Athens News Agency: Daily News Bulletin in English, 16-06-22

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

CONTENTS

[01] PM Tsipras: 'Possible Brexit would cause economic and political turmoil in EU'

[02] Greece is on the right track, Juncker says

[03] Tsipras: We can create a better Europe for the future of its people

[04] Juncker calls for wide political support and ownership of Greek program

[05] Greece has done its part, President Pavlopoulos says

[06] PM Tsipras visiting Strasbourg, to address Council of Europe on Wednesday

[07] ESM announces the disbursement of Greece's 7.5-bln-euro loan tranche

[08] Situation in Greece will continue to stabilise, ECB's Draghi tells European Parliament

[09] PM Tsipras to meet political party leaders on electoral law

[10] Time to move toward a stable election system, ANEL leader says after meeting PM

[11] PM Tsipras: 'China trip an opportunity to highlight what unites us'

[12] EU support and reforms will get Greece on track for sustainable growth, EU Commission representative Karvounis says

[13] European Commission says waiting for information on alleged Greek construction cartel before deciding on EU funds

[14] Our proposal is less spending, fewer taxes, Mitsotakis tells SEV

[15] 'Do the job right and do it now,' SEV president says

[16] Head of industrialist body says traditional Left-Right division is outdated

[17] International committee of experts on labour issues starts meetings in Athens

[18] Council of State to hear TV channels' case in TV licensing row on June 30

[19] Greenpeace Greece urges PM Tsipras to oppose TTIP deal

[20] ESM chief Regling calls to respect 3.5 pct of GDP primary surplus

[21] BoG chief Stournaras meets ESM head Regling

[22] Greek current account deficit shrank significantly in Jan-April

[23] Greek current account balance improves in Jan-Apr

[24] Greece aims at increasing tourist flows from Russia, Alternate Tourism Min Kountoura says

[25] Greek stocks end 3.71 pct higher

[26] Greek bond market closing report

[27] ADEX closing report

[28] Piraeus, Thessaloniki port employees announce new 48-hour strike

[29] 121 migrants and refugees arrived at northern Aegean islands

[30] Train, suburban railway strike for Wednesday suspended

[31] Foreign national arrested in connection with reported rape on Rhodes

[32] Tire factory goes up in flames near Larisa

[33] Sunny on Wednesday

[34] The Tuesday edition of Athens dailies at a glance Politics

[01] PM Tsipras: 'Possible Brexit would cause economic and political turmoil in EU'

"We all know a negative result, which all pro-European forces are hoping against, would have adverse economic effects on the entire European and world economy," Tsipras said. "Even worse, it would cause great turmoil in the process of European integration."

He then noted that a dialog needs to start in the EU on the causes of the economic and political crisis, the reasons for the resurgence of national strategies and isolationism, and the causes for the surge of nationalism and national conflicts.

Commenting on the upcoming negotiations on labour issues, Tsipras called on all social partners to engage "in a fruitful and constructive dialogue" for the improvement and restoring of labour relations and collective bargaining, which will lead to a new production model, which "can only be based on mutual respect of the role of productive entities".

He said reforms are needed in the labour market that will respect the "social, psychological and creative sides of employment" and will not reduce employees to a "disposable component of the production process".

Tsipras spoke against the extreme neoliberal approach of flexible employment, noting that reducing labour cost and deregulating the labour market is eventually unproductive. He said the EU's values are reflected in the tradition of labour entitlements and the protection of labour rights and their defence passes through growth both for Greece and Europe.

He then said Europe also needs a common European industrial policy in the spirit of the common agricultural policy, noting that CAP, despite its contradictions and distortions set about 50 years ago two objectives: the continent's nutritional adequacy and support of the agricultural and livestock income.

[02] Greece is on the right track, Juncker says

"Today, Greece is on the right track, the results are encouraging, even unemployment is falling, though not yet satisfactory," Juncker said and stressed that efforts must continue in the same direction.

Juncker also said that he would like the Greek government, the Greek parliament and the Greek people to have real ownership of the programmes implemented, adding that both the government and the European Commission are working for the future of the young people who offer hope "for the great and important Greek people."

The president of the European Parliament stressed the importance of a well organised state in order to achieve that.

"It is the first time when I visit Greece and we do not have to discuss the details of the programmes because everything has been settled."

