The Turkish Minister of Finance pointed out that this is the best possible time for the resolving of differences between Greece and Turkey, and appreciated that the cooperation of the Foreign Ministers will contribute positively in that direction.

Furthermore, he stressed that the cooperation of Greece and Turkey would not only be beneficial to the two countries, but to the Balkans, the Mediterranean, and the Middle East. He also added that the Papandreou-Cem initiative for resolving the Middle Ea stern crisis has symbolic value, because it shows two traditional opponents working together.

Mr. Dervis expressed the belief that "the worst is behind them" as far as the economic crisis in Turkey is concerned. "This does not mean that we have development or that the unemployment problem has been resolved, but the economic panic that we lived th rough last year is over", he added.

The priorities of Turkish economic policy, according to Mr. Dervis, are the lowering of inflation from 70% to 35% by the end of the year. "We consider lowering inflation equally important to achieving development. It is important not to go too fast, or w e will have a new crisis on our hands. We want to advance steadily, so that we avoid macroeconomic instability", he appreciated.

He also stressed that cooperation between Greek and Turkish businesses will be restored, as the economic crisis in Turkey is overcome. Furthermore, he mentioned, the new law on commissions, which, as he said, encourages transparency, will encourage Greek

businesses to contend public works in Turkey. "Greek companies can benefit from the increasing transparency in Turkish economy, and will be in a position to invest in a safer market", he underlined.

Mr. Dervis pointed out that Greece and Turkey must function complementarily instead of competing in the sector of tourism. As he pointed out, research has shown that countries benefit from their neighbors' tourism.

"The more tourists you attract to Greece, the happier we will be, because some of them will come to Turkey, and the other way around", he noted.

The EU Foreign Ministers will examine the situation in the Middle East after the Saron proposal for a regional conference for peace in the region.

In the meanwhile, the Network of Autonomous Radical Left Wing Groups in Athens, is organizing Greek university student missions to Palestine.

Peace is in the best interest of both countries, agreed the Ministers, and Mr. Dervis noted that it is very important that while there is conflict in the Middle East, Greece and Turkey are walking together.

Shortly before the end of the meeting, deputy Minister Giorgos Floridis also participated in the conversation.

The Greek Minister pointed out that the sectors in which there is interest and room for cooperation are construction, technology and energy. He informed Mr. Dervis that the European Union, as EU Commissioner Loyola de Palacio assured him, will fund the r esearch for the construction of a Greece-Turkey natural gas pipeline on Turkish soil, and the Greek side will pressure them to fund the 20% of the construction cost taken up by the Turkish public sector. He also said that US companies are showing great i nterest in participating in its construction. He added that finding the money for the investments is easy if there is a good atmosphere of cooperation.

The two Ministers discussed the Middle Eastern crisis, and appreciated that it is causing financial problems for Greece and Turkey, where energy is expensive. It is of great interest for both sides, that the energy market is freed quickly.

Mr. Dervis stressed that Turkey is a great market, a bridge to all regions, and that is why Greece must cooperate, directly and indirectly.

They agreed that the promotion of cooperation in the economic sector will contribute to the improvement of bilateral relations, peace and stability in the region.

Mr. Dervis stated that tourism is a significant sector offering cooperation opportunities to Greece and Turkey. He stated that he appreciates the efforts made by the Foreign Ministers of Greece and Turkey, Giorgos Papandreou and Ismail Cem, for the Greek -Turkish rapprochement and added that he would like to contribute himself toward this direction.

Mr. Dervis also stressed that the region from northern Greece to Istanbul is a bridge that links the East with the West and the North with the South, while at the same time it is a region with a great economic potential. He stated that the Black Sea Bank

can become an important institution and if it has the support of Greece and Turkey it can have a constructive effect on the entire region.

Referring to Turkey's European prospect, he said that developments in Afghanistan and the Middle East show that Turkey's accession into the EU will strengthen the united Europe, adding that the changes made in the Turkish economy facilitate its EU access ion course. He added that 70% of the Turkish people want the country's accession into the EU and underlined the significance of the support offered by Greece.

