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Athens News Agency: Daily News Bulletin in English, 97-07-24

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

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

ATHENS NEWS AGENCY BULLETIN (No 1245), July 24, 1997

Greek Press & Information Office
Ottawa, Canada
E-Mail Address: grnewsca@sympatico.ca


CONTENTS

  • [01] Greece marks 23rd anniversary of democracy's restoration
  • [02] Premier, political party leaders
  • [03] Olympic champion to sail from Sounion to Crete on windsurf board
  • [04] Athens pleased with US House resolution on Cyprus
  • [05] National defense restructuring discussed
  • [06] KYSEA meeting on Friday
  • [07] Gligorov says Athens rejected recent FYROM proposal on name
  • [08] Lebanon's Hariri to arrive today for official visit
  • [09] Premier chairs meeting focusing on major projects
  • [10] Simitis-Skandalidis meeting
  • [11] Government on 'green card' issue
  • [12] More consular staff to head to Moscow embassy
  • [13] Vartholomeos welcomed by Armenian-Greek youths
  • [14] Fouras presents figures for IAAF championships
  • [15] Two more IOC delegates tour Athens' Olympic facilities
  • [16] Female survivors of WWII labor camps call for restitution
  • [17] Ancient fish-farm discovered on Lesvos
  • [18] Summer sessions of 'social dialogue' outlined
  • [19] BBB leader on contacts with Arsenis
  • [20] Tzoumakas expresses opposition to CAP nationalization
  • [21] Greek telecom to award digital deal by Aug. 1
  • [22] Greek business group sees mixed economic outlook
  • [23] Greek equities end slightly up on blue-chip buying spree
  • [24] New Democracy lashes out at government over economy
  • [25] Dollar reaches new high against drachma

  • [01] Greece marks 23rd anniversary of democracy's restoration

    Athens, 24/07/1997 (ANA)

    Messages poured in from all of Greece's parties and political leaders yesterday regarding the 23rd anniversary of the restoration of democracy, after the fall of the seven-year military junta.

    Statements mostly touched on the achievements of Greece during the past 23 years and the progress the country has made towards European integration.

    President of the Republic Kostis Stephanopoulos emphasized there was no longer a problem of democracy in Greece.

    "Democracy has been permanently restored and prevails, and the present period of our political life is one of the smooth functioning of our democratic institutions," the President's message on the July 24 anniversary read.

    Democracy was restored in Greece in July 1974 after the collapse of the 1967-74 junta, following an abortive coup in Cyprus and the subsequent invasion of the island republic by Turkey. Ankara's forces continue to occupy 37 per cent of the island's north, while in 1983 the occupied area's regime unilaterally declared independence, recognized only by Ankara.

    In further statements, the president said democratic rule was not in itself sufficient for the prosperity and progress of the Greek people.

    "It is a fundamental condition, which we have already consolidated, but much more still remains," he said.

    He said it still remained for the Greek economy to reach the level of the other European Union member-states, and for successful confrontation of the national issues still pending, "particularly repulsing Turkey's aggressiveness in the Aegean".

    "We all desire normalization of relations and we all hope for a good development of things, but we are also awaiting ascertainment of the tactic to be followed by Turkey following the declaration of principles in Madrid," Mr. Stephanopoulos said.

    The president noted that economic indicators had improved, enabling optimism, "but more is necessary. Even quicker development rates, increased productivity, combating of unemployment, finding appropriate solutions to the farmers' problems and meeting social needs more fully".

    These, he added, were complex problems and difficult targets, the attainment of which did not depend only on the disposition of those in government.

    "There are many (sides) which must contribute to the effort, among them those exercising business activity, the working people and the union representatives, particularly those of the public sector, and the sincere co-operation of the farmers," he said.

    He said the vision of a fully developed and prospering Greece shared by all needed to be realized to the same extent that full restoration of democracy had been achieved.

    [02] Premier, political party leaders

    Athens, 24/07/1997 (ANA)

    In his message on the anniversary, Prime Minister Costas Simitis said the future Greece would be even more free and democratic, adding that a cycle has closed with the years immediately following the restoration.

    "The challenge we have now is the equal participation of our country in the European unification process, the effective dealing with great problems of Greece and the (accumulated) delays of decades past," Mr. Simitis said.

