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A.N.A. Bulletin, 20/04/96

From: "Greek Press & Information Office, Ottawa Canada" <grnewsca@sympatico.ca>

Athens News Agency Directory

ATHENS NEWS AGENCY BULLETIN (No 866), April 20, 1996

Greek Press & Information Office

Ottawa, Canada

E-Mail Address: grnewsca@sympatico.ca


CONTENTS

  • [1] Simitis says no turning back from efforts to rehabilitate economy

  • [2] Reactions

  • [3] Greece buries its dead

  • [4] Government spokesman

  • [5] Egypt police round up militants

  • [6] Condolences and condemnation

  • [7] Gov't following Yilmaz statements with interest

  • [8] Greece bids to join Security Council for1999 session

  • [9] PASOK to discuss national issues shortly, Venizelos says

  • [10] Athens calls for immediate ceasefire in Lebanon

  • [11] Greece condemns bloodshed in Lebanon

  • [12] MEDA financing on Monday's General Affairs Council agenda

  • [13] Evert calls for international conference on terrorism

  • [14] Venizelos: Blight of terrorism must be dealt with internationally

  • [15] Railway workers demand better security

  • [16] Gov't decides against increasing state funding for parties

  • [17] Avgerinos in Ioannina to oversee party congress procedures

  • [18] Evert pushes on with radical reorganisation of main opposition party

  • [19] Rashid leave in order, justice minister says

  • [20] Samaras claims US Congressional committee to discuss western Thrace

  • [21] Athens conference told of pioneering new work in early detection of heart conditions

  • [22] Environmental groups protest poor water management resources

  • [23] Junta leaders' continued imprisonment not an issue, Venizelos says

  • [24] Bank of Greece announces cut in interest rates

  • [25] Bullion trade eyes Niarchos estate gold

  • [26] Greek olive tree takes its place outside Olive Oil Council in Madrid


  • [1] Simitis says no turning back from efforts to rehabilitate economy

    Athens, 20/04/1996 (ANA)

    Prime Minister Costas Simitis stressed yesterday that the government's economic policy was "a joint task, a joint target and the joint responsibility of all the government."

    Speaking to reporters after a two-and-a-half-hour meeting on the course of the Greek economy, Mr. Simitis said that the policy consisted of speeding up development, persisting in the rehabilitation of public finances, bringing inflation down and, in gen eral, reversing the existing macroeconomic imbalances once and for all.

    Only then, he said, will investments and employment increase and social cohesion grow.

    Participating in the meeting, chaired by Mr. Simitis, were National Economy Minister Yiannos Papantoniou, Finance Minister Alekos Papadopoulos, Development Minister Vasso Papandreou and Bank of Greece Governor Lucas Papademos.

    The meeting follows reports of differences between Mr. Papantoniou and Mr. Papadopoulos after the leaking of a finance ministry report on public spending cuts in sensitive social sectors.

    Mr. Simitis had a meeting with the two ministers Thursday.

    The prime minister underlined after yesterday's meeting that there was no room for hesitation or retreat from the government's economic policy, since it was the only way in which the targets of the convergence programme could be achieved.

    Mr. Simitis stressed at the meeting that there must be no deviations from the strict implementation of this year's State budget.

    [2] Reactions

    Athens, 20/04/1996 (ANA)

    Political Spring party spokesman Notis Martakis said the Simitis government "would be responsible for the upcoming social unrest."

    He said that the Simitis government "admitted the failure of its economic policy of austerity but insisted on its implementation.

    The Coalition of the Left and Progress party criticised the prime minister for his insistence on continuing the same economic policy.

    "The prime minister's insistence on continuing the same economic policy fuels dangerous tension in social inequalities, intensifies the disorganisation of public administration and developmental inactivity," an announcement by the party said.

    The announcement attributed the failure of economic policy to "revenues failing to meet targets, excess expenditures, the resurgence of inflation and an increase in unemployment.

    The Coalition underlined the need for an immediate change in policy leading to development and restructuring the economy.

