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A.N.A. Bulletin, 29/06/96

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

Athens News Agency Directory

ATHENS NEWS AGENCY BULLETIN (No 924), June 29, 1996

Greek Press & Information Office

Ottawa, Canada

E-Mail Address: grnewsca@sympatico.ca


CONTENTS

  • [1] Tsohatzopoulos enters race for PASOK's presidency

  • [2] Yiannopoulos cautions against 'minority prime minister'

  • [3] Haralambopoulos

  • [4] Papantoniou

  • [5] Kaklamanis collapses

  • [6] Pangalos defends foreign policy

  • [7] Youth organization council, former deputies to participate at congress

  • [8] Today's congress session figures prominently

  • [9] Business world awaits results from PASOK congress

  • [10] Australian officeholder comments on the passing of Papandreou

  • [11] High Court president, chief prosecutor retire

  • [12] Discrepancies in Greek - E.U. legislation to be ironed out

  • [13] FYROM foreign minister says name issue difficult to resolve

  • [14] Greek participation in monument restoration efforts in Albania discussed

  • [15] Ethnic Greek educators touring northern Greece

  • [16] Chile's foreign minister due in Athens this month or bilateral talks

  • [17] Greenpeace pushing solar energy for Crete

  • [18] Sank ferry rescued

  • [19] Organization plans information campaign against water pollution

  • [20] Ecological conference scheduled in Halkidiki

  • [21] PNO protesters allow ferry to leave Patra

  • [22] Legal proceedings ordered against Intracom chief for statement

  • [23] Several bank shareholders' assemblies held

  • [24] Oil pumping from northern Prinos to begin in mid-July

  • [25] OA announces bargain fares for overseas travel for July only


  • [1] Tsohatzopoulos enters race for PASOK's presidency

    Athens, 29/06/1996 (ANA)

    Interior, Public Administration and Decentralization Minister Akis Tsohatzopoulos yesterday proposed a new structure for the party leadership and announced his candidacy for the post of PASOK party president.

    Speaking on the second day of the ruling party's crucial fourth congress, he proposed a collective leadership whose members would have separate responsibilities, saying the congress should elect a party president who would not be premier.

    Prime Minister Costas Simitis, who also announced his candidacy for the party's presidency during the congress' first day on Thursday, said that if he were not elected party leader, he would be compelled to resign from the premiership, stressing that the person elected as party leader should also be premier.

    Addressing the approximately 5,000 delegates, Mr. Tsohatzopoulos said: "The prime minister was elected in an exemplary procedure and is Costas Simitis, whom we pledged to support up until the end of the (government's) present four-year term and seek a new (electoral) victory."

    Mr. Simitis was elected, he continued, not because Andreas Papandreou failed in any way but because he was forced to resign when he began to battle for his life.

    "We elected a new prime minister to implement the policy for which we were elected by the people," Mr. Tsohatzopoulos told delegates.

    "Collective leadership with collective responsibilities is the evolution of PASOK with decentralized functions. It is the guarantee for unity and victory," Mr. Tsohatzopoulos said.

    He said the party president to be elected would retain the powers and duties provided in PASOK's charter and proposed the creation of a position of party Vice-President "with specific responsibilities and duties."

    Mr. Tsohatzopoulos also proposed the operation of a "political secretariat" in which the party president, premier, PASOK Vice-President, central committee secretary, Parliament president and executive bureau members would automatically participate.

    "This is a proposal for the future of PASOK, for the PASOK of the future, for the formation of the left of the new era," he added.

    Calling on delegates to vote freely and not to "succumb" to dilemmas, he stressed that his candidacy for party president was solely aimed at serving the unity and future of PASOK.

    He pledged to implement any decisions taken by the congress, saying: "Today we are together and on Monday we shall be together, for Greece, its people, for PASOK, the one and only great PASOK."

    The interior minister spoke extensively on the need to maintain party unity, which he said is "ideological and political, and must ensure two conditions."

    The first condition is that it should be secured within institutions operating in a democratic manner. The second condition is that it should express on a permanent basis all social differentiations which are expressed within PASOK.

