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Athens News Agency: Daily News Bulletin in English, 97-10-07

Athens News Agency: Daily News Bulletin in English Directory - Previous Article - Next Article

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

ATHENS NEWS AGENCY BULLETIN (No. 1308), October 7, 1997

Greek Press & Information Office
Ottawa, Canada
E-Mail Address: grnewsca@sympatico.ca


CONTENTS

  • [01] EU urges private sector to help create Mediterranean FTZ
  • [02] Greece: EU should clarify terms for accession-candidates
  • [03] Tsohatzopoulos to visit Cyprus
  • [04] Gurel: Ankara won't recognize 12-mile territorial waters, 10-mile airspace
  • [05] Greece, Ukraine sign defense co-operation agreement
  • [06] Athens criticizes second 'Observer' claims
  • [07] Simitis-Yilmaz meeting may change course of Greek-Turkish relations
  • [08] Beatrix arrives in Greece
  • [09] Tsaldaris buried at Athens First Cemetery
  • [10] PASOK, Synaspismos take first tentative steps towards co-operation
  • [11] Parliament reopens after summer recess
  • [12] Parliament pays tribute to Tsaldaris
  • [13] Euro-MP Roubatis takes Ankara to task over Turkish lawyer's conviction
  • [14] Tirana rejects 3 new Orthodox Metropolitans, explains terms
  • [15] President to visit Mount Athos
  • [16] Greek children's dance troupe in FYROM
  • [17] Attiko Metro says no danger of further subsidence on Panepistimiou
  • [18] European conference in Kalamata
  • [19] Open University program to begin next year
  • [20] Onassion inaugurates children's heart surgery unit
  • [21] Gov't again calls for return of Parthenon marbles
  • [22] Italian author wins Cultural Capital prize
  • [23] Greek exports to Japan slip 3.6 pct in first-half 1997
  • [24] National Bank of Greece to stage rights issue
  • [25] Greek stocks end flat after hitting 1,800 pts during trade
  • [26] Greek unions, bosses clash over EU working week debate
  • [27] National Bank reduces interest rates
  • [28] Mantelis to attend EU transport ministers council

  • [01] EU urges private sector to help create Mediterranean FTZ

    Athens, 07/10/1997 (ANA)

    The private sector is the key to implementing a scheme backed by the European Union to create a free trade zone (FTZ) in the Mediterranean, EU Commissioner Christos Papoutsis announced yesterday.

    Mr. Papoutsis, who is responsible for energy, tourism and small and medium-sized enterprises (SMEs), was speaking at the two-day 3rd "Euro-Mediterranean Industrial Summit" that began in Athens yesterday.

    "Despite uncertainty in politics and regional security, the Barcelona process (of October 1995) is at an advanced stage and major progress has been made in developing Euro-Mediterranean co-operation," Mr. Papoutsis said.

    The EU and 27 countries involved in the project plan to set up the free trade zone spanning the EU and Mediterranean by 2010.

    On his part, Prime Minister Costas Simitis told delegates in a written message that Greece, which is centrally placed geographically for such a project, has pledged to work towards creation of an FTZ that would boost prosperity in the long term.

    Taking part in the conference are more than 500 delegates from 31 countries from Europe, North Africa and the Middle East.

    Organizers are the Federation of Greek Industries (SEB), Greece's development ministry, the EU's executive Commission and UNICE, a European association of industry and labour groups.

    Saying that business ties in the region had enormous room for expansion, SEB president Iason Stratos named the key sectors for co-operation as agricultural foodstuffs, irrigation, energy, fish farms and environment-friendly tourism.

    Development Minister Vasso Papandreou urged delegates to accelerate the pace of co-operation in the region following a healthy start to the project.

    Many Greek firms were in a position to invest in southern Mediterranean countries, Ms Papandreou said.

    She also stressed the need for countries of the region to focus their interest in building all kinds of supranational networks, involving firms, infrastructure, communications, information systems, trading etc.

