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Athens News Agency: Daily News Bulletin in English, 97-11-19

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 1344), November 19, 1997

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


CONTENTS

  • [01] Simitis: Greece insists on 'step-by-step' approach with Turkey
  • [02] ... Economy
  • [03] ... Opposition reaction
  • [04] Gradual merging of EU, WEU presidencies decided at Erfurt conference
  • [05] Greek WEU presidency at hand
  • [06] ... Greece-Turkey
  • [07] G. Papandreou meeting with Bulgarian minister
  • [08] Greece-FYROM: Nimetz to deputize for Vance
  • [09] NATO commander arrives in Athens
  • [10] Visit to Turkey
  • [11] Spyridon receives new US ambassador to Athens
  • [12] Papariga focuses on expatriates' conditions at US press conference
  • [13] Simitis welcomes Damanaki candidacy
  • [14] Karamanlis: Stronger policy vis-a-vis Turkey needed
  • [15] Tsovolas calls for front against 'neo-liberalism
  • [16] Strong earthquake shakes Zakynthos, Patra
  • [17] EIB's Gennimatas on transition of state administration
  • [18] Conference on combating forged travel, ID documents
  • [19] Greek stocks jump 4.56 pct on bargain hunting
  • [20] Parliament to debate bourse crisis this week
  • [21] Bank of Piraeus buys out Chase Manhattan branches in Greece
  • [22] Greece, Ukraine begin construction conference
  • [23] Egyptians launch investment in Greece
  • [24] Annual conference on Greek economy set for Nov. 26-27
  • [25] Information technology conference to be held Dec. 4-6
  • [26] Unions back TVX Gold investment, warn of capital flight
  • [27] Greek firms in the running for FYROM road projects
  • [28] Kurds in Patras - meningitis epidemic feared

  • [01] Simitis: Greece insists on 'step-by-step' approach with Turkey

    Athens, 19/11/1997 (ANA)

    Prime Minister Costas Simitis yesterday reiterated Greece's commitment to improved relations with Turkey, based on a step-by-step approach to bilateral problems.

    Addressing a Foreign Press Association (FPA) luncheon, Mr. Simitis outlined the initial steps which he said needed to be taken.

    Firstly, that Turkey withdraw its claims to the islet of Imia and that it refer any such claims it might have to the International Court of Justice in The Hague, in exchange for which Greece would agree to the release of a European Union financial protocol.

    Secondly, the question of the Aegean continental shelf could also be referred to The Hague and finally, meetings on various issues would be scheduled.

    He observed that no moves had been made by Turkey in this direction.

    The European Union, he said, was an area of friendship, peace and co-operation in which one member-state could neither make territorial claims against another nor question the rules of international law. The EU's "Agenda 2000", he added, clearly stated t hat EU member-states recognized the authority of the International Court of Justice. Mr. Simitis underlined that from the moment the EU puts this forth as a condition, Turkey should accept the authority of the Court.

    Mr. Simitis repeatedly stressed that Greece was in favor of Turkey's European orientation on the condition that Turkey respected European principles and values.

    With regard to EU accession negotiations, the prime minister expressed the view that talks should begin at the same time for all aspirant countries. If this in fact happened, Mr. Simitis said he then saw no need for the proposed European Conference.

    He said that given the opportunity he would meet with his Turkish counterpart Mesut Yilmaz.

    Mr. Simitis strongly deplored the recent violent demonstrations against Turkish businessmen in Thessaloniki, accusing the demonstrators of "damaging narrow-mindedness and pointless hatred". Turning to the recent US initiative on the Cyprus issue , Mr. Simitis said Greece welcomed any initiative based on UN resolutions, underlining that the "key to a Cyprus settlement is in the hands of Turkey". Any speculation as to a timetable for resolving the Cyprus issue was premature, he added, saying the k ey to the issue lay in Turkey's hands.

    Finally, with regard to the dispute over the name of the Former Yugoslav Republic of Macedonia (FYROM), Mr. Simitis said Greece had informed UN mediator Cyrus Vance that a solution must be found once and for all to the name issue. He added that he would not be visiting Skopje until such time as the name issue was resolved.

