Athens News Agency: News in English (AM), 99-08-24

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

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

NEWS IN ENGLISH

ATHENS, GREECE, 24/08/1999 (ANA)

MAIN HEADLINES

• Reservoir of goodwill between Greek, Turkish peoples cited
• Claims of 'secret contacts' denied
• Gov't on Greece's veto on funds to Turkey
• More aid delivered to Turkey
• Joint Church-state humanitarian aid missions discussed
• Athens` support for closer ties between EU, NATO and Albania
• Stocks break 5000-point barrier for first time
• Gov't policy in 2000 aims at euro zone entry
• New Egnatia Bank makes trading debut Thursday
• Intracom gets Argentina deal
• Chipita posts H1 profit rise
• Weather
• Foreign exchange

NEWS IN DETAIL

Foreign Minister George Papandreou stressed yesterday that the conclusion drawn over the past few days following the catastrophic earthquake in northwest Asia Minor was that a "great stock" of friendship existed between the Greek and Turkish peoples.

Speaking from Rethymno on Crete, Mr. Papandreou said although the situation regarding relations between the two countries had not changed "in principle" and that problems remained, a conclusion could be drawn in the wake of the natural disaster, which h as claimed more than 12,000 lives so far.

"The conclusion is that there is a stock, a great stock of friendship between our two peoples, and this gives rise to a perspective of peaceful co-existence. Let us hope that prospects for peace, cooperation and sincere friendship indeed emerge from the tragedy," he said. Athens was quick to send substantial humanitarian aid, medical supplies and rescue teams to Turkey in the aftermath of last Tuesday's earthquake.

Turkish officials have publicly thanked Athens and most of the Turkish press praised Greece along with the other countries which responded to a call for assistance.

Claims of 'secret contacts' denied

Mr. Papandreou yesterday rejected claims of a "secret memorandum" regarding Greek-Turkish relations, contained in an article published in Sunday's edition of the Athens daily "To Vima".

"First of all, Greece, as a democratic country, and I personally, exercise foreign policy in the most transparent, open and public manner. We believe that this is the way foreign policy should be exercised and the Greek people know our every move, parti cularly against the background of the recently initiated Greek-Turkish dialogue. There is no such text. Courtesy calls between ambassadors will always be made and must be made, but there is no text, no memorandum," Mr. Papandreou said.

Gov't on Greece's veto on funds to Turkey

Government spokesman Dimitris Reppas said yesterday it was "too early" to talk about the lifting of Greece's veto over the release of European Union funds to Turkey, stressing that Athens' positive stance in sending quake relief to the neighbouring country should not be linked to the issue.

Greece, the spokesman said, will play a leading role in the providing of EU assistance to Turkey if the issue was discussed by the "15".

Mr. Reppas added that the government and Greek people had done whatever they could to relieve the suffering of the Turkish people and would continue to do so with the same vigour.

Regarding the "Vima" article, Mr. Reppas said Greek ambassador Lucas Tsilas had met in Brussels with a Turkish ambassador and discussed various issues.

"This is nothing new. There was simply an exchange of views on Greek- Turkish relations and there was no exchange of any kind of memorandum," Mr. Reppas said.

Finally, a parliamentary delegation is due to leave for Turkey today with a shipment of humanitarian aid for quake victims.

The five-member delegation, made up of deputies from the ruling PASOK party, main opposition New Democracy party and the Communist Party of Greece (KKE), will fly to Turkey on an Hellenic Air Force aircraft.

The aid, comprising medical and sanitary supplies, was gathered on the initiative of Parliament President Apostolos Kaklamanis.

More aid delivered to Turkey

The health ministry yesterday sent another 2,000 blankets, 100 tents and large quantities of pharmaceuticals as aid to Turkey's quake victims.

The Turkish embsassy in Athens said a report in various Greek media, according to which Turkish Health Minster Osman Durmus claimed country desired neither blood nor medicines from Greece and Armenia, was totally the result of a misinterpre tation.

"Turkey accepts with gratitude the aid and support of the Greek government and people," an embassy release stated.