    [3] Greece buries its dead

    Athens, 20/04/1996 (ANA)

    The first victim of the massacre of innocent tourists in Cairo was buried in the central Greek town of Lamia yesterday, as a shellshocked Greece received with grief the bodies of the 18 tourists gunned down on Thursday.

    The bodies of the victims, aged between 45 and 77, as well as the wounded, were brought back to Greece early yesterday morning by two C-130 military transport planes despatched by the Greek government on the day of the massacre.

    Weeping relatives searched among the bodies, some of them badly disfigured by bullets, for their loved ones.

    The funerals of the remaining victims are expected to be held today.

    Ten of the wounded brought back to Greece early yesterday morning were taken to local hospitals and reported to be out of danger. Five of the more seriously injured victims remained in hospital in Cairo, with one in a critical condition with bullet woun ds to the chest and abdomen.

    Health Minister Anastasios Peponis visited the wounded at the hospitals yesterday. The minister was in constant contact with the embassy in Cairo regarding the five wounded left in the city.

    The government's spokesman yesterday expressed its abhorrence, condemnation of the attack, and grief for the victims.

    While the government said that did not intend to issue a travel directive warning Greek citizens not to visit Egypt, travel agents across Europe yesterday reported a wave of cancellations of planned tours to that country. Spain has already issued a trav el directive.

    Reports from the Egyptian capital said Greeks remaining in the city had flooded agencies for flights out of the country and that Olympic Airways and the Egyptian national carrier were scheduling extra flights to cope with the demand.

    [4] Government spokesman

    Athens, 20/04/1996 (ANA)

    Press and Media Ministry Secretary-General Nikos Athanasakis told reporters yesterday that the Egyptian authorities had provided "full support" following the attack. Once again expressing the government's abhorrence over the attack, Mr. Athanasakis said the foreign ministry's secretary-general Costas Zoras was in Cairo to provide all possible assistance to the five wounded Greeks still being treated there.

    Of the five, he said, only the condition of Stylianos Drakoulis gave cause for concern.

    Mr. Athanasakis said that the government had no information which would enable it to form an opinion as to whether the Greeks had been the specific target of the gunmen.

    He reiterated that the government and all the political forces in Greece steadfastly condemned terrorism, but added that it was not Greece's practice to issue travel advisories.

    Mr. Athanasakis added that Egyptian Foreign Minister Amr Moussa's scheduled visit to Athens on Tuesday would go ahead as planned.

    Speaking to the Athens News Agency in Cairo, Greek Ambassador Dimitris Vidouris stressed the attack would not affect relations between Greece and Egypt. He said there is constant contact between the embassy and Egyptian ministers and officials regardin g the care of the wounded and the police investigation into the attack.

    The Egyptian tourism minister visited the Greek embassy yesterday afternoon and conveyed the personal condolences of President Hosni Mubarak and the Egyptian government on the incident, while also conveying the president's assurance of the best treatmen t for the wounded.

    Mr. Mubarak was expected to visit the five Greeks still being treated later yesterday.

    The president of the Egyptian Tourist Organisation, Adel Abdelaziz, also met yesterday with the Greek ambassador to express his deep grief over the attack and offer his full support.

    [5] Egypt police round up militants

    Athens, 20/04/1996 (ANA)

    Egyptian police rounded up suspected Moslem militants in shantytowns around Cairo in an attempt to identify the gunmen, Reuters quoted a government newspaper in Cairo as saying.

    The newspaper said the gunmen probably belonged to the Gama'a al-Islamiya (Islamic Group), the largest organisation fighting to overthrow the government and set up a strict Islamic state.

    Other Egyptian newspapers reported that the 18 Greek tourists massacred by the gunmen had been mistaken for Israelis.

    No group has claimed responsibility for the attack, the first major operation by militants in the capital for more than a year.

    In a related development, the Egyptian chief of police was removed from his post for arriving at the scene of the crime with delay.

    [6] Condolences and condemnation

    Athens, 20/04/1996 (ANA)

    Meanwhile, condolences were sent by British Prime Minister John Major and Italian President Oscar Luigi Scalfaro.

    "I was deeply shocked to learn of the incident in Cairo today (Thursday), when so many Greeks were murdered. Such acts of terrorism can never be tolerated. May I, through you, offer my sympathy to the families of all those who died," Mr. Major said in a message to Premier Costas Simitis.