    Concerning developments in Iraq, Mr. Simitis said Greece would abide by UN resolutions.

    [02] ... Economy

    Athens, 19/11/1997 (ANA)

    The government will stick to its economic policy and its policy of a "hard drachma", Mr. Simitis continued, in response to reporters' questions.

    "The stability of the drachma is a major factor in economic policy and will continue to define our movements," he said.

    Referring to the recent monetary crisis, the premier said the Greek economy was not in crisis and, on the contrary, was illustrating that it could continue its successful course.

    The recent rise in interest rates, he said, was a temporary phenomenon, although he did not go into details as to when the government expected rates to return to previous levels. The budget for 1998 revealed last week, he added, was targeted to wards convergence with the European Union and bolstering the domestic economy against interna-tional fluctuations.

    "The budget aims at fiscal stabilization at levels which will help us participate in economic and monetary union," he said.

    "Our aim is, despite the cost and opposition, a stable developing economy," Mr. Simitis said, adding that the effort for economic justice would be continued and social policies would be reinforced.

    He admitted that the government's economic policy and latest budget had drawn fire but said that the results would be the final judge. Mr. Simitis said that the government's program to partially float on the stock exchange a number of state-run organizations and enterprises was not geared towards "replacing a state monopoly with a private monopoly".

    "The goal is not for enterprises to be taken over and closed down by the private sector as in the past but to orient those enterprises to a private sector that can ensure their operation and jobs," he said.

    [03] ... Opposition reaction

    Athens, 19/11/1997 (ANA)

    The main opposition New Democracy said in response to the premier's FPA speech that his appearance verifies that he's "a hostage to PASOK's party nomenclature, in whose favor he sacrifices the country's developmental prospects, sentencing it (Greece) to its current misery."

    The speech at the FPA also sparked a reaction on the part of the Communist Party of Greece (KKE), which said Mr. Simitis' speech was an attempt to give a face-lift to the government's anti-popular policy, and "providing to the economic oligarchy addition al reassurance for the continuation of that policy".

    The Political Spring party (Pol. An) in an announcement said the prime minister was provocatively vague, especially on national issues.

    [04] Gradual merging of EU, WEU presidencies decided at Erfurt conference

    Erfurt, 19/11/1997 (ANA - P. Stangos)

    The gradual merging of European Union and West European Union (WEU) presidencies constitutes the first specific decision taken at the significant conference of WEU foreign affairs and defense ministers, which came to a close yesterday.

    This development means - beginning in the first half of 1999 with Germany - that the country exercising the EU presidency will exercise the presidency of the WEU at the same time, satisfying one of the main pre-conditions for promoting the relationship between the two organizations.

    German Foreign Minister Klaus Kinkel said the measure was a substantive development which will strengthen the role of the WEU.

    Greece will take the WEU presidency at the end of the year after Germany, while Britain will be holding the presidency of the EU, and will hold both presidencies at the same time in the first half of 2003.

    The foreign ministers of the 18 member-states, associate members and observers also agreed to the extension of the WEU's mission in Albania for six months (it concerns the training of the Albanian police).

    NATO Secretary General Javier Solana, who attended the conference, strongly supported the WEU's strengthening as a "military arm" of the EU.

    WEU Secretary General Jose Cutilheiro issued a statement saying "the credibility of the WEU is being judged by its ability to conduct military operations."

    The WEU's 10 regular members are Belgium, Britain, France, Germany, Greece, Spain, Italy, Luxembourg, the Netherlands and Portugal, which at the same time are members of the EU and NATO.

    Three countries participated as associate members of the WEU: Iceland, Norway and Turkey, which are NATO but not EU members. Five more countries participated with observer status: Denmark, Finland, Ireland, Austria and Sweden. All are EU members, but only Denmark is a member of NATO, while the others are "neutral."

    The "difficult" point in this spectrum of differentiated relations on organic participation in the functions and the taking of decisions by the WEU is focused primarily on two associate members, Turkey and Norway, and one observer, Denmark, which being NATO members have the right to block decisions there concerning the use of military, material and technical infrastructure of NATO by the WEU. Consequently, they are seeking a more substantive participation in the WEU than what is anticipated by associate member or observer status.