"An outside observer can hardly understand the cost that each Greek had to pay," he stated and underlined that nobody should offend the Greeks. "I ask for respect to the dignity of the Greeks."

In statements after his meeting with Tsipras, Juncker praised the Greeks' courage and determination, noting that this demonstrated their attachment to the vision of Europe. "I come here to bring a message of hope," he said, adding that Greece has overcome a significant hurdle and can return to the right track, with the European Commission at its side in this journey.

"The European Commission is a friend of Greece, I am a friend of Greece," he said, noting that friends also have the privilege of saying things that others cannot say.

Referring to the agreement reached in the summer of 2015, Juncker described the desire then expressed by some parties for Greece to exit the euro as "foolish" and noted that Europe and the Eurozone would be incomplete without Greece. Now the country's full attachment to the Eurozone was indisputable and the stability programme it was following was not one of fiscal reform only but also a programme to modernise Greece's economy and public administration, Juncker added.

[03] Tsipras: We can create a better Europe for the future of its people

Tsipras said that Juncker is visiting Greece at a critical time, not so much for Greece but for Europe, but every critical moment for Europe is also critical time for Greece.

"Juncker comes at a time when Greece can turn page and after six years of recession and austerity, it can design the structural changes needed to achieve fair growth and a more optimistic outlook for the Greek people."

He concluded that the difficult times will be dealt with the same wisdom as in the past, in order to create a better Europe for the future of its people.

Tsipras and Juncker discussed all the crucial issues for Greece and Europe, with Tsipras afterwards noting that the completion of the first review of the Greek programme ended a major chapter in the implementation of the Greek programme. Greece had now entered a path of growth, as shown by the figures collected by the European Commission and the Organisation for Economic Cooperation and Development (OECD), he said.

The prime minister noted that Greece has met the greater part of the commitments and now it was the turn of Greece's partners to do the same, in order to speed up implementation of the agreement on the debt also.

Tsipras then referred to labour issues, noting that the recovery "cannot be based on the crushing of labour but on a productive model based on innovation and added value." He called for a return of collective labour negotiations and said that some views heard on this issue were contrary to the European acquis.

The prime minister said the Juncker package would be used to promote such a model, noting that approval of financing must be given quickly to achieve recovery and a return to growth, while Greece must show that it is a country that is friendly to productive investors. To this end, Tsipras said the government was proceed to reduce red tape, enhance transparency, encourage entrepreneurship, boost scientific research, encourage training of staff and creating new infrastructure and a clear and stable taxation system.

"This is the direction in which we must move, not that of dismantling social rights," he said.

Referring to the British referendum on the EU, Tsipras said that he, like Juncker, was in favour of Britain remaining but also noted that everyone should be concerned that Europe found itself facing such a close outcome. Europe was in a real crisis and needed to redefine its vision and prospects, convincing the European peoples that a common prospect was both necessary and hopeful, Tsipras said.

"To the dilemma 'less or more Europe', our reply is 'better Europe," the Greek prime minister said.

[04] Juncker calls for wide political support and ownership of Greek program

He said all Greek governments must respect the deal achieved between the country and its creditors as this "may be the last chance to do what is good for Greece." Juncker dismissed the conspiracy theories formed in the country, saying that on the contrary, he sees good will which is why he'd like to see all Greek governments respect the deal. He also said the government decides on the policy mix needed to implement noting reforms are not done to please Brussels or the creditors, but for Greek citizens and the country's European future.

The Commission chief reiterated the message of hope for the country and declared himself a friend of Greece, adding that friends can sometimes say "some uncomfortable truths", such as that this crisis is not just economic and social, but concerns the building of a modern state that cares for its citizens. He said mistakes have been made by both sides in the past few years but a Greek exit from the Eurozone was never an option.

Juncker also said that some people who suggested a "Grexit" are today urging Britain to stay in the EU and clarified that the country's position is "safely anchored" in the Eurozone.

"The efforts made by Greece since the summer, create a window of opportunity. With the completion of the first review and the measures on the debt Greece has the opportunity to turn a page," he said. "It's not just the economic adjustment; but the modernization of the economy and the state, so as to create the right conditions for businesses, for tackling tax evasion, corruption, speeding up justice, establishing a modern system of social protection and managing borders," he added.

He also stressed the EU funds that are available to Greece through the "Juncker plan" and hailed the people's response to the refugee crisis.

