Athens News Agency: News in English (AM), 99-08-19

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

NEWS IN ENGLISH

ATHENS, GREECE, 19/08/1999 (ANA)

MAIN HEADLINES

• Turkey thanks Greece for quake assistance
• Aid offers to Turkey continue
• Scientists reserved over possible quake in Greece
• Gov't shields consumers from oil price rise
• Simitis puts an end to early elections rumours
• Eurodeputy shows understanding over Greece's stance on FYROM name
• Rampant stocks flirt with 5,000 points
• Hellenic Bottling, Coca Cola Beverages say merger terms set
• Bank of America confident on Greek EMU accession
• Weather
• Foreign exchange

NEWS IN DETAIL

Turkish Foreign Minister Ismail Cem telephoned his Greek counterpart George Papandreou yesterday to thank him for the assistance sent by Greece so far to help the victims of the devastating earthquake that killed thousands in the neighbouring country, Deputy Interior Minister George Floridis said.

In particular, Mr. Floridis said, Mr. Cem thanked Mr. Papandreou for the two firefighting aircraft and the helicopter sent by Greece to combat a blaze at the oil refinery in Izmit which broke out as a result of the violent quake.

In the near future, Mr. Cem said, medical supplies and tents would be needed, as the homeless already number some 200,000.

Greece was quick to send aid to quake-stricken Turkey yesterday, including two fully-equipped mobile medical units with eleven doctors and supplies, a 25-member emergency task force with equipment and specially trained dogs to help find victims trapped under piles of rubble.

Greek seismologists have also gone to the neighbouring country to consult with their Turkish counterparts.

Asked by the ANA if Greece's assistance might help strengthen ties between the two countries, Mr. Floridis replied that Turkey was currently facing major problems and Greece's desire to help was sincere.

According to sources, Mr. Cem said Greece's assistance was much greater than had been received from other countries and for this reason he expressed the "unreserved appreciation" of the Turkish people.

Mr. Papandreou, the sources added, assured Mr. Cem that Greece would continue to send any assistance required and that a fourth Hellenic Air Force C-130 aircraft was preparing to depart for Istanbul with humanitarian aid.

Aid offers to Turkey continue

Greek public agencies and non-governmental organisations continued extending their support to Turkey's quake victims.

The Health Ministry appealed to citizens to donate blood at state hospitals for the victims of the devastating earthquake in Turkey.

A ministry announcement said giving blood would be the greatest proof "of our humanitarian feelings towards the suffering of our fellow humans in Turkey".

It added that the competent services at hospitals around the country had already been informed about the appeal.

The Greek Red Cross, in coordination with the Turkish Red Crescent, is prepared to dispatch humanitarian aid to Turkey.

Civil Protection Advisor Apostolos Chrysohoidis said that a CL 415 Canadair firefighting plane and a chartered Ericsson S 64 chopper had taken took off for Istanbul destined for the blazing Izmit refineries, while a fourth C- 130 cargo plane, in additon to the three dispatched on Tuesday, had also taken off, carrying foam to combat the Izmit blaze.

Mr. Chrysohoides said that the humanitarian aid collected would be airlifted from Kozani airport by two additional C-130's.

Meanwhile, the Anti-Seismic Planning and Protection Organisation said that the Greek Emergency Task Force doctors and civil engineers who were flown to Istanbul on a C-130 have already gone to work trying to rescue citizens trapped under the rubble of a n apartment building in an area 7 km from Istanbul. In another development, president of the Greek-Turkish Business Council Panayiotis Koutsikos, who also chairs the Black Sea Economic Cooperation (BSEC) Council, yesterday sent telegrams of support to Tur kish business leaders and the Turkish-Greek Business Cooperation Association.

Mr. Koutsikos reassured his Turkish counterparts that "the Greek business community is at the disposal of their Turkish colleagues, prepared to offer any assistance necessary toward the speedy restoration and reopening of industries and businesses hit b y the devastating earthquake."

Scientists reserved over possible quake in Greece

Greek scientists appeared quite reserved over the possibility of a disastrous earthquake in Greece.

Thessaloniki University Professor Vasilis Papazahos did not rule out the possibility of the earthquake in Turkey affecting the Eastern Aegean region and its faults.

Mr. Papazahos said that there was a possibility of the Aegean faults being activated. However, he did not wish to speculate on a specific time, saying that "this could happen either middle or long term, that is within months or even years".

Nevertheless, he appeared reassuring saying that the buildings in Greece can withstand earthquakes measuring even 7.5 on the Richter scale and furthermore, the fact that the Aegean water mass would have a restraining affect on the impact of a quake.

Replying to relative questions, Mr. Papazahos said that "seismolo-gists as well as the authorities should be cautious in general and monitor all facts".

Gov't shields consumers from oil price rise

Development Minister Evangelos Venizelos yesterday announced that a rise in world oil prices would not reach domestic gasoline consumers after refineries agreed to absorb the increase.

The move will aid the government's drive to lower inflation in its drive to join the euro zone by a target date of January 1, 2001.

The cost to refineries of footing the price rise is estimated at about 300 million drachmas from an estimated rise of 1.3 drachmas per litre of super and unleaded gasoline.

Mr. Venizelos was speaking after a meeting with representatives of state- owned Hellenic Petroleum, petroleum product distributors and gasoline station owners.

Also agreed at the meeting was an average ceiling of five drachmas above the government's weekly indicative retail gasoline prices in a bid to stop profiteering. The measure, which was adopted voluntarily by retailers and producers, applies to Attica and Thessaloniki, where 80 percent of the population reside.