    UNICE President Francois Perigot described the Athens summit as an important step towards converting the Mediterranean into a region of peace, stability and greater mutual understanding at all levels. He stressed, however, that the economic integration among countries of the Mediterranean's south is proceeding very slowly due to the many political tensions in the area, while there has been greater progress in the north-south "front", even though the MEDA program funds have failed to reduce the divergences of the economies involved.

    The Athens summit's conclusions will be put to the Euro-Med co-operation group's ministerial meeting in Morocco on Oct. 30-31.

    [02] Greece: EU should clarify terms for accession-candidates

    Luxembourg, 07/10/1997 (ANA/M. Spinthourakis)

    Alternate Foreign Minister George Papandreou, who took part in the EU General Affairs Council yesterday, expressed Greece's reservations to an "unconditional" institutionalization of a European conference of the EU with prospective member-states.

    Mr. Papandreou said, among others, that Greece would not accept a new institution with ambivalent positions; that the role of the conference should be clearly defined; that conditions for the participation of a prospective member-state should be clearly defined and that it should be decided whether the Conference will include all 11 prospective members (10 east European nations and Cyprus) or only the six for which the Commission has proposed commencement of negotiations within 1998 - Hungary, Poland, the Czech Republic, Slovenia, Estonia and Cyprus.

    The Greek side, at any rate, made it clear that it did not intend to favour the participation of Turkey in the Conference under present conditions.

    Meanwhile, German Foreign Minister Klaus Kinkel briefed his counterparts on the content of discussions he held last week with Turkish Prime Minister Mesut Yilmaz. Mr. Kinkel noted that the 15 EU members ought to examine the issue of creating a special relationship between the Community and Turkey, but also noted the special significance which Ankara's good neighbourly relations with Athens holds for Turkey's European prospects.

    Commenting on Mr. Kinkel's speech at the session, Mr. Papandreou said that Greece did not oppose Turkey's European prospects if Greek-Turkish relations were smoothed out; a process for the solution of the Cyprus problem began, and if Turkey responded to the Community's preconditions for membership of a candidate-country, mainly in the area of human rights.

    Referring to other matters, Mr. Papandreou cast doubt on whether the 0.46 per cent of the EU budget, estimated at ECU275 billion, which the Commission had proposed to be devoted to the structural funds, would cover the needs of the sector in view of the Union's enlargement. Regarding the Community's new fiscal framework, Mr. Papandreou expressed concern at the Commission's proposal of 1.27 per cent of Community GDP as a ceiling for financing the needs of the 15 and enlargement, when a few years ago with fewer members and more moderate ambitions, the respective level stood at 1.33 per cent.

    [03] Tsohatzopoulos to visit Cyprus

    Nicosia, 07/10/1997 (ANA/G. Leonidas)

    National Defense Minister Akis Tsohatzopoulos will be in Cyprus on October 14 to observe a number of events included in the annual "Nikiforos" military exercise.

    Mr. Tsohatzopoulos, who will land at Paphos airport, will attend a parade on October 15 of the armed forces due to participate in the military exercise. Cypriot President Glafcos Clerides will also be present.

    During his stay in Paphos, Mr. Tsohatzopoulos will address the opening ceremony of the Synod of the Network of Sister Cities of Greece and Paphos, after an official invitation by Paphos's municipal authorities.

    The Sister Cities Network, founded three years ago, comprises the municipalities of Paphos, Kalamaria, Corfu, Lamia, Preveza and Lesvos. The network's aim is to strengthen links between the cities and confront Turkish expansionism in border regions.

    [04] Gurel: Ankara won't recognize 12-mile territorial waters, 10-mile airspace

    New York, 07/10/1997 (ANA/M. Georgiadou)

    Turkey's Minister to the Prime Minister Sukru Gurel termed "Greek-Turkish relations not good" in a press interview, adding that "I do not see a splendid prospect for an improvement in relations in the near future. I merely express wishes."

    The interview is published in the New York-based Greek expatriate newspaper "Proini", today's edition.