Commenting on Britain's EU referendum, he said: "History has taught us a simple lesson: that together we're stronger and safer, achievements which will be jeopardized If there's an exit from the EU."

[05] Greece has done its part, President Pavlopoulos says

Pavlopoulos stressed the significant contribution of Juncker to Greece's remaining in the eurozone.

"Greece, as the program review showed, has done its part and will continue with the big reforms in order to achieve recovery. But the contribution of the institutions is also needed, both for boosting liquidity and supporting investments," Pavlopoulos underlined.

On his part, Juncker stressed that Greece and EU are together. "That is why I did my best to avert a Grexit. I never adopted the absurd way of thinking of those who wanted to take Greece out of the euro one. And finally we prevailed," he added.

[06] PM Tsipras visiting Strasbourg, to address Council of Europe on Wednesday

The prime minister's visit will begin with a meeting with CoE Secretary General Thorbj?rn Jagland at 10:30. He is then scheduled to meet PACE President Pedro Agramunt at 11:00, Greek MPs at PACE at 11:30, before attending the dinner with Roivas at 13:00.

At 14:30 he will meet with European Court of Human Rights President Guido Raimondi and Greek ECHR judge Linos-Alexandros Sisilianos before addressing the PACE plenum at 15:30.

[07] ESM announces the disbursement of Greece's 7.5-bln-euro loan tranche

The European Stability Mechanism (ESM) has disbursed the 7.5-billion-euro installment of its loan to Greece, the body announced on its Twitter account on Tuesday afternoon.

"ESM just disbursed ? 7.5 billion to Greece. ESM disbursement of ? 7.5 billion will be used by Greece for debt service (? 5.7 billion) and arrears clearance (? 1.8 billion)," two tweets said.

It also added that the EFSF and the ESM have now jointly disbursed 170.7 billion euros to the country, making it by far the largest creditor to Greece.

[08] Situation in Greece will continue to stabilise, ECB's Draghi tells European Parliament

Draghi said that new legislation relating to non-performing loans will be crucial, since it will allow better management of NPLs by the banks. The gradual recovery of confidence will allow capital controls to be relaxed, so that the overall situation will be much better in comparison with last year, he said.

[09] PM Tsipras to meet political party leaders on electoral law

- Independent Greeks (ANEL) leader Panos Kammenos, on Tuesday, at 17.00

- Communist KKE party secretary general Dimitris Koutsoumbas, on Thursday, at 12.00

- PASOK leader Fofi Gennimata, on Thursday, at 16.00

- New Democracy leader Kyriakos Mitsotakis, on Thursday, at 18.00

- Union of Centrists leader Vassilis Leventis, on Friday, at 10.00

- Potami party leader Stavros Theodorakis, on Friday, at 12.00

[10] Time to move toward a stable election system, ANEL leader says after meeting PM

"ANEL and SYRIZA will arrive at a joint government proposal," he said, expressing hope that a common denominator will also be found with the other political forces, with the exception of main opposition New Democracy "whose president has made specific statements on the issue."

The head of the junior party in Greece's coalition government, Kammenos noted that such a change would also be closer to decisions taken by both coalition leader SYRIZA and his own ANEL party before they formed a ruling alliance. These included the right to vote at 17, election of MPs by Greeks living abroad, direct election of the president by the people, abolition of the law on ministers' liability, parliamentary immunity, a stable tax system, whether the Court of Audit should remain in the justice sector, protection of the national identity and changing article 28 of the Constitution on protecting national sovereignty.

He said the 3 pct minimum of the national vote for entering Parliament will remain, while the 50-seat bonus for the winning party "must be reduced substantially".

[11] PM Tsipras: 'China trip an opportunity to highlight what unites us'

"Our visit to China will be an important opportunity to highlight all that unite our two peoples," Tsipras tweeted following his meeting in Athens with Guo Jinlong, member of the Political Bureau of the Communist Party of China (CPC) Central Committee and former Bejing mayor.

[12] EU support and reforms will get Greece on track for sustainable growth, EU Commission representative Karvounis says

"We welcome Greece's good friend that always supports our country. With the support of the EU and the implementation of the reforms, Greece can get on track for sustainable growth," Karvounis said in a statement.

Juncker is paying a visit to Athens and will meet with Greek President Prokopis Pavlopoulos and Prime Minister Alexis Tsipras.