Prof. Efthymios Lekkas, who headed the Greek team of specialists to Turkey and returned to Athens yesterday, expressed the view that foreign rescue teams would have saved many more people had they been channeled to the heart of the stricken areas immediately. He also noted that Turkey was not well-prepared to face such a disaster.

"They don't have an anti-quake mentality. In Greece, besides the people being more sensitive, we have better construction standards and better operational plans," he noted.

Joint Church-state humanitarian aid missions discussed

Foreign Minister George Papandreou and Archbishop of Athens and All Greece Christodoulos agreed yesterday that the state and Church should undertake stronger joint efforts to promote Athens' presence in humanitarian aid missions to Serbia, Kosovo and Tur key.

The foreign minister stated afterwards the meeting that the aid to Turkey's earthquake victims was the result of the Greek people's friendship towards their neighbours.

He later met with the newly elected Archbishop of America Dimitrios and wished him well in his new task.

Athens` support for closer ties between EU, NATO and Albania

Prime Minister Costas Simitis yesterday noted that Greece has been lobbying for closer links between Albania and the European Union as well as for closer cooperation between the neighbouring country with NATO and the Western European Union (WEU).

"The ties between our countries are continously and steadily developing in all areas over the past few years," Mr. Simitis said in an interview with the state-run Albanian Telegraph Agency (ATA).

"We believe in Albania's progress and growth, because it is exactly that growth and progress that secure stability in the Balkans," the Greek premier said, adding that "this is why cooperation in the past was and will continue in the future to be one of the main targets of Greek foreign policy.

"We took two basic directions in order to achieve this cooperation: support for Albania's accession to international cooperation structures and economic cooperation," Mr. Simitis told ATA.

"I believe that we have taken specific steps on both levels; we already have tangible results. We have supported and have worked for closer cooperation between the European Union and Albania, as well as closer cooperation between the neighbouring country and NATO as well as the WEU. We have said that we will also support its (Albania) membership in all the international organisations it wishes," he added.

Referring to the recent Kosovo crisis, Mr. Simitis said that "healing the wounds emphasised the need for cooperation and restructuring of the region toward the complete restoration of stability and an approach to the humanitarian issues caused by war."

Regarding the issue of undocumented Albanian nationals and labourers in Greece, the premier said that "we have already promoted measures which lead to the legalisation of illegal immigrants; we have stressed the need for a better control on illegal immigration and we have talked about a bilateral cooperation in the public order sector as well as the need to combat crime more effectively.

The Greek prime minister is expected to arrive today in Tirana, where he will meet with Albanian President Rexhep Mejdani and Prime Minister Pandeli Majko.

He will also meet with Archbishop of Tirana and All Albania Anastasios, before returning to Athens in the evening.

Meanwhile, government spokesman Dimitris Reppas announced yesterday that Mr. Simitis will meet with the premier of the Former Yugoslav Republic of Macedonia (FYROM) Ljubco Georgievski later in the week.

Stocks break 5000-point barrier for first time

The Athens Stock Exchange broke the historic barrier of 5,000 points yesterday with the general index posting its 42nd record close this year to stand 85.07 percent higher from the start of 1999.

The index ended 2.56 percent up at 5,066.39 points. Turnover was a heavy 305.455 billion drachmas with 39,800,314 shares changing hands.

Dealers said retail investors remained the driving force behind the market's rally, showing confidence both in economic prospects and in the profitability listed companies.

A positive opening in international markets also encouraged buying activity with investors seemingly feeling comfortably with a decision expected from the Federal Reserve today to nudge up US interest rates.

Market sources, however, said that share prices could not extend their rally without a major correction.

Dimitris Karagounis, chairman of the Union of Greek Listed SA Companies, said: "Breaking the 5,000 barrier has made us all happy. But I remain puzzled by the performance of certain smaller capitalisation stocks, which are producing excessive returns whi le blue chips are underperforming the market. This not a healthy sign and needs careful attention."

Analysts expect the market to find its next resistance level at 5,250 points.