The minister said that if violations were reported within the next five days, the measure would be enforced by means of penalties.

He reported that a gentlemen's agreement to curb prices prices in 12 island and border areas around the country had mostly been successful.

But price rises above agreed levels were still being reported in the prefecture of Hios and the Dodecanese islands.

In addition, another 13 prefectures are to come under the measure after reports of steep prices charged to consumers.

Mr. Venizelos called on consumers around the country to shop carefully for fuel and help to bring retail prices down to the lower end of the scale.

Simitis puts an end to early elections rumours

Prime Minister Costas Simitis yesterday put an end to the rumours over early elections during his meeting with PASOK Secretary Costas Skandalidis and Environment, Town Planning and Public Works Minister Costas Laliotis. According to reports, the premier said to the two men that there is no chance of early elections, while he added that a government reshuffle is not an issue to be discussed at present. Mr. Simitis's discussions with Mr. Laliotis focused on the political conditions in conjunction with initi atives, which the government should undertake.

They also discussed issues concerning the operation of the government and political planning.

Eurodeputy shows understanding over Greece's stance on FYROM name

Eurodeputy Doris Pack yesterday expressed understanding for Greece's stance on issue of the name of the Former Yugoslav Republic of Macedonia (FYROM), during her visit Skopje. Speaking to the press in the neigbouring country, she said that "the term 'Macedonia' denotes more than just the 'Macedonian Republic'. It is a geographical term regarding a wider region and it could mean that FYROM has expansionist designs against Greek territories."

She added that under these circumstances she understands the reaction of the Greek people. She also noted that FYROM made mistakes when it initially achieved independence from Yugoslavia, one of which was initial choice of flag and several political fli ers which terrified Greeks.

Ms. Pack expressed her belief that both Greece and the European Parliament wish for the solution of the problem, because even if it is not an obstacle for FYROM's entry into the EU it remains a bilateral problem, which should be resolved. She also stres sed that Greece is responsible, as a Union member-state to resolve the problem as soon as possible and FYROM should be open to proposals.

Rampant stocks flirt with 5,000 points

Equity prices moved closer to the 5,000-point level yesterday, extending their record rally for the 12th consecutive session.

The general index ended 1.41 percent higher at 4,958.82 points, off the day's highs of 4,960.93 points. It was its 41st record this year.

The index has gained 15 percent in recent sessions without any closing downward corrections, evidence of the market's new dynamism.

Turnover was 285.856 billion drachmas with 45,228,702 shares changing hands.

Buying interest was massive for smaller capitalisation stocks, with 78 of them closing at the day's 8.0 percent limit up.

In the main market, the Investment sector was the focus of attention with 12 of a total 18 shares in the sector closing at the day's limit up.

Sector indices ended as follows: Banks (+0.21 pct), Insurance (+2.97 pct), Construction (+2.66 pct), Miscellaneous (+3.93 pct), Leasing (+1.72 pct), Investment (+8.0 pct), Industrials (+2.50 pct) and Holding (+2.02 pct).

The parallel market index for smaller capitalisation stocks soared 5.81 percent while the FTSE/ASE 20 index for blue chip and heavily traded stocks ended 0.47 percent higher at 2,752.24 points.

Broadly, advancers led decliners by 250 to 40 with another seven issues unchanged.

Unifon shares surged 99 percent in their first trading day in the market.

Papahellinas and Strintzis were the most heavily traded stocks, while Papahellinas and National Bank of Greece led the day's turnover.

National Bank of Greece ended at 22,890 drachmas, Alpha Credit Bank at 22, 945, Commercial Bank at 27,200, Ergobank at 31,600, Titan Cement at 36,000, Hellenic Petroleum at 3,270, Intracom at 23,150, Minoan Lines at 7,300, Panafon at 9,095 and Hellenic Telecoms at 6,645 drachmas.

Hellenic Bottling, Coca Cola Beverages say merger terms set

Hellenic Bottling and Coca Cola Beverages (CCB) of the United Kingdom said yesterday that the terms of their planned merger have been finalised.

The Greek firm is to acquire CCB through the merger. The expanded company will be listed on the Athens Stock Exchange, where Hellenic Bottling already trades. CCB will be delisted on the London Stock Exchange but the new firm may eventually seek to r e-list there.

The two firms said in a joint statement that approval for the merger has to be secured from the European Union's executive Commission.

If the merger deal is endorsed in the first stage, the Commission will announce a decision by the end of September.

If further study is needed, then a decision will be released early in 2000.

For the merger to go ahead, the Coca Cola Company has to vote in favour of the merger and accept new shares to be issued by Hellenic Bottling.

Bank of America confident on Greek EMU accession

The latest Journal of Commerce issue contains a brief reference to the annual report by the Bank of America, which expresses confidence that Greece will meet all the criteria required for being admitted to European Economi c and Monetary Union in 2001, despite the inflation criterion showing certain large fluctuations recently.

WEATHER

FOREIGN EXCHANGE

Wednesday's rates (buying)
U.S. dollar          307.212
Pound sterling       493.064
Japanese yen (100)   271.570
French franc          49.346
German mark          165.500
Italian lira (100)    16.717
Irish Punt           411.001
Belgian franc          8.024
Finnish mark          54.441
Dutch guilder        146.883
Danish kr.            43.533
Austrian sch.         23.523
Spanish peseta         1.945
Swedish kr.           37.006
Norwegian kr.         39.396
Swiss franc          202.090
Port. Escudo           1.615
Can. dollar          207.229
Aus. dollar          197.592
Cyprus pound         560.083
Euro                 323.690

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