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Athens News Agency: News in English, 00-04-26

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

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

  • [01] Euro Zone-Reckers-Reactions
  • [02] Papandreou-Kasoulides-Cyprus-Turkey
  • [03] Foreign Exchange Market-Close
  • [04] Secondary Bond Market-Close
  • [05] Bourse-Charges-Prosecutor
  • [06] Weather Forecast-Thursday
  • [07] Govt spokesman-Bundesbank-EMU
  • [08] Bank of Piraeus-Romanian purchase
  • [09] ADEX-close
  • [10] ASE-close

  • [01] Euro Zone-Reckers-Reactions

    26/04/2000 21:57:17

    Eminent market analysts on Wednesday commented on statements earlier in the day by Hans Reckers, a Bundesbank council member, who expressed his personal opinion that Greece's euro-zone entry should be delayed for a year as the country did not yet qualify.

    The analysts' comments, as follows, were made to Reuters news agency.

  • Ricardo Barbieri of Morgan Stanley Dean Witter: "We are very near publication of the convergence report (on Greece) and it would be a great surprise if these statements changed the favourable flow on Greece's entry."

  • Miranda Xafa of Salomon Smith Barney: "The target of Reckers' statements was apparently the euro and not Greece as such. I do not believe that they echo the opinion of the European Central Bank or European Commission."

    [02] Papandreou-Kasoulides-Cyprus-Turkey

    26/04/2000 21:57:10

    Foreign Minister George Papandreou on Wednesday discussed all aspects of the Cyprus issue with his Cypriot counterpart Yiannis Kasoulides in light of the third round of proximity talks due to start in New York on May 23.

    Papandreou said afterwards that both Athens and Nicosia believe that the time has come for substantive negotiations on the Cyprus issue and that the cycle of proximity talks has closed. He added that he discussed with Kasoulides issues concerning the preparation of Cyprus President Glafcos Clerides' visit to Athens on May 19 for talks with Prime Minister Costas Simitis and the Greek government.

    [03] Foreign Exchange Market-Close

    26/04/2000 20:30:01

    The drachma on Wednesday fell against the euro and the US dollar in the domestic foreign exchange market in gloomy sentiment after a German central banker said he thought Greece's euro-zone entry should be delayed for a year.

    Government spokesman Dimitris Reppas said the comments by Hans Reckers, a Bundesbank council member, were a personal view that did not contravene the Bundesbank's official position, which was that no decision had been taken on Greece's status.

    The dollar maintained its rising trend on world markets.

    [04] Secondary Bond Market-Close

    26/04/2000 20:29:55

    Bond prices in the domestic secondary market slumped in heavy trade on Wednesday before rebounding after a German central banker said he thought Greece's euro-zone entry should be delayed for a year.

    Government spokesman Dimitris Reppas said the comments by Hans Reckers, a Bundesbank council member, were a personal view that did not contravene the Bundesbank's official position, which was that no decision had been taken on Greece's status.

    [05] Bourse-Charges-Prosecutor

    26/04/2000 18:17:28

    A local prosecutor filed misdemeanor charges late Tuesday evening against the boards of the Greek bourse and Capital Market Committee over the alleged manipulation of share prices on the Athens Stock Exchange last summer.

    The officials were accused in court documents of failing to properly supervise the bourses stock transactions, while several executives of listed companies were charged with efforts to cover up alleged improprieties. Official depositions to a judicial investigator are the next step before an actual trial.

    [06] Weather Forecast-Thursday

    26/04/2000 17:49:14

    The day will start cloudy throughout the country on Thursday, turning to rain or storms in many areas. Winds variable, moderate.

    [07] Govt spokesman-Bundesbank-EMU

    26/04/2000 17:02:24

    The German central bank has expressed a positive recommendation on Greece's EMU participation, government spokesman Dimitris Reppas said on Wednesday.

    Reppas said that the European Central Bank and the European Commission will publish their positive assessments on Greece's EMU membership and that a final decision would be reached at an EU summit in Lisbon, June 19.

    He expressed his confidence over a positive decision and Greece's entry in the eurozone.

    Reppas said that comments by a senior German central banker that Greece was not ready for EMU membeship was a personal view which did not overthrow, rebuke or alter Bundesbank's official and clear position.

    Reppas was commenting on calls by Hans Recker, a Bundesbank council member, for Greece to delay its entry into monetary union by one year because it did not yet qualify to join.

    Recker said hiw views were personal as the Bundesbank's council has reached no final decision on the matter.

    [08] Bank of Piraeus-Romanian purchase

    26/04/2000 16:45:29

    Bank of Piraeus on Wednesday officially announced the purchase of Romanian bank Banka de Credit Pater following the signing of a deal for the transfer of the bank's total equity capital to Bank of Piraeus Group.

    The new bank, to be renamed Piraeus Bank Romania will focus its activity in retail banking and business credit.

    The Bank of Piraeus plans to expand its activities in Romania with the aim to hold a significant share of the market in the next few years through the creation of 15 branches in the country.

    The Group has already expanded in the neighbouring markets of Bulgaria and Albania.

    The deal for the purchase of Banka de Credit Pater was signed last November between Bank of Piraeus and Hungarian bank Budapest Bank, parent of Pater Bank.

    [09] ADEX-close

    26/04/2000 16:32:22

    Derivatives prices ended lower on the Athens Derivatives Exchange on Wednesday, following a decline in the two benchmark indices, FTSE/ASE 20 and FTSE/ASE 40.

    A total of 1,749 futures contracts were traded on the FTSE/ASE 20 index, with a turnover of 7.9 billion drachmas. The May expiring contract ended at 2,315 points, the June at 2,319 and the July contract at 2,318 points.

    A total of 2,132 futures contracts were traded on the FTSE/ASE 40 index, worth 4.3 billion drachmas. The May expiring contract ended at 515 points, the June at 513.50 and the July contract at 518 points.

    [10] ASE-close

    26/04/2000 15:42:18

    Comments by a German banker recommending that Greece should delay its entry in EMU by one year because it did not fulfil all convergence criteria, undermined sentiment on the Athens Stock Exchange on Wednesday and pushed equity prices lower.

    Dealers said that the Bundesbank's member comments gave investors the excuse to sell equities again, reversing an early 1.02 percent advance in prices.

    The general index ended at 4,147.23 points, losing 1.83 percent, but off the day's lows of 4,026.75 points. Turnover was a low 95.62 billion drachmas. The FTSE/ASE 20 index for blue chip and heavy traded stocks fell 1.94 percent to 2,357.78 points and the FTSE/ASE 40 index eased 2.22 percent to 544.64 points.

    The parallel market index for smaller capitalisation stocks ended at 677.50 points, down 3.78 percent.


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