The proposal, made on the occasion of the 100th anniversary of the birth of the Thessaloniki-born Turkish poet Nazim Hikmet, was accepted by the mayor of Thessaloniki.

Specifically, in the first 9 months of 2001 the Greek clothing exports reached 1.009,4 million Euro compared to 1.127,4 million Euro in the same period in 2000.

The Greek clothing exports to Germany dropped by 16%, Britain 9.4%, France 4%, US 17.5%, Cyprus 31.5%, Switzerland 36% and Israel 64%. An increase in the Greek exports was recorded in Italy (23.5%), Sweden (11.4%), Finland (37%) and Spain (55%).

Mr. Tsochatzopoulos stated that now, for the first time after a century of conflicts and divisions separating the Balkan peoples, there are opportunities for a common course that will lead to the European Union membership. According to Mr. Tsochatzopoul os, the exploitation of the inter-European energy networks offers a great opportunity to the Balkan states to participate in the EU economic developments.

Referring to the situation in Palestine, the Greek Minister of Development reiterated that the international community should act in a coordinated manner in the effort to find a political solution to the problem, while he linked the developments in the M iddle East with security and stability in the wider region.

On the sidelines of the event, Mr. Tsochatzopoulos met with Turkish Finance Minister Kemal Dervis. The two men had the opportunity to discuss bilateral cooperation issues in the sectors of industry, construction, technology and energy. Mr. Tsochatzopoulo s also met with Romania's Small-Medium Sized Businesses Minister Sylvia Tsornei and exchanged views on issues concerning the support of such businesses.

The move is placed within the framework of the government strategy for the exploitation of the Greek EU Presidency toward the rapprochement of the Black Sea states with the European Union.

The announcement was made by Greek Undersecretary of Finance Giorgos Floridis in the opening of the one-day conference organized in Thessaloniki by the Black Sea Commerce and Development Bank which coincided with its annual general assembly meeting.

The goal of the initiatives that will be launched next year will be the development of a joint strategic plan with specific targets and timetables for the economic reconstruction of the region and the strengthening of inter-border cooperation.

Mr. Floridis stated that programs should be drawn up in the sectors of telecommunications, transportation and trade, while import tariffs should be harmonized. In addition, agreements should be signed to deal with double taxation and mechanisms should be

activated aimed at strengthening the banking system and combat organized crime.

European Commission General Director Athanasios Theodorakis, responsible for development issues, stressed in the conference that the southeastern European states should make a strong effort aimed at combating corruption, organized crime and international

terrorism in view of their accession into the European Union.

He is scheduled to meet with the local parliament speaker, Bavaria government ministers and business sector representatives. He will also visit the Siemens industry plant and on Thursday he will give a lecture on Northern Greece as a Stabilizing Factor i n the Balkans within the framework of a series of lectures organized by the Southeastern Studies Society.

During his visit to Munich, Mr. Paschalidis will be accompanied by Greek ambassador to Berlin, Dimitris Kipreos and he will have meetings with members of the Greek community in Germany.

Of the stocks trading today, the overwhelming majority namely, 300 recorded losses and only 28 had gains, while the value of 49 stocks remained unchanged.

On Friday, the Greek Prime Minister will have meetings with the presidents of Bulgaria and Romania, Georgi Parvanov and Ion Iliescu, respectively.

Greek government spokesman Christos Protopapas stated that in their meeting they will review the international situation and the cooperation course of the Balkan states. The Greek delegation will return to Athens on Friday evening.

He reiterated that the international community must intensify its pressures aimed at the withdrawal of the Israeli forces for a political solution procedure to get underway.

Mr. Protopapas stated that there are still certain procedures left for the election to be finalized, like the ratification of the ECOFIN decision by the EU General Affairs Council and the relevant discussion in the European Parliament.

However, he characterized the ECOFIN decision as a decisive step toward the election of Mr. Papadimos. He also pointed out that his election is a recognition of his contribution to the EMU procedure, while at the same time, it is a proof that Greece occu pies an upgraded place in the European developments.