Antenna: News in English (PM), 98-05-04

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From: Antenna Radio <http://www.antenna.gr> - email: antenna@compulink.gr

Last Updated: Monday, 04-May-98 22:08:28

CONTENTS

[01] EU-Single currency

[02] Papantoniou

[03] Holbrooke-Cyprus

[04] Archbishop Christodoulos

[05] Sports

[01] EU-Single currency

There was also discord at the summit. The French and the German's had trouble agreeing to who should be the first chairman of the European Central Bank, which will start operating this summer.

The soon-to-be-launched single European currency passed its first major credibility test Monday; European markets ignored criticism of a Franco- German compromise over the issue of who should be the first head of the European Central Bank.

In Brussels over the weekend, the 15 EU heads of state announced that 11 EU members will enter the euro on January 1st. The advent of the euro will further integrate the European marketplace, making cross-border transactions easier and cheaper, as currency exchange charges will be eliminated.

But economic and monetary union - emu - does not mean national interests have been superseded. That was evident over the weekend.

Germany and France had to compromise over who should head the European Central Bank. The choice of German chancellor Helmut Kohl, Dutchman Wim Duisenburg, was opposed by French president Jacques Chirac. Chirac wanted Frenchman and former French Central Bank chief Jean-Claude Trichet to take the reins at the European Central Bank.

In the end, Germany retreated halfway. Duisenburg will head the bank for 4 of the 8 year term, after which time Trichet will take over.

Both men are economic policy conservatives; difference is that Trichet is a Frenchman, and Chirac believes Germany already has enough clout in the EU without having things exclusively its way in the ECB.

Kohl appeared willing to retreat even further at one point - until his aides pointed out that to do so would be disastrous for his party's prospects in the German elections this September.

Some critics feared that compromise would send the euro and other EU currencies sliding against the dollar Monday, but that didn't happen.

Perhaps that's because behind the European Central Bank lies what will become one of the world's three economic pillars: the 11 nations joining the economic and monetary union and adopting the euro on January 1st.

The truth is, the European Central Bank in Frankfurt will be one of the world's strongest financial institutions.

Kohl believes the decision to split the Bank chairman's term will continue to find support in the markets.

At the EU summit, the rift over the Bank was overshadowed by the magnitude of the occasion.

Greek prime minister Kostas Simitis called the decision to launch the euro "Historic for Europe and Greece. It's a decision that has not only economic, but far-reaching political significance".

Greece will not be adopting the euro in January - it has been unable to meet the EU criteria on inflation and the national deficit.

Simitis repeated that Greece will be the 12th member of economic and monetary union, when it enters it on January 2001.

[02] Papantoniou

"Greece entered the EU as an equal member in 1980", explains Karamanlis now, it's been left out of Emu against its will".

But though Greek entry into the single currency is still a ways off, the Brussels decisions are of

tremendous importance to the Greek economy.

The Greek drachma rose Monday - a sign of market approval for what transpired in Brussels over the weekend.

The euro, says Greek finance minister Giannos Papantoniou, will be, along with the dollar, one of the world's top two currencies. And Greeks will have it in 2002.

Papantoniou adds that the presence of the single European currency in the Greek marketplace - meaning the end of currency exchange in transactions and lower interest rates - will work to the advantage of consumers, making cars, homes, and much else besides cheaper. The unified market will also provide small businesses a chance to reach out to distant markets. But it will also mean that slow-starters and uncompetitive businesses will find the going tougher.

Lower interest rates, points out Papantoniou, will also mean more investments, and more jobs.

Prime minister Kostas Simitis says that Greece being put on track for 2002 will not necessitate any new tight economic measures, but the current lean policies will be applied with greater diligence.

There will be a speed up in the rate at which state enterprises are partially or completely privatised.

The Public Petroleum Industry will go on the Athens stock market; and the third package of shares in the national telecommunications organisation is coming up.

There will be changes in the workplace: an end to overtime; employees won't be remunerated for extra hours, but be given time off in lieu.

[03] Holbrooke-Cyprus

Holbrooke visited the divided island over the weekend, holding separate talks with the Turkish- Cypriot leader and the Cypriot president.

Afterwards, he laid blame for the stalemate in UN- borkered reunification talks at the feet of Turkish-Cypriot leader Raouf Denktash.

"If progress is to be made, both sides must give and take in serious negotiations. This is not the current situation....Denktash two conditions: recognition and Cyprus must withdraw its EU application....will make progress difficult".

Despite those words, Holbrooke angered the Cypriot government by saying Turkish admission into the EU must be promoted, and that Cypriot president Glavcos Clirides doesn NOT represent the Turkish- Cyptriots.

Clirides responded that the 1960 Cyprus constituition states that the president is the representative of the entire Cypriot Republic; he also took Holbrooke to task for not acknowledging the extent of Turkey's responsibility for the deadlock in Cyprus.

Clirides also expressed surprise at Holbrooke's later statements, saying they did not reflect what the US statesman had conveyed to him in their meeting.

[04] Archbishop Christodoulos

Christodoulos as served as metropolitan bishop of Volos for 24 years.

Thousands of residents from Nea Ionia in Volos greeted Christodoulos with flowers and applause as he entered the cathedral of Evangelistria Monday. The archbishop said a divine liturgy and told the faithful he would stop at nothing in the name of Greece and the Greek orthodox church.

He said, "You have seen the work I I have done. Now it's Greece's turn to see what I can do. As archbishop I will face two different types of people, those who will try to discredit me and my work and those who will support me.

He added, "I am not interested in people's praises.

I am concerned with the advancement of Greece and will defend and support it at any cost.

He was then was awarded by the mayor the city's gold medal.

During his departure, an elderly woman, a refugee greeted the archbishop wishing him success. She added, "May your generosity bring Greece spiritual wealth".

The new archbishop's investiture will take place on Friday May 8th. He will then return to Volos on Saturday accompanied by Greek president Kostis Stefanopoulos.

[05] Sports

Olympiakos uses two second-half goals in getting past Panionios over the weekend. Olympiakos gets one back in the 84th minute, making the final score 2-1.

Pao, meaniwhile, was keeping pace with a TKO of its own.

Third-place Aek manages a draw.

While number four Paok blasts Panachaiki.

In pro basketball, Paok levelled its best-of-three semi-final series against Olympiakos with a 56-50 victory at home Monday night.

In game one Saturday, Paok came close to an upset in Piraeus.

With the score knotted at 65, though, the Thessaloniki visitors can't get one to go down at the end. Olympiakos picks the ball up with several seconds to go. Guard Milan Tomich is fouled on the shot with one second to go, and hits the back-end of a pair of freebies to give Olympiakos the win.

(c) ANT1 Radio 1998

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