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Athens News Agency: Daily News Bulletin in English, 15-05-20

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

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

Wednesday, 20 May 2015 Issue No: 4960

CONTENTS

  • [01] PM Tsipras chairs marathon meeting of SYRIZA MPs to discuss ongoing negotiations
  • [02] Government "cautiously optimistic" of an imminent deal with EU lenders
  • [03] FinMin Varoufakis sees agreement with partners in a week
  • [04] FinMin Varoufakis: 'Our goal is a final and comprehensive solution'
  • [05] Labour Minister: Agreement until June 5
  • [06] EU Commission spokesman 'sees' deal on the horizon
  • [07] Merkel and Hollande push for end-May deal in Greek talks
  • [08] SYRIZA parl/ry spokesman: Greece doesn't have the money to pay IMF on June 5
  • [09] Brussels Group's negotiations to resume on Wednesday
  • [10] PM Tsipras to meet EU's Corina Crecu on Wednesday
  • [11] Labour Minister: Indirect taxes unfair
  • [12] ND can't adopt position on 'nonexistent agreement,' main opposition's Political Council says
  • [13] ND will not back policy of tax raids, ND spokesman says
  • [14] Potami's Lykoudis urges gov't to consult with opposition, expresses doubts whether agreement will be 'good'
  • [15] EU Commissioner Avramopoulos presents European Agenda for Migration to EU member-state ministers
  • [16] Alternate Culture Min to participate in UNESCO's conference against illicit trafficking
  • [17] Alt. Defence Minister Isichos invites Indian counterpart to visit Greece, explore prospects for cooperation
  • [18] Health Minister requests technical assistance from WHO
  • [19] SYRIZA has significant lead over New Democracy; Tsipras more suitable for prime minister, opinion poll says
  • [20] Greek gov't plans radical change in VAT system
  • [21] Greek electricity energy market is a "monopoly", Competition Commissioner says
  • [22] Shipping Min. says will form committee on cruise, announces Posidonia Forum on May 26-27
  • [23] Greek consumer confidence index up significantly in Q1, Nielsen report
  • [24] French capital flows to Greece 2-3 bln euros annually
  • [25] Greek stocks end 2.59 pct higher
  • [26] Greek bond market closing report
  • [27] ADEX closing report
  • [28] Film director Gavras honoured at Cannes Festival
  • [29] Coast guard rescues boatful of migrants stranded at sea near Antipaxi
  • [30] Cloudy on Wednesday
  • [31] The Tuesday edition of Athens' dailies at a glance Politics

  • [01] PM Tsipras chairs marathon meeting of SYRIZA MPs to discuss ongoing negotiations

    A marathon meeting of ruling SYRIZA MPs, chaired by Prime Minister Alexis Tsipras, ended late on Tuesday after talks lasting more than five hours.

    The meeting had focused mainly on the progress in the ongoing negotiations between the Greek government and the institutions representing the country's creditors (European Commission, European Central Bank and the International Monetary Fund) as well as the progress of the legislative and Parliamentary work.

    According to information, SYRIZA MPs discussed the view that an agreement could move ahead in two phases: The first phase could soon be concluded with a deal that would restore liquidity for Greece and the second phase would start after June and end by autumn with an agreement on the country's debt. The government must also seek an alternative proposal on VAT, as the country's partners disagree with a double VAT rate (of 15 pct for transactions using credit or debit cards and 18 pct for transactions using cash).

    However, the government remains negative on mass layoffs and supports restoring collective labour agreements and gradual increase of minimum wage. SYRIZA lawmakers also discussed privatisations on sectors which have already been announced.

    Among the participants were SYRIZA Secretary Tasos Koronakis and SYRIZA Political Secretariat member in charge of Economics Alekos Kalyvis, as well as Minister of State for Coordinating the Government's Work Alekos Flambouraris.

    [02] Government "cautiously optimistic" of an imminent deal with EU lenders

    A deal between Greece and its EU partners could have been sealed earlier if there was political will on the side of the country's lenders, but even so, the government is "cautiously optimistic" that the two sides are now close to an agreement, a top government official said on Tuesday, following a meeting of the economic team at the finance ministry.

    "The agreement could have been closed long ago if there was political will on the side of our partners," the official who participated in the meeting on the ongoing negotiations with the institutions.

