Athens News Agency: News in English (AM), 97-06-05

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

NEWS IN ENGLISH

Athens, Greece, 05/06/1997 (ANA)

MAIN HEADLINES

• Greece, Sweden express similar views on EU expansion, EMU
• Holbrooke named special US envoy on Cyprus issue
• Demirel expresses optimism over Greek-Turkish relations
• Greece joins WEU multinational land, sea forces
• 'Patriot' missile test firing on Crete
• China thanked for support of Greece's Security Council bid
• Ceilings for marine pollution fines increased
• Profit taking hits Athens bourse
• National Bank of Greece in 200 million dollar loan
• Titan cement sales rise in 1996
• Cyprus stock market attracts Greek interest
• London-based firm raises Greece's credit rating
• Gala performance of Strauss' "Salome"
• Greek film wins prize at Moscow festival
• Intercity trains to Orestiada
• Weather
• Foreign exchange

NEWS IN DETAIL

The European Union should expand its membership but observe the same accession criteria for all, Prime Minister Costas Simitis said yesterday following his meeting with his Swedish counterpart Goran Persson.

Speaking to reporters in Stockholm, Mr. Simitis said "it is important that as many countries as possible participate in the Economic and Monetary Union (EMU), and that criteria be the same for all."

He added that "European unification would be completed better and more effectively if there are as few differentiations as possible (between members)."

Mr. Simitis said Greece supported decisions affecting EU expansion to other countries that guarantee convergence and create a better integrated group.

"Greece believes that it is important to take into account the tendencies, developments and efforts taking place in various countries", Mr. Simitis said, referring to recent political changes in France and Britain.

The prime minister is accompanied by Alternate Foreign Minister George Papandreou, with whom he will attend the European Socialist leaders' summit, opening in Malmo today.

Holbrooke named special US envoy on Cyprus issue

Former US Assistant Secretary of State Richard Holbrooke has been appointed as US President Bill Clinton's special representative on the Cyprus issue.

Replying to press questions, US State Department spokesman Nicholas Burns said that Mr. Holbrooke's appointment was a "renaissance and restart" of US efforts to solve the Cyprus issue. Mr. Burns said that he will be assisted in his new post by a special coordinator who has yet to be appointed, while Mr. Holbrooke plans to visit Nicosia, Athens and Ankara.

The appointment has been welcomed by Athens, Ankara and Nicosia, Mr. Burns said.

US officials and Greek diplomats in Washington believe that the appointment was an indication of the Clinton administration's intention of upgrading the Cyprus issue and Greek-Turkish relations to a priority.

Demirel expresses optimism over Greek-Turkish relations

Turkish President Suleyman Demirel yesterday expressed his optimism over the future course of Greek-Turkish relations, in a message issued on the occasion of the Abdi Ipekci Peace and Friendship awards.

"The existence of people who concern themselves with Greek-Turkish friendship - and they are not few - increase our hopes concerning the future of Greek-Turkish relations, which is to the advantage of both countries but also to the region and Europe," Mr. Demirel's message read. He expressed hope that these efforts would continue.

Greece joins WEU multinational land, sea forces

The Western European Union (WEU) yesterday approved Greece's participation in the multinational land (Eurofor) and naval forces (Euromafor), set up by southern European countries in the European Union. The WEU plenary session passed an amendment allowing Greece's participation along with France, Italy, Portugal and Spain.

The WEU aims at creating an emergency task force of EU member-states and anticipates crisis situations outside NATO responsibility. Membership is separate from NATO.

'Patriot' missile test firing on Crete

The first test-firing of a US-made "Patriot" anti-aircraft missile on Greek territory took place yesterday at a firing range near Hania, Crete. Three successful tests were also carried out with "Hawk" anti-aircraft missiles.

China thanked for support of Greece's Security Council bid

In a message to his Chinese counterpart Qian Qichen, Foreign Minister Theodoros Pangalos expressed Athens' appeciation for Beijing's decision to support Greece's candidacy for a non-permanent seat at the Security Council during the 1999-2000 period.

"This decision constitutes yet another token of the friendly relations linking our peoples and is the result of our mutual understanding and cooperation," he said.

In his message to Mr. Qichen on the occasion of the 25th anniversary of diplomatic relations being established between Greece and China, Mr. Pangalos said that "during this period we witnessed a noteworthy development in our bilateral relations, which strengthened the traditional ties of friendship linking our peoples.

Ceilings for marine pollution fines increased

Ceilings imposed on fines for perpetrators found guilty of violating marine environment protection legislation will increase.

Specifically, fines by port authorities will increase from two million to five million drachmas, while fines imposed for every day in excess of the time limit set by port authorities for the restoration of damage increase from one million to two million drachmas and the ceiling for fines imposed by decision of the merchant marine ministry in the event of serious pollution increases from 150 million to 250 million drachmas.

In addition, fines imposed by decision of the relevant prefect increase from between five million and 10 million drachmas. Fines imposed by joint decision of the merchant marine minister and the environment, town planning and public works minister incre ase from between 10 million and 100 million drachmas.