    Greece's modernization and its strengthening as a country is a challenge for all, and a goal that calls for "overcoming outdated ways of thinking and setting new strategies".

    He added that what was also necessary was promoting great infrastructure changes that would improve the country's competitive ability and "promote creativity, hard work, ethical choices, high ambitions and great vistas into the future."

    Mr. Simitis also issued a joint statement with the ruling PASOK party, citing the party's contribution to restoring democracy after the fall of the junta and called all "...creative, productive and progressive powers of Greece" to contribute towards meeting the goals of the new era.

    Reviewing its policy, the party statement noted, "We are moving quickly towards a comprehensive restructuring of democratic and representational institutions and our economy."

    It said the party was promoting "specific changes... on a central and regional level" and a "modern national strategy able and effective in defending our national interests and guaranteeing the recovery of our national economy".

    Main opposition New Democracy (ND) party leader Costas Karamanlis said the anniversary "finds Greece at a critical cross-road", because "politics are experiencing an unprecedented crisis of unreliability".

    Mr. Karamanlis conceded that the country's progression towards a united Europe "has the approval of the majority of our people", but he pointed out that "certain cowardly and socially heartless policies undermine this progress and social cohesion".

    The ND leader criticized the government for a lack of national strategy and decisiveness, which he said leads to "retractions and national dangers" and called on everyone to "show our powers and not our weaknesses... to escape from the present gray reality ".

    The Communist Party of Greece (KKE) attributed the political change in 1974 to an obligatory maneuver by "US and NATO imperialists under pressure by popular struggle and the public outcry at Cyprus' tragedy".

    The party also charged that center-right and center-left powers "which serve economic oligarchy" are unable to apply a popular policy.

    The Coalition for the Left and Progress (Synaspismos) called for the "radical restructuring of political powers and the revision of the country's political map".

    The fall of the junta and restoration of democracy which followed did not defeat anachronistic mentalities, it said, charging that the two parties which ruled Greece since 1974 and the choices they made "have led Greece to become the last rung on the European Union ladder".

    Democratic Social Party (DHKKI) leader Dimitris Tsovolas charged that political life in Greece "is being poisoned daily by lack of credibility and dignity and by hypocrisy, while the Greek people are scorned, having to listen to the monotonous (statement) that its poverty is the way to modernize the country and society".

    The party calls "every Greek citizen to make a new start, onto new democratic and popular struggles for the true restoration of political and financial democracy in Greece". Political Spring (Pol.An) leader Antonis Samaras called for an end on "power solely centered around the prime minister", since this power makes a prime minister an "absolute ruler" under the existing institutions.

    The road to the year 2000 requires development, unity, national dignity and radical reforms, he said, adding that "democracy cannot be granted, but it must be won and be established".

    [03] Olympic champion to sail from Sounion to Crete on windsurf board

    Athens, 24/07/1997 (ANA)

    Windsurfing gold medallist Nikos Kaklamanakis will attempt to cross the Aegean from Cape Sounion to Crete on his windsurf board next week.

    He will set out from the beach at Sounion on the morning of July 30, while his first stop will be the island of Santorini, after a 120-nautical-mile journey. He will cover the second part on the next day, traveling from Santorini to Irakleio, Crete, where he will finish (80 nautical miles).

    The 1996 Atlanta Olympics champion's effort is supported by the development ministry, the Greek National Tourist Organization (EOT) and the Athens 2004 candidacy committee.

    Mr. Kaklamanakis said he will be on his windsurf board for six to eight hours on the first day and from five to seven on the second. Winds permitting, he hopes to reach a maximum speed of 34 to 35 mph.

    "With this undertaking I will advertise the beauty of Greece all over the world, while at the same time our country's effort to host the Olympic Games in 2004 will be given a boost," he said.

    [04] Athens pleased with US House resolution on Cyprus

    Athens, 24/07/1997 (ANA)

    The government yesterday welcomed as "very positive" a US House of Representatives resolution on the Cyprus problem, which calls for the demilitarization of the island republic and withdrawal of the Turkish occupation forces.

    Government spokesman Dimitris Reppas said that if the points contained in the resolution constituted "active elements of US foreign policy, then a permanent and viable solution of the Cyprus problem may be attained".

    The spokesman noted, however, that similar texts had in the past been adopted by representative bodies of the United States "but they were not implemented in the country's foreign policy".

