petroleum: 11.20

    Emporiki Bank: 21.34

    National Bank of Greece: 43.06

    EFG Eurobank Ergasias: 31.44

    Intralot: 24.48

    Cosmote: 23.60

    OPAP: 28.30

    OTE: 21.24

    Titan Cement Company: 43.80

    [29] ADEX closing report

    Futures contract prices maintained their discount in the Athens Derivatives Exchange on Tuesday, with turnover at 147.388 million euros.

    The June contract on the FTSE 20 index was traded at a discount of 1.54 pct and the April contract on the FTSE 40 index at a discount of 0.56 pct.

    Volume in futures contract on the FTSE 20 index totaled 7,229 contracts worth 92.476 million euros, with 30,191 open positions in the market, while on the FTSE 40 index volume was 587 contracts worth 17.847 million euros with 1,640 open positions.

    Volume in futures contract on equities totaled 11,396 contracts worth 6.267 million euros, with investment interest focusing on ATEBank's contracts (2,436), followed by OTE (352), OPAP (216), National Bank (357), Alpha Bank (506), Intracom (439), Intralot (247) and Mytilineos (496).

    Volume in stock repos totaled 1,099 contracts and in reverse stock repos 1,443 contracts.

    [30] Greek bond market closing report

    Turnover in the Greek electronic secondary bond market rose to 4.073 billion euros on Tuesday, of which 2.111 billion euros were bids and 2.962 billion call orders.

    The 10-year benchmark bond (July 20, 2017) was the most heavily traded security with a turnover of 1.645 billion euros, while the yield spread between the 10-year Greek and German bonds rose to 0.23 percent. The Greek bond yielded 4.43 pct and the German Bund 4.20 pct.

    In the domestic interbank market, interest rates were mixed. National Bank's overnight rate was 3.85 pct, the two-day rate rose to 3.82 pct from 3.73 pct on Monday, the one-month rate was 3.85 pct and the 12-month rate 4.26 pct.

    [31] Foreign Exchange Rates - Wednesday

    Reference buying rates per euro released by the European Central Bank:

    U.S. dollar 1.365

    Pound sterling 0.681

    Danish kroner 7.514

    Swedish kroner 9.294

    Japanese yen 163.1

    Swiss franc 1.653

    Norwegian kroner 8.143

    Cyprus pound 0.586

    Canadian dollar 1.545

    Australian dollar 1.634

    General News

    [32] Greek population ageing, increasing through immigration, Eurostat finds

    BRUSSELS (ANA-MPA - M. Spinthourakis)

    Greece's population is ageing, with a higher percentage of those aged over 65, while its increase will be due to immigration rather than births, the European Union's statistics service Eurostat said on Tuesday.

    According to the report, the number of people aged over 65 will increase to 39.1 percent of the country's population aged 15-65 years in 2030, up from 26.4 percent in 2004. At the same time, population increase in Greece up until 2030 will be the result of immigration and not because of the ratio of births to deaths.

    According to Eurostat projections, the country's total population will be 11,316,000 people in 2030, of which 2,780,000 will be over 65. In 2004 the population was 11,041,000 people, of which 1,971,000 were over 65.

    During the period, the population is expected to increase on Crete, the Ionian islands, central Macedonia, western Greece, Attica, the Peloponnese and the south Aegean. In other parts of the country, particularly the north Aegean, the population is expected to decrease.

    Only in two areas, Crete and the islands of the south Aegean, will this be the result of natural increase (when the annual number of births exceeds deaths), while in the other areas there will be a natural decrease (more deaths than births annually) that will be offset by an increase in the number of foreign immigrants.

    On average, between 2004 and 2030 the annual birth rate in Greece will be 0.88 percent of the total population and the death rate will be 1.14 percent of the total population, leading to a natural reduction of the population of 0.26 percent.