    The compromise formula found in spring during the French presidency anticipates "full information" and "compulsory consultation" of the WEU with the other European non-member allies on all issues concerning the carrying out of missions entailing the use of NATO infrastructure.

    [05] Greek WEU presidency at hand

    Athens, 19/11/1997 (ANA)

    Meanwhile, Athens has effectively assumed the WEU presidency from Germany, following the end of the foreign affairs and defense ministers' conference here.

    Greek ministers Theodoros Pangalos and Akis Tsohatzopoulos presented their counterparts and reporters with the program and the aims of the Greek presidency, which formally begins on Jan. 1, 1998. They also announced that the next session of the WEU will be held on the island of Rhodes on May 11 and 12, 1998.

    The aims of the Greek presidency are a continuation of its German predecessor, with the major pending issues concerning clarification of the relations between EU and WEU, between WEU and NATO as well as the practical "operational strengthening" of WEU at the military level.

    Greece is expected to add its own "shading" on the picture, with the promotion of WEU relations with Cyprus, and co-operation with Russia and Ukraine.

    The "Greek peculiarity", in the sense of the special sensitivity for the Balkans, was recorded during the session by Foreign Minister Pangalos, with reference to Albania, whose police forces are being trained by WEU, while the organization decided to extend its mission in the country by six months.

    [06] ... Greece-Turkey

    Athens, 19/11/1997 (ANA)

    Speaking to reporters after the session and in response to questions, Mr. Pangalos justified his use of the term "criminal" in describing Turkish attitudes towards Greece earlier in the year by saying that "what Turkey wants is the re-deliniation of borders from scratch, and this is illegal, it is outside any logic of international law, therefore it is a crime..."

    He also said that the statement had been the subject of exploitation by Ankara, precisely because "some do not want to admit the truth, that what they seek is the re-deliniation of borders..."

    Regarding the issue of confidence-building measures between the two countries, NATO Secretary General Javier Solana replied negatively to a question on whether there had been a Greek attempt to launch a new initiative.

    On his part, Defense Minister Tsohatzopoulos stated that Greece proposed a three-month moratorium for military exercises in the Aegean last summer, but Turkey had rejected it.

    Mr. Pangalos added that "this proposal remains on the table..."

    [07] G. Papandreou meeting with Bulgarian minister

    Athens, 19/11/1997 (ANA)

    Alternate Foreign Minister George Papandreou and Bulgaria's Deputy Prime Minister Evgenii Bakurdjiev discussed issues concerning cross-border co-operation and relations between the European Union and Bulgaria during a meeting yesterday.

    Mr. Papandreou and Mr. Bakurdjiev reconfirmed that relations between the two countries are constantly improving and agreed that contacts between Greece and Bulgaria must continue along the same lines.

    In another development, Mr. Papandreou received US Sen. Gordon Smith (R-Oregon), the chairman of the Senate's European Affairs Subcommittee, briefing him on Greek positions on the Cyprus issue, Bosnia and NATO enlargement.

    [08] Greece-FYROM: Nimetz to deputize for Vance

    United Nations, 19/11/1997 (ANA)

    Matthew Nimetz has been appointed by UN chief Kofi Annan as deputy to Cyrus Vance, the UN secretary-general's personal envoy in negotiations between Greece and the Former Yugoslav Republic of Macedonia (FYROM).

    The appointment was made at Mr. Vance's own request and following the approval of Greece and FYROM.

    Mr. Nimetz has served as US envoy and assisted Mr. Vance's efforts from March 1994 to September 1995, when the interim accord between the two countries was signed.

    Mr. Nimetz will be chairing the continuing talks between Greece and the FYROM. The last meeting chaired by Mr. Vance took place last month.

    [09] NATO commander arrives in Athens

    Athens, 19/11/1997 (ANA)

    The Supreme Allied Commander Europe (SACEUR), US Gen. Wesley Clark, arrived in Athens yesterday for a courtesy call, the national defense general staff announced yesterday.

    Today, Gen. Clark is to meet with President of the Republic Kostis Stephanopoulos, Foreign Minister Theodoros Pangalos and National Defense Minister Akis Tsohatzopoulos, as well as with military and political leaders at the defense and foreign ministries.