Profit taking hits Athens bourse

Stock prices came under mild pressure on the Athens Stock Exchange to end lower after two days of strong upward movement. The general index closed 0.85 percent lower at 1,670.03 points in very heavy trading with turnover at 34.6 billion drachmas. Most sector indices lost ground. Banks fell 1.24 percent, Leasing was 0.84 percent off, Insurance dropped 0.53 percent, Investment eased 1.52 percent, Construction dropped 0.81 percent, Miscelleaneous eased 0.30 percent, but Industrial and Holding ended 0.47 and 0.39 percent higher respectively. The Parallel Market index rose 0.05 percent. Traders said the market needed some correction as it approached the 1,700 barrier once more but that the underlying trend of the market remained positive in anticipation of the second tranche of a flotation of Hellenic Telecommunications Organisation (OTE) during the summer. Broadly, decliners led advancers by 158 to 56 with another 33 issues remaining unchanged.

National Bank of Greece in 200 million dollar loan

National Bank of Greece issued a limited coverage 10-year, 200 million dollar subordinated Floating Rate Note (FRN) on international capital markets. Interest was set at three-month dollar Libor plus a margin of 60 basis points. The issuer has the right to withdraw the FRN after a five- year period at its nominal value. Final settlement has been set for June 2007. The loan was fully covered after a series of presentations to foreign institutional investors. It was given a Baa2 credit rating by Moody's Investor Services. National Bank of Greece's rating is Baa1. Salomon Brothers and Chase Manhattan acted as underwriters for the issue, while Morgan Stanley, BZW Smith Barney, HSBC, Bear Sterns and the National Bank's London branch managed the issue.

Titan Cement sales rise in 1996

Sales of Titan Cement SA rose by 20 percent in the first five months of 1997, according a statement released at the company's annual general shareholders' meeting. Last year's turnover rose to 19.2 billion drachmas, up 63 percent on a consolidated base, w hile the parent company's turnover rose 50.2 percent to 15.7 billion.

Consolidated sales were 108.2 billion,showing a 10.3 percent rise from the previous year.

The company will pay a 1996 dividend of 460 drachmas per share. The meeting postponed a decision on a new share scheme, which will be debated at a new meeting set for June 17.

Speaking to shareholders, Titan's chairman A. Kanellopoulos said that the company was still interested in acquiring a stake of no less than 50 percent in Halkis Cement, controlled by AGET-Heracles. He also said that the company was considering expansion into other markets, but not into the neighbouring Balkans due to the unattractive terms set for the privatisation of cement companies in Albania and Bulgaria. Titan was considering expansion in North Africa and particularly in Algeria, as well as establishing a distribution centre in Egypt. The Greek company also was examining expansion in the North American market through its subsidiary Carolinas Cement Co. The company's exports dropped 5.8 percent in 1996 due to an increase in sales in the domestic market.

The shareholders meeting approved a plan for signing an international bond loan worth 15 billion drachmas.

Cyprus stock market attracts Greek interest

Greek companies have shown growing interest in listing their shares on the Cyprus stock market. Key companies such as Delta, Nikas and Edrasis have recently expressed interest in joining the Cyprus market, and Interamerican is keen to promote mutual funds in the island. The Cypriot finance ministry has backed listing for major off-shore companies operating in Cyprus by means of share issues in foreign currency. The plan is expected to boost growth of the Cyprus market as more than 30,000 off-shore companies with a total capital of 400 million dollars have come to the island.

London-based firm raises Greece`s credit rating

The Greek economy has improved its image internationally, according to the financial risk evaluation organisation IBCA, which yesterday upgraded the country's rating from BBB-minus to BBB.

The respected London-based organisation's rating pertains to Greece's ability to pay off its foreign debt, which totals US$29.9 billion.

According to an IBCA report, Greece was given an improved rating because it had "made steady progress in its public finances and macro-economic stability."

The Bank of Greece is also praised for its "reliable and prudent monetary and exchange policy" which enabled the "drastic" reduction of inflation.

IBCA also notes that Greece's economy is growing at a faster rate than any other European Union member-state.

The report forecasts a continued increase in the gross external debt as a percentage of GDP this year, but predicted a drop in the net external debt in 1998.

Gala performance of Strauss' "Salome"

Richard Strauss' opera "Salome" will be performed by the National Opera on June 10, 11 and 12 at the ancient Herod Atticus Theatre with Renate Bele in the lead role.

The opera has never before been performed in Greece, mainly because of its demanding first role and the large number of orchestra members needed (105 musicians).

Other singers include Marina Krilovic, Michael Pabst and Oscar Hilbrandt. Costumes are by Yiannis Metzikov and the set by Apostolos Vettas.

Greek film wins prize at Moscow festival

A Greek film yesterday won an award at the 6th International World Orthodoxy Festival "Golden Knight", currently being held in Moscow in the framework of events to celebrate the city's 850th anniversary.

"Meteora - the catacombs of the sky" is directed by Greek director Vasilis Maros and was awarded the prize for "best meeting the aims of the festival and contributing to Christian ideas".

Meanwhile, "Russian painters and Greece" is the title of a major exhibition being held at the Tretiakof Gallery by leading Russian artists of the 19th and 20th centuries inspired by their visits to Greece, Greek landscapes and the revolution of 1821.

Intercity trains to Orestiada

State-of-the-art Intercity trains have begun travelling to Orestiada in the Evros prefecture. The administration of the Hellenic Railways Organisation (OSE) has included Intercity trains on the Alexandroupoli-Orestiada route on a daily basis since the beg inning of the month.The train will leave Orestiada on a daily basis at 3:27 p.m. and arrive in Thessaloniki at 10:54 p.m. On the other hand, the train leaves Thessaloniki at 7:25 a.m. and arrives in Orestiada at 2:47 p.m.

WEATHER

FOREIGN EXCHANGE

(C.E.)

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