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Athens News Agency: Daily News Bulletin in English, 97-09-20

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 1294), September 20, 1997

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


CONTENTS

  • [01] Simitis calls for new PASOK profile
  • [02] ... Skandalidis
  • [03] ... ND response
  • [04] ... KKE reaction
  • [05] US concerned over Turkish threats on Cyprus
  • [06] Eurosocialist Party resolution supports Cyprus accession talks
  • [07] Ankara: Turkish Cypriots cannot join island's EU accession talks
  • [08] Apostolakis: Ankara's behavior, policy linked to its European goals
  • [09] Thessaloniki prepares for Patriarch's visit
  • [10] Halki Theological School
  • [11] Ecumenical Patriarch to meet Clinton in October
  • [12] Crete's ports celebrated in European Cultural Heritage Days
  • [13] Congress on regional newspapers in Hania
  • [14] Culture issues on cabinet agendas
  • [15] Short feature festival in Drama to get EU support
  • [16] Tripartite meeting in NY still not decided
  • [17] Cultural Olympiad discussed by Cabinet
  • [18] Karamanlis highly critical of 'Kapodistrias' plan, premier
  • [19] ... Gov't response
  • [20] ... Synaspismos
  • [21] ESHEA renews ties with southern Albanian press union
  • [22] Grevena shaken by another quake
  • [23] Stocks slip in wary market
  • [24] Greek, Romanian and Bulgarian bourses discuss co-operation
  • [25] Greece says Alexandroupoli oil pipeline to be built
  • [26] Greece's Bank of Attica to hold share capital increase
  • [27] EU develops multimedia technology network in Greece
  • [28] ATE seminar for east European, Balkan bank officials
  • [29] Purchase bid for Bank of Crete to be evaluated

  • [01] Simitis calls for new PASOK profile

    Athens, 20/9/1997 (ANA)

    Prime Minister and ruling PASOK president Costas Simitis yesterday proposed the "re-establishment" of the party and set out a series of positions on its nature and role today.

    Addressing a two-day session of PASOK's central committee, Mr. Simitis said the government is determined to continue to apply its policy, which he said is aimed at the country's equal participation in the European Union and creation of a modern and competitive economy.

    He also attacked external and internal party opposition.

    Despite the fact a year has passed since the 1996 elections, Mr. Simitis preferred not to make an account of the government's work but to place emphasis on the party's operation and on the upcoming prefectural and municipal elections.

    However, he referred to the government's policy successes both in the economy and in implementing the second Community Support Framework, saying that the government has achieved a new method of operation.

    Mr. Simitis said that this year the government proved that it did not come to manage power but to change its direction and content, not hesitating to take appropriate decisions and ignoring the so-called political cost.

    He said the first year after the 1996 elections was a year of familiarization with problems, adding that over the next three years the rates of government work will be intensified and on the basis of the work accomplished, PASOK will request a renewal o f the popular mandate at the end of the four-year period of office.

    Mr. Simitis said PASOK is not pursuing simple electoral victories but wants the activated society as its prolonged and stable ally. PASOK is not merely a ruling party, but a party generating government prospects, which does not fear ruptures, neither in society, nor with its own habits.

    He formulated his positions on the party's new nature and role, saying that its priorities include a radical change in certain aspects of the party's traditional relation with society. The role of the party as a "protector" is coming to an end at all levels, he said, adding that the party as a "mediator" must be replaced with the party which is a pioneer in society.

    Mr. Simitis said that PASOK is the natural foreman for a powerful Greece, but it is not alone on this path and for this reason it pursues open channels of communication and co-operation with the forces constituting the center-left.

    He ruled out the possibility of summit agreements being reached with other parties or the creation of satellite political formations. He added that dialogue taking place in the framework of the center-left will acquire particular dynamism in light of the municipal elections.

    Mr. Simitis pointed to certain weaknesses in the party, saying that "we are still very far from the operation of the party which we are pursuing" and referred to the trade union mentalities of party cadres who are active in professional sectors.