    [10] Visit to Turkey

    Ankara, 19/11/1997 (ANA - A. Ambatzis)

    Gen. Clark arrived in Athens after officially visiting Turkey, at the invitation of the Turkish military chief Gen. Ismail Hakki Karadayi.

    The top NATO commander had meetings with Gen. Karadayi, Turkish President Suleyman Demirel and Prime Minister Mesut Yillmaz. He left Ankara yesterday for a US airbase in Incirlik, Turkey.

    Gen. Clark said that discussions with the Turkish government focused on the alliance's expansion.

    [11] Spyridon receives new US ambassador to Athens

    New York, 19/11/1997 (ANA - M. Georgiadou)

    The new US ambassador to Greece, Richard Burns, had an hour-long meeting here yesterday with Archbishop of America Spyridon that was also attended by former US ambassador to Athens Michael Sotirhos.

    Mr. Burns, the former US State Department spokesman, takes up office in Athens in nine days.

    After the meeting, Archbishop Spyridon said he was pleased at meeting the new US ambassador, adding that their discussion centered on "Greece's policy, issues relating to the Cyprus problem... and the role of the Ecumenical Patriarchate of Constantinople and the Halki School of Theology".

    The US official thanked the Orthodox leader, saying "it is the first time we meet, and it is my pleasure to hear some of his views and advise. I regard him as a very important personality since he represents the leadership of the Greek-American community, which is the closest tie in relations between the US and Greece."

    Replying to a question as to what would the primary targets of his mission's be, Mr. Burns said since he had not yet presented his credentials to the Greek state, "I can't talk of politics now, it wouldn't be right before meeting Greece's prime minister ."

    He further said he would spend the next two weeks and his first months in Greece mainly listening, in order to become acquainted with his new duties.

    [12] Papariga focuses on expatriates' conditions at US press conference

    New York, 19/11/1997 (ANA - M. Georgiadou)

    Communist Party of Greece (KKE) Secretary General Aleka Papariga addressed Greek and Greek-American reporters at a press conference here yesterday. She stressed that what is most important are the conditions of the Greek expatriates' work and life, who must "struggle together with American working people" for a solution to their problems, which "are not being resolved by Greece."

    Ms Papariga is currently in the US and will also visit Canada at the invitation of the communist parties of these countries and societies of KKE's friends in North America.

    She said a special issue for immigrants is primarily the educational issue, adding that what is necessary is a "brave state intervention" by Greece with modern books.

    Referring to the creation of the Council of Hellenes Abroad (SAE), Ms Papariga said KKE believes that the representativeness of the body was not achieved in a body which could constitute a pressure and mobilization lever for expatriates if the logic did not prevail of selecting businessmen for a leading role and moves of the type of public relations towards their US counterparts.

    On the question of Greek-Turkish relations, Ms Papariga said they were being complicated due to the strategy of the US in the Aegean, whose partitioning is already being promoted. She said Turkey's leadership is questioning Greek borders without being condemned politically by the US, NATO and the European Union, and in this way the impression is given that the Turks have a "backup."

    She went on to say that the Cyprus issue is an international problem. However, a solution is currently being promoted for it, which bears no relation to UN resolutions but makes partition official.

    "We are very concerned because the new structure of NATO turns Greece simultaneously into a victimizer (in possible future multinational interventions in Algeria and Libya) and a victim in relation to its national issues," she said.

    Ms Papariga said the US cannot be considered reliable as a mediator because it behaves like a "ruler" and demands compliance with its strategy.

    [13] Simitis welcomes Damanaki candidacy

    Athens, 19/11/1997 (ANA)

    Prime Minister Costas Simitis yesterday welcomed former Coalition of the Left leader and current deputy Maria Damanaki's announcement earlier this week that she'll run for mayor of Athens next year.

    The premier stated his intention to discuss the matter with her personally.

    Speaking during a foreign press association luncheon, the prime minister, however, said the decision whether PASOK would support her candidacy would emerge through appropriate procedures within the ruling party.

    Ms Damaki is expected to face current Athens Mayor Demetris Avramopoulos, a former diplomat.

