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Athens News Agency: Daily News Bulletin in English, 97-12-31

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. 1379), December 31, 1997

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


CONTENTS

  • [01] Turkey proposes direct talks between experts
  • [02] Response awaited from Turkey on military exercises
  • [03] ND meeting focuses on latest Turkish intransigence
  • [04] Tsohatzopoulos: Need for collective security body for Balkans
  • [05] Greece, Albania sign agreement on transport co-operation
  • [06] 'Foreign Affairs' article on Greece
  • [07] Yakovlev crew toxicology tests clean
  • [08] ... Complaint filed over crash
  • [09] Skopje FM says FYROM won't budge on the name issue
  • [10] Athens Academy awards
  • [11] Karamanlis visits 'SOS' boys' home
  • [12] Kaklamanis
  • [13] 10 ancient, Byzantine shipwrecks pinpointed
  • [14] Bregovic concert sees out Thessaloniki cultural capital year
  • [15] Evaluation of Thessaloniki's tenure as cultural capital begins
  • [16] Sharp ND criticism over Gov't tax, economic policies
  • [17] Natural gas flow to begin next week through Athens
  • [18] Fines for marine pollution
  • [19] Int'l indoor athletics tournament in February
  • [20] Greek stocks rebound on technical factors
  • [21] National Bank nine months pre-tax profits up 71 pct
  • [22] Economic fundamentals on convergence track, report says
  • [23] European Union cohesion slower than expected
  • [24] Ermou mall officially opened
  • [25] ATE contract with int'l consortium
  • [26] Christodoulakis says interest rates on downward trend
  • [27] Sale of bourse shares completed
  • [28] Quality label for locally made handicrafts
  • [29] KKE, Synaspismos harshly criticize Cosmote

  • [01] Turkey proposes direct talks between experts

    Athens, 31/12/1997 (ANA)

    The foreign ministry said yesterday that a Turkish committee of experts had sent a letter to its Greek counterpart proposing the continuation of contacts directly between the two sides through the embassies in Athens and Ankara, rather than through the European Union.

    Greece and Turkey earlier this year each set up a two-member committee of experts to examine ways of approaching bilateral differences between the two neighbors.

    Since then, the two committees have exchanged views through the EU.

    According to the foreign ministry, the Turkish experts have now notified their Greek counterparts that "they are obliged to take into consideration the recent decision of the Turkish government to cease its contacts with the EU with regard to Greek-Turkish relations".

    Instead, the Turkish committee has proposed that contacts continue directly via the embassies of the two countries.

    The letter from the Turkish experts was sent before they received the Greek committee's most recent reply of December 27.

    The foreign ministry said that the Greek government, having been informed of the Turkish letter by the Greek experts, intended to raise the issue at the next EU Council of Ministers, given that the entire process constitutes a European initiative.

    [02] Response awaited from Turkey on military exercises

    Athens, 31/12/1997 (ANA)

    Greece's Civil Aviation Authority is still awaiting a response from its Turkish counterpart on the areas where a Turkish military exercise is scheduled between Jan. 2-25.

    Greece has objected to three of the eight areas chosen by the Turkish military.

    Transport Minister Tassos Mantelis said that he does not consider the matter important, adding that it is an expected "game" by Turkey, which is played for 25 years now.

    [03] ND meeting focuses on latest Turkish intransigence

    Athens, 31/12/1997 (ANA)

    Referring yesterday to what he called increasing Turkish provocativeness, intransigence and aggressiveness, main opposition New Democracy party spokesman Aris Spiliotopoulos stressed the need for Greece to follow a serious, structured and, primarily, resolute policy.

    Mr. Spiliotopoulos said Turkish provocativeness must be exposed before international public opinion in its entirety.

    Earlier, ND leader Costas Karamanlis chaired a meeting attended by Stavros Dimas, Ioannis Varvitsiotis, Marietta Yiannakou-Koutsikou and others. It focused on latest developments and Turkey's tactics following the announcement of exercises it is scheduling in the Aegean for 20 days.