    Commenting on the Parliamentary group, he said there should be a better rapprochement with its role and an improvement in its relation with the government and the party.

    Mr. Simitis also referred to internal friction and disputes which, as he said, speed up a party's attrition. He said that a common position cannot be at present the result of autocratic practices. What is necessary, however, is the strengthening of self -discipline and collectiveness.

    On the question of upcoming prefectural and municipal elections, Mr. Simitis said that PASOK and the government do not wish to give them a party nature, but it is clear that they will send a political message and will create a more favorable or more difficult climate, in accordance with the result, on promoting the government's plan. Mr. Simitis appealed primarily to the opposition not to speak with petty party expediencies and hypocritical statements on these issues.

    In essence, Mr. Simitis made an early announcement of a big renewal in the persons which will be selected for municipal and prefectural posts, saying that the candidates who will be selected must be adequate, cadres having a modern spirit on self-administration, social sensitivity and respect for the citizen. Mr. Simitis said no logic of promoting "our own people", party officials and local governors can be accepted.

    [02] ... Skandalidis

    Athens, 20/9/1997 (ANA)

    In his address to the central committee, PASOK Secretary Costas Skandalidis sent criticism in all directions and made self-criticism over the course of the party's restructuring. He said the party's restructuring has not proceeded as it should have and has fallen short in relation to the political hegemony PASOK has on the Greek political scene.

    However, despite PASOK's hegemony, the implementation of its policy, according to Mr. Skandalidis, is sketchy and problematic. Aiming criticism in all directions, Mr. Skandalidis advised avoidance of triumphal talk and nihilism, pointing out that these are characteristic of a "black and white" conception which, however, is dominant.

    Mr. Skandalidis said what is necessary is a radical change and PASOK exceeding itself and defined certain negative aspects in the restructuring course.

    On the question of the relation between the government and the party, he said that policy is not planned aggressively but PASOK usually is defensive in developments. With regard to social dialogue, what is noted is a clear weakness to plan and implement initiatives which will shape a more positive climate for the welcoming of its policy.

    Commenting on restructuring, he said that while the will exists, a weakness is observed in implementation because, as he said, there are no multipliers to support and brief the people on the policy of the party and the government.

    Mr. Skandalidis observed that there is also a weakness in the operation of the party's organization. He said that it is a weakness in orientating action and noted that only a small number of cadres in quality and quantity undertake initiatives in each prefecture.

    [03] ... ND response

    Athens, 20/9/1997 (ANA)

    Commenting on the premier's address, main opposition New Democracy party spokesman Aris Spiliotopoulos said that "the prime minister is living in another country and for this reason his speech at PASOK's central committee is rife with contradictions."

    "Because it cannot be explained otherwise that on the one hand he boasts over his supposed success in governing the country and on the other criticizes his cadres over government sectors which are either underworked or are inert," he added.

    [04] ... KKE reaction

    Athens, 20/9/1997 (ANA)

    On its part, the Communist Party of Greece said the prime minister's speech proved that the government and ruling PASOK's leadership aim at breaking with the lower class' just demands.

    KKE also charged the government and the prime minister of lying when they promise they will fight graft by replacing old methods of political favors with new ones.

    [05] US concerned over Turkish threats on Cyprus

    Washington, 20/9/1997 (ANA - T. Ellis)

    The US State Department reacted unfavorably yesterday over warnings by Turkey the same day that it was working on measures against deployment of Russian-made S-300 missiles on the island republic.

    State Department spokesman James Rubin issued a statement saying: "The United States continues to believe that the decision of the Cyprus Republic to acquire S-300 anti-aircraft missiles from Russia is a step backward in our efforts for a peaceful solution to the Cyprus issue. At the same time we are firmly opposed to threats to address the missile question militarily.

    "Therefore, we note with concern the statements of Turkish Prime Minister Mesut Yilmaz earlier today (yesterday) regarding the missiles. We call on all interested parties to avoid statements which exacerbate the tensions over this issue," Mr. Rubin said .