    According to the same official, the country's partners had the wrong fiscal data and the Greek side submitted its own and now there's cautious optimism that a deal is close. On the contrary, issues like labour laws are not being discussed.

    Another government official who also participated in the meeting said that top European officials, such as the head of the European Commission Jean-Claude Juncker want a solution on the Greek issue and are assisting negotiations. The official reiterated that there are differences of opinion among the institutions, with the IMF keeping a tough stance on reforms and a more open view on Greek debt, while the EU is the opposite. He also said he believes EU partners "will stick to their views until the last minute".

    The meeting was attended by Government Vice-President Yiannis Dragasakis, Finance Minister Yanis Varoufakis, Economy, Infrastructure, Shipping and Tourism Minister George Stathakis and Alternate Minister for International Economic Relations Euclid Tsakalotos.

    [03] FinMin Varoufakis sees agreement with partners in a week

    "Greece is very close to a deal," Finance Minister Yanis Varoufakis late on Monday said in an interview with Star TV.

    "Let's say in a week," he added. "There is absolutely no reason why a mutually beneficial agreement is not reached."

    He said that Greece has proposed two VAT rates -- 15 pct and 6.5 pct -- if payment is made by credit card, and 18 pct and 9.5 pct respectively if payment is made in cash.

    "The people's mandate is negotiation. But, if you are not willing to say 'no', in other words make a break with lenders, then you are not negotiating," he noted.

    Varoufakis added that the negotiation should have been completed by mid-March, but the other side rejected a series of reasonable proposals made by Greece.

    A rift with creditors would be devastating for the other side too, he stated and added: "We are asking the creditors to cover one third of the distance and we will cover the rest of the distance (in order to reach an agreement)."

    "Another currency is not on our radar, not in our thoughts. At the same time, signing a non-sustainable agreement is not on our radar either," he underlined.

    Varoufakis also said that there is no Plan B. "There are no proposals from the creditors regarding Greece's exit from the eurozone," he said and cleared out that Greece will not default.

    According to the Finance Minister, there are three main "thorns" for an agreement: social security system, labour and fiscal issues. However, he underlined that "there has been great convergence on the fiscal issue, but our views are not yet identical. The social security system is an important issue, it is a problem. Cutting pensions is not considered reform."

    [04] FinMin Varoufakis: 'Our goal is a final and comprehensive solution'

    The Greek government's goal in the negotiations was to convince its partners to finally shift away from a mistaken economic policy - something that they were unable to admit for political reasons - and find a lasting solution to the country's problems, Greek Finance Minister Yanis Varoufakis said on Tuesday.

    Speaking at an international economic conference taking place in Athens, Varoufakis also underlined that Greece must finally press ahead with the reforms needed to kickstart growth.

    Greece's finance minister repeated that getting the loan tranche could not be an end in itself and that Greece's best interests were not served by lurching from bailout to bailout, or from memorandum to memorandum, while he stressed the need for a "final and comprehensive solution to the Greek issue".

    [05] Labour Minister: Agreement until June 5

    "June 5 is the deadline for the agreement. Everybody knows that otherwise there will be a problem with the financing" said Labour Minister Panos Skourletis to private TV ANT1 on Tuesday .

    Regarding the agreement with Greece's lenders, he said that "our aim is an honest and positive compromise for which both sides should take steps back" noting that the essence of the agreement is 'the low surpluses' otherwise we will face again "the same issue in a little while".

    He also clarified that "there is no rift with the party's left platform" and expressed his certainty that the agreement will be voted by the parliament "an agreement to have power must be, in a way, ratified. What matter is the agreement to be ratified. The risk is the context of the agreement".

    Finally, he said that "the government and the party's unity are necessary to move forward" adding that "it is obvious that the lenders want to break the unity between the government and SYRIZA".

    [06] EU Commission spokesman 'sees' deal on the horizon

    BRUSSELS (ANA-MPA/ M. Aroni)

    Deliberations and contacts between the institutions' representatives and the Greek authorities continue with the view to achieving a comprehensive deal, European Commission spokesman Margaritis Schinas said on Tuesday.