    In a message to President Kostis Stephanopoulos, Mr. Scalfaro said the Italian people, "who are bound by sentiments of friendship and co-operation in all sectors with the Greek people, were shaken and deeply grieved by this tragic incident, with which a vain effort was made to spread terror and obstruct the peace processes and co-operation among the peoples of the Middle East and the Mediterranean."

    Mr. Scalfaro expressed his "sincere condolences and fraternal support over the victims of the cowardly, barbarian attack" in Cairo, and said he shared the grief of the victims' families.

    Archbishop Iacovos of North and South America expressed "deep regret and outrage" at the attack and called on all Middle East governments to take the necessary measures against terrorism.

    Amnesty International also issued an announcement expressing its abhorrence of "the slaughter of the Greek tourists in Cairo."

    [7] Gov't following Yilmaz statements with interest

    Athens, 20/04/1996 (ANA)

    Gov't following Yilmaz statements with interest The government said yesterday that Greece was noting "with interest" recent statements by Turkey's Prime Minister Mesut Yilmaz, adding that although they contained certain "positive elements" they also raised questions.

    Press and Media Ministry Secretary- General Nikos Athanasakis added that Greece was expecting Turkey to take a "clear and comprehensive stance" on the framework which Athens has set for a "step-by-step" rapprochement of the two countries.

    Replying to questions concerning the fact that some US officials refer to Greece's Aegean islet of Imia by its Turkish name (Kardak), Mr. Athanasakis said that no one had the right to dispute Greece's sovereignty of the islet.

    [8] Greece bids to join Security Council for1999 session

    United Nations, 20/04/1996 (ANA - M. Georgiadou)

    Sources at the UN predict that Greece will launch strong diplomatic activity to support its election to the Security Council for the 1999-2000 period.

    The sources said that apart from the fact Greece is a founder member of the UN and has participated only once in the 15-member Council, in 1952-1953, Greece has its active participation in the UN's work and its considerable economic promotion in its fav our.

    They focus in particular on Greece's great economic support for the UN's peacekeeping force in Cyprus and its recent voluntary inclusion in the second category of economic contributions by member-states, a category including countries with a much more p owerful economy.

    The western group, to which Greece belongs, only has two countries as candidates for 1999 so far, the Netherlands and Canada, but the number of candidacies is expected to increase in the near future.

    Candidate countries for the next period are Australia, Portugal and Sweden, while Turkey is a candidate for the 2001-2002 period.

    [9] PASOK to discuss national issues shortly, Venizelos says

    Athens, 20/04/1996 (ANA)

    Justice Minister Evangelos Venizelos said a lengthy discussion on the country's national issues would take place in the next few days with the participation of Prime Minister Costas Simitis.

    Replying to a questioner yesterday on whether in amemorandum he submitted to the ruling PASOK party's Executive Bureau he set out different views on national issue policies, Mr. Venizelos said:

    "The government is moving within the margins of policy statements ratified in Parliament. We agree on this absolutely. However, a political agency, the Executive Bureau, is entitled to preoccupy itself with these issues, to be speculative and specialise the party's positions. And so we all agreed to have a lengthy discussion on the course of our national issues in the next few days with the participation of the prime minister."

    "I delivered a letter to the prime minister and a 10-page confidential note which will help this process. I speak of a clarification of positions moving in the framework of steadfast positions composing a national strategy around these issues. Each time we must assess factors being shaped in our wider region. This is self-evident. Unfortunately in Greece, however, since 'parapolitics' prevail, the appearance of any political scepticism creates misunderstandings. In order to avoid such misunderstandings I preferred to set out my views in writing," he added.

    [10] Athens calls for immediate ceasefire in Lebanon

    Athens, 20/04/1996 (ANA)

    Greece last night condemned the ongoing Israeli air raids and shelling of southern Lebanon.

    A foreign ministry announcement said Athens strongly disapproved of the "terrorism and blind violence against civilians," while expressing its concern over what it called the disproportionate "scope and intensity" of Israel's policy of reprisals. The fo reign ministry said such an overreaction could jeopardise successes gained in the recent Middle East peace process as well as its future course.