    Mr. Yilmaz yesterday announced that his government had asked the Turkish military to take all appropriate measures to "deal with the issues created by the deployment of the S-300 missiles on Cyprus".

    "Since (the Cypriot government) insists on transferring to Cyprus S-300 missiles, we have assigned the general staff to plan and propose additional military measures," Mr. Yilmaz said after a briefing of his government by the Turkish general staff on the issue.

    "We will not permit the missiles' becoming a negotiating factor," he added.

    Turkey has threatened several times in the past to take military action to prevent the deployment of the missiles, which would reduce Turkish air superiority over Cyprus. The Cypriot government earlier this year announced plans to buy the defensive S-30 0 surface-to-air missiles fro Russia for delivery by mid-1998.

    Turkey maintains more than 30,000 troops in the occupied north of the island, since invading in 1974.

    Referring to the possibility of a tripartite meeting between Greek and Turkish Foreign Ministers Theodoros Pangalos, Ismail Cem and US Secretary of State Madeleine Albright in New York next week on the sidelines of a United Nations meeting, Mr. Rubin reiterated that "in the event someone is able to promote things to such an extent that he/she believes that a tripartite meeting may achieve success, (Mrs. Albright) would be open to something of the sort, but for the present it has not been scheduled".

    The spokesman noted that Cyprus President Glafcos Clerides and Turkish Cypriot leader Rauf Denktash agreed to discuss security issues, without any restrictions, hinting that the talks would not be restricted only to confidence-building measures.

    Earlier yesterday in Nicosia, Cyprus' Foreign Minister Ioannis Kasoulides met with US ambassador to Cyprus Kenneth Brill and asked for explanations concerning statements by Mr. Rubin on Thursday, who said that "everything" would be discussed at the security talks, from the withdrawal of troops from the demarcation line, to trying to improve confidence-building measures along the line.

    US Secretary of State Madeleine Albright announced Monday during a stopover in Cyprus that President Clerides and Mr. Denktash have agreed to hold talks soon on security issues.

    [06] Eurosocialist Party resolution supports Cyprus accession talks

    Strasbourg, 20/9/1997 (ANA)

    The European Socialist Party's (ESP) presidium convened here yesterday, unanimously adopting a resolution on the Cyprus issue supporting the accession of the island republic to the European Union, as well as a start to accession negotiations six months after the end of the IGC.

    The ruling PASOK party was represented by ESP Vice-President Akis Tsohatzopoulos and ESP presidium member Yiannos Kranidiotis.

    The European socialists express the hope that the dialogue which will start on the security of Cyprus will lead to the demilitarization of the island as soon as possible, as well as to positive results to facilitate efforts to find a just and viable solution to the Cyprus issue. The resolution was presented by Foreign Under-secretary Yiannos Kranidiotis.

    The ESP's presidium unanimously accepted a proposal by Mr. Tsohatzopoulos on a special meeting of socialist defense ministers being held in Germany aimed at coordinating their actions for security in Europe.

    [07] Ankara: Turkish Cypriots cannot join island's EU accession talks

    Istanbul, 20/9/1997 (ANA - A. Kourkoulas)

    Ankara rejects the European Union's urging that the Turkish Cypriot community be represented in Cyprus' EU accession talks, criticizing the EU Council of Ministers for what it called "ignoring the realities" on the island republic.

    "It cannot be expected that the Turkish Cypriot community will participate in the Greek Cypriot administration's delegation" a Turkish foreign ministry announcement said.

    Cyprus has proposed that Turkish Cypriot community representatives take part in a Cypriot government delegation in the island's EU accession talks.

    Ankara claimed that the 15-member Union "does not at all consider the basis on which efforts to find a solution have until now been based on", adding that in Cyprus there is no government which could represent the two communities.

    The Turkish foreign ministry added that "the UN Secretary General is seeking a political solution between two equal sides."

