Athens News Agency: Daily News Bulletin in English, 11-04-21

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

CONTENTS

[01] Greek debt "absolutely sustainable" FinMin says

[02] PM Papandreou chairs meeting on tourism and social networking tools

[03] Greece-UAE sign economic cooperation agreement

[04] Droutsas at EU-Gulf Cooperation Council meeting

[05] Trilateral cooperation against illegal migration

[06] Education minister condemns arson attack on Corfu synagogue

[07] Public sector supervisor selection council

[08] Greek current accounts deficit down 29.7 pct in Jan-Feb

[09] Capital transfers balance

[10] Financial account balance

[11] Greek budget deficit 4.7 billion euros in Q1

[12] Funding to PPC trade union illegal

[13] Stocks end sharply lower

[14] Greek bond market closing report

[15] ADEX closing report

[16] Foreign Exchange rates - Thursday

[17] Holy Thursday: Tradition of the red Easter eggs

[18] Deceased kidney patient becomes liver donor

[19] Archbishop Ieronymos visits 251 Air Force Hospital

[20] Three injured in fireworks storehouse explosion

[21] US Postal Service stamp collection dedicated to American philhellenes

[22] Cloudy on Thursday

[23] The Wednesday edition of Athens' dailies at a glance Politics

[01] Greek debt "absolutely sustainable" FinMin says

Speaking to reporters, the Greek minister stressed that "a restructuring carried huge risks for the economy, the banking system, households and enterprises," and added that "we insist on implementing our program as in market's mind, the debt's sustainability depends on the progress of the program". Papaconstantinou attributed the reaction of markets last Friday when the government unveiled its Medium-term Fiscal Strategy Framework, which pushed Greek bond spreads higher, to speculation of a debt restructuring.

The finance minister noted that the government's aim was "returning to markets the soonest possible and definitely in early 2012" and said there were two alternative solutions to covering interest payment needs totaling 27 billion euros next year: Either the market returns to markets if spreads are not prohibitive, or seeking funding from a European Financial Stability Mechansim. "No one intends to lead Greece into a dead-end," Papaconstantinou said and announced that diaspora bonds for Greeks living abroad would be launched after June.

A goal of raising 15 billion euros from privatizations in a period of three years was "absolutely feasible" and noted that the goal of raising 50 billion euros by 2015 would be covered largely by exploiting the state's real estate property.

A group of experts from the troika will visit Athens in early May, followed by the heads of the troika in mid-May, in order to finalize certain fields of the Medim-term Fiscal Strategy Framework. Papaconstantinou said there won't be additional cuts in wages and pensions, or VAT increases. He said that the ministry will present an action plan to combat tax-evasion by the end of next week.

[02] PM Papandreou chairs meeting on tourism and social networking tools

The meeting was attended by Culture and Tourism Minister Pavlos Geroulanos and Alternate Culture Minister Tilemachos Hytiris and is placed within the framework of the preparations being made by the government ahead of the summer tourism season.

The programme adopted will be formally unveiled by the premier at the Association of Greek Tourism Enterprises (SETE) assembly meeting in early May.

[03] Greece-UAE sign economic cooperation agreement

A committee is being created with this agreement under the chairmanship of the two Foreign ministers, that will coordinate the promotion of bilateral relations in a wide spectrum of sectors and it is expected to constitute the institutional mechanism for the promotion of bilateral economic and commercial relations. The committee is anticipated to convene once a year, in turn in Athens and in Abu Dhabi.

Droutsas also met on the sidelines of the meeting with his counterparts of Saudi Arabia, Kuwait, Bahrain and Oman and exchanged views on developments in the region and Libya in particular.

The Greek minister said Libya may be attracting the attention of the international community more at the moment, but it must not overshadow the fact that in many other countries in the region reforms have been scheduled in the right direction, without violence having prevailed.

He reiterated that the EU, and Greece in particular, will support the efforts of the countries in the region, without dictating any reforms model, because the solution must ultimately come from the countries interested themselves, so that it will be viable in the longt term.

[04] Droutsas at EU-Gulf Cooperation Council meeting

Items on the Ministerial's agenda include EU-GCC relations and matters of common interest pertaining to the wider region.

"The EU cannot, and does not want to dictate any model of reforms," Droutsas stressed.

Speaking on behalf of the EU, in light of the recent regional developments, Droutsas stressed the shared view by the two organisations concerning the major challenges such as preserving regional security and stability, combating terrorism, and the non-proliferation of weapons of mass destruction.