    Replying to a question on a written statement by the US State Department regarding "additional territorial differences apart from Imia", Mr. Gurel said:

    "Of course, there are additional territorial claims between Greece and Turkey. Of course, we do not accept Greece's territorial claims in the Aegean. We do not accept Greece's claim to extend its territorial waters beyond six nautical miles which we recognize. We do not accept airspace of 10 nautical miles, because this airspace must be in harmony with territorial waters." Mr. Gurel said that there are more "territorial problems" with Greece and more specifically "some small islands and islets in the Aegean whose identity is not yet clear with international agreements."

    However, he claimed that Turkey "recognizes and respects Greek territorial integrity and has no intention of expanding over Greece's national borders."

    [05] Greece, Ukraine sign defense co-operation agreement

    Athens, 07/10/1997 (ANA)

    The defense ministers of Greece and Ukraine, Akis Tsohatzopoulos and Olexander Kuzmuk, yesterday signed a bilateral defense co-operation agreement.

    The agreement covers issues such as armaments, the participation of the two countries in exercises within the framework of the Partnership for Peace program and co-operation between defense manufacturing companies in the two countries.

    Greece accepted a Ukrainian proposal for the participation of Greek forces in a Partnership for Peace exercise in Ukraine scheduled for next year.

    During a meeting yesterday morning, Mr. Tsohatzopoulos and Mr. Kuzmuk ascertained an identity of views on matters relating to European security.

    Stressing the important role played by Ukraine and Russia in forging European security, Mr. Tsohatzopoulos reiterated Greece's position that the participation of all countries, without exception, would be necessary to ensure security in Europe.

    Mr. Kuzmuk said his first official visit to Greece confirmed the will and readiness of both countries to further promote bilateral co-operation.

    Mr. Kuzmuk was later received by President of the Republic Kostis Stephanopoulos.

    [06] Athens criticizes second 'Observer' claims

    Athens, 07/10/1997 (ANA)

    Greece yesterday termed "unacceptable" a second article in the British newspaper "The Observer" claiming links between Athens and Kurdish terrorists, while noting that it was not as provocative as the first one.

    The first article, based on the claims of Kurd Seydo Hazar, alleged that Greece was harbouring and abetting Kurdish terrorists, appeared in last Sunday's edition of the newspaper.

    The claims were vehemently rejected by Athens. The second article was published in Sunday's issue.

    The first article drew severe criticism from prominent British personalities, including playwright Harold Pinter and Lord Avebury.

    Government spokesman Demetris Reppas said yesterday that the newspaper had treated the protest letters with disdain, adding that the government was examining all the political and legal procedures in order to respond in a manner and at a time which it would choose "in order for the truth to shine".

    Mr. Reppas said Greece firmly believed in its policy and saw no need to "embellish" it through the allocation of funds.

    "This is necessary only with respect to the policies of other countries which do no respect international law and international conventions," he said.

    [07] Simitis-Yilmaz meeting may change course of Greek-Turkish relations

    Athens, 07/10/1997 (ANA)

    Greece said yesterday that it was awaiting the visit of Turkish Premier Mesut Yilmaz and Foreign Minister Ismail Cem, in the hope that a meeting with the Greek political leadership might change the climate in relations between the two countries which had remained since recent talks in New York.

    Mr. Yilmaz and Mr. Cem will visit Greece in early November to attend the Balkan summit on Crete.

    In statements yesterday, government spokesman Demetris Reppas said "what remained from New York is the ineffectiveness of the approach since, on the sole responsibility of Turkey, there was no possibility (for success)".

    Foreign Minister Theodoros Pangalos had talks recently on the sidelines of the United Nations General Assembly in New York.

    Mr. Reppas expressed the hope that something would change in Turkey's policy so as to make the Crete meeting "effective".

    Communication between both sides continues to exist, the spokesman said, adding that both countries were quite able to formulate their respective policies.

