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A.N.A. Bulletin, 09/04/96

From: "Greek Press & Information Office, Ottawa Canada" <grnewsca@sympatico.ca>

Athens News Agency Directory

ATHENS NEWS AGENCY BULLETIN (No 858), April 9, 1996

Greek Press & Information Office

Ottawa, Canada

E-Mail Address: grnewsca@sympatico.ca


CONTENTS

  • [1] Basis for Greek-Turkish relations can be found in respect for international law, treaties, Simitis says

  • [2] Press conference

  • [3] Simitis sees role for US in easing tensions

  • [4] Belgrade recognition of FYROM as 'Macedonia' an unfriendly gesture to Greece, Athens says

  • [5] Agreement reached

  • [6] Opposition reactions

  • [7] Serbian parties welcome recognition

  • [8] Yilmaz: Ankara rejects Greek conditions on dialogue

  • [9] Turkish foreign ministry statements

  • [10] Romeos meets British counterpart on EU issues

  • [11] Greek, Turkish unionists meet in Ankara

  • [12] Council of State to examine new decree on Moslem minority issues

  • [13] New Canadian consulate opens in Thessaloniki

  • [14] ET-3 TV adopts wide screen broadcasting

  • [15] Aristotelian university signs contracts with Thessaloniki '97 body

  • [16] IOC will help Athens financially if bid to host 2004 Games successful, Samaranch tells Fouras

  • [17] Peponis reassuring over faulty AIDS test matter

  • [18] March inflation hits 9.1%, no indications rise will continue, ESYE says

  • [19] Drachma up against basket of all currencies


  • [1] Basis for Greek-Turkish relations can be found in respect for international law, treaties, Simitis says

    Washington, 09/04/1996 (ANA-S. Liarellis/T.Ellis)

    The respect for international law and treaties can provide a basis for Greek-Turkish relations, Greek Prime Minister Costas Simitis said in the US capital yesterday, on the first full day of his US visit.

    Addressing the National Press Club in Washington, the prime minister underlined Greece's unyielding determination to defend its sovereign rights.

    He stressed Greece's profound concern over recent events on the islets of Imia, saying that "with words and deeds" Turkey disputed the country's territorial integrity for the first time, a qualitative change, he said, in the nature of Turkish claims in the Aegean.

    Ankara's positions on dialogue, Mr. Simitis continued, appeared after Turkey disputed Greek territory. Greece, he said, did not reject dialogue with any country but, at the same time, "we are not prepared to negotiate without conditions and without the prospect of a satisfactory conclusion."

    This refusal was based on the following reasons, he said:

    "Negotiations are by nature a political - and not a legal - form of resolving problems and consequently cannot secure a definitive and permanent solution binding for both sides.

    "And Greece's past experience in negotiations with Turkey has been negative since the '70s," he said. In negotiations on preparing a draft agreement on referring the issue of the delineation of the Aegean continental shelf to The Hague, Turkey initially agreed and then withdrew its consent; at the same time, it placed other issues on the table leading to negotiations being discontinued.

    "Greece cannot and refuses to negotiate national territory, the possession of which is consolidated by international treaties and on which Greece has been exercising sovereign rights unimpeded for half a century. However, in calling on us for negotiations on the islets, Turkey is urging us to do exactly that," Mr. Simitis said.

    For this reason, he said, recourse to the International Court was the sole sure way of finding a definitive and binding solution.

    On the continental shelf question in particular, he said Greece was ready to proceed with concluding a draft agreement referring the issue to judicial resolution.

    However, "in the event Turkey chooses to resort to a judicial body on the islets, Greece is prepared to follow her. If Turkey agreed to legal issues being referred to The Hague then, with the defusing of tension, Greece would not object to discussing other bilateral issues," he said.

    Greece "recognizes and understands Turkey's need for European orientation", he said but adding that it was essential that this prospect should also reflect the safeguarding of European political values, human rights and democratic principles.

    The prime minister also raised the issue of Cyprus, saying that Greece would not compromise by accepting fait accomplis brought about by force, underlining the unbreakable consensus between Greece and Cyprus and adding that his goal was implementation o f UN Security Council resolutions.

    On the question of the Former Yugoslav Republic of Macedonia (FYROM), Mr. Simitis said that Greece placed particular emphasis on the implementation of the conditions of the interim accord and that "it can be replaced (since it has a seven-year duration) by a more integrated agreement when the problem of this state's name is ultimately resolved."