    Turkey is the only country in the world that doesn't recognize the Republic of Cyprus, conversely, it is the only nation to recognize the self-styled "Turkish Republic of Northern Cyprus."

    [08] Apostolakis: Ankara's behavior, policy linked to its European goals

    Athens, 20/9/1997 (ANA)

    A change in Turkey's behavior and policy is linked to pursuit of its strategic interests in rapprochement with Europe, Defense Under-secretary Demetris Apostolakis said yesterday.

    Mr. Apostolakis was speaking at a ceremony marking the end of the military exercise "Philippos '97" in northern Greece.

    Greece hopes that relations with neighboring Turkey can find their "practical expression, in line with the text of principles agreed upon at Madrid between the Greek prime minister and the Turkish president".

    "We demand from Turkey that it operates with the same logic and in the same direction of peaceful co-existence and dialogue with good will," he said.

    Foreign Minister Theodoros Pangalos and his Turkish counterpart Ismail Cem will meet in New York next week on the sidelines of the UN General Assembly, the first high-level meeting between the two sides since Prime Minister Costas Simitis and Turkish President Suleyman Demirel signed a joint communiqui on broad principles governing bilateral relations earlier this summer.

    A climate of security and stability was necessary in the Balkans to foster growth and prosperity of all the peoples of the region, Mr. Apostolakis said.

    This was the reasoning behind Athens' invitation to host a tripartite meeting between Belgrade, Skopje and Tirana at the Balkan summit in Crete in early November, which would enable discussion of specific matters affecting them, he added.

    Meanwhile, the naval exercise "Kataiyida '97" also wound up yesterday after taking place in the Cyclades and southeastern Aegean. The exercise included most of the Hellenic fleet's vessels.

    [09] Thessaloniki prepares for Patriarch's visit

    Thessaloniki, 20/9/1997 (ANA)

    Thessaloniki is organizing an extensive welcome for Ecumenical Patriarch Vartholomeos, who will pay an official visit from Sept. 28 to Oct. 2 as the head of a delegation from almost every Greek Orthodox and Orthodox Autocephalous Church.

    Vartholomeos will be welcomed by President of the Republic Costis Stephanopoulos, and is also scheduled to meet with the ministers of national defense, foreign affairs, culture, Macedonia-Thrace as well as local authorities.

    He will also make the first reforestation planting at the Seikh Sou Forest, which was ravaged by fire over the summer, as part of the city's efforts to promote environmental concerns.

    The Ecumenical Patriarch's program also includes a visit to Xanthi on Oct. 2, where he will be presented with an honorary degree by the University of Xanthi.

    Back in Thessaloniki, he also expects to visit several historical sites, including the Byzantine Museum, where the "Treasures of Mount Athos" exhibition is being held, as well as the Turkish consulate.

    [10] Halki Theological School

    Istanbul, 20/9/1997 (ANA - A. Kourkoulas)

    Ankara's refusal to allow the reopening of the Halki Theological School could lead to an embargo against Turkey by the United States, several Turkish dailies wrote yesterday.

    Press reports expressed concern over whether Ecumenical Patriarch Vartholomeos would raise the issue with US President Bill Clinton during the former's official visit to the White House next month.

    [11] Ecumenical Patriarch to meet Clinton in October

    Istanbul, 20/9/1997 (ANA - A. Kourkoulas)

    US President Bill Clinton will meet Ecumenical Patriarch Vartholomeos, the spiritual leader of the Orthodox Church, at the White House on October 22, Washington and the Phanar announced yesterday.

    "The meeting will offer the president and the Patriarch a chance to discuss issues of mutual interest, including human rights, religious freedom and environmental protection," the announcement said.

    The news of Vartholomeos' visit to the US and his meeting with Mr. Clinton has already drawn fire in Turkey, with certain newspapers claiming the visit contravened the Treaty of Lausanne.