    During the same period, the annual increase in the number of foreign immigrants is projected to be 0.35 percent of the population so that the population of Greece will increase relative to 2004.

    [33] Events on 10th anniversary of Ombudsman; MRB survey

    Greece's citizens and particularly those who live in the countryside, have not yet shaped a clear picture about independent authorities, while the percentage of their recognition remains relatively at a low level, with the only exception of the Ombudsman, according to a survey presented on Tuesday evening during the second and last day of events marking the 10th anniversary of the founding of the Ombudsman.

    Thus, according to data of an MRB survey from a nationwide sample of 2,000 people, which was presented by Ilias Nikolakopoulos, one in two people know that the Ombudsman exists and from them, one in two trust him.

    Specifically, the Ombudsman is known by 50.3 per cent.

    Furthermore, 45.4 per cent trust non-governmental organisations (NGOs), against 19.5 per cent who do not trust them. Forty-one per cent trust political parties, while 23.4 per cent do not. The Ombudsman is trusted by 39 per cent, against 10.5 per cent who do not, while the mass media and television is trusted by 35.3 per cent against 28.3 per cent.

    On the Ombudsman, the survey showed that of those who know him as an institution, 51.3 per cent trust him, 34.7 per cent have no clear opinion, while nine per cent do not trust him.

    [34] "Rescue" programme presentation in Brussels

    Action plans for the management of earthquakes, floods, natural disasters and technological accidents are being drawn up by the competent authorities in Greece, Italy and Hungary within the framework of the European programme "Rescue" presented to the Committee of the Regions in Brussels on Tuesday.

    The 1.17-million-euro programme provides for all necessary tools that will guarantee better information and knowledge management in case of an emergency.

    [35] President Papoulias inaugurates documents exhibition of junta period

    President of the Republic Karolos Papoulias on Tuesday evening inaugurated an exhibition of documents and material of the junta period 1967-1974.

    The exhibition is hosted at the Arts Centre of Athens Municipality and is organised by the Federation of Imprisoned and Exiled Resistance Fighters 1967-1974 and is dedicated to the grim 40th anniversary of Greece's military takeover on April 21, 1967.

    Also present at the event were Interior, Public Administration and Decentralisation Minister Prokopis Pavlopoulos and many deputies.

    [36] Greek envoy honoured by Jewish-American group

    WASHINGTON (ANA-MPA / L. Papantoniou)

    The Jewish-American organisation B'Nai B'rith honoured Greece's ambassador to the United States Alexandros Mallias for a series of cultural events dedicated to Greek Jews.

    Addressing an official dinner inaugurating the events, Mallias referred to the lessons that the Holocaust can teach to younger generations, underlining the importance of history for the two peoples and the need to defend it from distortions.

    B'Nai B'rith Vice-President Dan Mariaschin referred, on his part, to the "great progress in Greek-Israeli relations in past decades", noting that Israel "is Greece's biggest commercial partner in the Middle East."

    Mariaschin also underlined that during the Nazi occupation, the Orthodox Church of Greece, Greek personalities and citizens offered refuge to their fellow Jewish citizens, before bestowing an honorary distinction to Mallias.

    [37] Mike Dukakis addresses ACT event

    Former Massachusetts governor and US Democratic party presidential nominee in 1988, Michael Dukakis, assessed that there were large prospects in Greek-US relations, addressing an open discussion on Greek-US relations late Monday organised by the American College of Thessaloniki (ACT).

    Dukakis spoke of Greece's "dynamic" development in the Balkans and more broadly in the European Union, stressing the beneficial impact this had on Greek-US relations.

    He expressed hope that after the next elections in America, the new US administration and Congress would contribute even more to strengthening bilateral relations with Greece.

    Dukakis, the longest-serving governor in Massachusetts' history, also stressed the importance of building alliances both on the domestic and the international politicial scene and, referring to current US president George W. Bush, said that he has not understood the importance of this factor, unlike his father, former US president George Bush, resulting in his taking actions such as the war on Iraq, which Dukakis described as a "huge mistake".