    Mr. Tsohatzopoulos said that if the answer to these conditions is 'yes', "then we reject the 'authority of one person' and adopt a new collective model."

    He said it would be a "historic mistake" for anyone to try and emulate Andreas Papandreou in today's circumstances.

    Mr. Tsohatzopoulos opened his frequently applauded speech by referring to Andreas Papandreou, stressing that PASOK's founder belongs to the past, present and future. He went on to say that "we have a debt to ensure the unity of PASOK for the future of Greece," adding that "we are here in order to agree on a common course and no dilemma will disorientate us from this path. We did not come here to found a new party, to discover visions and values. We are not starting from zero."

    The interior minister said what "is new" for socialists "is the complete answer on which ways, which choices and which strategy we will transform our progressive programs into action."

    Speaking on the nature of PASOK, he stressed its patriotic character is a part of its nature. Agreeing with the prime minister, he said the current priority is protection of national independence and its aiding with economic development as well as reinforcement of the country's deterrence capability.

    In addition, he called for re-establishment of the overseas Hellenism ministry.

    Commenting on the economy, Mr. Tsohatzopoulos stressed that for socialists, development is not the dominance of wealth over labor, adding "when we ask for sacrifices from the people, these should be compensated. Working people must also see at some stage an improvement in their personal and family situation."

    Mr. Tsohatzopoulos stressed the need to ensure workers' true income and said he was in favor of the redistribution of wealth.

    [2] Yiannopoulos cautions against 'minority prime minister'

    Athens, 29/06/1996 (ANA)

    Speaking immediately after Mr. Tsohatzopoulos, Labor Minister Evangelos Yiannopoulos defended the honesty of Prime Minister Costas Simitis' position yesterday, according to which he should occupy the position of party president as well as premier.

    Mr. Yiannopoulos said the prime minister needs to be able to mobilize the party, and expressed his concern over criticism he might face by the party's opponents if not elected, being called a "minority prime minister".

    He drew attention to the fact that opinion polls showed PASOK trailing by some four percentage points behind main opposition New Democracy, and warning those in key political positions of possible persecution if ND came to power.

    Earlier, Justice Minister Evangelos Venizelos said the main object of the congress was not the election of a party president, but to seek the prerequisites for political unity and electoral victory.

    "The PASOK of victory is all of PASOK and not some majority of the party," Mr. Venizelos said, defending the Simitis government. He also stressed that "not one government decision was obstructed by the party".

    Speaking on the issue of dual leadership, Mr. Venizelos asked for the "politically effective" option to be chosen. Referring to party unity, the justice minister connected it to the greatest possible electoral achievement, the completion of the current four year term, the preservation of the character of PASOK, the honest policy of support of the government and the creation of conditions for the co-existence of all party members.

    Tension rose in the hall when central committee member Manolis Daskalakis took the floor, the first speaker to clearly come out in favor of the election of Mr. Tsohatzopoulos as party leader.

    Mr. Daskalakis said that during its course, PASOK had absorbed other ideological currents which could exist within the party "but cannot lead it".

    Criticizing the prime minister's announcement that he would resign from the premiership in the event he was not elected party president, Mr. Daskalakis said: "It is particularly irresponsible for the country's responsible leader, before international representatives and at a time of Turkish (military) exercises, to announce a government crisis." Mr. Daskalakis warned that "nothing can cause greater damage to our party than submission to this sort of blackmail."

    He said Mr. Simitis should respect the decision of PASOK's Parliamentary group and complete his term as premier, adding that if he were not elected as party leader, Mr. Simitis should simply tender his resignation as premier to the party's new leader "which, of course, would not be accepted."

    [3] Haralambopoulos

    Athens, 29/06/1996 (ANA)

    Former deputy premier Ioannis Haralambopoulos revealed that Mr. Simitis had agreed during a private conversation with him just a few days ago that he should complete his present term as premier.

    "Yesterday's picture after the prime minister's speech does not correspond to the picture of unity," Mr. Haralambopoulos said.

    Mr. Haralambopoulos said that in theory he agreed that the posts of premier and party president should be held by one person, adding however, that "the present circumstances oblige us to accept the concept of separate roles".