    Asked to comment on European Commission president Jean-Claude Juncker's statement that an agreement with the Greek authorities is expected towards end May or early June, he said that Juncker's statement is based on the fact the progress has been achieved in some sectors. "the deal is on the horizon," he underlined. However, there are still some open issues, he added.

    He reiterated that the progress is slow while negotiations continue day and night at all levels in order for a comprehensive deal to be reached based on the statement of the February 20 Eurogroup. An agreement which, as he said, is in the interest of eurozone's stability and integrity.

    Finally, Schinas stated that the Commission cannot confirm Juncker's proposal for an agreement that leaked on Monday to the media.

    [07] Merkel and Hollande push for end-May deal in Greek talks

    BERLIN (ANA-MPA/ F. Karaviti)

    German Chancellor Angela Merkel and French President Francois Hollande on Tuesday asked for faster progress in the negotiations between Greece and the institutions (European Commission, European Central Bank and International Monetary Fund) after their meeting in Berlin.

    Merkel and Hollande both referred to their upcoming meeting with Greek Prime Minister Alexis Tsipras in Riga, Latvia and stressed that time was of the essence.

    "I'd say the talks need to speed up, rather than that they are going too fast, and we hope the relevant forum - the Brussels Group - can make clear progress because the agreement in February was that a programme should be set up by the end of May," Merkel said.

    She stressed that this was necessary as the extension of the current programme ended at the end of June and "we are all interested in a completion by the end of May. When we talk to him we will certainly raise this."

    ""We all have the same stance, which is that Greece must stay in the eurozone," Hollande said but stressed that a longterm solution was needed that would end the current state of insecurity.

    Hollande also agreed on the need to speed up the talks and stressed that the end-May deadline was fast approaching.

    "Greece needs financing, which can no longer wait. The funds must be found. We will have an opportunity, as we often do, to discuss with Mr. Tsipras in Riga also and there we will speak with one voice," Hollande said.

    The French president also noted that a long-term solution on Greece was in everyone's best interests - both Greece and the EU - and that this was the spirit that will guide EU leaders over the coming days

    "We will do everything so that by the end of May, there are solutions on the table," he said.

    [08] SYRIZA parl/ry spokesman: Greece doesn't have the money to pay IMF on June 5

    Greece doesn't have the cash to repay IMF's 1.2-billion-euro loan installment due on June 5, SYRIZA's parliamentary group spokesman Nikos Filis told a Greek private radio station on Tuesday.

    "We don't have money to pay the IMF installment on June 5. There's only money for wages and pensions next month," Filis told Alpha FM, referring to the due date as "the moment of truth".

    "We have to pay the IMF 1.2 billion euros. This money doesn't exist. There's money for wages and pensions, we can ensure these, but we don't have anything to give to those abroad," he added and called on Greece's lenders to implement the loan agreement, saying it's impossible for Greece to keep repaying its loans from its budget.

    Asked on the possibility of a referendum, he said "the Constitution provides many options".

    [09] Brussels Group's negotiations to resume on Wednesday

    Negotiations at Brussels Group level will resume on Wednesday in Brussels, with a view to achieving convergence between the two sides and a first bridge agreement by early June, according to government officials on Tuesday.

    The same sources said that a Brussels Group teleconference is likely to be held on Tuesday evening to prepare ahead of the meetings in Brussels.

    [10] PM Tsipras to meet EU's Corina Crecu on Wednesday

    Prime Minister Alexis Tsipras will meet with European Commissioner for Regional Policy Corina Crecu on Wednesday at 11.00 a.m., at Maximos Mansion.

    [11] Labour Minister: Indirect taxes unfair

    Labour Minister Panos Skourletis, speaking on Tuesday to ANT1 TV, called the indirect taxes unfair, while referring to the changes on VAT he said that transactions that were uncontrolled until today will be checked.

    Regarding the Uniform Real Estate Ownership Tax (ENFIA), Skourletis quoted prime minister statements that "ENFIA will be abolished but the date is closely connected with the conditions".

    "Nobody can make predictions while a negotiation is underway," said the minister referring in parralel to SYRIZA's campaign that "what we want to do during the first and the second year of our governance, must be extended to a four-year period".

    He asked from the society to show 'patience' which he believes that the citizens are willing to show if they understand that the current government "will change the course". The result of the abolition and suspension is the same, he said referring to the zero deficit clause for which he noted that will not be implemented and pledged that it will be abolished in September.