    Mr. Simitis placed particular emphasis on the role Greece could play in the Balkans, referring to the inter-Balkan conference aimed at the signing of a regional accord, the further improvement of Greek relations with Albania, and Greece's utilization of its capacity as a European Union, NATO and Western European Union member.

    He outlined Greece's priorities in the economic sector in the Balkans: developing an institutional co-operation framework with new Balkan countries; promoting investments in the form of joint ventures (also with the participation of the US); upgrading infrastructure in northern Greece; and planning alternative paths of transport and procurement from Black Sea regions to the Mediterranean and wider economic co-operation with these regions.

    Commenting on relations between Greece and the US, Mr. Simitis said economic, investment and diplomatic activities were being sought to attach a new and richer content to these relations.

    His government's target, he said, was building a strong and active Greece.

    [2] Press conference

    Washington, 09/04/1996 (ANA-S. Liarellis/T.Ellis)

    Replying to questions after his speech, Mr. Simitis said it was natural he would discuss the Cyprus issue with President Clinton, adding that the time was ripe for the United States and the other allies to help in its solution.

    Asked on how he would react in the event of a new crisis in the Aegean, similar to that of Imia, he said "I would do exactly the same thing," and expressed his confidence in Defense Minister Gerassimos Arsenis.

    "Greece does not desire war with Turkey. But this does not mean that in future situations we would not decide to go to war," he said.

    Referring to Turkey, he stressed that it is the first time since World War II that a country has threatened to change borders. He stressed that Greece would not permit it, noting that at the end of the 20th century there are laws, treaties, and tribunal s, and called on Turkey to seek recourse at the International Court at The Hague.

    Mr. Simitis described as "unfortunate" the US Transportation Department's decision to issue an informal travel warning regarding Athens airport, adding that when US First Lady Hillary Rodham Clinton visited Athens recently, she did not feel at all unsafe.

    He expressed his deep regret over the death of US Commerce Secretary Ron Brown in Croatia and said that in his place, he would now meet with Treasury Secretary Rubin, together with National Economy Minister Yiannos Papantoniou, to discuss the promotion of bilateral economic relations.

    The Greek premier laid a wreath at the Arlington National Cemetery yesterday, and was due to attend a dinner hosted in his honor by Greek-American organizations.

    Foreign Minister Theodoros Pangalos was due to meet President Clinton's National Security Adviser Tony Lake late in the afternoon yesterday, and was expected to set out in detail Greek positions on national issues, particularly with regard to Turkey.

    Mr. Pangalos met with the staff of the Washington Post in the morning, and was expected to speak at the Carnegie Endowment for International Peace in the evening.

    [3] Simitis sees role for US in easing tensions

    Athens, 09/04/1996 (ANA)

    Mr. Simitis told reporters en route to Washington on Sunday night that Greece would see in a positive light the possibility of the United States contributing to the easing of tensions in Greek-Turkish relations.

    Asked if he would ask US President Bill Clinton for his contribution, Mr. Simitis said that "I will, as I have sought the help of European leaders in making Turkey understand that aggressiveness leads nowhere."

    "I believe it is in the interests of the United States to set certain principles for the co-existence of countries and peoples in the eastern Mediterranean, principles which will consolidate peace and avert incidents such as Imia's," the Greek prime minister said.

    Maintaining that Athens had no specific expectations from this trip, he added that "such trips do not produce immediate results."

    "What we are pursuing we shall achieve sooner or later through constant work...," Mr. Simitis said, noting that Athens wished for "the improvement of Greek-American relations."

    Noting that he would discuss the issue of Greek-Turkish relations with President Clinton, Mr. Simitis said his working visit to the US aimed at presenting the Greek positions "in such a way so as to create a climate which will allow us to achieve the solutions we are seeking."

    "Our role will be determined by us, not by the Americans," he said.

    He said he would present the role which Greece desires to play in the Balkans as well as the arguments of the government in Athens concerning "Greek-Turkish differences and problems emanating from Turkish aggressiveness." He said he would also refer to

    Greece's views on the European Union, expressing certainty that the meeting would be positive.

    [4] Belgrade recognition of FYROM as 'Macedonia' an unfriendly gesture to Greece, Athens says

    Athens, 09/04/1996 (ANA)

    Greece yesterday expressed its displeasure at Belgrade's decision to recognize the Former Yugoslav Republic of Macedonia (FYROM) as the "Republic of Macedonia," saying it did not help efforts to establish stability and good bilateral relations in the region.