    "Let someone come forward and say that he can replace Andreas Papandreou," Mr. Haralambopoulos said, stressing that problems facing the country were enormous and that the prime minister must devote himself exclusively to those problems.

    He also asked the government not to proceed toward a dialogue with Turkey, declaring "we shall not concede anything but we demand all the rights of Hellenism".

    [4] Papantoniou

    Athens, 29/06/1996 (ANA)

    National Economy Minister Yiannos Papantoniou said the central issue at the congress was succession of Andreas Papandreou, noting that the economic, social and foreign policy of the Simitis government was exactly the same as that of the Papandreou government. He described the proposal for separate roles for the premier and party president as a "symptom of political decline".

    [5] Kaklamanis collapses

    Athens, 29/06/1996 (ANA)

    Parliament President Apostolos Kaklamanis fainted immediately after speaking, apparently after suffering acute chest pains.

    He was taken to an infirmary that had been set up at the Athens Olympic Stadium, the venue of the congress, where a cardiogram showed there was no cause for concern.

    Physicians considered it was not necessary to transfer Mr. Kaklamanis to a hospital, attributing his collapse to tension and the high emotions felt by the Parliament president during his speech.

    [6] Pangalos defends foreign policy

    Athens, 29/06/1996 (ANA)

    Responding to criticism of the government's foreign policy, Foreign Minister Theodoros Pangalos made a distinction between patriotism and "nationalist ideologies," warning delegates of the danger of PASOK "degenerating into a party of nationalists."

    Citing Greece's lifting last year of the veto against a European Union-Turkey customs association, and Athens' interim accord with Skopje, Mr. Pangalos underlined the flexibility of Greek foreign policy under Andreas Papandreou.

    "Everyone here at the congress has the right to comment, to choose, even to distort. However I would like, for those comrades who do not do so out of ignorance, but do it for some other reason, to respect PASOK's uniform foreign policy, which has been faithfully implemented, both when Andreas Papandreou was prime minister and now," Mr. Pangalos said.

    Former public order minister Stelios Papathemelis stressed the need for boosting the party's patriotic and national character, to counter what he called a current phase of decline.

    Eurodeputy Yiannos Kranidiotis spoke in favor of a strong and single leadership, expressing his opposition to the concept of dual leadership.

    [7] Youth organization council, former deputies to participate at congress

    Athens, 29/06/1996 (ANA)

    A vote on whether members of PASOK's youth organization council, former deputies and members of the central committee should be allowed to participate with a right of addressing the fourth PASOK congress and a right to vote ended with a victory for cadres considered leaning towards Interior Minister Akis Tsohatzopoulos.

    The Simitis side had argued that the right to vote should be recognized for members of the youth organization's central council.

    Meanwhile, Parliament President Apostolos Kaklamanis made an emotional appeal to those, as he said, who have divided the party into three factions. "PASOK has a future, it does not only have a present and a past. But the future, too, depends on everyone . I see much passion, which leads many to shut their ears...

    "PASOK is like a tree, where youth comprises its branches, while former members are its roots. Don't injure this beautiful tree," he added.

    [8] Today's congress session figures prominently

    Athens, 29/06/1996 (ANA)

    Today is essentially the last day of the congress, as Sunday is devoted to the election of the party's president.

    Speeches expected to contribute decisively to the formation of final opinions by delegates are scheduled for today, notably by Development Minister Vasso Papandreou, Defense Minister Gerassimos Arsenis and Environment, Town Planning and Public Works Minister Costas Laliotis.

    Members leaning toward Prime Minister Simitis are claiming after Mr. Tsohatzopoulos' speech that many issues regarding the final outcome depended on speeches by members such as Mr. Laliotis. Central committee secretary Costas Skandalidis is expected to take the floor again, and reports state that the premier would also ask to take the floor again, in which case Mr. Tsohatzopoulos would also be certain to ask to speak.

    Reliable sources also said that the matter of when the election of the party president will take place will be put to a vote tomorrow.

    [9] Business world awaits results from PASOK congress

    Athens, 29/06/1996 (ANA)

    Developments at the ruling PASOK party's ongoing congress had no substantive effect on the economy yesterday, but the main attitude prevailing in markets is anticipation until tomorrow when a clear picture will be created in the ruling party's internal scene.