    The US House plenary passed on Tuesday with a majority of 417 votes in favor, 4 against and 14 abstentions Concurrent Resolution 81, which was approved last month by the House International Relations Committee and initiated by its chairman, Ben Gilman.

    The House resolution (the Senate concurring) calls on the Congress to "reaffirm its view that the status quo on Cyprus is unacceptable and detrimental to the interests of the US in the eastern Mediterranean and beyond".

    It considers that "lasting peace and stability on Cyprus could be best secured by a process of complete demilitarization leading to the withdrawal of all foreign occupation forces, the cessation of foreign arms transfers to Cyprus and provide the alternative internationally acceptable and effective security arrangements as negotiated by the parties".

    Commenting, meanwhile, on the joint declaration signed Sunday by Turkish Deputy Prime Minister Bulent Ecevit and Turkish Cypriot leader Rauf Denktash, Mr. Reppas underlined that the latter was not acting independently but "consti-tutes an extension of Turkish foreign policy".

    The spokesman added that the declaration was identical to one signed in January this year by Turkish President Suleyman Demirel and Mr. Denktash.

    The latest declaration outlines a series of steps towards partial economic integration and promotes co-operation in the fields of security, defense and foreign policy.

    "Attempts are being made to dynamite efforts for a settlement of the Cyprus problem and this kind of behavior must be isolated," Mr. Reppas said.

    [05] National defense restructuring discussed

    Athens, 24/07/1997 (ANA)

    Prime Minister Costas Simitis and national defense ministry officials met yesterday and discussed the nation's policy of defense and its new structure.

    National Defense Minister Akis Tsohatzopoulos said the policy relied on the strategic document on the evolvement of the 1985 defense dogma.

    According to this, the danger for national interests lies in the east, but this is being expanded to include a dynamic reply to any provocation.

    The restructuring of the armed forces has begun in the army and will have been completed by the end of 1998. The main purpose of restructuring is to form modern and flexible military formations able to respond quickly to any provocations, Mr. Tsohatzopoulos said.

    [06] KYSEA meeting on Friday

    Athens, 24/07/1997 (ANA)

    Prime Minister Costas Simitis will chair a Cabinet meeting on Friday focusing on defense policy, government spokesman Dimitris Reppas said today. Mr. Reppas said the Cabinet would also be discussing the structure of the armed forces, the creation of new units and the acquisition of new defense equipment.

    [07] Gligorov says Athens rejected recent FYROM proposal on name

    Skopje, 24/07/1997 (ANA)

    The president of the Former Yugoslav Republic of Macedonia (FYROM) Kiro Gligorov disclosed on Tuesday that in a meeting he had last week with the head of the Greece's liaison office here, he was informed that Athens does not accept a FYROM proposal regarding the name of the former Yugoslav state.

    Mr. Gligorov made the comment on FYROM's state-run television during an interview.

    The specific proposal made by Skopje was submitted in writing during recent talks in New York. It anticipated the use of the name "Republic of Macedonia" internationally and would have allowed Greece the right to use any name it wanted to refer to FYROM in bilateral relations.

    Additionally, Mr. Gligorov said his country has not accepted any of the proposals made by UN mediator Cyrus Vance concerning FYROM's name.

    He added, however, that Skopje does not monopolize the name "Macedonia", since Greece has sovereignty over 51 per cent of the wider geographical region known as Macedonia, while at the same time parts of the region also lie in Bulgaria and Albania, he said.

    Mr. Gligorov referred to a series of agreements whose signing by Greece is pending, adding that Athens has recognized his state and termed relations good.

    He further referred to the bilateral cultural contacts and to the fact Greece granted 400,000 travel visas to FYROM citizens in 1996.

    [08] Lebanon's Hariri to arrive today for official visit

    Athens, 24/07/1997 (ANA)

    Lebanese Prime Minister Rafik Hariri is expected to arrive in Athens today on a two-day official visit, during which he will have talks with Premier Costas Simitis, government spokesman Dimitris Reppas announced yesterday. Mr. Hariri will also have talks with Parliament President Apostolos Kaklamanis, the spokesman added.

    [09] Premier chairs meeting focusing on major projects

    Athens, 24/07/1997 (ANA)

    Prime Minister Costas Simitis chaired a meeting on the course of the major projects and projects of a national and regional scale at the Maximos Mansion yesterday.