    It was mutually ascertained that the European Union appears to be realizing Turkey's intensifying provocativeness, which is attempting to change the status quo in the Aegean.

    ND's cadres assess that both January and February, due to presidential elections in Cyprus (Feb. 8), will be crucial months and do not rule out the possibility of a "hot" incident.

    According to press reports, Mr. Karamanlis expressed concern during the morning meeting about the latest developments in Greek-Turkish relations.

    [04] Tsohatzopoulos: Need for collective security body for Balkans

    Tirana, 31/12/1997 (ANA - P. Haritos)

    Neighboring countries have accepted Greece's active role in efforts to resolve problems in Bosnia as well as Athens' role in bridging the gap between the region and the European Union.

    These were some conclusions drawn following National Defense Minister Akis Tsohatzopoulos' official visit in Bosnia recently.

    The Greek defense minister on Monday arrived in Tirana immediately after leaving Sarajevo.

    In Albania, he met yesterday with the President Rexhep Mejdani, Prime Minister Fatos Nano and his counterpart Sabit Brokaj.

    Mr. Tsohatzopoulos also met with Archbishop of Tirana and All Albania Anastasios and Foreign Minister Paskal Milo, while on Monday evening he visited the 204 troops of the Greek military contingent stationed outside Tirana.

    Additionally, he inaugurated the Tirana military hospital, since its new wing was built and equipped by the Hellenic Air Force general staff.

    During a press conference, Mr. Tsohatzopoulos said that Greece, Albania, Bulgaria and the Former Yugoslav Republic of Macedonia (FYROM) should form a "collective body" as a force of security in the Balkans.

    "Greece, as well as Albania, Bulgaria and FYROM should take the initiative for the establishment of such a regional body for collective security".

    He added that on the basis of that initiative, Greece will go ahead with organizing new meetings, similar to the summit of Balkan leaders last November on Crete.

    Commenting on his contacts with his Albanian counterpart Brokaj, Mr. Tsohatzopoulos said discussion focused on the successful co-operation between the two countries' armed forces, which as he said was not of an opportunistic nature.

    [05] Greece, Albania sign agreement on transport co-operation

    Athens, 31/12/1997 (ANA)

    Greece and Albania signed an agreement in Athens yesterday providing for co-operation in road, passenger and goods transportation.

    The agreement was signed by Transport and Communications Minister Tassos Mandelis and his Albanian counterpart Gago Apostoli.

    During yesterday's talks, it was agreed that Albania should become part of the inter-European road network, with the inclusion of the Durres-Kapstitsa, Krystallopigi-Siatista and Ormenio-Burgas axis which will link Albania and the Black Sea via the planned Egnatia highway.

    The Greek side agreed to provide technical assistance in matters related to the organization and operation of long-distance and urban transport, the manufacture and operation of airports and heliports as well as the training of coach drivers and air traffic controllers.

    It was also agreed that the conveyance of goods between the two countries and the transit of goods should be allowed to proceed freely without any quantitative restrictions.

    [06] 'Foreign Affairs' article on Greece

    New York, 31/12/1997 (ANA - M. Georgiadou)

    The Greek government under Prime Minister Costas Simitis has adopted a more international attitude, while Turkey must follow the same path if it wants to become a member of the European Union, according to an article in the US-based magazine "Foreign Affairs".

    "For the first time, Greece realized that it is a part of the European Union and that its successes both in the political and financial field depend on the relations Greece cultivates with Europe and its Balkan neighbors," the article mentioned.

    Bylined by Marcia Christoff Kurop, the article noted that Greek-Turkish tension, mostly in the Aegean, is an obstacle to the financial and political convergence with Europe, since Greece spends some three billion US dollars a year for defense, the highest per capita in NATO.

    Ms Kurop also noted that the recent escalation of tension in Cyprus is due to the purchase of the Russian-made S-300 anti-aircraft missile system by the Cypriot government, the Greece-Cyprus joint defense doctrine and the upcoming commencement of access ion talks between the island republic and the European Union.

    Finally, Ms Kurop wrote that Greece is concerned by the Turkish-Israeli military pact, although it looks at the EU for its political future and the US for military assistance.