    The general indicator remained stable at the Athens Stock Exchange - it decreased slightly by 0.16 per cent - since small investors appeared to be at a loss as to what to make of the congress so far.

    Calm prevailed in the exchange market (with only an outflow of $93 million), and the Bank of Greece was not obliged to intervene, while Thursday's small upward trend in interest rates continued in the inter-bank drachma market, by another half a unit.

    The business world makes no secret of its concern over the repercussions on the outcome of the dispute in PASOK could have for the Greek economy.

    Within this context, most businessmen appear to clearly favor the existence of a strong government with a strong political will and the election of Prime Minister Costas Simitis as party president is more desirable - although this is not expressed officially through business agencies for obvious reasons.

    [10] Australian officeholder comments on the passing of Papandreou

    Melbourne, 29/06/1996 (ANA - S. Hatzimanolis)

    Premier of Victoria Jeff Kennet, who attended Andreas Papandreou's funeral on Wednesday, said "it was a particular honor for me to represent Australia to honor this special politician, who prevailed on the international arena."

    Mr. Kennet said a good relationship had developed between Greece and Victoria during Mr. Papandreou's term in office.

    "Despite the fact that Andreas Papandreou and I come from different ideological camps, this did not hinder the development of very good relations to the benefit of Australian-Greeks. His death marked the end of an important era for Greece."

    [11] High Court president, chief prosecutor retire

    Athens, 29/06/1996 (ANA)

    Supreme Court President Vassilis Kokkinos and Supreme Court Prosecutor Athanasios Sioulas are scheduled to retire tomorrow, as yesterday was their last working day.

    Both have reached mandatory retirement age.

    In a statement, Mr. Kokkinos said Greek judges were worthy and capable, expressing his conviction that they would continue to perform their work with consciensciousness and self-denial and would ignore "malevolent sirens" trying to influence their judicial conscience.

    He said judges performed their duty in a difficult era, noted for the overturning of values.

    In a similar statement, Mr. Sioulas said prosecuting officials should perform their duty and protect the interests of the average citizen from various arbitrary acts, with their sole guide being implementation of the Constitution and the law according to their conscience.

    He said the greatest moments in his career as Supreme Court prosecutor was the Public Power Corp. (DEH) case, by which 5,500 people would find work again; the Rashid case and the case of the royal estate which, he said, was judged exclusively by the implementation of constitutional clauses.

    [12] Discrepancies in Greek - E.U. legislation to be ironed out

    Athens, 29/06/1996 (ANA)

    A planned meeting between Community officials from the European Commission's 15th Department and experts of the foreign ministry's special European Community legal service (ENYEK) took place at the Bank of Greece yesterday, focusing on the examination of violations and alleged violations of Community Law by Greek legislation.

    Ten of the 14 pending cases were closed yesterday, according to reports.

    The head of Community officials, Alfonso Mattera, also referred to the course of the Greek legislation's adjustment to Community Law.

    Alternate Foreign Minister Giorgos Romeos has instructed ENYEK to fully incorporate Community Law into Greek legislation as soon as possible.

    [13] FYROM foreign minister says name issue difficult to resolve

    Skopje, 29/06/1996 (ANA)

    A solution to the dispute over the name of his country is not an easy matter, according to the foreign minister of the Former Yugoslav Republic of Macedonia (FYROM), Ljubomir Frckovski, who, for this reason, has not ruled out a deterioration in relations with Greece.

    "It would be naive to believe that everything would go smoothly, without problems... There cannot be a compromise on an issue related to the identity of our people and state, and indeed, in a way that does not constitute a provocation to anyone," he said in an interview to the Skopje weekly "Pools."

    He said the economy was a good basis for rapprochement, giving emphasis to the interest exhibited by the Greek side in economic developments in FYROM.

    "Foreign capital in general is to our interest, especially from a neighboring European country such as Greece," Mr. Frckovski said.