    On Labour ministry's draft law, he said that the deliberation has been completed and it will be submitted to parliament very soon.

    [12] ND can't adopt position on 'nonexistent agreement,' main opposition's Political Council says

    Main opposition New Democracy on Tuesday announced it could not adopt a position on "an as yet non-existent agreement," in a unanimous decision taken by the party's informal Political Council chaired by the party's leader Antonis Samaras.

    In an announcement presented by ND spokesman Costas Karagounis, the party again stressed that any further delay in reaching an agreement would carry a heavy cost for the country.

    "ND, as the primarily European party of our country, naturally cannot express an opinion on an as-yet nonexistent agreement for the completion of the 5th review of the memorandum between the government and the troika. It is also clear that ND supports policies that promote growth, increase productivity and job positions that are today threatened by the irresponsible and nonsensical policy of the government," the announcement said.

    ND and its elected organs will make decisions for the country's exit from the crisis with the interests of the Greek people as their only criterion, the announcement said.

    Sources said that Olga Kefalogianni and Nikitas Kaklamanis both requested that ND's Parliamentary group be convened when and if an agreement with the creditors was reached, while Kyriakos Mitsotakis agreed and repeated his position that "a mediocre agreement is better than no agreement."

    [13] ND will not back policy of tax raids, ND spokesman says

    Main opposition New Democracy was not prepared to back any agreement with the creditors that was based on "tax raids" against the perennial "soft targets" presented by wage earners and pensioners, ND spokesman Costas Karagounis stressed while speaking to 'Vima' radio station on Tuesday.

    "If such an agreement exists, where the idea is to impose emergency levies on incomes above 30,000 euros a year, a VAT rate that will be uniform and apply to many products, if such an agreement comes we will have an average burdening of family incomes greater than 20-30 pct.....we are here to offer a hand of understanding but not to such a policy," he said.

    According to Karagounis, a policy of tax raids would "lead nowhere" and he made it clear that ND wanted to help but not "to a policy of hiring [SYRIZA supporters] and abolishing privatisations and investments."

    He stressed that ND would say no to taxes burdening the usual targets and if SYRIZA wanted the main opposition's cooperation, then it would have to also make compromises and change policy on some points.

    "Only then will we be able to help the situation," Karagounis added, describing the measures that the government was supposedly mulling as "tax pogroms" that would "demolish family incomes".

    He ruled out any change of leadership in ND, saying such an issue did not even exist.

    [14] Potami's Lykoudis urges gov't to consult with opposition, expresses doubts whether agreement will be 'good'

    Opposition Potami party MP Spyros Lykoudis on Tuesday called on the government to consult with the opposition parties in order to enable an agreement with Greece's creditors, while also exercising criticism over the way it had handled the negotiations.

    "I think that we are genuinely close to an agreement but I doubt that it will be good," said Potami MP Spiros Lykoudis to Alpha television, claiming that the government had made poor negotiating moves and lost valuable time.

    According to Lykoudis, even a "difficult agreement" was preferable to no agreement and a disastrous collapse of talks with Greece's EU partners, urging the prime minister to strive for a common front.

    Other members of Potami strongly criticised the government for dragging out the negotiations, saying that this had a deeply recessionary effect on the economy.

    [15] EU Commissioner Avramopoulos presents European Agenda for Migration to EU member-state ministers

    BRUSSELS (ANA-MPA/ Ch. Vasilaki)

    European Commissioner for Migration, Home Affairs and Citizenship Dimitris Avramopoulos presented the European Agenda on Migration during joint meetings of EU foreign affairs and defence ministers' councils, as well as of foreign and European affairs ministers, held here on Monday and Tuesday.

    Avramopoulos stressed that the European Agenda for Migration was not an emergency action but a complete and comprehensive strategy that will act as a guideline over the next five to 10 years.

    Among others, he said the Commission's proposal for the relocation and resettlement of asylum seekers through a system of fair, proportional distribution would assist frontline countries in coping with the crisis.

    "While Europe has taken action to save lives at sea, the obvious question arises: where will all these people live?" Avramopoulos said, analysing his proposal for a relocation system based on population size, total GDP, the number of asylum seekers and the number or people already resettled, as well as each country's unemployment index.