    [07] Yakovlev crew toxicology tests clean

    Athens, 31/12/1997 (ANA)

    Toxicology tests on the bodies of pilots and crew of the ill-fated Yakovlev-42 which crashed onto the side of a mountain near Thessaloniki on December 17 have shown no trace of alcohol or narcotics use, authorities said yesterday.

    Coroner Demetris Psaroulis said that the internal organs of the three crew had undergone testing for eight categories of narcotic substances and alcohol.

    "They were all negative and the issue for us is now closed," Mr. Psaroulis told reporters.

    The Ukrainian airliner went down in the mountains of Pieria, northern Greece, in as yet undetermined circumstances. The wreckage was found after a three-day search hampered by snow, fog and the rough terrain. There were no survivors of the 70 crew and passengers.

    Another two bodies, belonging to Greek passengers Fotis Lepidis and Evangelos Petsis, were identified by their relatives on Monday night.

    Mr. Psaroulis said that the process to recognize the bodies of the victims had now effectively ended and that the bodies of two young children not found had probably been completely incinerated.

    The total number of passengers on the plane is still a point of contention, although the airline Aerosweet insists that the plane was carrying only the passengers contained on their list.

    Sources said that the Greek public order ministry had queried the exact number of passengers on the plane to its Ukrainian opposite number but had yet to receive a reply.

    [08] ... Complaint filed over crash

    Athens, 31/12/1997 (ANA)

    Prodromos Emfietzoglou, the president of Mechaniki construction firm, yesterday lodged a complaint requesting the initiation of criminal proceedings against all those found responsible for the air crash.

    Twenty-three of Mechaniki's employees were on the plane when it crashed. They were working on projects in Odessa and Mariupol and were returning to Greece for the Christmas holidays.

    The complaint lodged by Mr. Emfietzoglou calls for criminal charges to be pressed against all those found responsible for the crash of the airliner and the death of at least 71 people aboard.

    It claims that the crash came as a result of a series of "illegal acts and negligence" on the part of a number of related services and natural and legal persons, and notes that the flight was carried out by a Yakovlev-42 rather than the aircraft scheduled.

    The complaint is being examined by a prosecutor and will most probably be referred to the Public Prosecutor's Office of Thessaloniki which has jurisdiction in the matter.

    [09] Skopje FM says FYROM won't budge on the name issue

    Skopje, 31/12/1997 (ANA - M. Vihou)

    The Former Yugoslav Republic of Macedonia (FYROM) will take recourse to the UN Security Council in an attempt to have a new decision issued to replace an older one, which provided for the establishment of the name FYROM, according to its foreign minister Blagoje Hatjinski.

    During an interview with state radio last night, Mr. Hatjinski reiterated his country's fixed positions, namely, that there is no room for a compromise solution over his state's name, nor the language or borders.

    Referring specifically on the issue of the name, which is the center of a dispute with Athens, the FYROM foreign minister said that the only acceptable solution was for the international community to use the constitutional name for FYROM and for Greece to use any other name it wished for its relations with his landlocked state.

    [10] Athens Academy awards

    Athens, 31/12/1997 (ANA)

    The Athens Academy last night handed out its annual awards during its annual ceremony.

    Awards were given to both individuals and collective works by noted scientists and associations.

    The gold medal for natural and political sciences was given to Prordomos Emfietzoglou, president of the construction company Mechaniki, for his national, social and cultural contribution.

    In the same category, prizes were awarded to the National Archaeological Museum Society, the children's cancer support group "Hope", on behalf of which the award was received by its president Marianna Vardinoyianni, and the Union of Greek Actors.

    Prizes of 800,000 drachmas were granted to Kiki Dimoula for her poetic collection "Oblivion's adolescence" and Costas Stergiopoulos for his essay "Strolling".

    Another award of 800,000 drachmas in the natural sciences category was given to surgeon Vassilis Goletatis and his team.

    The Athens Academy was awarded a gold medal to the Athens Infants' Orphanage for its 140 years of service, as well as the Athens Children's Hospital Agia Sophia.