    "Hurriyet" wrote that there were fears that the Patriarch's visit could prompt a crisis in relations between the United States and Turkey, which objects to the use of the word "ecumenical" by the Patriarchate.

    The last visit by an ecumenical patriarch to the US was in June 990, when Patriarch Demetrios became the first-ever ecumenical patriarch to visit the American continent.

    His visit too was greeted by objections in Turkey.

    [12] Crete's ports celebrated in European Cultural Heritage Days

    Athens, 20/9/1997 (ANA)

    Europe's southernmost and most ancient ports - those of southern central Crete - will be included in this year's celebration of the European Cultural Heritage Days, which are dedicated to ports, organized in Greece by the culture ministry.

    In the context of those celebrations, a traveling exhibition will be displayed at three of the most important ports -- Matala (September 26), Lenta (September 27) and Kalous Limenes (September 28), as well as at Vorous (Sept. 29-30).

    The exhibition includes harbor settlements and facilities in the Gulf of Mesara and the natural ports of the southern coasts of Asterousion, which served the two major urban centers of Mesara.

    Organized by the Archaeological Institute of Crete with the participation of the Museum of Cretan Ethnology and the support of the local government and private agencies, the exhibition will present photographs and sketches of archaeological sites and monuments in Matala, Kommou, Afratia, Kokkinos Pyrgos, Lasaias, Hora-Kalous Limenes, Martsalou, Vatheos, Agiofaraggou and Lenta, as well as maps indicating the relationship between those ports with the cities and settlements, and documents in Greek and English.

    Crete, at the crossroads of three continents -- Europe, Asia and Africa -- in the eastern Mediterranean, comprised a timeless center of development of an exceptionally important civilization but at the same time a transit center for products and ideas through the sea routes and ports surrounding it.

    A primary role in the vital development of the island and its far-reaching influence in the Balkan area was played by the coasts of southern central Crete, where the shortest natural routes from the rich Mesara plain and the major urban and productive centers ended up in.

    The exhibition will be open from 10:00 a.m. to 7:00 p.m. at each of the venues, with free entrance for Greek and foreigner visitors alike. The main target of the traveling exhibition is to acquaint the European people with the important archaeological and historical monuments of Europe's southernmost region, increase awareness on matters of cultural heritage, and better protection of that heritage for the coming generations.

    Similar events will be taking place throughout the rest of Greece.

    [13] Congress on regional newspapers in Hania

    Athens, 20/9/1997 (ANA)

    A congress examining the role of regional newspapers in development, relations with the European Union and the problems they encounter in presenting news that clash with vested interests is taking place at Hania at the end of the month.

    It is organized by the Union of Daily Rural Newspapers Owners and will include representatives from Greece and the European Union, politicians and representatives from the government.

    One round-table discussion will examine the role of regional newspapers and its contributions to various aspects of developing Greece's provinces. It will include representatives from all political parties, including government spokesman Demetris Reppas and honorary New Democracy president Constantine Mitsotakis.

    Another discussion will examine the close relationship between regional press and regional development, and will include the district directors of Crete, mainland Greece, the Peloponnese and central Macedonia.

    [14] Culture issues on cabinet agendas

    Athens, 20/9/1997 (ANA)

    A decision to include culture-related issues in future cabinet meeting agendas was hailed yesterday by Culture Minister Evangelos Venizelos.

    He made the statements after a Parliament session focused on a series of culture-related matters, including the promotion of a "culture" bill, integration of archeological cites, progress of works at the Acropolis, and organization of a cultural "Olympic Games".

    Elaborating on a series of initiatives for such events, contained in the so-called "Green paper" he said a cultural Olympic Games would be institutionalized.

    Mr. Venizelos also announced the establishment of the forum "2004+4: Olympic Ideals, Civilization, Social Cohesion, Truce."

    [15] Short feature festival in Drama to get EU support

    Athens, 20/9/1997 (ANA)

    The Community Support Framework of the European Union (EU) will provide funds to renovate the municipal theater where a short feature film festival is held in Drama annually.