    Athens reiterates its position that the UN Security Council's Resolution 425 on Lebanon should be immediately applied, while at the same time recognising Israel's inalienable right to secure borders.

    The foreign ministry called for an immediate ceasefire in the region, and also highlighted France's initiatives for creation of a framework which could comprise the basis for a substantive ceasefire agreement, which Athens said would benefit the peoples in the region and the peace process.

    [11] Greece condemns bloodshed in Lebanon

    Athens, 20/04/1996 (ANA)

    Greece yesterday reiterated its standing condemnation of all conflicts leading to bloodshed, Press and Media Ministry Secretary-General Nikos Athanasakis said when asked to comment on Israeli artillery shelling of targets in Lebanon on Thursday.

    Mr.Athanasakis added that Greece was in favour of an immediate cessation of hostilities so that the peace process in the region may proceed.

    The Coalition of the Left and Progress also condemned the Israeli shelling saying that "raids against civilians trigger extreme Islamism and threaten the fragile Palestinian-Israeli peace procedure with collapse."

    [12] MEDA financing on Monday's General Affairs Council agenda

    Brussels, 20/04/1996 (ANA - Pantelis)

    EU ministers will discuss the MEDA financing procedures - a programme which aims to allocate Ecu3.4 billion in European Union aid to 12 non-Community Mediterranean nations, including Turkey - at Monday's General Affairs Coun cil meeting.

    The meeting will mark the first time Athens will be able to exercise a veto against EU financing toward Ankara after an EU-Turkey customs union went into effect at the beginning of the year. The financing programme is the only matter on the agenda for discussion at the Luxembourg meeting.

    According to a press release issued yesterday by the Council of Ministers' secretariat general, EU representatives from the 15-member Union will decide at Monday's meeting whether any new development in Athens' positions has occurred that would overcome

    Greece's objections over MEDA financing. On the other hand, if Greece's objections are not resolved, efforts at least will be made to continue the Europarliament's consultations so that the financing can immediately be applied once Greece's reservations are withdrawn.

    Most EU member-states are reportedly anxious to approve the financing, which, besides Turkey, funds another 11 Mediterranean nations. Spain, who has particularly close relations with several of the countries slated to receive the EU aid, pushed for disc ussions on Monday, even though a postponement was proposed due to the spectre of a threatened Greek veto. It is expected, however, that intense pressure will be applied on Athens in order for the Greek government to accept a compromise solution.

    In addition, it was revealed yesterday that the Italian EU presidency is continuing efforts for an EU-Turkey association council meeting to be held on May 13 and 14, as originally planned. The meeting was postponed on March 26.

    However, the May dates are already scheduled for an association council meeting between the EU and Cyprus. The EU-Turkey association council meeting scheduled for April 23 will also not occur.

    [13] Evert calls for international conference on terrorism

    Athens, 20/04/1996 (ANA)

    Main opposition New Democracy party leader Miltiades Evert called on the government yesterday to take the initiative of immediately convening an international conference to focus on "the dangerous situation which has been formulated in the southeastern ba sin of the Mediterranean."

    Mr. Evert said such an initiatiative should be held in coordination with similar initiatives on the issue assumed by the United States.

    Noting that tensions were once again inflamed in the region, Mr. Evert said terrorism was an international crime which should be faced by international co-operation. "Peace must be consolidated in the region," he said.

    [14] Venizelos: Blight of terrorism must be dealt with internationally

    Athens, 20/04/1996 (ANA)

    Thursday's deadly attack in Cairo which left 17 Greek tourists dead, coming fast on the heels of last week's bomb attack against the Supreme Court's deputy prosecutor's residence, has once again brought the issue of terrorism to the forefront, with Justic e Minister Evangelos Venizelos saying yesterday that the issue must be dealt with by all nations.

    "The problem of fighting terrorism is a problem that occupies Greece and other countries. There is a problem of organised crime and terrorism, and these problems must be dealt with by all nations and Greece, with all available means," he said.