    [11] Karamanlis visits 'SOS' boys' home

    Athens, 31/12/1997 (ANA)

    Main opposition New Democracy party leader Costas Karamanlis visited the children's villages SOS in Vari late yesterday afternoon.

    Mr. Karamanlis presented children at the institution with a computer complete with CD ROMs featuring children's stories, toys as well as geographic, encyclopedic and historical references.

    Mr. Karamanlis also promised the youths that when the national soccer team plays its first match in Athens they will visit the stadium together to watch the match.

    [12] Kaklamanis

    Athens, 31/12/1997 (ANA)

    Parliament President Apostolos Kaklamanis said in his New Year's address that "solidarity of society's members is a necessary precondition for the maintenance of national unity," since Hellenism is "experiencing difficult hours due to Turkish hostility."

    [13] 10 ancient, Byzantine shipwrecks pinpointed

    Athens, 31/12/1997 (ANA)

    The Underwater Antiquities Department has located a further 10 shipwrecks believed to be of major historical and archaeological significance in the Saronic Gulf and the Myrtoo Sea.

    According to a report sent by the culture ministry, a three-man team for 10 days monitored the work of two professional divers to record the sites.

    It is certain that the discoveries will shed more light on the history of shipping routes off the coasts of Attica and the eastern Peloponnese.

    Near the island of Aegina, two Byzantine wrecks were found, the first with part of its cargo of 8th and 9th century amphorae intact.

    The second was carrying 10th century tiles and it is hoped that parts of the vessel will be found intact, since it is buried in the sand.

    During the same 10-day mission, two wrecks of the Roman period were discovered, one with more than 50 amphorae, used to carry salty water for preserving food.

    The second, lying at a greater depth, is most probably undisturbed. Its cargo consists again of amphorae and common household utensils. It has been dated between the 1st century BC and the 1st century AD.

    Perhaps the most important find is an ancient wreck with a cargo of large tiles and cross-beams of the Laconian type. It is believed that the vessel was sailing to the city of Alies (present-day Porto Heli) with its cargo of construction materials for some type of public building.

    From the shape and size of the tiles, archaeologists have dated the shipwreck between the 4th and 3rd centuries BC.

    It is the first time that a wreck has been found in the Mediterranean carrying a cargo of building materials from a tile works. Due to the fact that the vessel is submerged in mud, it is hoped that part of the hull will be intact.

    Two more wrecks from historic times were also found - a warship off Hydra with 21 cannons, and a trader carrying slabs of gray limestone. Divers also discovered two lead anchors dating from the Roman period, one bearing the letters ANA.

    [14] Bregovic concert sees out Thessaloniki cultural capital year

    Athens, 31/12/1997 (ANA)

    Thessaloniki's year as Cultural Capital of Europe in 1997 ended officially last night with a performance directed by Yugoslav composer Goran Bregovic, televised live around the Balkans, and with broadcasts to the US and Europe.

    The stage and video show included Greek singers Giorgos Dalaras, Yugoslav singer Zdravko Colic, 200 singers, dancers, musicians.

    Mr. Bregovic composed a two-hour symphonic work, "Thessaloniki: The Silence of the Balkans" especially for the concert.

    [15] Evaluation of Thessaloniki's tenure as cultural capital begins

    Athens, 31/12/1997 (ANA)

    Evaluation of the work completed both in 1997, the year in which Thessaloniki was the cultural capital of Europe, and in the previous years of preparation for the organization are a question of history and time.

    This was stressed in an announcement covering many issued by the "Organization Cultural Capital of Europe-Thessaloniki 1997."

    A noteworthy decision was taken by the organization's board to invite a British appraiser of the institution of cultural capitals to go ahead with an assessment of the organization's work, as he did with the other cultural capitals of Europe.

    A conference is also proposed in mid-1998, focusing on the overall assessment for 1997 and prospects being presented for Thessaloniki in the years to come.

    However, the organization is not waiting for this conference for an assessment of its work, since it has already decided to draw up and place at the disposal of citizens, the authorities and agencies analytically the presentation of the work, utilizing all means of communications, namely reports, electronic data and publications.

