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Athens News Agency: News in English, 10-02-26

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

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

CONTENTS

  • [01] ND proposes probe on economy since 1981
  • [02] Papandreou receives Deutsche Bank CEO Ackermann
  • [03] Greek bond market closing report
  • [04] Greek budget records 579-mln-euro surplus in Jan
  • [05] Commission reiterates support
  • [06] Stocks end 2.17% higher

  • [01] ND proposes probe on economy since 1981

    Main opposition New Democracy (ND) on Friday tabled its own proposal for the establishment of a fact-finding commission to investigate the course of the fiscal indicators and quality of the fiscal data from 1981 to February 2010.

    The motion, which was submitted to the parliament president, is signed by ND leader Antonis Samaras and former prime minister Costas Karamanlis as the second signatory, and contains the signatures of the party's entire parliamentary group.

    In the motion, the government and ruling PASOK party are accused of "persistence" in the establishment of a "totally superficial" fact-finding commission.

    It notes that ND is submitting its own proposal for the establishment of such a commission on the economy so that, with the purpose of consolidating transparency and formulating firm and healthy rules for the future, the real causes may be brought to light that led over the years -- and specifically from 1981, when Greece acceded the then EEC (EU today) -- the Greek economy to its present condition, both with respect to fiscal indicators and the quality of the fiscal figures.

    It further notes that the content of PASOK's proposal for establishing the commission, and particularly the time period to which it limits the investigation -- from 2004 (when ND took government) to October 2009 (when PASOK took over the government) -- proves that the government and PASOK aim neither at the consolidation of transparency in the economy, nor the establishment of firm and effective regulations for the country's institutional credibility. The government and PASOK "are not seeking the disclosure of the truth but its concealment", the motion says.

    ND, in its motion, accuses the government and PASOK of first of all trying to conceal the fact that, prior to the October 2009 elections, "and although, in accordance with their own admissions, they were fully aware of the state of the economy, they deliberately lied to the Greek people and liberally made promises to them which, of course, they knew they could not fulfill", at the same time that ND "had clearly and frankly told the truth about the critical state of the economy, at the same time presenting a package of necessary measures".

    It also accuses the government and PASOK of "covering up their own immense responsibilities over the fact that for four months -- when the present conjuncture does not allow even a single day to be lost -- they took no adequate and effective measure to confront the crisis, despite the severe recommendations of the European Union bodies, with adverse consequences for the economy, employment and the country's cost of borrowing".

    [02] Papandreou receives Deutsche Bank CEO Ackermann

    (ANA-MPA) -- Greek Prime Minister George Papandreou on Friday received Deutsche Bank CEO Josef Ackermann at the former's Parliament office.

    (MORE on the subscriber's page)

    [03] Greek bond market closing report

    (ANA-MPA) -- The yield spread between the 10-year Greek and German bonds was 355 basis points in the Greek electronic secondary bond market on Friday, with the Greek bond yielding 6.65 pct and the German Bund 3.10 pct. Turnover in the market was around 900 million euros.

    In interbank markets, interest rates were largely unchanged. The 12-month Euribor rate was 1.24 pct, the six-month rate 0.99 pct, the three-month rate 0.71 pct and the one-month rate 0.48 pct.

    [04] Greek budget records 579-mln-euro surplus in Jan

    The Greek state budget showed a surplus of 579 million euros in January, after a deficit of 1.554 billion euros in the corresponding month last year, official figures showed on Friday.

    A report by the general accounts office, said the regular budget's net revenues were up 16.6 pct in January, exceeding a budget target for a growth rate of 10.8 pct. This development reflects revenues totaling 691 million euros from the imposition of an extra tax charge on large enterprises and reduced tax returns (256 million euros), compared with January 2009.

    Budget spending fell by 10.7 pct in January, sharply up from a budget target of 2.8 pct. Primary spending fell 6.8 pct and interest spending were down 31.6 pct.

    Spending by a Public Investments Program plunged 84.3 pct in the first month of 2010, while revenues were up 97.7 pct, compared with the same period in 2009.

    [05] Commission reiterates support

    BRUSSELS (ANA-MPA) -- The European Commission on Friday reiterated the Union's determination to support Greece, if needed and if such a request is tabled by the Greek government.

    Speaking to reporters, Amadeo Altafaz, a spokesman for EU Economic and Monetary Affairs Commissioner Olli Rehn, reminded that a group of Community experts returned from Athens on Thursday and will brief the Commissioner over conclusions from their visit to Athens.

    (EPA/ANA-MPA file photo)

    [06] Stocks end 2.17% higher

    Stocks ended the last trading session of the week with significant gains at the Athens Stock Exchange on Friday, although turnover remained subdued. The composite index of the market rose 2.17 pct to end at 1,913.16 points, for a net decline of 0.75 pct in the week. Turnover was 179.479 million euros.

    The FTSE 20 index jumped 3.10 pct, the FTSE 40 index ended 1.08 pct up and the FTSE 80 index jumped 1.68 pct. The Banks (4.98 pct0 and Technology (3.59 pct) sectors scored the biggest percentage gains of the day, while the Telecommunications sector ended lower (0.35 pct).

    Maillis (16.67 pct), Revoil (12.94 pct), Hygia (9.49 pct), Crown Hellas Can (9.29 pct) and Cardico (9.09 pct) were top gainers, while Klonatex (16.67 pct), Douros (9.60 pct) and Allatini Ceramics (8.33 pct) were top losers.

    Broadly, advancers led decliners by 133 to 56 with another 42 issues unchanged.


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