    Mr. Reppas attributed the recent tension in Greek-Turkish relations to the stance adopted by Ankara in New York, saying that talks between Turkish officials and representatives of Greece and the United States had led to Mr. Pangalos expressing his outrage.

    [08] Beatrix arrives in Greece

    Athens, 07/10/1997 (ANA)

    Queen Beatrix of the Netherlands arrived early yesterday evening at Corfu airport, and will fly to Athens this morning after spending the night on the Ionian island.

    The Netherlands Queen is on a three-day official visit at the invitation of President of the Republic Kostis Stephanopoulos, whom she is scheduled to meet later today.

    [09] Tsaldaris buried at Athens First Cemetery

    Athens, 07/10/1997 (ANA)

    Former Parliament president, minister and longtime main opposition New Democracy deputy Athanasios Tsaldaris was buried at the Athens First Cemetery yesterday afternoon with state honours. Tsaldaris died on Saturday night aged 76.

    His funeral procession passed through streets in downtown Athens before stopping outside Parliament on Syntagma Square.

    Earlier, a church service was held at the Athens Metropolitan Cathedral, officiated by the Metropolitan of Marathon Meliton.

    Eulogies were given by Parliament President Apostolos Kaklamanis, Education Minister Gerassimos Arsenis, ND leader Costas Karamanlis, Stratis Korakas on behalf of the Communist Party of Greece (KKE), Fotis Kouvelis on behalf of the Coalition of the Left and Progress, Demetris Tsovolas for the Democratic Social Movement (DHKKI) and Antonis Samaras for the Political Spring party.

    The church service was attended by Prime Minister Costas Simitis, Parliament President Apostolos Kaklamanis, ministers, Athens Mayor Demetris Avramopoulos, party leaders, former president of the republic Christos Sartzetakis and others.

    Tsaldaris is survived by his wife, Pandora, and daughter Eleni.

    [10] PASOK, Synaspismos take first tentative steps towards co-operation

    Athens, 07/10/1997 (ANA)

    Prefectural committees within Athens' first district from both the ruling PASOK and the opposition Coalition of the Left and Progress (Synaspismos) parties met yesterday to discuss issues of common interest and possible co-operation in local government elections next October.

    The committees from both parties agreed that the present policy of Athens Mayor Demetris Avramopoulos was inadequate, claiming that the city is having problems in finances and transport, a lack of transparency in procedures and a general neglect of poorer sections of Athens where immigrants live.

    The committees agreed that co-operation between the two parties should continue, and discussion should continue on whether both parties should support a single nominee for mayor of Athens.

    [11] Parliament reopens after summer recess

    Athens, 07/10/1997 (ANA)

    Parliament resumed sessions yesterday following the summer break.

    The traditional blessing was conducted by Metropolitan of Aitolia and Akarnia Theocleitos, who was standing in for Archbishop of Athens Serapheim, who was unable to attend due to ill health.

    Prime Minister Costas Simitis, the Cabinet, the leaders of political parties and members of Parliament attended the ceremony.

    This Parliament session will run through to June 1998 when it will go into recess for the summer break.

    [12] Parliament pays tribute to Tsaldaris

    Athens, 07/10/1997 (ANA)

    The first session of Parliament yesterday held a minute's silence in tribute to the late Athanasios Tsaldaris, who died of cancer on Saturday evening at the age of 76.

    Tsaldaris was formerly president of parliament.

    Parliament President Apostolos Kaklamanis said Tsaldaris's passing was a great loss and that he had made great innovations as president of the body.

    New Democracy leader Costas Karamanlis said Tsaldaris's daily presence at Parliament was the greatest honour he could pay to democracy, calling him "a great patriot".

    Cosmas Sfyriou, of ruling PASOK, said political life was impoverished by the loss of Tsaldaris

    Secretary-General of the Communist Party of Greece Aleka Papariga said he stood out for his moral stance and his contribution to the country while Left Coalition leader Nikos Constantopoulos said he was a marvelous person.

    Democratic Social Movement president Demetris Tsovolas said Tsaldaris had contributed much both to his party, New Democracy, and to the country.