    Meanwhile, Mr. Simitis made the first ever indirect criticism of the current mayor, saying Ms Damanaki's policy would be related to an effort for significantly improving the life of citizens, and would not be centered on improving the appearance of the city.

    He said her candidacy would be independent of parties, and was not in any way related to a much-speculated center-left scheme of co-operation, as this was a political term and concerned ideological discussions and analyses.

    Questioned on whether he expected the ruling party to reap a certain degree of disaffection at the municipal poll, Mr. Simitis said that PASOK and the other forces that had promoted decentralization expected successful results.

    [14] Karamanlis: Stronger policy vis-a-vis Turkey needed

    Athens, 19/11/1997 (ANA)

    The need for Greece to di splay decisiveness and exercise a strong policy was stressed by main opposition New Democracy leader Costas Karamanlis, who delivered a speech at the Pantion University's International Relations Institute yesterday.

    The main opposition leader, addressing the issue of "Greek Foreign Policy in the New International Conditions," observed that an impartial or even a Turkish analyst would surely interpret the Greek side's position and messages as "a retreat on all issues, with a feeling of inequality in the two countries' relations".

    He said he was opposed to the doctrine "we have no claims", clarifying that "we do not have claims on territorial changes, but we have claims emanating from international law and international treaties".

    Further, Mr. Karamanlis admitted that making use of the European Union's right of veto show that the country's foreign policy was weak and ineffective.

    Replying to a relevant question, he said the government's policy was erroneously associated with a veto on Turkey's funding from the EU with Ankara's recourse to international arbitration in relation to the Imia issue.

    He added that "securing Cyprus' unobstructed admission into the EU was a more attractive alternative rather than using the veto in trying to persuade Turkey take recourse to an International Court".

    Finally, in what seemed to be quite a different position than that held by former ND leader Miltiadis Evert, Mr. Karamanlis said that Turkey was not a country that merely "exported" its domestic troubles from time to time.

    On the contrary, he argued, "we're dealing with a player in the international system whose attention is permanently focused on attaining anything that only serves its own interests."

    [15] Tsovolas calls for front against 'neo-liberalism

    Athens, 19/11/1997 (ANA)

    Democratic Social Movement (DHKKI) leader Demetris Tsovolas has appealed to left-wing parties and what he called the country's "progressive forces" to form an anti-conservative front to oppose what he termed as neo-liberalism as well as the government's "anti-populist policy."

    In this context, Mr. Tsovolas addressed a relevant letter yesterday to Communist Party of Greece (KKE) Secretary General Aleka Papariga, Coalition of the Left and Progress leader Nikos Constantopoulos and Yiannis Banias of the New Left Trend party.

    Speaking at a press conference, Mr. Tsovolas said the front he is proposing (following a decision taken by the party's political secretariat on Monday) has a place for all social, ecological and political organizations, as well as independent citizens w ho oppose the "neo-liberal and anti-populist policy being implemented in the framework of the inhuman and class policy of Maastricht."

    Consequently, the main opposition New Democracy party, the Political Spring party and the ruling PASOK party are excluded, although "there is space for dissidents in PASOK in the local self-administration sector and prospects for co-operation with corresponding groupings."

    The front proposed by Mr. Tsovolas will respect the organizational autonomy of individual parties and movements which, however, must "put aside what separates them from the past and probably at present to enable them to find the many common points on which an alternative development proposal will be created which will rally the people and send, what he called, a clear message to Europe.

    [16] Strong earthquake shakes Zakynthos, Patra

    Athens, 19/11/1997 (ANA)

    A strong earthquake measuring 6.6 on the Richter scale, followed by dozens of aftershocks up to 6.0 on the Richter scale shook Patra and the surrounding region at 3:09 p.m. yesterday afternoon.

    The epicenter of both quakes was situated in the sea region south of Zakynthos, 290 km south-southwest of Athens, according to the Athens Geodynamic Institute. The quake was felt through most of Greece and as far as Crete. The quake caused panic among residents of Patra and the nearby Ionian island of Zakynthos.

    Later, press sources said minor damage had been caused to buildings in various parts of western Peloponnese and on Zakynthos. They reported that life in Patra was returning to normal after an initial panic. Some damage was also reported in Messinia prefecture, with buildings in the communities of Gargalianoi, Kyparissia and Meligala showing cracks.