    The funds will provide 550 million drachmas to renovate the theater "Olympia", which currently has a seating capacity of only 330, way below what the annual Short Feature Film Festival of Drama can hold.

    The ministry of culture is also expected to turn over for festival use a renovated room that can hold 600 seats, for next year's festival.

    This year's entries include 43 films by Greek nationals and 89 by foreign nationals. The festival will conclude tomorrow with the winners announced in the evening. The films will be shown by state-run Greek Television station ET-1.

    [16] Tripartite meeting in NY still not decided

    Athens, 20/9/1997 (ANA)

    Government spokesman Demetris Reppas reiterated yesterday that the question of whether there would be a tripartite meeting in New York next week between the Greek, Turkish and US foreign secretaries was still open.

    "At the present time we have no such proposal, but we have no objection to such a meeting," Mr. Reppas said.

    Foreign Minister Theodoros Pangalos said on Thursday he would be meeting with his Turkish counterpart Ismail Cem on the sidelines of the UN General Assembly but that US Secretary of State Madeleine Albright had not requested a separate meeting with them .

    If such a meeting can contribute to the achievement of progress in Greek-Turkish relations, Greece would consider it positively, Mr. Reppas said.

    [17] Cultural Olympiad discussed by Cabinet

    Athens, 20/9/1997 (ANA)

    Cabinet and Inner Cabinet meetings yesterday dealt with the activities and initiatives of the culture ministry, government spokesman Demetris Reppas said yesterday.

    He said the idea of a "Cultural Olympiad" to lead in to the 2004 Olympics was raised at the Cabinet meeting and that Prime Minister Costas Simitis would have meetings with a number of ministers soon on technical details.

    [18] Karamanlis highly critical of 'Kapodistrias' plan, premier

    Athens, 20/9/1997 (ANA)

    Main opposition New Democracy leader Costas Karamanlis lashed out against the government and Prime Minister Costas Simitis yesterday, saying the "Ioannis Kapodistrias" plan to merge communities and municipalities around the country was serving petty party purposes.

    The "Kapodistrias" plan, named after the first governor of independent Greece, calls for structural changes in local administration that will transfer jurisdiction of certain services from the central government to local authorities and merge hundreds o f communities.

    Mr. Karamanlis also accused Mr. Simitis, saying that "even more dangerous is the display of despotism by the prime minister, who without first presenting the bill has banned dialogue thus showing contempt to the citizens, abolishing in practice the Parliament and revealing a dangerous mentality"

    The ND leader warned that his party would defend with every means the "institutions and democratic legal order," adding that his party was focusing on Greece's regional and agricultural development, as well as "strong local government based on economic self-sufficiency."

    New Democracy's Parliamentary group and central committee will convene on Sept. 27 in order to formulate a series of proposals regarding changes in local administration.

    The government has been holding a series of meetings with officials from various agencies and the opposition parties before the draft bill on amendments is tabled in the bill next month.

    The plan has so far been condemned by many communities and municipalities.

    [19] ... Gov't response

    Athens, 20/9/1997 (ANA)

    In reply to the Karamanlis statements, government spokesman Demetris Reppas charged that ND "never undertook any initiative, either as government or as opposition to deal with issues of decentralization and local government."

    "The discussion in Parliament (on the issue) will not be long. There, the conservative party will taste yet another ideological, political and Parliamentary defeat."

    [20] ... Synaspismos

    Athens, 20/9/1997 (ANA)

    Meanwhile, the Coalition of the Left and Progress (Synaspismos) issued an announcement accusing the premier that by refusing amendments to the Kapodistrias plan and by enforcing party discipline, he was, in fact, abolishing the operation of Parliament.

    "In reality, the premier reiterates forms of government imposition and does not ensure any possibility for political and social cohesion," the announcement said.

    [21] ESHEA renews ties with southern Albanian press union

    Gjirokaster, 20/9/1997 (ANA - P. Barkas)

    The Athens Journalists Union (ESHEA) has renewed contacts with the Union of Journalists of Southern Albania after a meeting here yesterday between ESHEA members and their Albanian counterparts.