    Press and Media Minister Demetris Reppas paid tribute to Tsaldaris's sense of duty.

    [13] Euro-MP Roubatis takes Ankara to task over Turkish lawyer's conviction

    Brussels, 07/10/1997 (ANA)

    The Turkish government is inconsistent, unreliable and dishonest towards the European Union on the issue of human rights, PASOK Euro-MP and vice-president of the Socialist Group, Yiannis Roubatis, stated in relation to the persecution of Turkish lawyer Esber Giamugdereli.

    Mr. Giamugdereli, who is blind, is known for his defense of dozens of dissidents before Turkish courts, was sentenced to 23 years in prison by an Ankara appeals court on the basis of Turkey's so-called anti-terrorist law.

    Mr. Roubatis has submitted questions to the European Commission and the Council of Ministers, asking to be informed of the following:

    - What specific actions the two bodies intend to take so that Mr. Giamugdereli is immediately released and for the Turkish government to abolish all legal arrangements, which the country's Foreign Minister Ismail Cem and President Suleyman Demirel themselves have described as "shameful"?

    - How long will the two bodies tolerate the deception, inconsistency and unreliability of successive Turkish governments, which have been promising for two years now to abolish all legal arrangements used to violate human rights and limit freedom of thought, and constitute an excuse even for taking the life of Turkish citizens?

    Finally, Mr. Roubatis asks whether the European Commission and the Council do not consider that as long as this situation continues any progress in Turkey-EU relations is inconceivable.

    [14] Tirana rejects 3 new Orthodox Metropolitans, explains terms

    Tirana, 07/10/1997 (ANA/P. Haritos)

    Three Orthodox Metropolitans appointed to serve in Albania by the Ecumenical Patriarchate met with the Albanian Minister of State Kastriot Islami yesterday, as Tirana continues its opposition to the appointments on grounds that it had not been consulted.

    The opposition by the socialist government of Fatos Nano follows rejection of the appointments by the previous Berisha government.

    Archbishop Anastasios of Tirana and All Albania also attended the meeting.

    Following the meeting, Mr. Islami said: "The meeting was friendly, the three understood our positions, which are linked to previous decisions by the Albanian government".

    He expressed confidence that "three Metropolitans will be found to integrate into the Holy Synod of Albania".

    The government, he said, believed in "creating a Holy Synod through the appointment of Albanian nationals as heads of the Albanian Autocephalous Orthodox Church. Our stance reflects a traditional and historical stance that calls for an autocephalous church".

    The three Metropolitans were not received by the Albanian president, the prime minister or the foreign minister for various reasons.

    Difficulties emerge from an Albanian law forbidding the creation of a Synod comprised entirely by Greek nationals.

    The delegation is expected to return to Istanbul this afternoon.

    The delegation was comprised of Metropolitans Evangelos of Pergis, Melitonas of Philadelphia and Archimandrite Kandre of Elia.

    [15] President to visit Mount Athos

    Athens, 07/10/1997 (ANA)

    President Kostis Stephanopoulos will pay a three-day visit to the all-male monastic community of Mount Athos early next week after attending events marking the bloody Kileler farmers' uprising in 1910.

    Mr. Stephanopoulos will begin his tour at Karyes on Monday morning. During his stay, he will visit several monasteries and have talks with representatives of the holy community' civil administration.

    It will be Mr. Stephanopoulos's first visit to Mount Athos since becoming president of the republic. After Mount Athos, Mr. Stephanopoulos will travel by helicopter to Verria to attend events marking the town's liberation from the Turks.

    [16] Greek children's dance troupe in FYROM

    Skopje, 07/10/1997 (ANA)

    The Greek children's dance troupe Momogeroi participated in a children's folk dance festival in the Former Yugoslav Republic of Macedonia (FYROM) for the first time. The children's cultural centre Karpos organized the festival, as is the ca se every year. Dancing troupes from 10 countries and regions participated this year - Yugoslavia, Bulgaria, Russia, Ukraine, Georgia, Belarus, Tataristan, Poland, Hungary and Greece. The festival, "Dancing Without Borders", lasted for five days. Momogeroi was composed of 18 children, the oldest of which was 14.