    The announcement stresses that "Thessaloniki will be the capital of Culture in the years to come since the new institutions of cultural and artistic creation will continue their work with a different legal form and will meet, with the participation and support of the city, the hopes which the expectation of their creation had produced for decades."

    It was further added that productive initiatives developed during 1997 and international co-operation institutions enacted did not merely promote the city's special character but also constitute an investment for the future of great importance and appeal .

    The international significance was also stressed of leading events taking place in 1997, such as the Treasures of Mount Athos Exhibition (which will continue until April), art exhibitions on Alexander the Great, the concert by the U2, and other events.

    [16] Sharp ND criticism over Gov't tax, economic policies

    Athens, 31/12/1997 (ANA)

    Main opposition New Democracy party parliamentary spokesman Demetris Sioufas criticized the government yesterday for what he called its sudden decisions and "taxation amok".

    "Economic confusion set out in the budget and all that is taking place these days with the government's new sudden decisions confirm ND's accusations that we have a government and a 'prime minister of taxes'," he said.

    He said the government's "tax raid", following the increase in deducted tax which constitutes compulsory loaning by the state, proceeded with an increase in objective values up to 60 per cent with a simultaneous increase in taxes for transferring real e state up to 600 per cent, which is unprecedented and unheard of.

    "Those who have started being paid salaries for January 1998 are seeing as of today their salaries being less than the previous month. The market is sending messages of despair these days due to the economic decline and inertia. Ownership - small, medium and big - is now clearly the central target of the uncontrolled tax raid and indeed without a relevant taxation law being ratified," he added.

    [17] Natural gas flow to begin next week through Athens

    Athens, 31/12/1997 (ANA)

    Natural gas will flow through the Athens municipality network next week as the Athens Municipal Natural Gas Enterprise (DEFA) yesterday transferred its rights on the network to the Public Natural Gas Enterprise (DEPA).

    DEPA's network now extends to some 550 kilometers, mostly within the greater Athens region.

    On his part, DEPA president Christos Voudouris said that there are possibilities of increasing its clients.

    DEPA managing director Savvas Papaphilipou said that natural gas will be used by residential, commercial and industrial clients in Athens, Volos, Thessaloniki and by the Keratsini power plant.

    [18] Fines for marine pollution

    Athens, 31/12/1997 (ANA)

    The merchant marine ministry yesterday imposed a 20 million dr. fine on the captain, first mate and proprietors of an Antigua-flagged freighter that had caused an oil slick off Ikonio in October.

    The "Katherine Borchard" had been responsible for a two-kilometer long oil slick in the sea region off Ikonia on October 7.

    The ministry fined first mate Johann Eric Lockhorst and captain Karl Heinz Hermann, both of Germany, and the company that owns the ship over the incident.

    [19] Int'l indoor athletics tournament in February

    Athens, 31/12/1997 (ANA)

    Leading athletes from all over the world will participate in the international athletics meet "Athina", due to take place at Peace and Friendship Stadium on Feb. 21, according to participation declarations being received at the Amateur Athletics Association (SEGAS).

    So far, 311 male and female athletes have declared participation in the indoor athletics event.

    Among them is Charles Austin (US) who came first in high jump in the Atlanta Olympics; Michael Green (US) who came second in the 60 meters dash in the 1997 World Indoor Athletics Championships and Daniela Georgieva (Bulgaria) who came second in the 200 meters event in the 1995 World Indoor Athletics Championships.

    [20] Greek stocks rebound on technical factors

    Athens, 31/12/1997 (ANA)

    Greek equities recovered substantial ground helped by technical factors and bargain hunting buying on the Athens Stock Exchange, reversing the previous day's sharp decline.

    The general index closed 1.24 percent higher at 1,469.14 points. Sector indices were mixed. Banks rose 1.46 percent, Insurance eased 0.70 percent, Leasing increased 0.92 percent, Investment rose 0.88 percent, Constructions fell 0.26 percent, Industrials ended 1.48 percent up, Miscellaneous rose 1.22 percent and Holding was 1.35 percent higher.

