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Athens Macedonian News Agency: News in English, 14-09-11

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

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

CONTENTS

  • [01] Greece launches exchange offer for T-bill issues‏
  • [02] Court of Audit blocks 'Elliniko' sale on procedural grounds
  • [03] Three architrave pieces found in ancient Amphipolis

  • [01] Greece launches exchange offer for T-bill issues‏

    ANA/MPA---Greece on Wednesday announced the re-opening of three- and five-year bond issues to be offered in exchange for existing short-term Treasury bills, as part of a broader programme to manage more efficiently the country's liabilities. In an announcement, Greek authorities said that the aim is to exchange state securities worth 1.0 billion euros. The move was announced by the finance ministry weeks ago and aims to reduce the borrowing cost for the Greek state and to extend the maturity of the debt. T-bill holders will be able to exchange their holdings with new bonds, maturing in 2019 carrying a coupon of 4.75 pct, or bonds maturing in 2017 with a coupon of 3.375 pct.

    The exchange offer will begin on Thursday, 11 September, 8:00 local time and will end at 19.00, unless an extension is given.

    [02] Court of Audit blocks 'Elliniko' sale on procedural grounds

    ANA/MPA---A Court of Audit ruling on Wednesday blocked the sale of 100 percent of Elliniko SA, the site of the former Athens airport, by the Hellenic Republic Asset Development Fund (HRADF) on the grounds that rules of transparency, equal treatment and competition had been violated during the tender process. The ruling was issued after the court inspected the draft of the sale contract and the procedure to select the highest bidder in the sale for Elliniko.

    Among the problems cited by the court was that the wording of a tender for the sale restricted participation to financial bodies have a legal personality or their unions and consortiums. In this way, the court said, a series of financial agents were barred from participating, including individual persons whether alone or in unions or consortiums with others. According to the court, there were no special reasons to justify such an exclusion.

    It also objected to changes to the terms of the tender made in the second phase of the process, so that the submission of new offers was essentially impossible by potential investors that had not been pre-selected. In addition, such late changes in the terms of a contract put up for tender are forbidden by both Greek and European law unless there is a specific provision referring to the possibility of an amendment.

    [03] Three architrave pieces found in ancient Amphipolis

    The archaeological excavation at the Amphipolis site unearthed three architrave (epistyle) pieces, about 80 cm to 1 meter long and 15 cm of height, at the Kasta tumulus, after the second diaphragmatic wall behind the caryatids.

    The findings, bearing traces of blue and red colour, were transferred to the Amphipolis Archaeological Museum. According to Culture ministry sources, there are more unscathed architraves in the antechamber.


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