    Regarding the naval operation EUNAVFOR Med approved by the European Council in order to strike against illegal migrant-trafficking in the Mediterranean, the Commissioner noted that the European Agenda for Migration fully incorporates the Common Security and Defence Policy (CSDP) and that through cooperation of political and military resources the EU would be able to reinforce monitoring of its borders and dismantle the networks of traffickers in non-EU countries.

    [16] Alternate Culture Min to participate in UNESCO's conference against illicit trafficking

    Alternate Culture Minister Nikos Xydakis will participate in UNESCO's international conference against illicit trafficking of cultural property on May 20-21, in Paris.

    "Greece is convinced that a strong political message that unites the voices of all countries participating in the conference can help prevent the illegal trafficking," the Greek delegation of UNESCO said in an announcement.

    Greece has taken the initiative to submit a draft declaration to the conference, whereby participating states will reaffirm their commitment to reinforce legislation on their territory. The title of the declaration is "Stop Illicit Trafficking."

    The declaration, which underlines the importance of public awareness on this issue, calls on museums and art dealers to comply with the code of conduct.

    [17] Alt. Defence Minister Isichos invites Indian counterpart to visit Greece, explore prospects for cooperation

    Alternate Defence Minister Kostas Isichos on Tuesday had a meeting with India's Ambassador to Greece Tsewang Topden, during which he presented an invitiation to his Indian counterpart to visit Athens, accompanied by representatives of India's defence industry - and explore the prospects for cooperation between the defence industries of Greece and India "on multiple levels".

    [18] Health Minister requests technical assistance from WHO

    Greece's healthcare system is threatened with collapse mainly because of inadequate staffing and the country also needs more support to deal with the increasing wave of immigrants, Health and Social Insurance Minister Panagiotis Kouroumblis told the 68th World Health Assembly (WHO) in Geneva on Tuesday.

    Kouroumblis spoke of the dramatic increase in unemployment and poverty and the deepening recession which are putting pressure on the healthcare system and said Greece, Italy, Malta and Cyprus need support as the first point of entry for refugees.

    "Greece looks forward to cooperating on a technical level with the WHO and is ready to contribute ... in ensuring health remains foremost a social right for all mankind," he said.

    [19] SYRIZA has significant lead over New Democracy; Tsipras more suitable for prime minister, opinion poll says

    SYRIZA leads by 21 percentage points over main opposition New Democracy (ND) in voting intent according to an opinion poll conducted by Macedonia University on behalf of SKAI TV.

    According to the survey, 36.5 pct of participants chose SYRIZA, 15.5 pct ND, 6.0 pct to Potami, 6.0 pct Golden Dawn, 4.0 pct Communist Party (KKE), 3.0 pct Independent Greeks (ANEL) and 3.0 pct PASOK.

    Asked on who they believe is more suitable for prime minister, prime minister Alexis Tsipras was preferred by 50 percent of the voters followed by Independent Greeks (ANEL) leader Panos Kammenos with 25.5 pct, To Potami leader Stavros Theodorakis with 22.5 percent, Communist Party leader Dimitris Koutsoumbas with 16 percent, main opposition New Democracy (ND) leader Antonis Samaras with 15.5 and PASOK leader Evangelos Venizelos with 13.5 pct.

    Financial News

    [20] Greek gov't plans radical change in VAT system

    The Greek government plans radical changes in the VAT system with the introduction of a single VAT rate of 15 pct for transactions using credit or debit cards and 18 pct for transactions using cash, along with maintaining a low VAT rate of 6.5 pct for medicines and other first need items.

    The government proposal, presented by Finance Minister Yanis Varoufakis during a speech at the general assembly of the Federation of Hellenic Enterprises on Monday, envisages drastic changes throughout the sales tax system, including tax-exemptions. For example, the government's proposals includes a return of a lowered VAT to enterprises based in Aegean islands, which means a change in the prevailing lower VAT status in these regions. In any case, the introduction of a single VAT rate - replacing the existing 23 pct and 13 pct rates - is considered to be one of the issues agreed between Greek authorities and the country's creditors during ongoing negotiations. The government is also examining other interventions in the tax system, such as abolishing tax-exemptions, currently costing around 1.0 billion euros to the state budget, a very high figure compared with annual revenues of 14.411 billion euros from VAT.