    The parallel market index for small cap companies fell 0.17 percent, while the FTSE/ASE index ended 1.37 percent higher at 840.46 points.

    Trading was heavy with turnover at 24.1 billion drachmas.

    Broadly, advancers led decliners by 139 to 69 with another 30 issues unchanged.

    Elfico, Alysida, Mochlos, Olympiaki Contractors scored the biggest percentage gains, while Nematemboriki, Klaoudatos, Mouriades and Dane suffered the heaviest losses.

    National Bank of Greece ended at 24,700 drachmas, Ergobank at 14,460, Alpha Credit Bank at 16,460, Delta Dairy at 3,355, Titan Cement at 12,810, Intracom at 13,055 and Hellenic Telecommunications Organization at 5,845.

    [21] National Bank nine months pre-tax profits up 71 pct

    Athens, 31/12/1997 (ANA)

    National Bank of Greece, the country's largest bank, reported a 71 percent rise in pre-tax profits in the period January-September this year to 36.4 billion drachmas compared with 21.3 billion in the corresponding period in 1996.

    The bank said in a statement that a sharp rise in profits was the outcome of higher provisions, at 50 billion drachmas, aimed at restructuring the bank's loan portfolio based on international standards.

    National Bank said however that dividend payment would not be affected by this high provisions.

    The state bank reported a slower rate of operational spending to an annual 8.1 percent in the first nine months of 1997, compared to a 10.9 percent last year.

    [22] Economic fundamentals on convergence track, report says

    Athens, 31/12/1997 (ANA)

    Recent disturbances in international markets have had a perverse effect on Greek markets but higher real interest rates and spreads over bonds were expected to wane as economic fundamentals remain on the convergence track, Alpha Credit Bank said in its December economic report.

    The report said that convergence has suffered a setback since the end of October due to the destabilizing effects of the international markets on domestic money and capital markets, pushing higher domestic interest rates.

    Although exchange rate policy has emerged intact and the loss of foreign exchange reserves was relatively small, higher rates had burdened the road to normalcy.

    The Greek government responded to the crisis by announcing a bold 1998 budget, centered around raising new taxes and severely restricting wage awards in the public sector.

    Alpha Credit Bank said that the Bank of Greece, the country's central bank, had successfully intervened to defend the drachma and predicted that Greece's foreign exchange reserves stood at about US$ 15.2 billion early December.

    The report urged the government to speed up creation of a liquid secondary market for fixed income instruments and the establishment of a reliable benchmark long-term rate.

    [23] European Union cohesion slower than expected

    Athens, 31/12/1997 (ANA)

    Hamburg, Brussels, Vienna, Bremen, Essen and Isle de France were among the richest regions in the European Union, while Epirus, several Greek Aegean islands, the Azores and French colonies were among the poorer regions, according to an EU report.

    The same regions were among the richest and poorer regions in the European Union a decade ago, a sign that internal cohesion was not moving as satisfactory as the European Community had promised.

    However, some wider regions, such as Greece and Portugal, were able to meet higher growth rates than other more developed regions in the EU.

    Greece has reported growth rates of 2.03 percent and 2.38 percent in 1995 and 1996 respectively with a forecast of 3.0 percent growth rate this year.

    According to the EU report, Hamburg tops the league of EU regions based on per capital GDP in purchasing power units at 196 points, almost double the EU average of 100.

    Brussels follow through at 183 points, Vienna at 158, and Isle de France at 161.

    On the other end, Epirus marked 43 points, the Azores 48 and the northern Aegean islands 49 points, all less than 50 percent of the EU average.

    [24] Ermou mall officially opened

    Athens, 31/12/1997 (ANA)

    Athens' central Ermou St. pedestrian mall was officially opened yesterday by Environment, Public Works and Town Planning Minister Costas Laliotis and Athens Mayor Demetris Avramopoulos.

    The 700 meter stretch of Athens' busiest shopping area has undergone a facelift as part of the "Athens SOS" plan to upgrade the city's central business "triangle" bounded by Mitropoleos, Athinas and Stadiou Sts.