    [17] Attiko Metro says no danger of further subsidence on Panepistimiou

    Athens, 07/10/1997 (ANA)

    Problems continue to plague the "Attiko Metro" company constructing the Athens underground railway as fears grew of subsidence that could threaten buildings along central Panepistimiou Avenue, following the collapse of a kiosk on Friday night.

    Yesterday two traffic lanes remained closed, while Attiko Metro chairman Leonidas Kikiras gave assurances that there was no danger to surrounding buildings, and rejected claims by academic Pantelis Theoharis to the contrary.

    "Of course I'm talking about the buildings themselves, not signboards," said Mr. Kikiras, adding that work on line two to Dafni would continue using the giant TBM drill known as the "Metro-mouse", although conventional drilling methods would be used on line three from Syntagma Square to Kerameikos, which passes under many of Athens' ancient monuments.

    Professor Theoharis maintains that the Metro-mouse will come up against major problems at the corner of Panepistimiou and Sina Street, which used to be a water-course.

    Meanwhile, yesterday, residents of Panepistimiou 44 said they had been told by Attiko Metro officials to vacate the building as it had tilted 4mm and a crack had appeared in the walls. Mr. Kikiras denied that any such order had been given and contended that the crack was an old one. He said all buildings above the Panepistimiou tunnel works were being checked on a 24-hour basis.

    Meanwhile, public prosecutor Manolis Rasidakis yesterday ordered an investigation as to whether charges of criminal liability should be brought, following press reports over the past few days with regard to the tunneling under Panepistimiou Avenue.

    [18] European conference in Kalamata

    Athens, 07/10/1997 (ANA)

    A European conference on research and technology in programs to confront natural disasters such as forest fires, floods and water supplies is to be held today at the Kalamata Municipal Cultural Centre.

    It is being organized by the Messinia Forestry Directorate in co-operation with the European Union organizations ALENIA, INNOVA, ITALSOFT, LINK ARCHIMEDES, O-TECH, SYSECA, IDETRA, APTIEL and BMT within the NOW-ESPRIT action plan, under the auspices of the General Secretariat for the Peloponnese.

    The NOW-ESPRIT plan is aimed at promoting the results of programs related to dealing with natural disasters and water and air pollution.

    [19] Open University program to begin next year

    Athens, 07/10/1997 (ANA)

    Adult education programs at universities and technical colleges are to begin in February 1998, according to an announcement yesterday.

    The programs will be available, subject to certain conditions, to those who failed to enter universities, those who are studying abroad and wish to return to Greece, and to those who have a senior high school diploma and wish to continue their studies .

    Education Minister Gerassimos Arsenis also announced that within the next two months presidential decrees and ministerial decisions will be released with regard to the recently announced high school reforms.

    Meanwhile, commenting on television reports that high school teachers were giving private coaching to students, the minister said an official investigation had been ordered into the accusations. He noted that coaching would soon be introduced into the schools themselves for those pupils who needed it.

    [20] Onassion inaugurates children's heart surgery unit

    Athens, 07/10/1997 (ANA)

    A new era has began in Greece's cardiovascular surgery field with the official operation of a children's heart surgery section at the Athens-based Onassion Cardiosurgical Centre.

    The new section was inaugurated yesterday by Health and Welfare Minister Costas Geitonas, who stressed that the Onassion Heart Surgery Centre played a leading role in the country's health system.

    When fully developed, the new centre will be able to take care of the entire range of heart-related diseases requiring operation, considerably reversing the trend of resorting to foreign hospitals and medical centres that existed so far. About 800 to 1, 000 children are born each year with a heart-related disease, of which 500 to 600 need to be operated.

    The new section of the Onassion will be able to perform about 500 operations annually.