    [14] Greek participation in monument restoration efforts in Albania discussed

    Athens, 29/06/1996 (ANA)

    Discussions are under way for the possibility of Greek engineers and architects to participate in efforts for the restoration of Hellenistic and Byzantine monuments in Albania, in co-operation with Albanian colleagues.

    A representative delegation of four Albanian institutes is currently in Thessaloniki for this reason.

    More than 300 monuments dating from the Hellenistic and Byzantine periods have been recorded in Albania. The vast majority have been badly damaged by the passage of time, while during the Enver Hoxha dictatorship, monuments and monasteries were either destroyed or converted into restaurants or even stables.

    Recent state disorganization combined with a lack of funds has resulted in the deterioration of the monuments, although the Orthodox Archbishopry of Tirana is currently restoring and repairing many among them.

    [15] Ethnic Greek educators touring northern Greece

    Gjirokaster, 29/06/1996 (ANA)

    Some 650 educators from the Agioi Sarande, Gjirokaster and Delvino prefectures in southern Albania are currently touring northern Greece.

    The tour is part of an effort by Greek authorities and educators' organizations in areas with large populations of ethnic Greeks in southern Albania to familiarize the educators with Greek facilities and concepts.

    The educators are divided into three groups, based on what level they teach.

    [16] Chile's foreign minister due in Athens this month or bilateral talks

    Athens, 29/06/1996 (ANA)

    Chilean Foreign Minister Jose Miguel Insulza will officially visit Greece on July 10 for bilateral talks with his Greek counterpart Theodoros Pangalos and other Greek government members, the Embassy of Chile in Athens announced yesterday.

    A number of agreements are expected to be signed during Mr. Insulza's visit to "intensify and develop further ties between Chile and Greece", a press release said.

    "The government of Chile believes that the official invitation of Minister Insulza to visit Greece constitutes a clear and promising signal of the political will of the Greek Government to promote a greater understanding between Greece and the Latin America region," it said.

    The agreements include: the promotion and reciprocal protection of investment; co-operation between the governmental organizations in charge of promoting exports in Chile and Greece; a protocol on political, economic and cultural consultations between the foreign ministries; and the exemption of visa requirements for diplomatic and official passports.

    Mr. Insulza is expected to hold meetings on subjects of international interest as well as the state of bilateral relations, including intensifying and further developing bilateral commerce, investment, maritime co-operation, tourism, and scientific, technological and cultural exchange, as well as the association agreement signed by Chile and the European Union at the Florence EU summit will also be discussed.

    His schedule includes talks with President Kostis Stephanopoulos, Parliament President Apostolos Kaklamanis, other government members and officials, political parties and the Federation of Greek Industries, the Athens Chamber of Commerce, the Exports Promotion Organization and the Greek Shipowners Association.

    [17] Greenpeace pushing solar energy for Crete

    Athens, 29/06/1996 (ANA)

    The international environmental advocacy group Greenpeace will tour Crete this summer to promote what it calls a "solar future."

    The vehicle used in the campaign is "Cyrus," namely, the largest mobile solar power production unit in the world. The unit was displayed at the Panathinaikos Stadium in Athens by the organization yesterday.

    Greenpeace has announced its support of Lasithi prefecture residents, who oppose plans by the Public Power Corp. (DEH) to build an oil-burning power station in the Atherinolakos region.

    Instead, the organization proposes development of "milder" and cleaner sources of energy, such as the solar and the wind energy, which Crete has in abundance.

    The tour includes an exhibition of materials, videos and live music, while solar power will be used to provide electricity.

    Cyrus will be in Iraklio from June 29 to July 1, Agios Nikolaos on July 2, Sitia on July 3, Rethymno on July 5-6 and Hania on July 7-9.

    The public will be able to visit the unit on a daily basis from 7-11 p.m.

    [18] Sank ferry rescued

    Athens, 29/06/1996 (ANA)

    The 'Poseidon Express', the ferry that sank in the port of Poros on April 19, was finally raised after a number of failed attempts yesterday.

    The merchant marine ministry said there had been no leaking of pollution from the vessel while it was underwater, due to the prompt response of the port authorities.

    [19] Organization plans information campaign against water pollution

    Athens, 29/06/1996 (ANA)

    An information campaign regarding protection of the sea from pollution is being launched by the environmental organization "Mediterrane-an SOS Network."

