Athens News Agency: News in English, 10-06-04

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

CONTENTS

[01] High court: Negligent bank must pay compensation to customer

[02] Greek GDP shrinks 2.3 pct in Q1

[03] Illegal street trade scourge debated in Parliament

[04] Foreign ministry on fYRoM issue

[05] Turkey cites maritime law

[06] Stocks plunge to 2010 lows

[01] High court: Negligent bank must pay compensation to customer

Supreme Court Decision No. 347/2010 ruled in favor of the plaintiff, a Greek Air Force officer, accepting that he was subjected to significant ordeal and distress, which led to moral damage and therefore, he is entitled to monetary compensation.

The bank failed to include the legal interest in an account that belonged to the plaintiff and as a result when he issued a cheque it bounced. Additionally, his name listed in a bad credit information database.

[02] Greek GDP shrinks 2.3 pct in Q1

The EU executiveâs statistics agency, in a report, said Greeceâs Gross Domestic Product (GDP) shrank 2.3 pct in the January-March period, compared with the corresponding three-month period in 2009.

In the Eurozone and the EU-27, GDP grew 0.2 pct on a quarterly basis in the first quarter of 2010, while on an annual basis, GDP in the Eurozone grew 0.6 pct, while in the EU-27 grew 0.5 pct.

[03] Illegal street trade scourge debated in Parliament

Papandreou was replying to a tabled question by Popular Orthodox Rally (LA.OS) president George Karatzaferis, whose right-of-centre party has repeatedly and vociferously cited the problem of street peddlers hawking faux merchandise on central Athens' sidewalks, amongst others.

Papandreou referred to a "major and long-standing" problem, saying illegal street peddling negatively affects legal commerce, consumers' safety, while it deprives the state of revenue and artists' from their intellectual property rights, i.e. bootleg sales of music and DVDs.

The prime minister said municipal authorities consider the problem as their number one priority, with joint municipal and police patrols stepped up. He said more than 2,500 such joint patrols have taken place over the past two months, with more than 5,800 confiscations taking place.

Additionally, the premier said a lack of transparency and red tape also aid the phenomenon of illegal street trading, something that in turn generates corruption and lawlessness.

Finally, he promised stepped up patrols and inspections by the tax bureau's special force, SDOE, of warehouses and illegal shops in central Athens.

On his part, Karatzaferis said illegal street peddling and trade alone deprives the state of four billion euros in VAT receipts, while he put the number of street peddlers, mostly foreign national from Third World countries, at 17,000. He also called for the submission of up-to-date tax statements in order to export capital out of the country.

[04] Foreign ministry on fYRoM issue

Delavekouras stated, however, that a recent address by fYRoM Prime Minister Nikola Gruevski had caused "concern" in Athens, as it indicated that Greece's desire was not matched by Skopje.

"Such rhetoric confirms that the name issue is used as a vehicle for nationalism and, at the same time, proves that there is an immediate need for a mutually acceptable solution," he said, adding:

"On our part, the effort will continue ⦠However, reaching a solution will be impossible if Greece is treated as the 'enemy'," the foreign ministry spokesman stressed.

Responding to a question on the European prospects of the neighboring country, Delavekouras pointed out that "our position is that a solution should be found on the name issue. We cannot talk about fYRoM's European prospect if no solution is found."

[05] Turkey cites maritime law

"We would like to believe that this is a position of principle and a first step in a common course with the 160 countries that have signed the relevant treaty," spokesman Grigoris Delavekouras said, commenting on a statement by Turkish Foreign Minister Ahmet Davutoglu.

Delavekouras said "the framework set by the international law is the only safe path toward defining the sea zones between the two countries and gives a clear response to the disputes expressed by Ankara."

Turkey currently disputes Greece's right, arising under the provisions of international maritime law, to extend its territorial waters to 12 nautical miles. Additionally, a Turkish national assembly resolution threatening that any move by Greece to extend the current limit of six miles will be interpreted as a cause of war (casus belli) still stands.

Greece currently claims six miles of territorial waters around its coasts and islands but has not waived the right to extend this at some future date, as and when it sees fit.

Caption: ANA-MPA / EPA file photo.

[06] Stocks plunge to 2010 lows

The composite index of the market dropped 5.03 pct to a new record low for the year of 1,484.90 points, with turnover remaining a low 137.776 million euros.

The FTSE 20 index dropped 5.56 pct, the FTSE 40 index ended 3.31 pct down and the FTSE 80 index fell 2.54 pct.

The Travel (8.30 pct) and Financial Services (7.39 pct) suffered the heaviest percentage losses of the day. Broadly, decliners led advancers by 147 to 33 with another 49 issues unchanged. ANEK (17.65 pct), Klonatex (12.50 pct) and Hellenic Fish Farming (12.5 pct) were top gainers, while Elfico (9.68 pct), ELBE Clothing (9.20 pct) and Viohalco (9.20 pct) were top losers.

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