[13] European Commission says waiting for information on alleged Greek construction cartel before deciding on EU funds

The European Commission told ANA-MPA on Tuesday it is waiting for Greece's competition committee to provide information on its investigation on alleged cartel practices by Greek construction companies and will then make its decision on whether to release funds to the country.

The reply comes after the news website New Europe cited an internal letter by the Directorate-General of Regional and Urban Policy which said the Commission would freeze all payments of the European Regional Development Fund/Cohesion fund to Greece for the 2014-2020 programs until the investigation is completed.

Asked by ANA-MPA, a spokesperson of the Commission said: "We do not comment on leaks. We know the case. It is first and foremost a matter of the Greek authorities, as the Greek Competition Commission has already announced in a press release issued on May 17. The Commission has requested details from the Greek authorities on the case and will examine it, as soon as all information has been collected."

Responding to a question of whether funds will freeze, the spokesperson said the Commission is ready to take the necessary action when the facts are clarified. "We have not reached that stage yet," the spokesperson added.

According to the report, the internal letter argues that competition commission has discovered that the cartel was allegedly active for over 27 years from 1989 in the domain of road construction, railroads, metro, and concession projects and some of these projects will certainly have been co-financed by EU funds.

[14] Our proposal is less spending, fewer taxes, Mitsotakis tells SEV

Mitsotakis that the only way out of the crisis "was an agreement of truth with the European partners and Greek society," and stressed the need for a commitment to really carry out brave reforms, in exchange for a smaller primary surplus of around 2 pct of GDP and annual growth rates of 4 pct from 2018.

"In order to achieve this goal, it is necessary to turn to a systematic support of enterprise and to attacting private investments, implementing the principle 'fewer taxes - less spending," he said. Mitsotakis said the target should be to achieve a 10 pct increase in Greek exports each year and to push investments up to 20 pct of GDP from a current 11 pct within five years.

ND's leader then referred to what he called the citizens' "not unjustified" suspicion, noting that the years of artificial prosperity "corruption the consciences not only of politicians but also of a part of the business classes." According to Mitsotakis, there had been a "close embrace tango" between a state-funded capitalism, political forces and business people that had undermined the country's productive base.

Greece now had to generate wealth in which everyone had a share and succeed in changing the current distorted image of the country, restoring it to a hopeful path, Mitsotakis added. "Our people cannot only participate in the losses. The workers and pensioners must also have a share in the profits of growth," he noted.

According to ND's leader, there were certain necessary conditions for achieving these goals, the first of which was to restore the country's credibility and "become a normal country" that inspired confidence in investors. This, in turn, demanded a government that was truly committed to implementing the necessary reforms, he stressed.

Other conditions were to restore liquidity and the smooth operation of the banking system, rationalise the tax system and ensure its stability, while putting an end to excessive taxation "and stop looking a businesses exclusively as a reservoir for drawing taxes". Lastly, the country had to improve the business climate, chiefly by combatting bureaucracy.

Turning to the current SYRIZA-ANEL coalition government, Mitsotakis said their term in power was estimated to have cost the country 21 billion euros in terms of less growth, combined with a worsening business and investment climate. ND's leader cited figures showing that a record 9,812 businesses had shut down in the first three months of 2016, while foreign direct investments had fallen from 1.67 billion euros in 2014 to -0.29 billion euros in 2015.

On what people could expected from an ND government, Mitsotakis stressed that this would include support for business as the only route toward the country's prosperity. "New Democracy equals new jobs," he said, "only in this way can Greece move from the current model of redistributing poverty to tomorrow's model of producing wealth," he said.

[15] 'Do the job right and do it now,' SEV president says

"There is one reasonable question: does the programme agreed between the government and the institutions add up? Or are we made accomplices in another effort to push the Greek problem further into the future?" Fessas said. He warned that "the recessionary measures included in the programme, combined with a lack of appetite for its implementation - a refusal of the government to take ownership - meant that growth really cannot arrive. What must be done is: do your job right and do it now. The Greek issue cannot afford any more delays by anyone. Not from the Greek government, but also not from our partners, who because of national interests refuse to take more brave decisions for Greece".

Fessas said that the Federation will closely monitor and keep pressuring the government and our partners over the next two years to fully implement a third memorandum and at the same time correct any failures in the programme that could act as hurdles to growth and turn more enterprises towards the informal economy.

