Athens News Agency: News in English, 10-08-06

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

CONTENTS

[01] Financial crimes squad investigating suspected investment fraud

[02] Cheaper electricity rates for disadvantaged groups

[03] Greek inflation (CPI) at 5.5pct yr/yr in July

[04] Droutsas-Davutoglu meeting

[01] Financial crimes squad investigating suspected investment fraud

SDOE has not released the suspect's name nor that of the firm he is supposed to represent but notes that the specific company is not licensed to provide investment services in Greece and does not appear to be registered with the U.S. Securities and Exchange Commission (SEC).

The financial crimes squad was alerted to the man's activities after a Greek bank reported that large sums were being deposited into the alleged economist's account by people that had been promised high returns.

SDOE has investigated the man's business and personal accounts, including joint accounts with his spouse in Greek banks and has frozen enormous sums (15 million euro and 11 million dollars in one case). The investigation has shown that sums deposited into the alleged investment firm's account were initially withdrawn in cash and then paid into the personal account of the Greek economist representing the firm.

[02] Cheaper electricity rates for disadvantaged groups

According to the ministry's announcement, the measure is in line with the government's pledges to support financially weaker groups in society and protected "special groups of consumers during a difficult economic conjuncture".

The special rate is open only to those that consume less than 1,000 kWh electricity every four months and is only for a household's main residence. It amounts to a 20 percent discount on the standard rate (but part of this is, in fact, the 10 percent discount that applies to all consumers for the first 800 kWh electricity they consume every four months).

The programme is called the "Social Household Rate" and interested parties will have to apply in order to qualify. Applications are submitted online and are automatically renewed in following years, except when the conditions stipulated cease to apply.

[03] Greek inflation (CPI) at 5.5pct yr/yr in July

More specifically, the Consumer Price Index (CPI) in July 2010, as compared to July 2009, increased by 5.5%. A year earlier, the annual rate of change of the CPI was 0.6%.

The CPI in July 2010, as compared to June 2010, decreased by 0.5%. A year earlier, the monthly rate of change of the CPI was -0.7%.

In the twelve-month period June 09 - May 10 the average rate of change of the CPI was 3.1%. A year earlier, the corresponding rate of change of the CPI was 2.1%.

Also, the Harmonized Index of Consumer Prices recorded a rise of 5.5 % in July 2010 as compared to July 2009.

More specifically, the Harmonized Index of Consumer Prices (HICP) in July 2010, as compared to July 2009, increased by 5.5%. A year earlier, the annual rate of change of the HICP was 0.7%.

The HICP in July 2010, as compared to June 2010, decreased by 0.4%. A year earlier, the monthly rate of change of the HICP was -0.7%.

In the twelve month period August 09 - July 10 the annual average rate of change of the HICP was 3.1%. A year earlier, the annual average rate of change of the HICP was 2.3%.

The European Commission, European Central Bank (ECB) and International Monetary Fund (IMF) 'troika' inspectors, who were in Athens over the past week for their first quarterly progress report on implementation of the Memorandum, have already revised upwards their predictions for inflation in Greece to a mean 4.75 percent for the year, as announced on Thursday, based chiefly on the increase in indirect taxes. Similar forecasts were made by finance minister George Papaconstantinou, who pointed out that the inflation forecast is being revised on the basis of the developments of the recent months.

According to Papaconstantinou, the target is implementation of all the special actions for revision of the institutional framework and competition, enhancing the independence of the Competition Committee, and a study on the contribution of retail trade to price competitiveness, employment and growth.

[04] Droutsas-Davutoglu meeting

Droutsas and deputy tourism minister George Nikitiadis hosted a lunch for Davutoglu and his family at a taverna in the Old City.

"I welcome Mr. Davutoglu to Greece and Rhodes. As you know, I am in Rhodes en route to Kastellorizo, and it was a happy coincidence that Mr. Davutoglu is in the area, with his family. When he contacted me and proposed that we meet, naturally I accepted with pleasure. The meetings with Mr. Davutoglu are always interesting, and I believe it is very positive that deputy tourism minister Nikitiadis is also here and that he was able to be here with us today. Thus, we will have the opportunity to also discuss tourism issues, which are particularly important for this region," Droutsas said and, addressing Davutoglu, warmly welcomed hi to Rhodes.

Davutoglu, in turn, said it was a pleasure for him to be in Rhodes and to be meeting with his very good friends Droutsas and Nikitiadis. "We meet as families. In reality, the Aegean Sea is our common home, and when I was in Bodrum, I called Dimitris (Droutsas) to see if it was possible to meet on Rhodes. He kindly agreed to meet, and I am grateful for that," the Turkish foreign minister said.

"We are like a family, Turks and Greeks, as we share the same geography, the same cultural heritage, the same tourism environment and a centuries-old cultural heritage," Davutoglu added.

Nikitiadis also welcomed Davutoglu, noting that when such a high-ranking visitor comes to Greece "it is a pleasure for us to greet him, to welcome him to our region, especially at this time when we have forged a plan for a common policy that also includes tourism and which we believe will prove to the benefit of both our peoples".

Davutoglu arrived on Rhodes at noon on the yacht "Sea Wind" from Bodrum, where he is vacationing with his family.

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