    A proposal for the introduction of a lower VAT on transactions using credit/debit cards is part of government plans to expand the use of plastic money as much as possible. The issue was discussed during a recent meeting between the vice-president of the government Yiannis Dragasakis with the heads of the country's four systemic banks.

    [21] Greek electricity energy market is a "monopoly", Competition Commissioner says

    BRUSSELS (ANA-MPA/M.Spinthourakis)

    The electricity energy market in Greece is a "monopoly" hitting consumers and the Greek economy in general, Margrethe Vestager, EU Competition Commissioner said in an exclusive interview with EurActiv.gr.

    "Competition in the Greek electricity energy market is very limited. This affects production and wholesale, along with supply to end consumers, which essentially is a monopoly. These are bad news both for consumers and the economy. Of course, there is a need to boost competition," Vestager said adding that the European Commission reached a decision in 2008, according to which "PPC has an exclusive access to lignite -the cheapest fuel in Greece- and urged Greece to expand access to competitors. This decision is currently examined by EU courts".

    The EU Commissioner said that an Energy Regulatory Authority in Greece must be "strong and independent". "In general terms, it is important for competition in Greece to have the proper regulatory framework and a strong and independent regulatory authority," Vestager said, adding that it would be "premature" any forecast over the results of a Commission inspection on the acquisition of DESFA by Azeri company Socar. The Commissioner said that the EU executive has sent questions to the Azeri company and was awaiting for "complete answers".

    [22] Shipping Min. says will form committee on cruise, announces Posidonia Forum on May 26-27

    Alternate Shipping Minister Thodoris Dritsas on Tuesday announced the establishment of a coordinating committee for the cruise industry during his address at the press conference of the 3rd Posidonia Sea Tourism Forum which will take place during 26-27 May in Athens.

    "The country is an ideal destination for tours and most ports are potential. In this direction we will have a lot to do to speed up the process of developing port infrastructure and creating excellent conditions for receiving and servicing of visitors," Dritsas said, adding that the decision is ready to be signed.

    The Forum will host top executives from the largest cruise companies, among which Pierfrancesco Vago, Chairman of CLIA Europe and Executive Chairman of MSC Cruises, who will also meet with government officials.

    The Forum will be housed at Athens' International Conferenced Centre at the Athens Concert Hall.

    [23] Greek consumer confidence index up significantly in Q1, Nielsen report

    Greek consumer confidence index grew significantly in the first quarter of 2015 to 65 points, the highest level since 2009, Nielsen said in its consumer confidence report.

    The report noted "a significant increase in optimism index in the first quarter of 2015, particularly following the election victory of the new government at the end of January". It also noted that "while nine out of 10 Greeks still believe that the country was in recession, the percentage of those who believe that the country will remain in a recession for the next year as well fell significantly to 54 pct, a sign that Greek consumers have great expectations over the negotiating policy of the new government towards the country's creditors.

    Job security was the top concern of Greek consumers (45 pct in the first quarter, up 4.0 percentage points compared with the previous quarter and double compared with the European average rate). The general trend of the Greek economy was the second largest concern, rising by 18 points. Greek consumers said they were using their available income for loan and other debt repayment (34 pct), while the percentage of saving grew nine points to 30 pct and the percentage of consumers without any spare money fell to 28 pct in the first quarter from 35 pct in the fourth quarter 2014.

    Greek households focuses on cutting expenses through purchasing cheaper products, cutting spending outdoors, lower spending on clothing, food delivery and vacations.

    Nielsen said that consumer confidence global index rose by one point to 97 points in the first quarter of 2015.

    [24] French capital flows to Greece 2-3 bln euros annually

    France continues to show investment interest in the Greek market, with annual capital flows to the Greek economy ranging between 2-3 billion euros in the last decade, according to a report by the Economic and Commercial Affairs Bureau of the Greek embassy in France. The report said that despite a decline in French investors' interest towards Greece in the period 2008-2013, and in particular 2010 and 2011, due to a deep recession in the country, several French enterprises continued promoting business plans in several sectors of the Greek economy.

    French investments to Greece were mostly directed towards energy (electricity and renewable energy sources), followed by food/beverage and services sectors (insurance, distribution, tourist enterprises).

