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Athens News Agency: News in English, 11-09-02

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

From: The Athens News Agency at <>


  • [01] ASE capitalisation down 10.7 bln euros in Aug.
  • [02] ND: Gov't deluding the people
  • [03] Stocks end down 3.98 pct down
  • [04] Six-month T-bill auction on Tues.
  • [05] Athens Newspaper Headlines

  • [01] ASE capitalisation down 10.7 bln euros in Aug.

    (ANA-MPA) -- August was a disastrous month for the Athens Stock Exchange (ASE) as the market lost 10.726 billion euros from its capitalization, while the composite index of the market plunged 23.9 pct. The banking sector was the weak link of the market, with the relative index losing 33.5 pct in the month, falling to levels seen in January 1993.

    However, August recorded the highest daily percentage gain in ASEís history, with the composite index of the market jumping 14.37 pct on August 29, boosted by news of a merger deal between Eurobank and Alpha Bank, (ANA-MPA) Greece's second and third largest banks respectively.

    The index ended the month at 915.98 points, down 23.9 pct from the previous month, for a net loss of 35.22 pct so far this year. ASEís capitalization is down 16.778 billion euros in the January-August period. The Big Cap index fell 26.6 pct in August, while the Mid Cap index dropped 22.02 pct and the Small Cap index fell 22.6 pct. (ANA-MPA)

    [02] ND: Gov't deluding the people

    Main opposition New Democracy (ND) accused the PASOK government of "attempting to delude the people" and of "extreme irresponsibility", in a reaction on Friday to government vice president and finance minister Evangelos Venizelos' statements at a press conference earlier in the day on the suspension of talks with the European Commission (EC), European Central Bank (ECB) and International Monetary Fund (IMF) chiefs late Thursday.

    "After upsetting the country in the middle of the night with irresponsible leaks on supposed cries of resistance to the troika, Mr. Venizelos appeared today (Friday) to make recommendations to himself and the government," ND press officer Yiannis Mihelakis said, charging that "they are now trying to hide their failure and inadequacy with cheap communications tricks".

    Mihelakis also charged that the government is postponing its talks with the troika to after prime minister George Papandreou 's appearance at the Thessaloniki International Fair (TIF, where the premiers traditionally unveil the economic policy for the following year), claiming that Mr. Venizelos has to complete 'technical aspects'."

    [03] Stocks end down 3.98 pct down

    (ANA-MPA) -- Sto

    The composite index dropped 3.98 pct to end at 891.93 points, for a net gain of 1.35 pct in the week. The index is down 36.92 pct so far this year. Turnover remained a low 55.352 million euros.

    The Big Cap index dropped 4.61 pct, the Mid Cap index fell 2.28 pct and the Small Cap index eased 0.72 pct. All blue chip stocks suffered losses with Hellenic Postbank (10.16 pct), Alpha Bank (9.26 pct), Eurobank (7.19 pct), Ellaktor (7.18 pct) and National Bank (6.31 pct) recording the biggest percentage losses.

    The Technology (3.57 pct), Insurance (2.38 pct) and Health (0.26 pct) sectors scored gains, while Telecoms (6.25 pct) and Banks (5.82 pct) suffered the heaviest percentage losses of the day.

    Broadly, decliners led advancers by 92 to 40 with another 44 issues unchanged. CPI (20 pct), Intrakat (16.98 pct) and Minerva (10 pct) were top gainers, while Dromeas (16.67 pct), Varvaressos (16.67 pct) and Audiovisual (13.04 pct) were top losers. (ANA-MPA) cks ended the last trading session of a highly volatile week with sharp losses at the Athens Stock Exchange on Friday, following a similar trend in other European markets.

    [04] Six-month T-bill auction on Tues.

    (ANA-MPA) -- The Greek government on Friday announced that it will auction six-month Treasury bills next Tuesday, Sept. 6, seeking to raise 1.0 billion euros from the market.

    An announcement by the Public Debt Management Organization (ANA-MPA) said the settlement date was set for Sept. 9. The auction will be made through the marketís primary dealers, while the Greek government will accept non-competitive bids at a cut-off price up to 30 pct of the asked sum.

    [05] Athens Newspaper Headlines

    The Friday edition of Athens' dailies at a glance

    The EU-IMF troika inspection of the Greek economy

    (ANA-MPA) and other economic issues were the main front-page items in Athens' dailies on Friday.

    ADESMEFTOS TYPOS: "Turnover in merchant shops down by up to 60 percent during summer sales period".

    AVGHI: "207 university schools taken over by students - New framework law on reform of higher education will be overturned".

    AVRIANI: "Council of State ruling deeming population criteria as constitutional for the opening of the closed professions a blow for Ragoussis (transport minister) and vindication of his predecessor Reppas".

    DIMOKRATIA: "ND: You're destroying the country - Snap elections the only solution".

    ELEFTHEROS TYPOS: "Complication with troika - The discussions discontinued".

    ELEFTHEROTYPIA: "Shame - The government beheaded the parliamentary budget committee over the figures of the debt, which did not suit it".

    ESTIA: "The exit from recession".

    ETHNOS: "Funds have run out of cash".

    IMERISSIA: "Strong supervision by Bank of Greece".

    KATHIMERINI: "Cacophony among ministers plaguing the government".

    LOGOS: "The death of the salesman..."

    NAFTEMPORIKI: "Banking system under strict supervision".

    NIKI: "The money has run out in IKA and OAEE".

    RIZOSPASTIS: "We can refuse payment of the extraordinary contribution, if we are organised".

    TA NEA: "Pay a reduced fine and save your unlicensed building".

    VRADYNI: "All the changes to the bill on buildings without permits".

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