    The pact, signed in Belgrade by foreign ministers Milan Milutinovic and Ljubomir Frckovski (FYROM), establishes "full diplomatic relations at ambassador level and creates conditions for a comprehensive development of mutual relations and co-operation."

    Belgrade's decision "does not help the stability and improvement in relations between the nations in the region, and cannot be considered a friendly gesture towards Greece," Greek foreign ministry spokesman Costas Bikas said in Washington, where he is accompanying Greek Premier Costas Simitis on his official US visit.

    "The Greek government, just as the other nations of the European Union, has recognized FYROM and supports its recognition by other former Yugoslav republics. As is known, a mutually acceptable name is being sought within the framework of negotiations under the auspices of the United Nations, while negotiations have not been completed."

    The landlocked former Yugoslav republic has been seated at the UN under the FYROM name, pending a settlement of the name issue with Athens.

    Reliable diplomatic sources said in Athens yesterday that Foreign Minister Milutinovic briefed his Greek counterpart by letter last week of Belgrade's impending decision to recognize FYROM as "Republic of Macedonia".

    [5] Agreement reached

    Belgrade, 09/04/1996 (ANA - M. Mouratidis)

    According to a communiqui issued here regarding the treaty between Belgrade and Skopje, FYROM accepted the state continuity and international legal personality of the Federal Republic of Yugoslavia.

    An accord was also reached to solve the question of the succession to the previous Yugoslavia by agreement.

    Particular emphasis was placed on the interest of the two countries in strengthening economic co-operation in all fields. It was agreed to begin immediate negotiations on concluding an agreement on economic co-operation and trade. The two sides, the communiqui said, will solve by agreement, on the basis of reciprocity, the question of physical persons and legal entities.

    "We are opening the door to a successful development of Yugoslav-'Macedonian' relations and comprehensive co-operation," Mr. Milutinovic said upon signing the agreement.

    The communiqui said that agreement was "an important contribution to the strengthening of the peace process, as well as to the building of confidence, stability, good-neighborliness and confidence in the Balkans and Europe".

    [6] Opposition reactions

    Athens, 09/04/1996 (ANA)

    In Athens, the main opposition New Democracy party said the agreement was the result of public statements in Greece concerning the name issue.

    According to an announcement, "public statements on the name issue weakened Greek positions, resulting in the signing of an agreement between the Federal Republic of Yugoslavia and the Former Yugoslav Republic of Macedonia, and in (FYROM President Kiro) Gligorov reiterating that there is no reason to change his country's constitutional name."

    ND said it had warned the government 18 days ago of this development, urging it to take all appropriate action.

    "The government, however, following its regular tactics claimed that we were scare mongering," the announcement said, adding that the government was "walking on a tightrope."

    The Political Spring party reacted sharply to Skopje's recognition by Belgrade, warning that final recognition necessarily depended on Greece.

    "The Serb's decision fills the Greek people with bitterness. Skopje's final recognition necessarily depends on Greece and not on anyone else. Therefore, what matters is not what the others do, but what we do," leader Antonis Samaras said.

    Mr. Samaras attributed heavy responsibility to the Greek government for the development, saying it sent a "message of capitulation and compromise through its own behavior", and not reacting even when "Europe imposed as a condition on Belgrade that it w ill recognize Yugoslavia only in the case that it recognized Skopje".

    The Coalition of the Left and Progress also criticized the government, but from a different standpoint, describing its "wait-and-see" attitude as totally wrong.

    It called on the government to abandon its double talk and promote the interim agreement reached in New York last September, pursuing without delay a mutually acceptable composite name.

    "Anything else is leading to the establishment of the term 'Macedonia' straight, with mathematical precision," an announcement said.

    In Thessaloniki, PASOK deputy and former public order minister Stelios Papathemelis described Belgrade's move as "profane and immoral", saying that Greece had given everything to Serbia in the last few years, and had paid with strong international criticism.

    "I cannot know what the Greek government has done, and if it resolutely warned that this move constituted a hostile act ... There are no lost causes, only abandoned ones... I should like to believe that the Greek side will pay the Serbian leader (Slobodan Milosevic) with the same coin," he said.

    [7] Serbian parties welcome recognition

    Belgrade, 09/04/1996 (ANA - M. Mouratidis)

    Almost all Serbian opposition parties yesterday welcomed FYROM's recognition as 'Republic of Macedonia', with only the Democratic Party (DSS) saying that it was "a desirable act, on condition that Serbian-Greek relations a re not disturbed".