    A total of 120 subsidiaries of French groups and enterprises or joint ventures with Greek enterprises are currently operating in Greece, with a total workforce of around 31,000. These are mostly based in Athens and Thessaloniki.

    Among the most significant sectors are: manufacturing (Lafarge, Michelin, Nexans, Rhodia, Safran, Thales, Scheider, Veritas), vehicles (PSA Peugeot Citroen, Renault), energy (EDF, Alstom, Total, Cofely GDF Suez, Tenesol, DCNS, Veolia), infrastructure/transport (Vinci, CMA-CGM, Geodis, Systra), consumer products (Baccarat, L'Or?al , Herm?s, Seb, Dior, pharmaceuticals (Sanofi, Aventis, Pierre Fabre, Biomerieux), distribution networks (Leroy Merlin), Food (Pernod Ricard, Danone), insurance (AXA, Groupama, CNP) and tourism (Accor, Club Med).

    [25] Greek stocks end 2.59 pct higher

    Greek stocks ended strongly higher in the Athens Stock Exchange on Tuesday, with the market largely banking on a positive outcome in negotiations between Greek authorities and the country' s creditors. The composite index jumped 2.59 pct to end at 846.43 points, off the day's highs of 857.26 points. The Large Cap index ended 2.91 pct higher and the Mid Cap index jumped 3.88 pct. Turnover was an improved 100.41 million euros.

    Terna Energy (11.79 pct), Hellenic Petroleum (5.88 pct), Coca Cola HBC (5.58 pct) and Alpha Bank (5.26 pct) were top gainers among blue chip stocks, while Folli Follie (0.87 pct), Aegean Airlines (0.27 pct) and Piraeus Port (0.26 pct) suffered losses.

    Among market sectors, Food (5.54 pct), Real Estate (3.69 pct), Personal Products (3.68 pct) and Banks (3.24 pct) scored big gains, while the Commerce sector (-0.86 pct) was the only one to end lower.

    Broadly, advancers led decliners by 75 to 38 with another 21 issues unchanged. Attica Bank (13.33 pct), Terna Energy (11.79 pct) and Frigoglass (11 pct) were top gainers, while Varvaresos (20 pct), Yalco (18.84 pct) and NEL (18.18 pct) were top losers.

    Sector indices ended as follows:

    Banks: +3.24%

    Insurance: +1.35%

    Financial Services: +1.62%

    Industrial Products: +1.70%

    Commercial: -0.86%

    Real Estate: +3.69%

    Personal & Household: +3.68%

    Food & Beverages: 7.241.13 +5.54%

    Raw Materials: 2.557.67 +3.07%

    Construction: +1.76%

    Oil: +2.71%

    Chemicals: +0.29%

    Media: unchanged

    Travel & Leisure: +2.80%

    Technology: +0.97%

    Telecoms: +0.58%

    Utilities: +2.02%

    Health: +2.00%

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

    Selected shares from the FTSE/ASE

    Large Cap index closed in euros as follows:

    Alpha Bank: 0.320

    Eurobank 0.147

    Public Power Corp (PPC): 5.28

    Coca Cola HBC: 20.62

    Hellenic Petroleum (ELPE): 4.68

    National Bank of Greece: 1.24

    OPAP: 8.60

    OTE: 8.65

    Piraeus Bank: 0.450

    Titan: 21.23

    Grivalia Properties: 8.25

    Aegean Airlines: 7.38

    [26] Greek bond market closing report

    Market expectations of a positive outcome in negotiations with the country' s creditors encouraged sentiment in the domestic electronic secondary bond market on Tuesday, easing pressures on bond prices. The two-year bond yield fell to 23.2 pct from 24.5 pct the previous day. The yield spread between the 10-year Greek and German benchmark bonds widened slightly to 10.75 pct, from 9.67 pct on Monday, with the Greek bond yielding 11.37 pct and the German Bund yielding 0.62 pct. Turnover was a thin 1.0 million euros.

    In interbank markets, interest rates were mixed. The 12-month rate eased to 0.164 pct from 0.168 pct, the nine-month rate was down to 0.103 pct from 0.105 pct, the six-month rate rose to 0.057 pct from 0.056 pct, the three-month rate was unchanged at -0.011 pct and the one-month rate fell to -0.052 pct from -0.051 pct.