    Athens Geodynamic Institute director Georgios Stavrakakis said there was a 95 per cent probability that the initial jolt was the main quake, adding that the earthquake activity would not abate soon, possibly lasting up to six months. He said it was encouraging that all activity came from the same area and advised people to remain calm.

    Thessaloniki University Geophysics Laboratory Professor Vassilis Papazahos noted that the area was one of the most seismically active in Greece. A major earthquake in 1953 destroyed most buildings on Zakynthos and the nearby island of Cephalonia.

    He said that based on long-term projections, he and his colleagues had predicted there was a 76 per cent chance of another strong quake in the region within the next 10 years.

    Meanwhile, schools in both Zakynthos and Ileia prefectures will be closed today as a precaution.

    [17] EIB's Gennimatas on transition of state administration

    Athens, 19/11/1997 (ANA)

    European Investment Bank (EIBB) Vice-President Panayiotis Gennimatas stressed yesterday that the transition to administrative mechanisms of the free market requires a deepening of privatization, without this meaning that public services should be underestimated.

    Speaking at a conference on public administration held under the auspices of the United Nations Economic and Social Affairs Section in Thessaloniki, Mr. Gennimatas said the role of the state was important as guarantor of the market economy, which, as he said, "is inconceivable without guarantees of a public character".

    "The attack against the state and the effort to shrink its dimensions and limit state intervention in favor of the private sector is not directed against the state generally, but mainly against the national state and the narrower national perception of its functioning," he said.

    Regarding the role of the state, Mr. Gennimatas noted that its needs dictate a revised form of public intervention, are related to the support for and guiding of the developmental process in the less developed countries, and in the management of macro-economic stability, mainly in the developed countries and especially in Europe, due to Economic and Monetary Union.

    [18] Conference on combating forged travel, ID documents

    Athens, 19/11/1997 (ANA)

    The public order ministry is organizing a conference entitled "Diogenis" concerning forged travel and identity documents. The conference began yesterday and will last until Thursday. It is jointly funded by the European Commission within the framework of the European Union's common action program "Sherlock."

    Fifty Greek policemen serving with relevant passport control services are participating, as well as 10 officers from the police forces of Bulgaria, Cyprus, the Netherlands and Spain.

    The purpose of the conference is development of co-operation between EU member-states and associated countries.

    [19] Greek stocks jump 4.56 pct on bargain hunting

    Athens, 19/11/1997 (ANA)

    Greek equities rebounded spectacularly on heavy bargain-hunting and speculative buying on the Athens Stock Exchange yesterday, reversing the previous session's sharp drop in prices.

    The general index closed 4.56 percent higher at 1,391.79 points, and the FTSE/ASE index rose 4.48 percent at 809.13.

    Traders said that professionals returned to the market attracted by the very low levels of prices and encouraged after the Capital Market Committee dismissed rumors of a new capital tax on share transactions.

    Analysts expected the market to stabilize around the 1,400 level after finding strong support at the 1,300 level.

    Sector indices gained substantial ground. Banks rose 4.92 percent, Insurance was 2.64 percent higher, Leasing increased 3.57 percent, Investment rose 3.84 percent, Construction jumped 4.14 percent, Industrials soared 4.31 percent, Miscellaneous was 5.23 percent higher and Holding rose 5.33 percent.

    Trading was moderate with turnover at 18 billion drachmas.

    Broadly, advancers led decliners by 187 to 37 with another 10 issues unchanged.

    Alcatel, Sarandopoulos, Pavlides, Heliofin and Ideal scored the biggest percentage gains, while Bank of Athens, Athinea, Radio Athina and Barba Stathis suffered the heaviest losses.

    National Bank of Greece ended at 26,430 drachmas, Ergobank at 14,900, Alpha Credit Bank at 16,735, Delta Dairy at 3,300, Titan Cement at 11,600, Intracom at 11,485 and Hellenic Telecommunications Organization at 5,160.

    [20] Parliament to debate bourse crisis this week

    Athens, 19/11/1997 (ANA)

    Greece's parliament will debate a continuing stock market crisis at a special session by the end of the week.