    In response to press questions concerning Supreme Court President Vassilis Kokkinos' statements on the explosion outside the deputy prosecutor's Zografou district apartment, Mr. Venizelos came out in favour of stricter criminal laws to combat the proble m.

    "I do not know of Mr. Kokkinos' statements...I believe, though, that he is expressing personal opinions," Mr. Venizelos said, adding that the legislative domain belongs to Parliament, with the government taking the legislative initiative.

    The justice minister said the problem does not lie with the punishment of perpetrators, but what he called the previous stage, namely, search and investigation. He said training, specialisation and professionalism are necessary. Responding to whether an y developments have surfaced on the attack on the deputy prosecutors' apartment, Mr. Venizelos said a "clear picture has not emerged" .

    On an unrelated issue, Mr. Venizelos said protests by ruling PASOK deputies over pending legislation on ministers' responsibilities should be made "clearer."

    He said the bill has been unanimously approved by a ministerial council, but will be further discussed by PASOK deputies before reaching Parliament.

    [15] Railway workers demand better security

    Athens, 20/04/1996 (ANA)

    Meanwhile, Greek Railways Organisation (OSE) workers held a demonstration at the Thessaloniki railway station yesterday, asking authorities to upgrade security at the station in view of the recent bomb attacks on trains.

    On two separate occasions, bombs planted in the toilet of a train compartment on the Sofia-Thessaloniki route exploded after the train arrived at the Thessaloniki station, only minutes after the passengers had disembarked. There were no casualties in ei ther attack.

    President of the Thessaloniki Labour Centre Ilias Kontopoulos and the president of the Union of Railway Workers of Northern Greece made speeches during the demonstration, warning that they will intensify the mobilisations if their demands for increased security are not met.

    [16] Gov't decides against increasing state funding for parties

    Athens, 20/04/1996 (ANA)

    Interior, Public Administration and Decentralisation Minister Akis Tsohatzopoulos said yesterday that the government had decided not to increase state funding of political parties in response to the general climate and the attempts being made to restore t he economy.

    Mr. Tsohatzopoulos made the statement when speaking to journalists after chairing an inter-party committee meeting.

    Thus, state funding for political parties is set at 0.12 per cent of the state budget instead of 0.13 per cent, while election funding is set at 0.05 per cent instead of the 0.07 per cent that was received during the last elections. Mr. Tsohatzopoulos i s to submit the relevant bill to Parliament by the end of the week.

    A ceiling has also been set on pre-election spending by parties, amounting to 40 per cent of state funding. Mr. Tsohatzopoulos said this bill ensures clarity in the parties' operation as it institutes a reliable control on the management of funds.

    Provisions of the draft bill include the drawing up and publication of political parties' balance sheets, the publication of the income and spending of deputy candidates.

    The bill's provisions also includes 60 per cent of funding to be given to parties represented in the national or European Parliament based on the number of valid ballots they have accumulated during the last elections or Euroelections respectively.

    [17] Avgerinos in Ioannina to oversee party congress procedures

    Athens, 20/04/1996 (ANA)

    Ruling socialist PASOK party Eurodeputy Paraskevas Avgerinos arrived in Ioannina yesterday to chair regional office procedures in Ioannina in light of the party's congress.

    "We will discuss and take decisions on the presidency of PASOK and on issues concerning the congress at the party's Central Committee on May 10-11. The discussion must get underway to enable us to have the necessary time for procedures to be carried out with the greatest possible consensus. There are many PASOK members who say their own views. This offers nothing at present. If I were to say another opinion it would be negative in the integrated climate being created," he said.

    "There will be a collective leadership at PASOK from the moment we will create a party operating with the institutions and the new bodies and will not be a party operating on a one-man principle. The collective leadership is a guarantee that institution s will function," he added.

    Mr. Avgerinos said he had not given any thought to running as a candidate for the party's vice-presidency and categorically ruled out any possibility of "purges" in PASOK in light of the congress.

    [18] Evert pushes on with radical reorganisation of main opposition party

    Athens, 20/04/1996 (ANA)

    Main opposition New Democracy leader Miltiades Evert is expected to quickly push forward with a radical reorganisation of the party's internal structure and operation.