[05] Trilateral cooperation against illegal migration

Citizen Protection Minister Christos Papoutsis, Bulgaria's Interior Minister Tsvetan Tsvetanov and Romania's Home Minister Constantin Traian Igas addressed a letter to their Turkish counterpart inviting him to a meeting at the borders shared by Greece, Bulgaria and Turkey to discuss the illegal migration issue.

The three ministers decided to request the participation of FRONTEX in the repatriation of illegal migrants and adopt a number of measures and joint actions on issues concerning migration, asylum and organized crime.

They also agreed to reinforce cross-border cooperation, while Papoutsis expressed Greece's support to Bulgaria's and Romania's bid to join the Schengen zone.

[06] Education minister condemns arson attack on Corfu synagogue

"Greece is a country that respects and defends the right of the citizens, regardless of race, sex, religion and origin, to live and act free in a safe and well-ruled state, despite the wishes of certain brainless people," she stressed.

[07] Public sector supervisor selection council

EISEP will be made up of four ASEP members and one Greek Ombudsman Office representative and is set to guarantee transparency in civil servant promotion procedures.

Financial News

[08] Greek current accounts deficit down 29.7 pct in Jan-Feb

The account deficit decreased substantially to 1.959 billion euros in February, from 3.159 billion in February 2010. This narrowing in the deficit reflects primarily a considerable increase of 1.091 billion euros in the current transfer receipts of general government (mainly from the EU) and, secondarily, a 237 million euros decline in non-oil imports, a 142 million rise in exports of goods excluding oil and ships, and an 82 million decrease in net payments for interest, dividends and profits.

These developments more than offset a 322 million rise in the net oil import bill, the central bank said in a report. The improvement in the trade deficit excluding oil and ships reflects the continued recovery of export receipts in this category (up by 17.2%) and a decrease in the corresponding import bill by 5.5%.

The surplus of the services balance remained virtually unchanged, as the small rise in net transport receipts and the decrease in net payments for "other" services were offset by the fact that net travel payments reached 15 million euros in February 2011, compared with net receipts of 16 million euros in February 2010.

Transport receipts (mainly from merchant shipping) fell by 4.1%, while the corresponding payments declined by 8.0%. The income account deficit dropped by 78 million euros, or 11.2%, as net payments for interest, dividends and profits fell by 11.9%.

Finally, the current transfers balance showed a surplus of 669 million euros, compared with a deficit of 383 million in February 2010, chiefly as a result of increased general government receipts from the EU, concerning direct aid and subsidies under the Common Agricultural Policy.

In the January-February 2011 period, the current account deficit fell by 2.0 billion euros, or 29.7% year-on-year, to 4.7 billion. This development reflects primarily a large increase of 2.1 billion euros in the current transfer receipts of general government (mainly from the EU) and, secondarily, a 504 million decline in the non-oil import bill, a 453 million rise in receipts from overall exports of goods and a ? 80 million decrease in net payments for interest, dividends and profits.

In particular, the overall trade deficit grew by 113 million euros, as a result of a 921 million increase in the net oil import bill, whereas net payments for purchases of ships dropped by 171 million and the trade deficit excluding oil and ships shrank by 637 million. Receipts from exports of goods excluding oil and ships rose by 15.7%, while the corresponding import bill declined by 8.4%.

The 42 million euros increase in the surplus of the services balance reflects lower net payments for "other" services, which offset a decrease in net transport receipts and a rise in net travel payments. It should be noted that gross transport receipts (chiefly from merchant shipping) and the corresponding payments both fell slightly by 3.2%; as a result, net receipts dropped by 32 million. Moreover, travel spending in Greece by non-residents grew by 6.1%, while travel spending by residents abroad rose by 11.6%. As a result, net travel payments increased by 21 million euros.

The income account deficit shrank by 70 million euros year-on-year, mainly reflecting lower net payments for interest, dividends and profits (down by 6.3%). Finally, the current transfers balance showed a surplus of 1.358 billion euros, compared with a deficit of 651 million in the same period of 2010, mainly as a result of the aforementioned increase in EU transfers to general government.

[09] Capital transfers balance

The overall transfers balance (current transfers plus capital transfers) recorded a surplus of 1.684 billion euros, compared with a deficit of 524 million in the corresponding period of 2010, reflecting the above-mentioned development in EU current transfers. In February 2011, the deficit of the combined current account and capital transfers balance reached 1.6 billion euros, compared with 3.1 billion in February 2010. In the January-February 2011 period, the deficit of the combined current account and capital transfers balance came to 4.4 billion euros, compared with 6.6 billion in the corresponding period of 2010 (down by 33.3%).

[10] Financial account balance

The most remarkable transaction under this category concerned an outflow of 101 million by EFG Eurobank Ergasias SA for the endowment of its branch EFG Eurobank Ergasias SA Spolka (Poland).