    ESHEA Vice-President Panos Sombolos and board member Christos Kyritsis presented to their Albanian colleagues press equipment during a ceremony at the Greek consulate.

    [22] Grevena shaken by another quake

    Athens, 20/9/1997 (ANA)

    A strong earth tremor registering 5.3 on the Richter scale shook the northwest Greek town of Grevena at approximately 3 p.m. yesterday, seismologists in Thessaloniki said. According to the Aristotelian University's Geophysical Laboratory, the earthquake had an epicenter 147 kms southwest of Thessaloniki and 15 kms from Grevena.

    Seismologists said the quake was a long-delayed after-shock of the May 13, 1995 quake which registered 6.5 on the Richter scale.

    There were no reports of damage or injuries.

    Up to 5,000 homes were destroyed and another 7,000 left seriously damaged in the 1995 quake, with damage estimated at 105 billion drachmas.

    That quake was followed by hundreds of aftershocks forcing panicked local residents to camp out in cars and military tents which had been set up in the affected areas.

    [23] Stocks slip in wary market

    Athens, 20/9/1997 (ANA)

    Greek equities ended the last trading session of the week with minor losses, reflecting the market's reluctance to open new long-term positions.

    Traders said buying interest was focused in insurance issues, while construction shares came under profit-taking.

    The general index closed at 1,680.52 points, down 0.18 percent, to show a 1.56 percent gain in the week.

    Sector indices ended mixed. Banks fell 0.29 percent, Leasing dropped 1.15 percent, Investment eased 0.22 percent, Industrials were 0.11 percent off, Construction fell 1.42 percent, Holding dropped 1.55 percent, but Insurance and Miscellaneous rose by 4. 11 and 0.12 percent respectively.

    Insurance and Miscellaneous showed the biggest weekly gains at 7.82 and 6.26 percent respectively, followed by Construction at 5.69 percent.

    Trading was moderate and turnover was 16.9 billion drachmas. The week's total turnover was 112.32 billion drachmas, while the five-session average was 22.5 billion down from 31.6 billion the previous week. Broadly, advancing issues led declining ones by 121 to 99 with another 28 issues unchanged.

    Altec, Keranis, National Insurance and Sysware scored the biggest percentage gains, while Ideal, Benroubi, Mesochoriti and Parnassos suffered the heaviest losses.

    National Bank of Greece ended at 33,690 drachmas, Ergobank at 18,250, Alpha Credit Bank at 19,900, Delta Dairy at 4,335, Titan Cement at 16,300, Intracom at 14,300 and Hellenic Telecommunications Organization at 6,745.

    In the domestic foreign exchange market the US dollar was substantially higher against the drachma.

    [24] Greek, Romanian and Bulgarian bourses discuss co-operation

    Athens, 20/9/1997 (ANA)

    The prospects for co-operation between the Athens Stock Exchange and bourses in Romania and Bulgaria were discussed at a meeting held yesterday at Thessaloniki's stock market center.

    The agenda of the meeting, attended by officials from the three markets and also by a senior executive of the Brussels Stock Exchange, included new listings on the stock market, the use of compatible electronic trading systems, and training by Athens bourse authorities.

    The officials agreed that the Thessaloniki stock exchange could develop into a center of regional co-operation in the Balkans. The Belgian official outlined a co-operation deal linking stock markets in Brussels, Amsterdam and Luxembourg.

    [25] Greece says Alexandroupoli oil pipeline to be built

    Athens, 20/9/1997 (ANA)

    Greece said yesterday a slow-moving project to build a pipeline carrying Caspian oil from the Bulgarian port of Bourgas to the northern port of Alexandroupoli was still slated for construction, despite delays.

    Greek government spokesman Demetris Reppas told reporters negotiations on the pipeline had begun some time ago and the project was underway, but no progress had been made.