Fessas urged the government to work towards combating tax evasion and pledged that SEV would do everything in its power to help towards this goal, while he sent a message to the European Union that the policy mixture agreed must be reviewed. He invited SEV members to invest in the country. "Everyone must do their job correctly to escape this standstill of over-taxation, delayed growth and to become a normal country".

Akis Skertsos, managing director of the Federation, presented a package of 124 policy proposals for investments, growth and jobs, underlining that a recovery of the Greek economy and creating high growth rates, passed through the production of added value products and exports. "The key to all these activities, is a fertile investment and business environment encouraging productive activities and show dynamism and the ability to thrive in international competition," Skertsos said.

[16] Head of industrialist body says traditional Left-Right division is outdated

"The real dilemma is: Do we want an open society of competition, participation, opportunities, mobility, or do we want the closed systems of discrimination, cronyism, stagnation and introversion?" he asked.

Fessas then went on to urge European Commission President Jean-Claude Juncker, who was present at the event, for a "Juncker Plan for Greece" for the fastest possible revision and streamlining of the recessionary measures, the acceleration of structural reforms and the increase of investment funds to Greece by the European funding organisations.

[17] International committee of experts on labour issues starts meetings in Athens

The meetings will focus on the minimum wage, collective labour agreements and mass layoffs. The Greek side has rejected the possibility of abolishing the two extra salaries in the private sector while the IMF seems to insist on that.

The committee will make a resolution, likely in September, outlining the way in which the institutional framework of labour relations in Greece will be aligned with that of the European Union.

[18] Council of State to hear TV channels' case in TV licensing row on June 30

The court has already heard a case brought by Mega Channel (Tiletipos Television Programmes) asking for an injunction, with a ruling due to be issues on June 23.

[19] Greenpeace Greece urges PM Tsipras to oppose TTIP deal

In an open letter to the prime minister, Greenpeace says European Commission president Jean-Claude Juncker will ask EU leaders at the European Council on June 28-29 to renew their mandate to continue negotiations on the TTIP.

"In this crucial Council which will largely affect the future of Europe, we invite you to register the opposition of Greece in the continuation of the negotiations," the NGO said, noting that Tsipras should use the opportunity of Juncker's visit to Athens "to publicly declare our country's opposition to these agreements".

"It has been revealed beyond any doubt that the conclusion of the agreement will have extremely adverse consequences for Greeks, as well as other Europeans," Greenpeace adds.

The letter is signed by the director of Greenpeace's Greek arm, Nikos Haralambidis.

Financial News

[20] ESM chief Regling calls to respect 3.5 pct of GDP primary surplus

Asked whether the target can be reduced to 2 pct or 1.5 of GDP (as the IMF demands), the ESM head said that "I will have to respect the agreement."

On his part, the Finance Minister said that two parallel processes, one for debt relief and one for the implementation of prior actions, will be ongoing until the end of the year.

On the debt issue, he said that there are differences between the Europeans and the IMF on the Greek economic prospects and the debt.

[21] BoG chief Stournaras meets ESM head Regling

Regling also met Finance Minister Euclid Tsakalotos.

[22] Greek current account deficit shrank significantly in Jan-April

The central bank, in a monthly report, said that the latter recorded a deficit of 4.2 billion euros, down by 271 million year-on-year. Overall, the value of exports of goods and services fell by 20.5 pct, while the corresponding value of imports decreased by 17.1 pct. The balance of goods deficit showed a decline of 1.2 billion euros in the January-April 2016 period, which is mainly attributable to the improved oil balance, as a result of lower oil prices. Moreover, net payments related to the sales and purchases of ships decreased, due to the fact that they are largely conducted outside the Greek banking system after the imposition of capital controls. Finally, it should be noted that both exports of goods excluding oil and ships, and the corresponding imports did not show any remarkable change.