Under portfolio investment, a net inflow of 796 million was recorded, reflecting a 1.7 billion decrease in residents' investment in foreign bonds and Treasury bills (inflow). This development was partly offset by a 1.0 billion decrease in non-residents' investment in Greek bonds and Treasury bills (outflow). At end-February 2011, Greece's reserve assets stood at 4.75 billion euros.

[11] Greek budget deficit 4.7 billion euros in Q1

The ministry, in a report on budget execution in the January-March period, said this goal was achieved through a significant reduction of spending despite the fact that state budget revenues fell short by 766 million euros in the three-month period.

Net revenues totaled 11.123 billion euros in the January-March period, down 8.0 pct from the same period in 2010, reflecting a larger-than-expected economic recession in the last quarter of 2010, a non-repeat of vehicle registration duties by 393 million euros, lower revenues from an extra tax charge on profitable corporations and lower revenues from withholding taxes. On other hand, revenues of a Public Investment Program was up 121.4 pct, or 605 million euros. First quarter revenues were based on a cash flow basis.

Regular budget spending grew 3.5 pct compared with the first quarter of 2010, reflecting higher spending on state hospital debt and higher interest payments. Primary spending, however, fell 2.3 pct while spending on a Public Investment Program dropped 55.3 pct.

The ministry report said the figures covered state budget execution and not total fiscal data for the general government's deficit.

[12] Funding to PPC trade union illegal

The findings of the investigation were delivered to Environment, Energy and Climate Change Minister Tina Birbili on Wednesday and will be forwarded to the First Instance Court Prosecutor in Athens to study the "legal issues that have emerged".

Birbili has notified the PPC management to "freeze" all payments to GENOP until the issue is settled.

[13] Stocks end sharply lower

The Big Cap index dropped 3.02 pct, the Mid Cap index ended 1.04 pct down and the Small Cap index fell 0.72 pct. The Industrial Products (2.85 pct) and Construction (2.54 pct) sectors scored gains, while Banks (4.58 pct), Travel (4.50 pct) and Financial Services (4.36 pct) suffered the heaviest percentage losses of the day.

Broadly, decliners led advancers by 101 to 45 with another 42 issues unchanged. Tegopoulos (17.65 pct), Mohlos (11.11 pct) and Demetriou (10 pct) were top gainers, while Attikat (20 pct), Pasal (11.11 pct) and Koumpas (10 pct) were top losers.

[14] Greek bond market closing report

In interbank markets, interest rates moved higher. The 12-month rate was 2.12 pct, the six-month rate 1.65 pct, the three-month 1.35 pct and the one-month rate 1.18 pct.

[15] ADEX closing report

Volume in futures contracts on equities totaled 16,854 contracts worth 5.536 million euros, with investment interest focusing on National Bank's contracts (3,957), followed by Eurobank (1,002), OTE (785), PPC (416), Piraeus Bank (1,621), Alpha Bank (1,547), Marfin Popular Bank (482), Mytilineos (369), Hellenic Postbank (450) and ATEbank (671).

Sector indices ended as follows:

Insurance: -1.72%

Industrials: +2.85%

Commercial: -0.03%

Construction: +2.54%

Media: -0.67%

Oil & Gas: -0.95%

Personal & Household: +1.96%

Raw Materials: +0.87%

Travel & Leisure: -4.50%

Technology: -1.84%

Telecoms: -1.01%

Banks: -4.58%

Food & Beverages: -4.03%

Health: -1.63%

Utilities: -0.35%

Chemicals: -2.99%

Financial Services: -4.36%

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

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

Alpha Bank: 3.58

ATEbank: 0.45

Public Power Corp (PPC): 11.07

HBC Coca Cola: 18.30

Hellenic Petroleum: 7.20

National Bank of Greece: 5.24

EFG Eurobank Ergasias: 3.36

OPAP: 14.04

OTE: 7.84

Bank of Piraeus: 1.11

Titan: 17.70

[16] Foreign Exchange rates - Thursday

U.S. dollar 1.473

Pound sterling 0.9

Danish kroner 7.569

Swedish kroner 9.034

Japanese yen 121.93

Swiss franc 1.313

Norwegian kroner 7.906

Canadian dollar 1.401

Australian dollar 1.381

General News

[17] Holy Thursday: Tradition of the red Easter eggs

Traditionally, Easter eggs are dyed throughout the Orthodox Christian world on Holy Thursday, and they are dyed red to represent the redeeming blood of Christ that was shed on the Cross, the white egg (before being dyed) represents the white marble tomb were Christ's body was laid after He was taken down from the Cross, and the hard shell of the egg symbolises the sealed tomb of Christ.