    Party spokesman Miroland Jovanovic said the move was premature because talks were pending on the issue of FYROM's name.

    Serbian Renewal Movement (SPO) accused President Milosevic of delaying the decision to recognize Skopje.

    "Only when Milosevic is removed from power will 'Macedonia' become Serbia's bridge to Greece, and Serbia 'Macedonia's' bridge to Europe," he said.

    The agreement was welcomed by New Democracy (ND), the Citizens' Party (GSS), and the United Yugoslav Left (JUL).

    [8] Yilmaz: Ankara rejects Greek conditions on dialogue

    Istanbul, 09/04/1996 (ANA - A. Kourkoulas)

    Turkish Prime Minister Mesut Yilmaz announced yesterday that Ankara does not accept conditions placed by Greece for commencing a Greek-Turkish dialogue, adding however, that some of Athens' positions are "positive."

    "It is not possible for us to accept all conditions placed by the Greek foreign minister," Mr. Yilmaz said. He also stated that Turkey cannot retract previous government statements threatening Greece with war if the latter exercised its legal right and expanded territorial waters to 12 nautical miles.

    "Of course there is no issue of Turkey accepting something like that," Mr. Yilmaz responded to press questions after meeting with the presidium of the Motherland Party (ANAP), the political party he heads.

    Mr. Pangalos said on Friday that he was willing to talk to his Turkish counterpart but that "the absolute minimum" that Turkey must do was to retract its threats of war, take any claims against Greece to the International Court of Justice at The Hague and respect the status quo in the interim.

    However, the Turkish premier said a "positive development" lay in Athens' acceptance of the possibility of some high-level meeting between the two nations' officials and "facing the issues with discussions."

    In response to other questions, Mr. Yilmaz said he did not ask for Ecumenical Patriarch Vartholomeos' mediation in Greek-Turkish issues. In addition, he said that during his meeting with Vartholomeos the issue of reopening the Patriarchate's theological school on the island of Halki was discussed.

    [9] Turkish foreign ministry statements

    Athens, 09/04/1996 (ANA)

    Ankara does not preclude the possibility of a meeting between the foreign ministers of Greece and Turkey on the sidelines of a future international meeting.

    However, Turkish foreign ministry spokesman Omer Akbel said no such meetings have been scheduled at the foreign ministers' level, adding however, that the possibility of such meetings taking place during the sidelines of international meetings should be viewed as "natural."

    Meanwhile, diplomatic sources in the Turkish capital said both the Greek and Turkish foreign ministers are likely to meet at a council for Black Sea nations' economic co-operation, scheduled at the end of the month in Bucharest.

    In addition, Ankara yesterday denied Greek press reports referring to preparation for a Greek-Turkish dialogue at a ministers' level.

    "These reports are not accurate, no preparation is occurring at this phase," Turkish foreign ministry officials stated.

    [10] Romeos meets British counterpart on EU issues

    Athens, 09/04/1996 (ANA)

    The Greek textile industry's problems and limits on the amount of milk the nation can supply the market were the main points brought up by Alternate Foreign Minister George Romeos yesterday morning in his meeting with British Secretary for European Affair s Roger Freeman.

    According to informed sources, Mr. Romeos specifically touched on the issue of Community solidarity in light of the recent firestorm of controversy in Britain and the EU over "mad cow disease."

    Mr. Romeos told his interlocutor that, in regard to the inter-governmental conference (IGC) which began last month in Turin, the institutional recognition of the external borders of the European Union would aid in the protection of its citizens against terrorism and drug trafficking. Mr. Freeman agreed with Mr. Romeos that Central and Eastern European countries hoping to become members of the EU would have to fully meet all Community prerequisites.

    Other topics of discussion concerned application of Community directives, expansion of the 15-member Union and other IGC issues.

    [11] Greek, Turkish unionists meet in Ankara

    Istanbul, 09/04/1996 (ANA)

    General Confederation of Workers of Greece (GSEE) President Christos Protopapas met the leadership of the biggest Turkish labor union Turk-Is in Ankara yesterday, according to a report from the Anatolian news agency.

    Speaking at a joint press conference, Turk-Is President Bayram Meral said "it was ascertained from discussions that no problem exists between the peoples of the two countries", adding that "existing problems should be resolved by the officials of the two countries with dialogue."

    Mr. Meral said an agreement was reached in the direction of joint action between Turk-Is and GSEE towards international labor unions.