    The meeting was attended by Environment, Town Planning and Public Works Minister Costas Laliotis and Under-secretary Christos Verelis.

    In a statement afterwards, Mr. Laliotis said an account of the course of projects during the first seven months in 1997 is positive. This year is considered particularly crucial for the course of the whole program, since projects budgeted at 500 billion drachmas are being carried out which constitute 33 per cent of the total public works program.

    Mr. Laliotis said both the rate of works being carried out and the rate of absorbing funds are considered satisfactory.

    It was pointed out that the processes for the conclusion of a loan with the European Investment Bank for the construction of one of the largest projects, the Rio-Antirrio bridge, will have been completed by the end of July.

    [10] Simitis-Skandalidis meeting

    Athens, 24/07/1997 (ANA)

    Prime Minister Costas Simitis held talks with PASOK Secretary Costas Skandalidis at noon yesterday. No statements were made afterwards.

    According to reports, the talks between the two men focused on all issues concerning the ruling party's plan of action.

    [11] Government on 'green card' issue

    Athens, 24/07/1997 (ANA)

    The government confirmed yesterday that it intended to make its policy on illegal immigrants residing and working in the country "more specific". Replying to reporters' questions, government spokesman Dimitris Reppas said the issue would again be discussed by the Cabinet at a forthcoming meeting.

    He clarified, however, that this did not signal a change in policy but simple that the government would it more specific. Labor Minister Miltiades Papaioannou said yesterday that the government was thinking of reconsidering its policy on illegal immigrants and not excluding Albanians and migrants from other countries bordering Greece from the right to become registered and acquire legal status.

    According to two presidential decrees approved by the Cabinet on June 27, foreigners and illegal immigrants living and working in Greece will be able to be registered as of September 1.

    When the decrees were initially approved, their provisions would have applied to about 200,000 of the estimated 450,000 illegal immigrants currently in the country, because laborers from countries sharing borders with Greece were not covered by the new legislation.

    In effect, this exempted immigrants from Albania, Bulgaria, Turkey and the Former Yugoslav Republic of Macedonia.

    [12] More consular staff to head to Moscow embassy

    Athens, 24/07/1997 (ANA)

    The foreign ministry said yesterday it would be sending more personnel to the consular authorities at the Greek embassy in Moscow to cope with the visa applications submitted by individuals wishing to travel to Greece.

    According to a ministry announcement, a problem had arisen in the processing of visa applications due to the recall of an administration employee and a policeman whose presence in Athens was requested "for an official administrative inquiry".

    The ministry noted that the consular authorities gave priority to group visa applications, adding that the extra staff to be sent in the next few days would soon clear the work backlog.

    New consular authorities have recently been established in several countries of the former Soviet Union, at St. Petersburg, Novorosiisk, Yerevan, Baku, Tbilisi and Odessa, apart from those which were already set up in Moscow and Kiev.

    According to the ministry, they were established "in order to strengthen our economic, cultural and tourism relations with these countries".

    [13] Vartholomeos welcomed by Armenian-Greek youths

    Yerevan, 24/07/1997 (ANA - A. Kourkoulas)

    Armenian youths of Greek descent welcomed visiting Ecumenical Patriarch Vartholomeos at the entrance to the Greek community of Gumry, in northwest Armenia, yesterday.

    Vartholomeos, who is on an official visit to Armenia, was accompanied by Armenian Patriarch Karekin I and the Greek ambassador to Armenia, Iakovos Spetsios.

    The ethnic Greek community at Gumry, formerly known as Leninekat, was founded at the end of the 18th century and today counts close to 700 people, all living under difficult economic conditions.

    [14] Fouras presents figures for IAAF championships

    Athens, 24/07/1997 (ANA)

    "We are in the final stretch and everything is ready for Greece to stage its largest sporting event since the first modern Olympic Games in 1896, the World Athletics Championships in Athens," Sports Under-secretary Andreas Fouras told a press conference yesterday.

    Mr. Fouras said the benefit for the country from the games would be enormous, noting that "the image of Greece will be at the center of international attention, a fact which cannot be measured in terms of economic magnitudes".

    Presenting financial figures pertaining to the staging of "Athens '97", Mr. Fouras said the organizational expenses were estimated at 4.8 billion drachmas, which included the 800-million-drachma cost of the opening ceremony.

