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Athens News Agency: News in English, 96-12-24

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

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


NEWS IN ENGLISH

Athens, Greece, 24/12/1996 (ANA)

MAIN HEADLINES

  • Simitis meets with farmers` reps, ag policy to be considered
  • Shares of Bank of Attica sold
  • EOT circulates ancient theatres album
  • Interest rate on Treasury Bills after Jan.1
  • New State bond sales announced
  • Treasury bill interest rates slip

    NEWS IN DETAIL

    Simitis meets with farmers' reps

    Prime Minister Costas Simitis and representatives of farmers' unions agreed at a meeting yesterday to commence dialogue on Greek agriculture's structural problems, which will be considered at a newly established "national agricultural policy council".

    The council is scheduled to convene on Jan. 10 and 11.

    According to reports, the prime minister will chair the inaugural session of the council, where he is likely to announce the re-scheduling of agricultural debts so that deliberations of the council are restricted to institutional matters that exclude fi nancial issues.

    Mr. Simitis said any increase in farmers' real incomes would come about from structural changes and not increased subsidies. He stressed that the government and farmers must move away from a mentality dominating the past decade, where he said emphasis was placed on income supports. He also made special reference to the need for standardisation and improvement in the quality of produce. Priority will also be given to the drafting of a farmers' register, which Mr. Simitis said should be ready by September 1997.

    Shares of Bank of Attica sold to pension funds

    The Commercial Bank group has transferred 34 per cent of the Bank of Attica's shares to the Public Works Engineers and Contractors Fund (TSMEDE) for 6.46 billion drachmas and 15.5 per cent to the Deposits and Loans Fund (TPD) for 2.94 billion drachmas.

    The agreement, approved by the boards of Commercial Bank, TSMEDE and TPD, leaves Commercial Bank with about 20 per cent of the Bank of Attica's shares as well as the management for five years.

    Commenting on the sale, National Economy Minister Yiannos Papantoniou said the first denationalisation of a bank in the wider public sector had been successfully concluded.

    EOT circulates album on ancient theatres

    The Greek Tourist Organisation (EOT) has unveiled an annual album entitled "Hellas '97", dedicated to Greece's cultural heritage, and ancient theatres in particular.

    The album, which circulated with 150,000 copies in eight languages - Greek, English, French, German, Italian, Spanish, Dutch, and for the first time Russian - includes 55 ancient theatres throughout the country, the majority of whom host performances ov er the summer season.

    Handicraftsmen warn of dire future if tourism continues to slip

    The Union of Popular Art Handicraftsmen of Attica is sounding the alarm over the viability of traditional popular art workshops.

    An announcement by the union said the manufacturers of popular art items have experienced the worst year over the past 20 years, with a 40 per cent decrease in turnover and the direct result of many workshops closing down.

    The branch attributes the ominous messages to a considerable decrease in the number of tourists who visited Greece in 1996, stressing that the viability of popular art workshops depends directly on tourism.

    Athens News Agency services

    Following the conversion of the Athens News Agency (ANA) into a Societe Anonyme (A.E.) which rendered it an independent organisation, the ANA will from now on welcome professional half-page or full-page advertisements in its daily English and French Bulletin.

    Advertisements will be accepted from embassies, banks, commercial and maritime companies, chambers of commerce, advertising companies, airlines, organisations, professional associations, educational and research institutions in Greece and abroad as well as international bodies.

    Also, for a small fee, the above groups may channel their Press Releases (PRs), announcements or photographs - in Greek, English or French - to the ANA's more than 100 media subscribers throughout Greece and Cyprus via the recently introduced ANA on-line PR's service.

    For details on and arrangements for the advertising and/or PRs on-line service, please contact the ANA Marketing Department, tel: 6400580, fax: 6400024 between 10:00 a.m. and 2:30 p.m.

    Interest rate on treasury bills after Jan. 1

    The 7.5 per cent interest rate on state treasury bills to be issued as of January 1, 1997, onwards will be received in advance. This means a buyer will have to pay the value of securities he will buy, plus the amount of tax corresponding to interest, acco rding to a document issued by Finance Undersecretary George Drys.