    The organization's vessel will visit sea regions in the Saronic, Evoikos, Maliakos and Pagasitikos gulfs, informing citizens and local authorities on the need to intensify efforts for protection of the sea, particularly in narrow gulfs.

    The information voyage is expected to last 15 days, visiting Elefsina, Pasalimani, the island of Poros, Lavrio, Voula, Nea Makri, Aliveri, Oropos, Halkida, Kamena Vourla, Stylida and Volos, among others.

    The organization's campaign is based on the principles of no trash in the sea, rivers and in wetlands or on beaches; effective protection of wetlands and natural habitats from degradation and pollution; prohibition of used oils being spilled into the se a and the environment; creation of a network of nature parks, habitats and protected areas, particularly within the framework of the European network of protected areas as well as measures to prevent overfishing.

    Manos Dasenakis, an assistant professor of oceanography at Athens University and a member of the organization, told ANA that "the protection of both enclosed gulfs and the sea in general, demands complete action programs based on a sum of actions and not on fragmented measures."

    In a related development, health authorities in Kavalla have banned swimming in certain areas off the prefecture's coast, following pollution readings in waters due to sewage and industrial waste discharges.

    Swimming has been banned in all ports in the prefecture, as well as in permanent anchorage harbors and areas which have been designated as outlets for industrial and urban waste.

    [20] Ecological conference scheduled in Halkidiki

    Athens, 29/06/1996 (ANA)

    The Halkidiki Ecological Conference will be held for the third consecutive year on July 5-7. The event is being organized by the Union of Local Municipalities and Communities (TEDK) of Halkidiki and the prefecture's Union of Hoteliers, under the aegis of the Halkidiki Prefectural Self-Administration.

    During the conference, a programme will be presented on the creation of centers for the operation and maintenance of waste treatment facilities in Halkidiki, while traffic and environmental problems will also be discussed, as will funding possibilities for environmental projects.

    Officials invited as observers include Development Minister Vasso Papandreou, Macedonia-Thrace Minister Philippos Petsalnikos, National Economy Under-secretary Christos Pahtas and National Tourism Organization (EOT) Secretary General Vassilis Kourtesis.

    [21] PNO protesters allow ferry to leave Patra

    Athens, 29/06/1996 (ANA)

    The Cypriot-flagged Ventouris Lines' "Anna V" ferry finally left the port of Patra for Italy at 1:30 a.m. yesterday morning, with a five-hour delay. Passengers were blocked from boarding the vessel by maritime workers who are members of the Panhellenic Seamen's Federation (PNO), who said that Greek maritime regulations are not being enforced.

    PNO workers reached an agreement with the shipowners regarding implementation of a work contract and adherence to insurance regulations for the ship's seamen.

    PNO protesters left Patra yesterday morning and continued their mobilizations in the port of Igoumenitsa, northwestern Greece. PNO officials said the owners of at least 10 ships arriving in Igoumenitsa's port do not insure their crews, which are not comprised entirely of Greek nationals.

    [22] Legal proceedings ordered against Intracom chief for statement

    Athens, 29/06/1996 (ANA)

    An Athens appellate court prosecutor yesterday ordered initiation of legal proceedings against Socrates Kokkalis, the president of Greek telecommunications giant Intracom, on charges of spreading false information, specifically with regard to a phrase in a recent company communiqui, which stated: "...politicians, publishers and journalists have long been entangled in the most unlawful racket of politico-economic deals, blackmail and dependencies."

    The action comes after a preliminary investigation was shelved by the competent judge, who asked the appellate prosecuting authority to approve his decision.

    It is now expected that a new investigation will be ordered.

    The prosecuting authority, nevertheless, did confirm the shelving of another preliminary investigation, concerning a statement by the now retired chief of appeals prosecutors, Christoforos Tzanakakis, according to which, if he spoke "many people would lose their sleep," concerning the issue of a one million digital telephone switches contract awarded to Intracom and Siemens Hellas by the Hellenic Telecommunications Organization (OTE).