    [21] Gov't again calls for return of Parthenon marbles

    Athens, 07/10/1997 (ANA)

    The European Parliament's cultural committee should intervene on behalf of Greece to have the Parthenon marbles returned from Britain, Culture Minister Evangelos Venizelos said yesterday.

    He delivered the appeal at the meeting of the committee's members in Thessaloniki.

    "The issue concerns two member-states and our position is rather delicate. Despite this, we shall return to this, discussing the issue at the committee," Committee President Peter Pecks said.

    PASOK Eurodeputy Angela Kokola said that the Europarliament's role was more consultative, while decision-making is the responsibility of the European Commission and the European Council.

    The eight-member committee will continue its meeting today.

    [22] Italian author wins Cultural Capital prize

    Athens, 07/10/1997 (ANA)

    Italian author Antonio Tabuchi won the "Aristeion" (excellence) European literature prize in Thessaloniki yesterday with his novel "Sostiene Rereira" ("Rereira Claims").

    The prize was established in 1990 by initiative of the late actress and culture minister Melina Mercouri, and is awarded at the annual Cultural Capital of Europe to an original novel and a translation that promote European culture and new writing.

    The translation prize was won by the German translation of Patrick McCade's book "The Butcher Boy", made by Austria's Hans Christian Oeser.

    The awards carry six million drachmas in prize money each and will be handed out by Culture Minister Evangelos Venizelos on Dec. 9 in Thessaloniki.

    [23] Greek exports to Japan slip 3.6 pct in first-half 1997

    Athens, 07/10/1997 (ANA)

    Greek exports to Japan edged down 3.6 percent to 47.6 million dollars in the first half of 1997 against the same period of 1996, Japan's foreign trade bureau in Athens (Jetro) said yesterday.

    Japanese exports to Greece in January-June slumped 37.6 percent to 323.7 million dollars, Jetro said in a monthly trade report.

    Greek exports to Japan are seen rising in 1997 following implementation of Hermes, an action plan for 1997-1999 that was set up by Greece's national economy ministry.

    The plan aims to step up Greek exports and business contacts in the Japanese market.

    [24] National Bank of Greece to stage rights issue

    Athens, 07/10/1997 (ANA)

    National Bank of Greece, a blue chip on the Athens bourse, will hold a two-for-10 rights issue at 23,000 drachmas a share in order to tap the market for 80.37 billion drachmas.

    Shareholders endorsed the move, which means the state bank's shares will trade ex-rights on Tuesday. Subscription is from October 10-November 14.

    Issued will be 3.49 million new shares with a par value of 5,800 drachmas each.

    Shareholders of the new stock will be entitled to the bank's dividend on 1997 profits.

    Funds acquired from the rights issue will allow the bank to create a stronger presence abroad and rationalize companies in the group, National Bank's chairman Theodoros Karatzas said.

    [25] Greek stocks end flat after hitting 1,800 pts during trade

    Athens, 07/10/1997 (ANA)

    Greek equities ended flat after showing upward momentum during trade and briefly breaking key resistance at 1,800 points.

    Showing signs of consolidation, the Athens general share index finished at 1,779.64 points, up 0.02 percent. Turnover was high at 48.8 billion drachmas, boosted by block trades.

    Sentiment still was upbeat on Friday's news of a substantial drop in consumer price inflation in September to 4.9 percent, paving the way for further interest rates declines.

    Robust first-half corporate profits and forecasts for the year also acted a backdrop to the encouraging news on inflation.

    The bourse set three new record highs last week, straining towards the stubborn resistance level, which it had failed to touch until today's trade.

    Most sector indices scored gains. Banks rose 0.61 percent, Leasing increased 0.76 percent, Insurance fell 0.74 percent, Investment jumped 1.92 percent, Industrials were 0.54 percent down, Construction slumped 1.18 percent, Holding was 1.00 percent up an d Miscellaneous rose 0.59 percent.

    The parallel market index for small cap companies finished 0.46 percent higher.