    "If you are to do something, if you are to make a difference, you must build alliances based on mutual respect," Dukakis said, noting that the US usually acted unilaterally, as in the case of Vietnam and Nicaragua, and failed.

    Dukakis, who is on a visit to Thessaloniki, is scheduled to meet with representatives of Greek-American organisations and the Jewish Community of Thessaloniki. He will further deliver a lecture to ACT students.

    [38] Clean-up operation in Caldera focus of meeting

    A meeting to accelerate a clean-up operation by private firms in Santorini's Caldera, the site where the "Sea Diamond" cruise ship sank earlier in the month, was held at the merchant marine ministry in Piraeus on Tuesday with the participation of local authorities and parliament MPs.

    Santorini authorities reportedly asked for guarantees and a timetable for the clean-up operation, which involves roughly 400 tons of fuel trapped in the vessel, and its salvaging from a depth of approximately 130 meters.

    Minister Manolis Kefaloyannis is expected to brief local officials on a plan to recover the fuel, which was submitted by the cruise ship owners, the Cyprus-based Louis group.

    [39] Five called to testify over soccer fan's killing in Peania

    Five people have been called to testify as suspects in the murder of Panathinaikos club supporter Michalis Filoppoulos during a clash between rival club supporters in Paiania in late March.

    The five are ordered to appear before the public prosecutors on Thursday, while the examining magistrate in charge of the case is expected to issue arrest warrants for suspects in the murder after examining new evidence that has come to light.

    [40] Individuals attack police guard of Supreme Court president's home

    Two hooded individuals, shortly before 10 p.m. on Tuesday, attacked the police guard at the home of Supreme Court President Romylos Kedikoglou. They immobilized the guard and took his service revolver.

    Security police sped to the scene and are searching to locate and arrest the culprits.

    [41] Drug arrests in Thessaloniki

    Two foreign nationals, aged 28 and 29, were arrested in Thessaloniki's Sikies district after police found in their possession a total of 67.8 grams of cocaine.

    Weather Forecast

    [42] Mostly cloudy on Wednesday

    Mostly cloudy weather is forecast in all parts of the country on Wednesday. Slight increase in temperatures. Winds northerly, northeasterly, light to strong. Temperatures in Athens ranging between 10C and 19C and in Thessaloniki from 6C to 19C.

    [43] The Tuesday edition of Athens' dailies at a glance

    The bonds affair, recent opinion polls on the issue, and the interception of Turkish fighter planes inside Greek national airspace over the Aegean by Greek jetfighers on the day the historic trilateral agreement for construction of the Burgas-Alexandroupolis pipeline was signed in Athens, were the main front-page items in Tuesday's dailies.

    ADESMEFTOS TYPOS: "The slanderers are revealed - The supposed sale of TAP-OTE (Hellenic Telecommunications Organisation employees' fund) reserves revealed to be a fairy-tale".

    APOGEVMATINI: "Blood-bath at university in Virginia - Unprecedented massacre on US university campus - 32 students dead, 28 injured".

    AVGHI: "The bonds purchased on order of the government - SYN (Coalition of the Left, Movements and Ecology party): Establishment of fact-finding commission imperative".

    AVRIANI: "The people demanding ministers' heads to roll over the bonds scandal - 77.1 percent sees political responsibility, according to opinion poll presented by Alter (private tv station)".

    CHORA: "Liberalisation of gas station hours - Stricter price controls".

    ELEFTHERI ORA: "The six proposals for the social insurance funds - How their reserves may be exploited safely".

    ELEFTHEROS: "Light shed on the looting of the funds under (preceding government of) PASOK - Burning data from the employment ministry on the immense looting in the period 1999-2002

    ELEFTHEROS TYPOS: "Interception...on the pipeline - Why Turkey is expanding the grey zones in the Aegean".