    [23] Several bank shareholders' assemblies held

    Athens, 29/06/1996 (ANA)

    Shareholders of a number of banks had a busy day with general assemblies yesterday.

    Hellenic Industrial Development Bank (ETBA) Governor George Kosmas said a spectacular reduction in operational losses of some 45 billion drachmas was achieved at ETBA last year, and as a result its net position improved from 55 billion drachmas in 1994 to 149 billion drachmas last year.

    He said ETBA's restructuring programme had started producing results and was expected to produce positive operational results as of 1997.

    Ionian Bank President Panayiotis Korliras told the bank's general assembly the bank had entered 1996 "stronger, cleaner and with better prospects," adding that it intended to open two more branch offices in Sofia, apart from the profit-making branch already operating in the Bulgarian capital.

    Mr. Korliras said banks were ready to further reduce savings bank deposit interest rates as soon as inflation showed a clear downward trend again.

    He further said the bank would distribute free shares this year combined with the capitalization of reserves and a readjustment of fixed assets.

    Mr. Korliras said the bank achieved an improvement in its capital structure by 4.33 billion drachmas with the addition of reserves, which increased its own capital to 87.45 billion drachmas.

    Net profits amounted to 13.6 billion drachmas compared to 13.9 billion drachmas in 1994. Out of this amount, 5.9 billion drachmas will be provided as dividends corresponding to 275 drachmas per share.

    The main shareholder at General Bank's assembly, the Hellenic Army's Share Fund, committed itself to consenting to an increase in the bank's share capital, after prolonged hesitations, which will have considerable repercussions for its profile.

    The Bank of Athens' general assembly was held in a tense atmosphere as strong criticism was heard over the marginal results achieved by the bank in 1995, amounting to $26 million, and over the need to increase its share capital.

    The total amount of provisions amounted to 1.8 billion drachmas as of Dec. 31, 1995, while the chartered auditor's report said that the bank should have had increased provisions to 1.5 billion drachmas for a more adequate coverage of losses emanating from bad debts.

    [24] Oil pumping from northern Prinos to begin in mid-July

    Athens, 29/06/1996 (ANA)

    Crude oil pumping from the northern Prinos deposit will begin in mid-July, Public Petroleum Corp. subsidiary DEP-EKY announced yesterday.

    DEP-EKY participates with a 35 per cent share in the deposit.

    The horizontal drilling, which began from the Prinos rig already in production and connected with the northern Prinos deposit at a distance of 4,100 meters, was successfully completed based on a timetable.

    [25] OA announces bargain fares for overseas travel for July only

    Athens, 29/06/1996 (ANA)

    Olympic Airways yesterday announced cut-price fares for travel from Athens to a number of destinations abroad, valid for the month of July.

    The cut-price fares are:

    Athens-Rome 34,100 drachmas (regular fare 111,600) Athens-Rome-Athens 49,500 (regular fare 101,000) Thessaloniki-Rome 40,700 (111,600) Thessaloniki-Rome-Thessaloniki 61,600 (130,200) Athens-Frankfurt-Athens 93,500 (130,200) Thessaloniki-Frankfurt-Thessaloniki 93,500 (124,100) Athens-Stuttgart-Athens 88,000 (124,000) Thessaloniki-Stuttgart-Thessaloniki 83,600 (118,300) Athens-Dusseldorf-Athens 93,500 (133,900) Thessaloniki-Dusseldorf-Thessaloniki 89,100 (131,500) Athens-Berlin-Athens 100,000 (130,200) Thessaloniki-Berlin-Thessaloniki 100,000 (124,100) Athens-Munich-Athens 88,000 (116,000) Thessaloniki-Munich-Thessaloniki 83,600 (110,300) Athens-Cologne-Athens 93,500 (133,900) Thessaloniki-Cologne-Thessaloniki 93,500 (131,500)

    For those aged 12-24, OA has announced Athens-London and Thessaloniki-London fares of 45,000 drachmas while the round trip is 86,500 from Athens and 82,500 from Thessaloniki.

    Finally, the new fares, valid till September 30, for Paris has been set at 106,000 drachmas (from 138,200) for the round-trip from Athens and 94,000 drachmas from Thessaloniki.

    End of English language section.

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