The services balance surplus shrank by 875 million in the January-April 2016 period, as net transport receipts registered a significant decline, which is also largely attributable to capital controls. Net travel receipts also recorded a slight fall. These developments were offset to a small extent by an improvement in the other services balance. It should be noted that in the first four months of 2016 total non-residents' arrivals decreased by 5.3 pct and the corresponding receipts by 3.4 pct. The primary income account showed a surplus of 1.1 billion euros, up by 663 million year-on-year, on account of lower net interest, dividend and profit payments, as well as of lower payments for wages and salaries. This improvement offset the contraction in the surplus of the other primary income account. Finally, an improvement was also recorded in the secondary income account. In the January-April 2016 period, residents' net assets from direct investment abroad rose by 470 million, while the corresponding liabilities that represent non-residents' direct investment in Greece dropped by 31 million.

Under portfolio investment, an increase of 3.0 billion in residents' net external assets is mainly due to a rise of 3.4 billion in their holdings of foreign bonds and Treasury bills. Moreover, residents' net external liabilities grew by 87 million, mainly on account of a rise in non-residents' investment in shares of Greek firms.

Under other investment, a decline in residents' external assets largely reflects a decrease in resident credit institutions' and institutional investors' deposit and repo holdings abroad and the statistical adjustment related to the issuance of banknotes. On the liabilities side, an increase of 3.5 billion euros was recorded, which is attributable to a rise in non-residents' deposit and repo holdings in Greece (the TARGET account included), as well as a decrease of 2.2 billion in residents' outstanding debt.

At the end of April 2016, Greece's reserve assets stood at 6.8 billion euros, compared with 5.9 billion in the corresponding month of 2015.

In April 2016, the current account showed a deficit of 822 million, down by 216 million year-on-year. This development is attributable to the decrease in the goods balance deficit and the improvement in the primary and the secondary income accounts, whereas the services balance surplus shrank.

[23] Greek current account balance improves in Jan-Apr

This development is attributable to the decrease in the goods balance deficit and the improvement in the primary and the secondary income accounts, whereas the services balance surplus shrank.

The goods balance deficit fell by 276 million euros year-on-year, exclusively as a result of the lower net oil bill. Net payments for purchases of ships rose, as did the goods balance deficit excluding oil and ships, given that the relevant exports remained almost unchanged, while the corresponding imports increased slightly.

The services balance surplus declined by 307 million euros, mainly as a result of lower net sea transport receipts, which stood at 316 million euros, down from 669 million euros in April 2015. Travel receipts decreased by 7%, while non-residents' arrivals declined by 3.5%. As a result, the travel balance deteriorated slightly. Finally, the other services balance showed a higher surplus year-on-year.

As a result of the above-mentioned developments, exports of goods and services fell by 19.5% and imports declined by 15.6%, so the balance of goods and services deficit eventually increased by ? 32 million.

The primary income account showed a surplus of 65 million euros, against a deficit of 111 million euros in April 2015, mainly as a result of reduced net dividend payments by 140 million euros. At the same time, the secondary income account showed a deficit of 48 million euros, down by 72 million euros year-on-year, mainly on account of the improved general government balance.

In the January-April 2016 period, the current account improved by 1.2 billion euros and showed a deficit of 3.1 billion euros. This development is mainly attributable to the improvement in the primary and secondary income accounts, as well as to the improvement in the goods and services balance. The latter recorded a deficit of 4.2 billion euros, down by 271 million euros year-on-year. Overall, the value of exports of goods and services fell by 20.5%, while the corresponding value of imports decreased by 17.1%.

The balance of goods deficit showed a decline of 1.2 billion euros in the January-April 2016 period, which is mainly attributable to the improved oil balance, as a result of lower oil prices. Moreover, net payments related to the sales and purchases of ships decreased, due to the fact that they are largely conducted outside the Greek banking system after the imposition of capital controls. Finally, it should be noted that both exports of goods excluding oil and ships, and the corresponding imports did not show any remarkable change.

The services balance surplus shrank by 875 million euros in the January-April 2016 period, as net transport receipts registered a significant decline, which is also largely attributable to capital controls. Net travel receipts also recorded a slight fall. These developments were offset to a small extent by an improvement in the other services balance. It should be noted that in the first four months of 2016 total non-residents' arrivals decreased by 5.3% and the corresponding receipts by 3.4%.

The primary income account showed a surplus of 1.1 billion euros, up by 663 million euros year-on-year, on account of lower net interest, dividend and profit payments, as well as of lower payments for wages and salaries. This improvement offset the contraction in the surplus of the other primary income account. Finally, an improvement was also recorded in the secondary income account.