    Advances led declines by 123 to 102 with another 25 issues unchanged of 250 equities traded.

    Among the highest percentage gainers to finish at the daily eight percent upper volatility limit were Boutaris (preferred), Intertek, Iliofin (common), Aeolian, Evropaiki Pisti (common), Aspis Pronia (preferred) and Commercial Investment.

    The largest percentage losers were Ridenco (-7.6), Mohlos (-7.4 percent), Bank of Central Greece (common, -6.7 percent), and Bank of Central Greece (preferred, -6.5 percent).

    National Bank of Greece ended at 34,950 drachmas, Ergobank at 19,700, Alpha Credit Bank at 20,400, Delta Dairy at 4,290, Titan Cement at 17,000, Intracom at 14,900 and Hellenic Telecommunications Organization at 6,460.

    [26] Greek unions, bosses clash over EU working week debate

    Athens, 07/10/1997 (ANA)

    Greek unions and employers are at loggerheads over moves to change the duration and structure of the working week that are being debated by countries in the European Union.

    The socialist government has cited flexible schedules and more part-time work as topics for debate with the two sides as part of a broader dialogue on reform in the labour market, pensions and state health funds.

    On the sidelines of an EU-backed industry conference in Athens, the General Confederation of Greek Labour (GSEE) repeated its demand for the working week to be cut to 35 hours on the same pay but declined to back proposals for abolition of the eight-hour working day.

    "As far as GSEE is concerned, there is no question of abolishing the eight-hour working day. I do not believe there will be such a development," GSEE president Christos Polyzogopoulos said.

    "If the proposal (for a 35-hour working week) is accepted, we could then discuss the specifics of implementation."

    The Federation of Greek Industry (SEV) also adhered to its line, which entails allowing greater flexibility in the labour market, including working hours. "It is quite clear that we are lagging far behind the others (in the EU). We will pay dearly for this with lower growth and higher unemployment," SEV vice president Nikos Analytis said.

    Employers want to cut labour costs without reducing wages. Industries are forced to order overtime beyond the legally allowed limit of 30 hours annually for industry against a 200-hour limit for the public sector.

    "As far as we are concerned, the issue is not whether we have an eight-hour working day but the flexible arrangement of working time... Working hours should reflect the economic operation of enterprises," Mr. Analytis said.

    At a daily briefing for reporters on the same day, government spokesman Demetris Reppas said the government would take a decision on whether to cut the working week after finalizing economic policy for 1998. Proposals by France and Italy for shorter working hours were positive overall, Mr. Reppas said.

    [27] National Bank reduces interest rates

    Athens, 07/10/1997 (ANA)

    The National Bank of Bank will reduce its loan interest rates by up to 0.75 per cent and its deposits interest rates by 0.50 per cent as of today.

    The main interest rate for working capital loans was set at 14.50 per cent from 15 per cent, the stable interest rate Ethnoanaptyxiakou 10 per cent from 10.25 per cent, the stable loans interest rate for fixed assets 12 per cent from 12.75 per cent, the main loans interest rate for fixed installations and equipment 12.50 per cent from 13 per cent and the fluctuating interest rate for housing loans 12.50 per cent from 13 per cent.

    The new savings bank deposits interest rate will be 8.50 per cent from 9 per cent and 7 per cent for current accounts from 7.5 per cent.

    [28] Mantelis to attend EU transport ministers council

    Athens, 07/10/1997 (ANA)

    Transport and Communications Minister Tassos Mantelis leaves on Wednesday for Luxembourg to participate in a meeting of EU transport ministers.

    The meeting, on Thursday, will focus on the implementation of competition rules in air transport and the joint financing of works related to the European transport network by the public and private sectors.

    The Workers' Housing Organization (OEK) is to make 20 billion drachmas available over the next four years in the Kavala prefecture, according to an announcement by OEK president Thanasis Hanakoulas.

    The homes will be built in Eleftheroupoli, Batis and Antiphilippi. Another 720 homes are to be built in Kavala and Palio.

    End of English language section.


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