    "However, we anticipate receipts of three billion drachmas from the sale of tickets, 500 million drachmas in earnings from athletes' accommodation and a large sum from the renting of various facilities." Commenting on the investments realized in order to stage the championships, which begin on Aug. 1, Mr. Fouras said they would serve future events.

    "Greek State Television was modernized using funds from the Public Investments Program. A total of 2.8 billion drachmas was invested in the Greek Radio and Television (ERT). This sum will be more than covered by receipts from the coverage of the IAAF championships and the World Basketball Championships in 1998," he said.

    A sum of approximately 1 billion drachmas was invested to modernize the Athens Olympic Sports Complex, a further 500 million drachmas on the country's sports infrastructure and equipment for the new anti-doping control center, as well as 500 million drachmas on various athletics equipment.

    [15] Two more IOC delegates tour Athens' Olympic facilities

    Athens, 24/07/1997 (ANA)

    Korea's International Olympic Committee (IOC) member and the president of the International Tae Kwon Do Federation, UN Young-Kim, concluded his visit to Athens yesterday.

    In remarks shortly before departing Athens, Dr. Kim said: "The candidacy of Athens for the Olympic Games in 2004 is definitely much better than the previous one made for the 1996 Games."

    Immediately after a ceremony, during which an olive tree bearing his name was planted in the "Park for IOC members", Dr. Kim said Athens "possesses good infrastructure, most projects have already been completed and in general it constitutes a dynamic candidacy."

    The second IOC member visiting Athens these days, Samil Tarpisev from Russia, was given a guided tour of the Peace and Friendship Stadium and the Athens Olympic Stadium yesterday and he also visited the headquarters of the Athens 2004 candidacy committee at the Zappeion Hall.

    Mr. Tarpisev also planted an olive tree in the "Park for IOC members" yesterday afternoon.

    [16] Female survivors of WWII labor camps call for restitution

    Athens, 24/07/1997 (ANA)

    A report by 16 Greek women who had been incarcerated in Nazi forced labor camps during World War II was filed at the Europarliament yesterday by Coalition of the Left and Progress (Synaspismos) Eurodeputy Alekos Alavanos.

    The report calls on the European Parliament to intervene and request from Germany "to proceed to financial compensation and the restitution owed them".

    The women state in the report that "most of the Greek women who had worked as hostages in forced labor camps in Hitler's Germany are no longer alive. There are only 16 of us, and we are near the close of our lives."

    [17] Ancient fish-farm discovered on Lesvos

    Athens, 24/07/1997 (ANA)

    Archaeologists conducting excavations on Lesvos have discovered what they believe is an ancient fish-farm at the Makry Yialo site, dating back to Hellenistic times.

    The find comprises a series of structures, believed to be holding tanks, connected with each other by means of a small canal running along one side.

    At points along the canal, there are holes allowing the sea water and fish to enter.

    The find was discovered after strenuous efforts by archaeologists of the 10th Department of Prehistoric and Classical Antiquities, who worked in dreadful conditions, namely, knee-deep in the sewage of southern Lesvos which is channeled to the area.

    Similar finds, but of the later Roman period - called vivarium - have been found in the past on Crete.

    [18] Summer sessions of 'social dialogue' outlined

    Athens, 24/07/1997 (ANA)

    Social partners, representatives of employers' and employees' unions as well as the government yesterday outlined possible convergence and major disagreements during an account of the first summer round of "social dialogue".

    The government appears optimistic that an agreement will result by autumn, which will signal a moratorium between employers and unions over the next crucial period of time. Employers are participating with a feeling of certainty, while unions insist in reminding of major disagreements concerning salaries, pensions and working relations.

    On his part, National Economy Minister Yiannos Papantoniou called for the greatest possible social consensus.

    He said the government promises a policy which will secure competitiveness and convergence but, in parallel, a contemporaneous increase in income, civilized working relations, an increase in employment and a social state.

    Mr. Papantoniou said the success of dialogue will depend on the extent and depth of agreements which will result and noted the institutional "incision" that if the partners agree they will acquire an institutional role and will amend the correlation between society and political representation.

    Labor Under-secretary Christos Protopapas assessed that important decisions will be taken in autumn, adding that the fact that issues which would be considered a taboo a few months ago are being discussed in the dialogue is proof of responsibility.