    Stalling the project for years have been questions of funding and operation involving the Greek, Bulgarian and Russian governments, exacerbated by bouts of political uncertainty that delayed decisions.

    Mr. Reppas was replying to a reporter's question on a statement from Sofia on Thursday that a pipeline would be built to take the oil to the Adriatic through Bulgaria, the Former Yugoslav Republic of Macedonia (FYROM) and Albania. The pipeline would bypass Greece.

    Brushing off talk of a project that was still at the planning stage, Mr. Reppas said a timescale for completion existed, which he did not name.

    According to Bulgaria's BTA news agency, an international conference on trans-Balkan oil and gas pipelines that began in Sofia on Thursday studied the two separate projects to build pipelines through Bulgaria, one ending in Alexandroupoli.

    Greece had said funding of the project was approved at a meeting with Bulgaria and Russia in June 1997 but disagreements remained with Sofia on the need to appoint international engineering consultants to carry out a feasibility study, BTA quoted delegates at the conference as saying.

    Greece and Bulgaria had agreed to go ahead with the project in 1994. The experts did not rule out construction of both pipelines if the country's economy would benefit, including revenue from transit fees, BTA said.

    AMBO of the United Kingdom detailed a 560-mile long pipeline that could transfer crude from the Caspian Sea through Bulgaria, FYROM and Albania to the Mediterranean.

    Budgeted at 850 million dollars, it would have a capacity of up to 650,000 barrels daily or 400 million barrels annually.

    The pipeline to Alexandroupoli would have a length of 242-285 kilometers with an annual capacity of 30-40 million tons of crude, according to initial estimates. The project is expected to cost 650-750 million dollars.

    [26] Greece's Bank of Attica to hold share capital increase

    Athens, 20/9/1997 (ANA)

    Bank of Attica, a listed private Greek bank, has announced an 8.5 billion drachma share capital increase by issuing 7.482 million new common shares at a nominal price of 114 drachmas each.

    Existing shareholders would be offered one new share for three old ones at a price of 1,150 drachmas each, the bank said in a statement.

    Shareholders will be able to participate in the rights issue from September 23 to October 22 through the Athens Stock Exchange or at the bank's branches.

    [27] EU develops multimedia technology network in Greece

    Athens, 20/9/1997 (ANA)

    The European Commission, the EU's executive arm, has developed MIDAS-NET, a network operating in Greece for the promotion and development of multimedia technology and its use.

    The Greek end of the network is addressed to small and medium-sized enterprises, publishers, chambers of commerce, professors and academics interested in using and developing information through multimedia systems.

    During a seminar held by the Greek National Documentation center in Athens, a body responsible for providing electronic information services on research and technology, multimedia experts presented the latest research in international multimedia markets .

    [28] ATE seminar for east European, Balkan bank officials

    Athens, 20/9/1997 (ANA)

    Agricultural Bank of Greece (ATE) will hold a special training seminar for top-level bank executives from Romania, Hungary, Bulgaria, Croatia, Slovakia and Moldova in mid November.

    The seminar, held in co-operation with several US-based banks and colleges, will focus on international bank activities and will use the Bank Exel Simulation system, which has been developed by the American Federation of Banks.

    The seminar, whose sessions will be held in English, aims at creating the prerequisites for developing wider banking relations between participants, as well as to provide advanced know-how.

    A limited number of slots is reserved for officials from Greek banks.

    For more information call the ATE training center at 62.91.406.

    [29] Purchase bid for Bank of Crete to be evaluated

    Athens, 20/9/1997 (ANA)

    A bid evaluation committee overseeing the sale of the state-held Bank of Crete convened yesterday to examine an offer by the Bank of Piraeus. The committee decided to request an opinion from a professor from the Athens University's law faculty on special issues resulting from the submitted offer.

    Eurobank had initially shown interest in purchasing the Bank of Crete, at a minimum price of 30 billion drachmas, but it did not ultimately submit a bid.

    End of English language section.


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