Foreign Exchange
NEWS IN DETAIL
Second round of UN-LED Cyprus talks ends in deadlock
The second round of UN-sponsored Cyprus talks between President Glafcos
Clerides and Turkish Cypriot leader Rauf Denktash, held in Glion,
Switzerland, ended in deadlock Friday.
In an afternoon press conference, the UN Secretary General's Special
Advisor for the Cyprus problem, Diego Cordovez, who chaired both rounds of
talks between the leaders of the two Cypriot communities, said "discussions
were useful even when we faced difficulties here in Glion."
He added however, that the Secretary General "intends to continue his good
offices' mission on Cyprus" and said he does not entirely share the view
that "we are back to where we started."
Earlier, President Clerides had told a press conference "at the end of this
week we are exactly where we were, when we came here".
Also speaking at a press conference earlier, Mr. Denktash said the five-day
talks, which took place at the Righi Vaudois hotel in Glion-sur-Montreux,
ended in deadlock.
Mr. Denktash accused the European Union of having thrown a "bomb" into the
peace process by deciding to open accession negotiations next year with the
internationally-recognised government of the Republic of Cyprus.
Nevertheless, he said the talks were "useful", because "we now know where
the two sides are".
The Turkish Cypriot leader said talks on Cyprus' bid for EU membership must
be cancelled for UN mediation to continue, and threatened that the division
of Cyprus would become permanent if negotiations with the EU went
ahead.
He let it be implied that Cyprus can only join the European Union if Turkey
joins as well.
In his statements President Clerides rejected Mr. Denktash's conditions and
said "not only do I have no intention of delaying the process (of EU
negotiations) but if there is any interference in the process I will not be
negotiating."
For his part, Mr. Cordovez said he would submit his conclusions on this
round of talks to the Security Council next Wednesday. A first round of
direct talks (the first between the two leaders since October 1994), was
held between July 9 and 12 at the secluded Troutbeck rural retreat, north
of New York.
Before attending the Glion talks the two leaders had two meetings in Cyprus,
at the residence of UN Resident Representative, Gustave Feissel, situated
in the UN-controlled Nicosia airport area, and discussed humanitarian
issues.
Holiday weekend road toll
Slightly fewer car accidents occured this holiday weekend, the Feast of the
Assumption of the Virgin, compared to the same time last year. From
Thursday afternoon until early Sunday afternoon, 231 accidents were
recorded, in which 18 people were killed and 350 injured, 27 of which are
listed as serious. Traffic police are out in force to facilitate the return
of holiday-makers to urban centres, providing extra lanes for incoming
traffic. It is estimated that over 150,000 vehicles left Athens for the
weekend are due to return today.
Thousands of pilgrims gathered on the Aegean island of Tinos, the centre of
religious celebrations, where the government was represented by National
Defence Minister Akis Tsohatzopoulos. The day also marked Armed Forces
Day.
US says EU must leave door open for Turkish membership
The European Union must leave the door open for Turkish membership after
the failure of the Clerides-Denktash talks in Glion-sur-Montreux, State
Department spokesman James Rubin said Friday.
Although the official stressed that the decision for the admission of new
members belongs to the Union itself, he said that "maintaining the hope of
accession -for Cyprus and Turkey- is an encouragement that would improve
the chances for settling the C yprus problem".
Mr. Rubin described the talks in Switzerland as "useful", and expressed the
view that the Cyprus problem will not be solved easily given "the passions
and the strong emotions it generates".
The American official added that further talks of the same type should not
be expected before presidential elections in Cyprus in February.
Questioned on the role of President Bill Clinton's emissary, Richard
Holbrooke, Mr. Rubin said that Mr. Holbrooke was having deliberations with
European officials and would go to Cyprus in autumn.
Albanian Ministry comments on Grammos incident
The Albanian Foreign Ministry yesterday asked for closer cooperation with
Greece in order to avoid incidents such as occurred last week when an
Albanian was killed in a skirmish between a Greek army patrol and a group
of armed Albanian shepherds on Greek territory (the Grammos mountains), the
ANA's correspondent in Gjirokaster reports.