    General Confederation of Workers of Greece (GSEE) President Christos Polyzogopoulos said the course of dialogue was positive, but added that the unions' disagreements remain.

    GSEE wants the consolidation of working people's real income and a course towards its gradual but continuous improvement. The unions discuss working relations but only as an overall settlement which will bring back a feeling of security for working people.

    Federation of Greek Industries (SEB) President Jason Stratos said the industrialists guarantee the purchase value of working people but will not discuss increases above the increase in national productivity and proposed an alignment of working relations with what is in effect in the European Union.

    Mr. Stratos predicted that "the large percentage of self-employed in Greece cannot be maintained" and called for speedier restructuring in the public sector.

    Labor Minister Miltiades Papaioannou, summing up the discussion, ascertained a climate of dialogue and positive prospects.

    [19] BBB leader on contacts with Arsenis

    Sofia, 24/07/1997 (ANA/BTA)

    The leader of the Bulgarian Business Bloc (BBB), George Ganchev, told a news conference on Monday that Education Minister Gerassimos Arsenis will spare no effort for development of BBB's project for the establishment of a Balkan Organization for Co-operation.

    Mr. Ganchev said he was told this by the Greek minister during a recent visit by the former to Greece.

    He also said he had invited Athens Mayor Dimitris Avramopoulos to visit Sofia as a guest of the BBB.

    [20] Tzoumakas expresses opposition to CAP nationalization

    Brussels, 24/07/1997 (ANA - P. Pantelis)

    Agriculture Minister Stephanos Tzoumakas expressed opposition to the nationalization of the Common Agricultural Policy (CAP), set out in the agriculture section of the European Commission's "Agenda 2000" report on the EU expansion.

    The report was presented to the Council of Agriculture Ministers, the first under Luxembourg's presidency, by Agriculture Commissioner Franz Fischler.

    Mr. Fischler supported the need for a new revision of CAP to tackle agricultural problems stemming from enlargement with countries from central and eastern Europe and Cyprus. He said CAP must be adjusted to the conditions of international competition in light of new negotiations by the World Trade Organization (formerly GATT) due to start in 1999.

    Mr. Tzoumakas expressed serious reservations over the revision proposed by the European Commission in the "Agenda 2000." He said it proposes reforms with one-sided directions.

    He further said he realizes the need to strengthen the competitiveness of the European Union's agricultural products, but considers full offsetting for all losses sustained by agricultural income a decisive precondition for many years.

    Mr. Tzoumakas said that with this precondition, a discussion can take place on the European Commission's proposal for a gradual decrease in the prices of leading agricultural products.

    A more extensive discussion is expected to be made on the agriculture section of the "Agenda" at the informal Council of Agriculture Ministers in Luxembourg (September 22-23). However, decisions will be taken by the Council of Ministers in November.

    [21] Greek telecom to award digital deal by Aug. 1

    Athens, 24/07/1997 (ANA)

    Hellenic Telecommunications Organization (OTE) is expected to appoint a supplier for 600,000-1,800,000 digital switches by August 1 as part of a fast track investment plan for 1997-1998 worth 135 billion drachmas, OTE sources said.

    OTE's traditional suppliers Intracom and Siemens are so far tipped to win the contract, which is due for debate by OTE's board in three meetings starting on Thursday, the sources told the Athens News Agency. They said the state telecom was likely to use direct award for the contract because forging long-term agreements with suppliers or calling an international tender would delay the procurement, which is urgently needed.

    The board's second and third meetings to discuss the award would be held on Tuesday and Friday next week, the sources said.

    OTE president Dimitris Papoulias has informed Prime Minister Costas Simitis of progress in the state telecom's investment plan and fresh needs that have arisen, they said.

    [22] Greek business group sees mixed economic outlook

    Athens, 24/07/1997 (ANA)

    The PASOK government has brought the economy closer to alignment with other European Union countries but its policies have led to distortions that could damage the market, the Athens Chamber of Commerce and Industry (EVEA) said.

    In its six-monthly economic report, EVEA identified deficits in the balance of payments as the economy's main economic problem.

    The trade group welcomed a gradual decline in consumer price inflation but forecast the trend could reverse from October, jeopardizing the government's target of 5.5 percent inflation for December.

