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Athens News Agency: News in English, 08-12-29

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

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

CONTENTS

  • [01] Greek markets cut fixed volatility rate for margin insurance on derivatives products
  • [02] Gov't says slashing tax evasion, spending priorities in 09
  • [03] PM receives outgoing Russian envoy

  • [01] Greek markets cut fixed volatility rate for margin insurance on derivatives products

    Hellenic Exchanges, the listed operator of ASE, ADEX and the Alternative Market, on Monday said it was revising down its fixed volatility rate, used by RIVA to calculate derivatives products' insurance margins on the FTSE/ASE 20 and FTSE/ASE 40 indexes to 44 pct, down from 50 pct, and valid as of Tuesday.

    The changes will be valid for open positions resulting after completion of the session at the Athens Derivatives Exchange on Tuesday.

    [02] Gov't says slashing tax evasion, spending priorities in 09

    Economy and Finance Deputy Minister Nikos Legas on Monday urged ministries and agencies to work harder towards combating tax evasion and smuggling, while at the same time expanding the tax base and cutting spending.

    In a circular, the minister said these goals are the axes to pursue fiscal consolidation in a 2009 state budget, with the aim of further reducing the country's fiscal deficit and public debt, within the framework of an EU Stability and Growth Pact.

    The circular, which included the main directions for executing next year's budget, stressed that the main goal of economic policy for 2009 was the continuation of fiscal consolidation, ensuring satisfying economic growth rates amid a negative international financial juncture, supporting employment and social cohesion, combating tax evasion and smuggling, adopting a fairer distribution of tax burden and boosting regional growth.

    The circular also strongly emphasises efforts by ministries and agencies to contain public spending.

    [03] PM receives outgoing Russian envoy

    Prime Minister Costas Karamanlis on Monday received outgoing Russian ambassador to Greece Andrey Vdovin.

    Speaking to reporters afterwards, the Russian envoy said the visit was a courtesy call to the prime miniser, as he was returning to Russia after five years of diplomatic service in Greece.

    Vdovin also referred to wider Greece-Russian cooperation in recent years, noting that there has been great progress in many areas, while he also stressed that there was "very good chemistry" between Russia's top leadership and the Greek premier.

    He further said "very good cooperation" had taken place, and expressed satisfaction that the Greek people and all the political parties supported these efforts.

    Vdovin also expressed satisfaction over the major progress in the relations between the two countries effected in the past five years.

    Caption: A file photo dated Sept. 1, 2005, shows Russian ambassador to Greece Andrey Vdovin in Athens. ANA-MPA / M. KIAOU.


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