    The area was closed to traffic nearly three years ago in an attempt to reduce pollution and improve the quality of life in the city center. The Ermou St. project was completed at a cost of 2.2 billion drachmas.

    Mr. Laliotis suggested that the street be renamed "The Antonis Tritsis Pedestrian Mall" after the late mayor who had formerly served as environment minister in a PASOK government. He also suggested that Dionisiou Areopagitou St. be renamed "Melina Mercouri Pedestrian Mall" after the late actress and culture minister.

    [25] ATE contract with int'l consortium

    Athens, 31/12/1997 (ANA)

    The Agricultural Bank of Greece (ATE) signed a contract earlier this month with a consortium that includes the firms Intrasoft, Monitor, Ernest Young, Hay and others.

    The cost of the project is estimated at 5.5 billion drachmas and includes market strategy, the bank's general organization, management of personnel and the introduction of new informatics technology.

    [26] Christodoulakis says interest rates on downward trend

    Athens, 31/12/1997 (ANA)

    Speaking during a press conference yesterday, Finance Under-secretary Nikos Christodoulakis referred to developments relating to interest rates, which as he predicted were de-escalating after a recent crisis.

    The under-secretary said that the reduction in interests rates will be assisted by the state's increased borrowing needs, which in 1998 will be higher by two trillion drachmas.

    In January, the finance ministry will borrow 300 billion drachmas, while in the first half of the year the state will need to borrow another 520 billion.

    Mr. Christodoulakis further said that tax on treasury bills for the series to be issued on Jan. 2 will remain at 7.5 per cent, while the following series will be taxed at 10 per cent.

    [27] Sale of bourse shares completed

    Athens, 31/12/1997 (ANA)

    The sale of shares for the state-run Athens Stock Market - Chrimatistirio Axion Athinon S.A. - to various categories of investors has been completed.

    According to figures, investors were provided with 1,983,270 of the company's shares (39.67 per cent of the total figure) for about 23 billion drachmas. Following this development, the share register of the company "Chrimatistirio Axion Athinon S.A." was shaped as follows:

    Greek state 60.33 per cent; bourse companies 3.08 per cent; credit institutions 22.70 per cent; companies registered with the Athens Stock Exchange 5.55 per cent; insurance companies 1.58 per cent; mutual funds 2.36 per cent; insurance funds 3.04 per cent and investment companies 1.35 per cent.

    [28] Quality label for locally made handicrafts

    Athens, 31/12/1997 (ANA)

    A new measure for the protection of the local handicrafts market from imports will be taken next month, according to the president of the Association of Handicrafts Manufacturers (BLT).

    BLT President Odysseas Koumatos, who was speaking during a press conference yesterday, said a quality label will be attached on all local products sold at handicrafts shops. The quality label will be supplied by EOMMEX.

    He also charged that imported handicraft items and a 'self-styled' control of the market by tourist coaches stopping only at specific shops was a major blow to the sector.

    Mr. Koumatos, who called on the state to intervene, said that unless the National Tourist Organization (EOT) took proper measures to eliminate such phenomena, then local shopowners' associations and the BLT will go ahead with industrial action.

    The annual exhibition of the BLT Attica will be held Jan. 8-11 at the OLP building in Piraeus, with the participation of 400 handicrafts manufacturers across the country.

    [29] KKE, Synaspismos harshly criticize Cosmote

    Athens, 31/12/1997 (ANA)

    The Coalition of the Left and Progress (Synaspismos) party yesterday called for immediate intervention by the Hellenic Telecommunication Organization (OTE) and the replacement of the directors of its mobile telephony company Cosmote.

    Referring to the issue, an announcement by the Communist Party of Greece (KKE) attributes grave political responsibilities to OTE's administration and the leadership of the transport and communications ministry, "after the surprise decision by Cosmote not to accept other advance pre-registrations."

    KKE assesses that the 300,000 applications signaled the danger of overturning the "oligopolistic status", as it noted, created by the multinationals Stet and Panafon.

    End of English language section.


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