    EVEA urged the government to adopt the following measures in order to curb market distortions:

    * Cuts in public spending rather than tax hikes to remedy fiscal imbalances * Broader measures to combat inflation, breaking a dependence on foreign exchange policy and price restraint by public utilities as anti-inflationary tools * Curbs on privileges for state utilities that have virtual monopoly status * Backing for free competition * Privatization * Improvement of the labor market's institutional framework to spur recruitment of the young * Modernization of public administration through technological and administrative changes * Opening the education system to international competition * Change in philosophy behind the social insurance system.

    [23] Greek equities end slightly up on blue-chip buying spree

    Athens, 24/07/1997 (ANA)

    Greek stocks yesterday finished up 0.48 percent in light-to-moderate trade fueled by demand for selected banking and industrial blue chips.

    The Athens general share index closed at 1,543.23 points, outperforming the parallel market for smaller cap stocks which lost 0.93 percent. Turnover was marginally up at 10.3 billion drachmas.

    Most sector indices scored gains with Banks rising 0.68 percent, Leasing 0.85 percent, Insurance 0.32 percent, Investment 0.86 percent, Construction 0.23 percent, Holding 0.78 percent, and Miscellaneous 1.62 percent. Bucking the trend were industrials, which slipped 0.18 percent.

    Advances led declines at 102 to 98 with 28 shares remaining unchanged of 228 stocks traded.

    The day's highest percentage gainers were Macedonian Textiles (preferred), Imperio, Elfiko (preferred) and Benroubi (preferred).

    The biggest losers were Emborikos Desmos (preferred), Bank of Attica, Singular and Bank of Athens (preferred). Among blue chips, National Bank of Greece finished at 35,350 drachmas, Ergobank at 17,145, Alpha Credit Bank at 19,220, Delta Dairies (common) at 3,400, Hellenic Bottling at 9,985, Titan (common) at 14,240, Intracom (common) at 12,700, Hellenic Telecommunications Organization at 6,265, and Aluminium de Grece (common) at 17,400 drachmas.

    [24] New Democracy lashes out at government over economy

    Athens, 24/07/1997 (ANA)

    Main opposition New Democracy party leader Costas Karamanlis yesterday charged the government with economic backsliding, overspending and crippling the public with taxes.

    "We are in an economic impasse due to obvious deviations from targets set for inflation and the public deficit ... symptoms of a deep market recession, rising unemployment, and greater taxes are intensifying," he told reporters.

    Mr. Karamanlis was speaking after a meeting with central bank governor Lucas Papademos.

    The government, which is working to lower high deficits, had taken the easy way out by raising taxes rather than embarking on structural reform of the economy, he said.

    Mr. Karamanlis urged wide-scale privatization, cuts in public spending, reform of public administration, liberalization of markets, implementation of major infrastructure projects and a gradual reduction in taxes.

    "The present government cannot achieve this because its policy is based on the existence of a non-productive state that operates in a non-transparent way and does not help Greece to forge ahead. It aims at nurturing the government's party friends," he s aid.

    New Democracy supported autonomy for the central bank, which is envisaged under the Maastricht treaty, to enable it to shake off government manipulation, Mr. Karamanlis said.

    [25] Dollar reaches new high against drachma

    Athens, 24/07/1997 (ANA)

    The US dollar's parity with the Greek drachma reached a new record high in the local currency market yesterday, while the dollar exceeded the level of 1.82 marks in international money markets.

    The pound sterling also reached a record high against the drachma yesterday, which is being strengthened considerably against the deutschmark and the parity of the German currency against the sterling reached its lowest level since October 1990.

    The dollar parity's fixing rate closed at 285.42 drachmas, increasing by 0.64 per cent and commercial banks will sell the US currency at 289.701 drachmas today. The dollar parity has increased 15.30 per cent against the drachma since the beginning of the year.

    The parity of the sterling also increased by 5.14 drachmas and its fixing rate closed at 479.98 drachmas, while commercial banks will sell the sterling for 487.180 drachmas. The sterling has increased 14.69 per cent since the beginning of the year.

    The increase in the value of the dollar is creating negative repercussions for the Greek economy concerning the servicing of the public debt and the development of the trade balance, primarily the section regarding fuel.

    The sales prices of gasoline increased by two drachmas per liter and for diesel by 1.9 drachmas per liter as of midnight last night.

    End of English language section.


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