    On his part, Mr. Protopapas said "the Greek people nurse positive feelings for the Turkish people and working people" and that "the problems occupying the peoples of the two countries and working people can be resolved with co-operation."

    The Greek trade unionists visited the Turkish foreign ministry afterwards and met Under-secretary Onur Oymen.

    After visiting Ankara, GSEE's presidium will continue contacts in the cities of Izmir and Istanbul.

    [12] Council of State to examine new decree on Moslem minority issues

    Athens, 09/04/1996 (ANA)

    A draft presidential decree transferring the responsibilities of prefects on any issue directly or indirectly regarding the Moslem minority in Thrace on the basis of the 1923 Treaty of Lausanne to the Secretary-General of the Eastern Macedonia and Thrace region has been submitted to the Council of State.

    The draft decree is signed by Foreign Minister Theodoros Pangalos and Interior, Public Administration and Decentralization Minister Akis Tsohatzopoulos.

    The responsibilities in question concern matters of religion and worship, education and educational establishments, as well as those relating to border cross-border issues, town planning, land redistribution, and development projects.

    The draft provides for the Secretary-General to exercise his new responsibilities on the basis of directives provided by the competent ministries.

    [13] New Canadian consulate opens in Thessaloniki

    Athens, 09/04/1996 (ANA)

    The Canadian consulate in Thessaloniki was officially opened in Thessaloniki yesterday by visiting Canadian Commerce Minister Art Eggleton, who is to meet with Development Minister Vasso Papandreou and Alternate Foreign Minister George Romeos in Athens to day.

    According to Mr. Eggleton, one of the reasons behind the establishment of the consulate is the increased commercial and investment activity by Canadian companies in Greece.

    Canada's TVX Gold recently bought the Halkidiki goldmine, while total Canadian investments in this country amount to over one billion dollars.

    Another reason behind the establishment of the consulate is "the sentimental tie existing between Greeks and Canadians, as there are over 300,000 Greeks in Canada, many of whom are from northern Greece," said Mr. Eggleton.

    The Canadian minister spoke of the good relations between the two countries "both on a commercial and political level."

    Mr. Eggleton visited Macedonia-Thrace Minister Philippos Petsalnikos yesterday morning, and also met with Thessaloniki Mayor Constantinos Kosmopoulos and Thessaloniki prefect Costas Papadopoulos. He is due to officially open the Greek-Canadian Chamber offices in Athens today.

    [14] ET-3 TV adopts wide screen broadcasting

    Athens, 09/04/1996 (ANA)

    The state-run ET-3 network will become the first Greek television station to broadcast on the new "wide screen" system, featuring a 16:9 viewing ratio and hi-fi stereo sound.

    ET-3 programs on the high-tech broadcasting system will begin after Easter from 8 to 10 every morning, according to a station official.

    According to ET-3, purchase of equipment for the new system will cost 700 million drachmas, which it hopes will be covered by an European Union subsidy. New programs using a 16:9 format will cost an estimated 300 million drachmas.

    [15] Aristotelian university signs contracts with Thessaloniki '97 body

    Athens, 09/04/1996 (ANA)

    Three work contracts were signed yesterday between the Thessaloniki Cultural Capital of Europe 1997 Organization and the Aristotelian University of Thessaloniki.

    The contracts concern the construction of the university's 770-million-drachma archaeological center at Vergina, which will include lecture theaters, laboratories, a library and hostels, renovation of the university's ceremony hall, at a cost of 450 mil lion drachmas, and the renovation of the large amphitheater of the University's Polytechnic School, at a cost of 80 million drachmas.

    The contracts were signed by the organization's president, Thessaloniki Mayor Constantinos Kosmopoulos and Aristotelian University Rector Antonis Mandis.

    Mr. Kosmopoulos said the renovation projects are expected to be completed by March 1997, while part of the archaeological center in Vergina is expected to be operational in the same year.

    After the contracts were signed, Mr. Mantis presented the "Aristot-le" program, the result of the university's co-operation with the organization. The program includes scientific conferences, lectures by leading specialists, many of them Nobel Prize winners, meetings with the rectors of some of the oldest European universities and publications dealing with history and the work of the Aristotelian University.

    [16] IOC will help Athens financially if bid to host 2004 Games successful, Samaranch tells Fouras

    Athens, 09/04/1996 (ANA)

    The International Olympic Committee (IOC) will provide $700 million if Athens is successful in its bid to host the 2004 Olympic Games, IOC President Juan Antonio Samaranch told Sports Under-secretary Andreas Fouras yesterday.