In April 2016, no significant change was registered in the capital account, which showed a surplus of ? 676 million in the January - April 2016 period, up by 214 million euros year-on-year.

In April 2016, the combined current and capital account (corresponding to the economy's external financing requirements) showed a deficit of 835 million euros, down by 222 million euros year-on-year. In the January-April 2016 period, the deficit shrank by 1.4 billion euros, to stand at 2.4 billion euros.

[24] Greece aims at increasing tourist flows from Russia, Alternate Tourism Min Kountoura says

The two ministers highlighted the excellent cooperation and the strong common will to further promote tourism relations between the two countries.

Kountoura referred to the concerted action of the Greek government to strengthen tourism, emphasizing on the issuance of three-year and five-year multiple-entry visas for Russian visitors. She also spoke of a joint proposal for the establishment of the Year of Tourism Cooperation in Greece and Russia between June 2017 and June 2018, in order to maintain the momentum in tourism in the coming years.

On her part, Manilova announced Russia's strong support and confidence in Greece calling it the number one partner of Russia in tourism as well as top destination for Russians in 2016.

[25] Greek stocks end 3.71 pct higher

The composite index jumped 3.71 pct to end at 608.29 points, off the day's highs of 615.22 points. The Large Cap index ended 4.72 pct higher and the Mid Cap index rose 2.47 pct. Turnover was a heavy 112.603 million euros in volume of 150,407,545.

Alpha Bank (10.61 pct), National Bank (10.55 pct), Jumbo (7.08 pct) and Piraeus Bank (6.28 pct) scored the biggest percentage gains of the day, while Lamda Development (3.11 pct) and PPC (1.1 pct) suffered losses. All sector indices ended higher led by Banks (8.64 pct), Personal Products (6.36 pct) and Raw Materials (3.87 pct). National Bank and Piraeus Bank were the most heavily traded securities of the day.

Broadly, advancers led decliners by 66 to 37 with another 18 issues unchanged. Forthnet (19.67 pct), Evrofarma (14.50 pct) and Epilektos (12.95 pct) were top gainers, while Lazaridis Estate (30 pct), Medicon (20 pct) and Lavipharm (18 pct) were top losers.

[26] Greek bond market closing report

In interbank markets, interest rates moved lower. The 12-month rate was -0.029 pct, the nine-month rate fell to -0.095 pct from -0.089 pct, the six-month rate was -0.161 pct, the three-month rate rose to -0.262 pct from -0.267 pct and the one-month rate was -0.363 pct.

[27] ADEX closing report

General News

[28] Piraeus, Thessaloniki port employees announce new 48-hour strike

The union of port employees said it will hold a rally in Piraeus on Thursday and then march towards the Shipping ministry. It also said it will send a letter to Prime Minister Alexis Tsipras and Shipping Minister Thodoris Dritsas asking them to delete the phrase "abolition of the General Staff Regulations of the Board of OLP" included in a provision of the new concession agreement between the Greek government and Piraeus Port (OLP). It would also request written commitments allowing the transfer of employees to other agencies of the public sector.

On the other hand, Piraeus dock workers ended their multi-day strike allowing cruise ship service to resume. "The decision to suspend the protests was unanimous in the context of the autonomy of each union and leaves no room for misinterpretation," the union said. Their colleagues in Thessaloniki however announced a new 24-hour strike starting on Wednesday.

[29] 121 migrants and refugees arrived at northern Aegean islands

More specifically, 29 persons arrived on Lesvos, 51 persons on Chios and 41 on Samos.

Furthermore, 2,904 refugees and migrants are stranded on the island of Lesvos as a result of te EU-Turkey agreement, 2,596 on Chios and 1,182 on Samos.

[30] Train, suburban railway strike for Wednesday suspended

[31] Foreign national arrested in connection with reported rape on Rhodes

[32] Tire factory goes up in flames near Larisa

Fifteen vehicles and 35 firefighters have been deployed to put out the flames which have created a large black cloud of smoke over the area.

Weather forecast

[33] Sunny on Wednesday

[34] The Tuesday edition of Athens dailies at a glance

EFIMERIDA TON SYTAKTON: Negotiations over the electoral law

ELEFTHEROS TYPOS: Benefits to be abolished

ETHNOS: Golden solutions for low grades (in the exams)

NAFTEMPORIKI: The crisis changes labour relations in Europe

TA NEA: The trick over bonus

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