    According to reports, the reforms are aimed at making the main opposition party's oper ation more efficient and to better utilise top cadres, with Mr. Evert reportedly saying "we are in the final stretch before elections."

    Mr. Evert has repeatedly met with top ND officials and his closest advisers over the past few days for consultations on the issue. No information has been given as yet over what position current spokesman Vassilis Manginas will assume, or if he will be assigned a new position.

    However, it was revealed that Ambassador Petros Molyviatis, the former secretary-general of the presidency and a close adviser to former premier and president of the republic Constantine Karamanlis, will be tapped as Mr. Evert's diplomatic adviser. Changes are also planned for the party's various secretariats, with MPs out and technocrats and aca demicians reportedly in.

    [19] Rashid leave in order, justice minister says

    Athens, 20/04/1996 (ANA)

    Justice Minister Evangelos Venizelos reiterated yesterday that a convicted terrorist, Palestinian Mohammed Rashid, was given leave from Korydallos prison by a three-member committee presided over by a prosecuting official.

    Mr. Venizelos said no obligation existed to notify the prosecuting authorities, adding that the ministry's central service had heard about the leave after it had been granted.

    He said Rashid's place of residence was known during his leave and that a diplomatic representative of the PLO in Athens had given an official statement to the prison's administration that Rashid would stay in the embassy building.

    Mohammed Rashid was sentenced to 15 years imprisonment for a bomb attack against a Panamerican airliner in August 1982 in which one person was killed.

    [20] Samaras claims US Congressional committee to discuss western Thrace

    Athens, 20/04/1996 (ANA)

    Political Spring party leader Antonis Samaras revealed yesterday that he has information apparently pointing to a joint US Congressional committee meeting next Thursday intending to discuss western Thrace.

    "This unprecedented action by the Americans against us only a few days after Mr. (Costas) Simitis' visit to the United States speaks for itself," Mr. Samaras added.

    The Political Spring president also called on the premier to refrain from "expressions of jubilation for domestic consumption over his US trip's alleged success, and to demand from the Americans that the discussion be immediately cancelled."

    Mr. Samaras claims a joint US Senate and House of Representative committee on security and co-operation issues in Europe will discuss issues related to the Greek province.

    [21] Athens conference told of pioneering new work in early detection of heart conditions

    Athens, 20/04/1996 (ANA)

    A pioneering method for discovering damage to arteries many years before symptoms of heart trouble appear in people who have high cholesterol levels, smoke or have a hereditary risk of heart disease is being used experimentally by cardiologists all over t he world, an international cardiology conference in Athens was told yesterday.

    President of the American Heart Foundation Richard Lewis and Professor Pavlos Toutouzas said that it is possible to detect problems in the carotid artery by a state-of-the-art ultrasound scan.

    Research has shown that similar damage appears in the blood vessels of the heart and brain near the carotid, and can first appear during adolescence. The cardiologists said the damage can now be detected 10 or 15 years before the patient begins to devel op heart disease symptoms, enabling doctors to prescribe vitamins, special diets and excercise regimes in order to avoid heart trouble in later life.

    Prof. Toutouzas said that research conducted in Greece revealed that 40 per cent of the general population had a cholesterol level of over 220, when the allowable limit is under 200.

    [22] Environmental groups protest poor water management resources

    Athens, 20/04/1996 (ANA)

    Sixty-five environmental organisations from all over Greece will stage a rally outside the environment, town planning and public works ministry in Athens on Monday to draw the public's attention to a number of issues within the ministry's competence.

    The organisations will be stressing the need for more appropriate management of water resources and stricter quality control for drinking water. At a press conference yesterday, a seven-member committee representing the organisations said that the p roblems of pollution and management of water resources were linked to the diffusion of responsibilities within the government, the reluctance of the state machinery to implement existing legislation, industrial effluents and the destruction of the country 's forests.

    The organisations are proposing the speeding up of the implementation of environment ministry's "Hydroscope" programme, the creation of an agency with sole responsibility for the management of water resources, strict adherence to existing legislation an d assistance for ecological farming with programmes to inform farmers and consumers.