On Easter Sunday, a ritual of the cracking of the eggs take place, with people tapping each others' egg, symbolising the 'cracking' of Christ's tomb and the bonds of death, and His resurrection.

The traditional greeting on Easter, and for the next 40 days, until the Ascension, is "Christos Anesti" (Christ is risen), followed by the response "Alithos Anesti" (Truly he is risen).

The egg was a symbol of life in antiquity, and from the tomb life came out, the Risen Lord, while the red color of the Easter egg symbolises crucified and resurrected Christ's life-giving blood.

According to the Romanian tradition, the Holy Mother of God had placed a basket full of eggs at the feet of the crucified Jesus, which turned red from the blood dripping from His wounds.

In the Orthodox faith, the red color of the eggs symbolises several things. The Roman soldiers put a red cloak on Christ, as the King of the Jews, while mocking and torturing Him. Also, two years after the Resurrection, Mary Magdalene was carrying a basket full of white eggs as she went to Jerusalem, and met up with Tiberius, the governor after Pontius Pilate, whom she welcomed to Jerusalem and wished him to be righteous to the people of Jerusalem, unlike his predecessor, who crucified the Son of God who was resurrected on the third day. Tiberius replied that, if all she had told him of the resurrection and the miracles performed by Christ were true, the white eggs in her basket should turn red, and then he would believe. And behold, the eggs turned red. Mary Magdalene gave one red egg to the governor Tiberius and took one herself, saying "Christ is Risen", to which he replied "Truly, he is risen".

In another account, a woman who did not believe in the Resurrection of Christ said "if the white eggs I am holding turn red, then I will believe", and the eggs miraculously turned red.

Still yet, the red color symbolises the joy of the Resurrection, and also wards off all evil.

[18] Deceased kidney patient becomes liver donor

National Health System (ESY) Director and transplant surgeon Dimitris Gakis told ANA-MPA that the surgery is considered as rare because the liver graft came from a kidney patient. This is the first time such an operation is performed in Greece and only a few of them have been performed worldwide.

The transplant was performed last Saturday at the Transplantation Clinic of Thessaloniki's Ippokrateion Hospital and the patient has already been moved from the intensive care unit to a regular hospital room.

[19] Archbishop Ieronymos visits 251 Air Force Hospital

The Archbishop was accompanied by Alternate Defence Minister Panos Beglitis.

[20] Three injured in fireworks storehouse explosion

The explosion took place due to unspecified causes and the fireworks exploded, while due to the gunpowder kept in the storehouse an ensuing fire spread but was eventually placed under control.

The three injured persons are a 29-year-old man, a 20-year-old woman and a 70-year-old man. The first two have been taken to a hospital in Kalamata and the elderly man, who was initially taken to the Kalamata hospital, was being taken to the Thriasio hospital, in Attica, to be treated for serious burns.

[21] US Postal Service stamp collection dedicated to American philhellenes

The stamp series "Association of American Philhellenes 1810-1840" features an image of the grave of George Jarvis, a portrait of Samuel Gridley Howe and the emblem of the Association of American Philhellenes, according to the Greek service of the Voice of America.

The decision to issue the series was made following an initiative by association president Panagiotis Nikolopoulos.

April 19 was proclaimed Philhellenism and International Solidarity Day by the Greek Parliament, commemorating the anniversary of the death of the famous poet and philhellene Lord Byron.

Weather Forecast

[22] Cloudy on Thursday

[23] The Wednesday edition of Athens' dailies at a glance

ADESMEFTOS TYPOS: "Renegotiation of the Memorandum the only solution."

AVGHI: "The state hospitals undergoing 'surgery'."

AVRIANI: "Leave, George (prime minister Papandreou), so that we can be saved".

ELEFTHEROS TYPOS: "Pangalos a slanderer and a liar".

ELEFTHEROTYPIA: "The first 6 DEKO (public utilities and organisations) up for sale".

ESTIA: "How an economy is destroyed".

ETHNOS: "The passions of the Public Power Corporation".

IMERISSIA: "10 immediate denationalisations - Race against time for 4 billion euros revenues this year".

KATHIMERINI: "Tough conditions for new help".

LOGOS: "Counterfeit goods have flooded the market".

NAFTEMPORIKI: "Final stretch for state 'exodus' from Hellenic Telecoms Organisation".

RIZOSPASTIS: "Enough with the sacrifices by the people for the debt and the crisis".

TA NEA: "Public Power Corporation employees' union threatens blackout".

VRADYNI: "Reduction of fines on unlicensed buildings".

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