    ELEFTHEROTYPIA: "Citizens demand resignations - Two opinion polls clearly indicate political responsibilities of ministers".

    ESTIA: "Unjustifiable defeatism - The scenaria of change of the electoral law".

    ETHNOS: "Mutual backstabbing by ministers of the bonds scandal".

    KATHIMERINI: "Awaiting new evidence on the bonds - Contract with JP Morgan to be reviewed in parliament".

    LOGOS: "Government on the counterattack over the bonds affair".

    NIKI: "The five questions - PASOK demands clearcut explanations over the scandal".

    RIZOSPASTIS: "They're 'sinking' the NAT (seamen's pension fund) - Provocative exemptions of shipowners from the social insurance contributions".

    TA NEA: "Shocking admission by TAP-OTE president - We're losing 5 million euros - Storm over the funds' financial impasse".

    TO VIMA: "The funds scandal - Zorbas (chairman of the independent watchdog on money-laundring), livid, expanding his investigations - They're delaying, and not giving him the data...".

    VRADYNI: "The 'green account' 3.5 billion euros - The data on the funds' losses in the period 1999-2002".

    Cyprus Affairs

    [44] Hubner pleased with Cyprus' plans to absorb structural funds

    NICOSIA (CNA/ANA-MPA)

    EU Regional Policy Commissioner Danuta Hubner said here Tuesday that she was satisfied with Cyprus' plans for the absorption of the EU structural funds allocated for Cyprus amounting to 640 million euros for the period of 2007-2013.

    Hubner is visiting Cyprus with a view to inspecting projects which have received EU funding and the government's priorities for the implementation of the policy in the period 2007-2013.

    In a joint press conference with Cypriot Finance Minister, Michalis Sarris, Hubner said that ''we are satisfied with what we see now,'' pointing out that ''we just want be on the same course in the future.''

    For the period of 2007-2013, Cyprus will receive 640 million euros, from EU's Structural Funds and Cohesion Funds, an amount more than double from the funds allocated to Cyprus in the period of 2004-2006.

    Hubner stressed the need for the implementation of these policies to be on the safe side to be sure that every single euro will be used,'' adding that ''I think we should just go as fast as possible the needs are endless practically, money are restricted and scarce so we have to be efficient and we are very happy that there is understanding in the government.''

    ''We need a lot of excellent projects and the pleasure for us in Brussels is to see that there is a strategy on the Cyprus side, there is a policy and definite shift towards the most important type of investments for the future of Cyprus, which is not only on the investment on infrastructure but also increasingly investment in what creates competitive economy and innovative economy'', the Polish Commissioner added.

    Hubner pointed out the need for the cooperation of small Municipalities and Communities, in order to receive EU funding. ''You cannot be efficient if you are a very small municipality or community in solving for example sewage problems. That is why is better to work together,'' she noted.

    Referring to the briefing she had from Nicosia Mayor, Eleni Mavrou on Nicosia envisaged projects, Hubner said that ''there are already excellent projects,'', adding that ''I think with all those small steps we can make Nicosia a living and great European City.''

    In his remarks, Sarris said that the increased funds allocated for Cyprus, ''create bigger opportunities but also bigger pressure in the central government, the Municipalities and the private sector to exploit the structural funds with the best possible way.''

    Pointing out to Cyprus' achievements on Macroeconomic stability, Sarris noted that ''a particular attention is needed in the infrastructure projects which will assist us in maintaining the high growth rates, required by the country to maintain its absolute employment and to achieve all the targets we set within the framework of our plan for the Lisbon strategy.''

    36, TSOCHA ST. ATHENS 115 21 GREECE * TEL: 64.00.560-63 * FAX: 64.00.581-2 INTERNET ADDRESS: http://www.ana-mpa.gr * e-mail: anabul@ana gr * GENERAL DIRECTOR: GEORGE TAMBAKOPOULOS


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