    [27] ADEX closing report

    The June contract on the FTSE/ASE Large Cap index was trading at a premium of 0.21 pct in the Athens Derivatives Exchange on Tuesday. Volume on the Big Cap index totaled 20,036 contracts with 38,957 open positions in the market. Volume in futures contracts on equities totaled 92,368 contracts with investment interest focusing on Piraeus Bank's contracts (28,430), followed by Alpha Bank (18,690), National Bank (23,953), Eurobank (14,874), MIG (877), OTE (973), PPC (1,199), OPAP (550), Viohalco (223), Mytilineos (270), Hellenic Petroleum (186), Metka (241), GEK (360), Jumbo (155), Folli Follie (141), Athens Water (101), Titan (156) and Frigoglass (113).

    General News

    [28] Film director Gavras honoured at Cannes Festival

    The film festival in Cannes organised on Monday the screening of the classic movie "Z" of Costas Gavras in a restored version in honour of the award-winning Greek-French film director and producer.

    Thierry Fr?maux, artistic director of the Cannes Film Festival, praised the work of Gavras for its ability to cross the borders and constitute a carrier for culture messages across Europe.

    "What is radical in modern Europe is democracy itself," the famous director said.

    Alternate Culture Minister Nikos Xydakis, who attended the festival, said that "honouring Costas Gavras is an honour for Greece but also for France and for Europe. This is a praise for a film that is not only a work of art, but forms consciences in European democracies. A cinema that performs a spiritual and educational role and provides entertainment in the ancient sense: it educates responsible and sensitive citizens."

    Gavras stressed the need for reinforcing the presence of the Greek cinema and generally of the modern Greek civilisation abroad. "Through civilisation, the real Greece should and must be promoted, besides the stereotypes on which some insist on. Some say that we have a government of radicals. This is not true. The Greek government is not a radical and modern Europe, democracy itself is radical."

    "The Lobster", a film of Greek director George Lanthimos, is the first Greek movie after 17 years to claim the Palme d'Or at Cannes this year after Theodoros Angelopoulos "Eternity and a Day."

    In 2009, Lanthimos won the Prix Un Certain Regard for his film Dogtooth.

    [29] Coast guard rescues boatful of migrants stranded at sea near Antipaxi

    A coast guard patrol boat and a private vessel on Tuesday rescued 38 migrants and refugees adrift at sea near the Ionian island of Antipaxi, taking them to the harbou of Gai on the larger nearby island of Paxi.

    The group of migrants, who were sailing in a small wooden boat some 12 miles soutwest of Antipaxi, had issues a distress call at around 14:00 on Tuesday.

    The call was picked up by the Coast Guard headquarters operations centre, which mobilised the nearby Igoumenitsa coast guard to launch a rescue operation.

    After arriving at Paxi, the migrants will be transferred to the island of Corfu.

    Weather forecast

    [30] Cloudy on Wednesday

    Unstable weather and winds from variable directions are forecast for Wednesday. Wind velocity will reach 5 on the Beaufort scale. Clouds and possibility of rain in the northern parts of the country with temperatures ranging from 14C-26C. Same weather in the western parts with temperatures between 16C-26C. Possibility of rain in the eastern parts and temperatures between 14C-27C. Partly cloudy over the Aegean islands and Crete, 17C-28C. Partly cloudy with a chance of rain in Athens in the afternoon, 14C-25C; the same for Thessaloniki, 15C-24C.The Tuesday edition of Athens' dailies at a glance

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

    DIMOKRATIA: 5 billion-euro in measures only for the beginning

    EFIMERIDA TON SYNTAKTON: Rehearsal for agreement

    ELEFTHEROS TYPOS: 5 billion-euro tax package

    ESTIA: New tax storm at the horizon

    ETHNOS: The surprises of (European Commission president Jean-Claude) Juncker's proposal

    IMERISSIA: A plan for agreement - Brussels Group and ECB convene on Wednesday

    KATHIMERINI: Tsunami of bad loans

    KONTRA NEWS: We are heading to an agreement through ultimatums and blackmails

    NAFTEMPORIKI: Willingness for compromise brings the agreement closer

    RIZOSPASTIS: Immediate abolition of the zero deficit clause

    TA NEA: Plan for solution without the IMF

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