According to the report, Greece's Ambassador in Tirana Constantine Kolias
was called to the Ministry to discuss the issue. A Foreign Ministry
statement stresses that Albania is determined to maintain relations of
cooperation and understanding with the Greek government. It asks the Greek
authorities to "make a distinction between criminals and poor, honest
citizens, so that the latter will not become victims of an out-of-date
mentality".
The statement also asks Greece to establish regular meetings of the joint
committee on the border region as soon as possible, in order to avert
further incidents.
Ecumenical Patriarch visits island of Chios
Ecumenical Patriarch of Constantinople, Vartholomeos I arrived on the
island of Chios yesterday and was given a rousing welcome by the local
inhabitants by government officials and the Chios authorities and church
prelates.
The Patriarch, who is the guest of the island's Gum Mastic Growers'
Association, was greeted on arrival by Ministers of the Aegean Ms. Elisabet
Papazoi, of Merchant Marine Stavros Soumakis, members of Greek political
parties and a large crowd.
On arrival at the airport, the Patriarch inspected a military contingent
and was later given the gold medal and the keys of the city of Chios by the
island's mayor.
Later he officiated at a te deum in the cathedral of Saints Minas, Victor
and Vikentius.
The Patriarch will spend three days in Chios and during a ceremony he will
be proclaimed honourary president of the Mastic Growers' Association.
Meanwhile it was announced that the spiritual leader of the world's 300
million Orthodox Christians, will visit the United States for one month,
starting in October.
According to a visit schedule obtained by the ANA, the Patriarch will begin
the tour, his first of the US, on October 19 and return to his See on
November 17.
During his visit, the Patriarch will meet with Orthodox, Catholic, Jewish
and Moslem leaders, and hold talks with US President Bill Clinton, UN
Secretary General Kofi Annan, and US Secretary of State Madeleine
Albright.
Britain's Princess Diana on private visit to Greece
Britain's Princess Diana arrived in Athens yesterday for a private visit,
informed sources said.
Princess Diana arrived at Athens International Airport at 17:45 on a
private Gulfstream jet, but the purpose of her visit was not immediately
known.
Greek stocks rangebound in scant holiday trade
Greek equities moved in a narrow range in the last trading session of a
short week on the Athens Stock Exchange on Thursday, with investors more
interested in a three-day holiday which started yesterday.
The general index closed 0.21 percent higher at 1,645.81 points, showing a
0.39 percent gain on the week. Sector indices were mixed. Banks fell 0.17
percent, Leasing eased 0.22 percent, Insurance rose 1.19 percent,
Investment increased 0.36 percent, Ind ustrials rose 0.93 percent, Holding
was 0.46 percent higher and Miscellaneous fell 0.47 percent.
The parallel market for smaller companies ended 0.98 percent higher.
Trading remained thin and turnover was 8.3 billion drachmas. On a weekly
basis, average turnover was 9.6 billion down from 10.9 billion drachmas the
previous week. Broadly, advancing issues led declining ones by 107 to 93
with another 35 issues unchan ged.
Meanwhile, a Solomon Brothers report released yesterday says that the Greek
bourse is likely to regain its ranking among the top ten emerging markets
despite a summer lull. The Athens market has held its ground among emerging
markets with a 40 percent yield in dollar terms, the international
investment house said.
It said the bourse's current P/E ratio of 12 was high. Low turnover
expected in August was likely to rise in coming months, accompanied by a
correction in prices.
Weather
Mostly fine over most of the country today and tomorrow with scattered
afternoon showers and the occasional downpour in northern and central high
country. Winds will be light to moderate northerlies, turning stronger over
parts of the Aegean. Temperatures in Athens Monday will range from 20-33C
and in Thessaloniki from 19-32C.
Foreign Exchange
Thursday's closing rates - buying US dlr. 288.103
Pound sterling 455.529 Cyprus pd 531.999
French franc 46.478 Swiss franc 189.724
German mark 156.679 Italian lira (100) 16.015
Yen (100) 246.867 Canadian dlr. 206.299
Australian dlr. 213.592 Irish Punt 416.048
Belgian franc 7.588 Finnish mark 52.289
Dutch guilder 139.091 Danish kr. 41.146
Swedish kr. 35.892 Norwegian kr. 37.756
Austrian sch. 22.274 Spanish peseta 1.853
Port. Escudo 1.544
(Y.B.)