    The document explains that the advance receipt of the 7.5 per cent tax will take place irrespective of whether the investor is a private individual or a legal entity, a union of people or property group, a local resident or a foreigner, without national ity or place of stay or residence or headquarters being examined and regardless of whether a bilateral agreement exists on the avoidance of double taxation.

    Moreover, interest stemming from treasury bills issued in 1996 and maturing in 1997 remains tax-free. However, the 7.5 per cent tax on treasury bills which will be renewed as of January 1, 1997, onwards will be received in advance.

    On the question of treasury bills maturing as of January 1, 1997 onwards and are silently renewed, the withholding of tax corresponding to interest resulting over the period which the renewal will last will take place at the time of their paying off.

    State bonds

    Regarding state bonds, it was explained that tax will be withheld at the time interest shares are cashed and always concerning issues made after January 1, 1997.

    Concerning bonds issued until December 31, 1996, interest is not subject to taxation throughout their entire duration and until the time of their maturity.

    Lastly, in the cases of both treasury bills and bonds the beneficiaries' tax commitment for this income is exhausted with the advance payment or withholding of the 7.5 per cent tax.

    New state bond sales announced

    Tendering will take place at the Bank of Greece on December 27 for the sale of state bonds in drachmas, in the form of natural and electronic titles, and with a fluctuating interest rate, a seven-year duration and a date of issue showing December 31, 1996 .

    The issue amounts to 200 billion drachmas. The interest rate for the bonds is set for the first interest-bearing period (31.12.96 to 31.12.97) at 12.60 per cent, namely equal to the base interest rate of 11.20 per cent plus a fixed marging of 1.40 per c ent over the entire duration of the loan.

    Tendering will also take place at the Bank of Greece on December 27 for the sale of Greek state bonds in drachmas, in the form of natural and electronic titles with a stable interest rate, a three-year duration and a date of issue showing December 31, 1 996.

    The interest rate for these bonds is set at 10.70 per cent and the offering is estimated at 100 billion drachmas.

    Treasury bill interest rates slip

    The finance ministry announced that as of yesterday, Dec. 23, new interest rates have been set for treasury bills. Specifically, 10.2 per cent for three months, 10.50 per cent for six months and 11.2 per cent for one year.

    It was also announced that the New York-based Moody's credit ratings assessment firm has upgraded Greece's credit rating.

    This boost strengthens the country's reliability in capital markets and will considerably help in a further decrease in the cost of lending, the finance ministry's announcement stated.

    WEATHER

    Cloudy and rainy in western and central Greece. Rest of the country, the Ionian sea and the mainland will be partly overcast with scattered rainfall at night. Southwestern winds will gradually subside. Athens will be overcast with temperatures ranging from 11-17C. Thessaloniki will be cloudy and rainy with temperatures between 7-13C.

    SPORTS

    Noted Russian athlete Svetlana Masterkova, who distinguished herself in the Atlanta Olympiad last summer, will participate in the World Athletics Championships Athens '97.

    The 28-year-old Olympic gold medallist in the 800 and 1,500 metres, and world record holder in the 1,000 metres and the mile, assured members of the organising committee of her participation in the 1997 championships.

    "My target is the gold medal in the 800 metres, and the possibility of taking a shot at the world record cannot be ruled out," she said, adding that she will not have the opportunity of repeating her double success in Atlanta since the time that the two events will take place does not suit her intentions, unless the programme changes and the 800 metres race occurs before the 1,500 competition.

    FOREIGN EXCHANGE

    Closing rates - buying U.S. dlr. 244.607 Can. dlr. 178.342 Australian dlr. 194.958 Pound sterling 410.490 Irish punt 407.414 Cyprus pd 521.633 French franc 46.755 Swiss franc 183.079 Belgian franc 7.658 German mark 157.728 Finnish mark 52.886 Dutch guilder 140.690 Danish Kr. 41.247 Swedish Kr. 35.833 Norwegian Kr. 37.964 Austrian Sh. 22.404 Italian lira (100) 16.064 Yen (100) 214.133 Spanish Peseta 1.880 Portuguese Escudo 1.564

    (C.E.)


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