Sector indices ended as follows: Banks (+1.76 pct), Insurance (+3.97 pct), Construction (+6.85 pct), Miscellaneous (+1.92 pct), Leasing (+6.34 pct), Holding (+4.64 pct), Industrials, (+2.30 pct) and Investment (+5.86 pct).

The parallel market index for smaller capitalisation stocks ended 4.18 percent higher while the FTSE/ASE 20 index for blue chip and heavily traded stocks rose 2.17 percent to 2,752.02 points.

Broadly, advancers led decliners by 243 to 50 with only four issues remaining unchanged.

A total of 87 shares ended at the day's 8.0 percent limit up, while two finished at the day's limit down. Altec, Hellenic Telecoms, Piraeus Bank and Ergo Invest were the most heavily traded stocks.

National Bank of Greece ended at 22,900 drachmas, Alpha Credit Bank at 23, 000, Commercial Bank at 27,450, Titan Cement at 36,000, Hellenic Petroleum at 3,140, Intracom at 23,300, Minoan Lines at 7,490, Panafon at 8,780 and Hellenic Telecoms at 6,440.

Gov't policy in 2000 aims at euro zone entry

Economic policy in the year 2000 will focus on the country's bid to join economic and monetary union while offering as much assistance as possible to weaker social groups and priority areas including education and health.

The announcement was made after a meeting of senior government officials yesterday chaired by National Economy and Finance Minister Yiannos Papantoniou.

The officials discussed the economy in detail ahead of final proposals to be made on changes in taxation and next year's budget, due to be submitted to parliament in October.

The officials said that the inflation criterion to be met for euro zone entry was critical due to rising oil prices and lasting economic stagnation in the European Union.

Ministry sources said that the government's economic leaders appeared to agree on the need to lower heating oil prices in October in order to aid the drive to contain inflation.

New Egnatia Bank makes trading debut Thursday

The new Egnatia Bank to be created after a merger of the old Egnatia and Bank of Central Greece will make its trading debut on the main market of the Athens bourse on Thursday.

Egnatia Bank plans to open eight new branches this year as part of a policy to widen its activities.

It also plans to expand into Balkan markets and break into new sectors including leasing.

Management hopes to fund the investment plans through a share capital rise of 30 billion drachmas in September.

Intracom gets Argentina deal

Intracom, a blue chip telecommunications and information systems manufacturer, is to supply Argentina's state telecom with a pilot digital subscriber radio transmission system (FQUAD network) for an initial 220,000 US dollars.

The contract with Telecom De Argentina was forged after Intracom won an international contract, the Greek firm said in a statement yesterday.

The project's budget may to rise to around 6.0 million dollars by next year, depending on evaluation of the pilot arrangement. The system, which was designed and manufactured by Intracom, has already been exported abroad, the statement said.

Chipita posts H1 profit rise

Chipita International SA, a listed manufacturer of packaged snacks, yesterday reported net pre-tax profits of 1.455 billion drachmas in the first half, up 28.5 percent on the same period of last year, it said yesterday. Sales in the same period rose by 28 .2 percent to 19.664 billion drachmas, the company said in a statement. Contributing favourably to results were Chipita's subsidiaries in Bulgaria and Poland. Also performing well were companies in Egypt and Portugal in which Chipita has minority holdings . Their profits do not appear in Chipita's consolidated results.

WEATHER

FOREIGN EXCHANGE

Tuesday's rates (buying)
U.S. dollar          304.633
Pound sterling       491.734
Japanese yen (100)   274.467
French franc          49.386
German mark          165.631
Italian lira (100)    16.730
Irish Punt           411.329
Belgian franc          8.030
Finnish mark          54.484
Dutch guilder        147.001
Danish kr.            43.581
Austrian sch.         23.532
Spanish peseta         1.947
Swedish kr.           36.914
Norwegian kr.         39.194
Swiss franc          202.800
Port. Escudo           1.616
Can. dollar          203.757
Aus. dollar          194.288
Cyprus pound         560.361
Euro                 323.948

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