    [23] Junta leaders' continued imprisonment not an issue, Venizelos says

    Athens, 20/04/1996 (ANA)

    Justice Minister Evangelos Venizelos yesterday said there is no reason for discussions to be rekindled over the ongoing imprisonment of the key figures behind the 1967-1974 Greek military dictatorship.

    He added that the junta protagonists are serving their sentences under special conditions, far better than other common inmates at the Korydallos prison in Athens. Most of the ringleaders of the April 21, 1967 coup and subsequent seven-year dictorship w ere sentenced to death in 1974, which was later commuted to life imprisonment.

    "Their incarceration does not serve the usual purpose of penal rehabilition, it has a dimension that is both state-related and historic. Democracy is a courageous and generous form of government, it has sensitivities no other form of government has. However, it must at certain times be insistent and impartial," he added. Mr. Venizelos said a petition by one of the imprisoned junta leaders, Nikos Makarezos, will be judged by a pardons' committee and later by himself.

    [24] Bank of Greece announces cut in interest rates

    Athens, 20/04/1996 (ANA)

    The Bank of Greece announced cuts in its interest rates yesterday, following the Bundesbank's decision to ease its monetary policy on Thursday.

    The reduced rates will be effective as of Monday.

    The discount rate will fall by half a percentage point to 17.5 per cent, while the funds rate will be pegged at 21 per cent and banks' debit balances rate with the Bank of Greece at 26 per cent.

    At the same time the central bank intervened in the inter-bank market, reducing the interest rates for acceptance of one-day deposits by 0.20 per cent to 13.4 per cent from 13.6 per cent.

    According to central bank sources, certain banks have already shown their intention of reducing deposit interest rates. However, the Bank of Greece believes that the increase in inflation in past months does not favour a further reduction of these inter est rates.

    [25] Bullion trade eyes Niarchos estate gold

    London, 20/04/1996 (Reuter/ANA)

    Bullion markets are braced for possible sales of gold from the huge assets of the late Greek shipping magnate Stavros Niarchos.

    But experts said yesterday any sales from his estate would probably have only minimal impact on gold prices.

    The Greek shipper who died this week aged 86 and was buried in Lausanne, Switzerland on Thursday, left a fortune estimated at $4 billion and was a known investor in gold.

    The Niarchos gold holding could amount to about 40 tonnes, roughly a fifth of what the Belgian central bank disposed of in a headline sale earlier this year.

    "Even if this (the Niarchos gold disposal) were to happen it would take a long time for his executors to arrange and the sale would be over a long period," a market analyst said.

    Analysts likened the potential impact to that of proposed sales of International Monetary Fund (IMF) gold to help finance loans to poorer nations.

    "The IMF would sell ... over time, so the market would not even notice," World Gold Council director of economic service Helen Junz said.

    [26] Greek olive tree takes its place outside Olive Oil Council in Madrid

    Madrid, 20/04/1996 (ANA - D. Makri)

    Agriculture Minister Stefanos Tzoumakas yesterday planted a Greek olive tree outside the International Olive Oil Council, an organisation sponsored by the UN and of which Greece is a principal member, in downtown Madrid.

    Two other olive trees grow next to the Greek one, an Italian one planted symbolically a short time ago by the Italian agriculture minister and a Spanish one planted by King Juan Carlos in 1992 at the inauguration of the organisation's ultra-modern build ing.

    The International Council's Italian President Fausto Luchetti said the olive trees were planted on the basis of each country's size of olive oil production: Spain comes first which produces annually about 500,000 tonnes of olive oil, Italy second with a bout 450-490,000 tonnes a year and Greece third with about 350,000 tonnes of olive oil.

    The member-states of the International Olive Oil Council are Algeria, Cyprus, Germany, Belgium, Denmark, Spain, France, Greece, Ireland, Italy, Luxembourg, the Low Countries, Portugal, Britain, Egypt, Israel, Morocco, Tunisia, Turkey and former Yugoslav ia. These countries account for 93 per cent of world olive oil production and 96 per cent of international exports.

    Apart from holding third place in world production, Greece comes first in the consumption of olive oil.

    End of English language section.

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