    Speaking to journalists, Mr. Fouras said that this amount would help the country in the event it was awarded the Games and ensure the event is profit-making.

    "Your permanent enemy in your efforts to host the Olympic Games is ... yourselves. For this reason you need internal unity and the necessary attention," Mr. Samaranch told the sports under-secretary.

    Mr. Fouras said that Greece will have the most complete candidate file for the Games.

    The under-secretary also met with International Amateur Athletics Federation (IAAF) President Primo Nebiolo in order to discuss the organization of the World Athletics Championships in Athens in 1997.

    On Thursday, Mr. Fouras is to participate in a European sports conference on the subject of dealing with violence in sport.

    He is also due to attend an informal EU sports ministers' council on May 11. Subjects to be discussed during the council include the consequences of the Bosman case, according to which teams are allowed to buy an unlimited number of soccer players from EU countries, the prevention and avoidance of violence and the inclusion of sports projects in the Second Delors Package.

    Mr. Fouras also spoke of his meeting yesterday with Finance Under-secretary George Anomeritis regarding an amendment to be submitted in Parliament shortly on regulating professional football clubs' debts to the public sector.

    [17] Peponis reassuring over faulty AIDS test matter

    Athens, 09/04/1996 (ANA)

    Health Minister Anastasios Peponis held a press conference yesterday to reassure the public over the furor over a faulty AIDS test that has returned mistaken results to four Britons.

    The health ministry slapped a ban on the test manufactured by the Abbot company on Saturday.

    Mr. Peponis, accompanied by scientists, told the press conference that for the time being there was no reason to re-examine people who had already undergone AIDS tests but said this would be clarified further today when the special committee from the Center for the Control of Infectious Diseases will convene.

    A committee member, Anastasia Roumelioti, has expressed the view that the partners of carriers and patients should be re-examined as well as new-born babies whose mothers are infected by the AIDS virus.

    Mr. Peponis let it be understood that he will ask for an explanation from the National Pharmaceuticals Organization since it delayed a whole day in briefing him after having received a fax from the Abbot company at noon on Friday revealing the issue created in Britain.

    [18] March inflation hits 9.1%, no indications rise will continue, ESYE says

    Athens, 09/04/1996 (ANA)

    Inflation broke the 9 per cent ceiling in March, reaching an annualized rate of 9.1 per cent from 8.5 in February, but down from 10.3 per cent in March 1995, according to figures released yesterday by the National Statistics Service of Greece (ESYE).

    The rise was attributed to price increases in fuels, fruit and vegetables, and olive oil.

    But ESYE said preliminary price checks on the market for the April cost of living index give no indication that the March price increases will continue this month.

    Inflation in 1995 had been contained at 8.1 per cent, but rose to 8.25 in January this year and 8.5 in February.

    The cost of living index for the month of March rose by 3.4 per cent against a 2.9 per cent rise in the same month last year.

    The 0.5 percentage point increase last month shot the annualized rate (March 1995 to March 1996) to 9.1 per cent.

    ESYE also said a return of prices to normal levels after the winter sales (2.35 per cent) also played a large role in the March increase. In reacting to March inflation figures, the Coalition of the Left and Progress party stated:

    "The dangerous rejuvenation of inflation proves how up in the air and superficial the government's celebrations and estimates were. It (inflation) corrodes already compressed workers' wages, as the national collective bargaining (agreement) was based on its undervaluation..." the Coalition announcement read.

    [19] Drachma up against basket of all currencies

    Athens, 09/04/1996 (ANA)

    The drachma appreciated against the basket of all foreign currencies, including European currencies, in March, according to a list of weighted parity indices compiled by Exports Research and Studies Center (KEEM).

    The weighted index for the basket of all foreign currencies depreciated by 0.53 per cent against the drachma based on Greece's overall external trade. The corresponding index for the basket of European currencies increased by 0.59 percent.

    With respect to each country's participation in Greece's exports, the index for the European currencies depreciated by 0.28 per cent.

    The cumulative appreciation of the basket of all foreign exchange against the drachma in the three-month period January-March 1996, against the rates of December 1995, was 0.25 per cent based on the overall external trade of Greece (imports and exports) , while the corresponding cumulative appreciation of the basket of European currencies was 0.29 per cent.

    If the depreciation of the drachma continues at the same rate in the following months, the cumulative depreciation of the drachma against the basket of all foreign currencies will be 1 per cent and 1.2 per cent against the basket of European currencies .

    End of English language section.

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