    Parliament's permanent committee on institutions and transparency has called Athens Stock Exchange chairman Manolis Xanthakis to testify on the stock market's performance during the crisis.

    Sources said that Mr. Xanthakis will propose measures designed to tackle similar situations in the future.

    [21] Bank of Piraeus buys out Chase Manhattan branches in Greece

    Athens, 19/11/1997 (ANA)

    Bank of Piraeus yesterday signed a deal with Chase Manhattan to take over the US bank's two branches in Greece for an undisclosed figure.

    The deal was submitted to Greek monetary authorities for approval.

    Under the terms of the deal, Chase's staff and banking installations will be placed under Bank of Piraeus's control, and the US bank will retain its office in Greece to focus on cross-border financial activities.

    Homi Mullan, Chase Manhattan's regional manager for central Europe, Middle East and Africa, said that the deal would place the bank in a better position to concentrate on personal banking and maritime credit.

    Chase Manhattan operates two branches in Greece, one in Athens and another in Piraeus.

    Bank of Piraeus is a medium-sized commercial bank privatized in 1991. It was founded 80 years ago.

    Its shareholders' equity totals 40 billion drachmas, and its capitalization on the Athens Stock Exchange is 65 billion drachmas.

    The Greek bank operates 132 branches in Athens.

    [22] Greece, Ukraine begin construction conference

    Athens, 19/11/1997 (ANA)

    Greek and Ukrainian authorities yesterday began a two-day conference in Athens on construction and engineering in Ukraine.

    National economy ministry secretary general Apostolos Fotiadis told delegates that Ukraine offered Greek contractors growth prospects, saying that the government would support any new agreements.

    Hellenic Export Promotion Organization's chairman Yiannis Tzen urged Greek businesses to create joint ventures with Ukrainian firms in construction, commerce and industry.

    Ukraine government officials are attending the conference.

    [23] Egyptians launch investment in Greece

    Athens, 19/11/1997 (ANA)

    The first investment by an Egyptian group in Greece will begin operating within the month, it was announced yesterday.

    Egyptian Development Investment Company (Edic) has bought a 20 percent stake in a frozen potato unit in Thrace northern Greece worth 10 million US dollars, owned by the Kamalakis company.

    Nahim Berzi, chairman of Edic, is a major industrialist.

    [24] Annual conference on Greek economy set for Nov. 26-27

    Athens, 19/11/1997 (ANA)

    The Hellenic-American Chamber and Federation of Greek Industries (SEB) will hold a two-day conference on Greece's economy starting on November 26.

    The annual event will include speeches by Prime Minister Costas Simitis, National Economy Minister Yiannos Papantoniou, main opposition leader Costas Karamanlis and Public Administration Minister Alekos Papadopoulos.

    Also scheduled to speak are other ministers, bank governors, industrialists and deputies.

    Mr. Papantoniou is expected to outline the prospects for the economy ahead of European economic and monetary union.

    [25] Information technology conference to be held Dec. 4-6

    Athens, 19/11/1997 (ANA)

    A national conference on information technology and communications covering new applications in Greece and abroad will be held in Athens on December 4-6.

    The conference, organized by the Greek Computer Scientists and Informatics Association, will be preceded by the Computer Show, an industry trade fair, on November 21-24.

    [26] Unions back TVX Gold investment, warn of capital flight

    Athens, 19/11/1997 (ANA)

    Greek trade unions yesterday again publicly backed a gold mining and production investment in the north by Canada's TVX Gold that has been severely delayed by residents' protests, jeopardizing the project.

    Christos Polyzogopoulos, president of the General Confederation of Workers of Greece, told a news conference that if TVX called off the project the move would damage business confidence, deterring other foreign investors.

    The project also would help to ease unemployment in Halkidiki, which has a roughly 25 percent jobless rate, Mr. Polyzogopoulos said.

    The investment is supported by trade unions in the area and local government authorities.

    "People are convinced that apart from the increase in jobs, the unit will clean up the area since it will make use of tons of iron pyrites left on the ground after the previous owner went bankrupt," Halkidiki Labor Center president, Angelos Pratzas, said.

    The plant currently employs 836 workers, which will jump to more than 1,500 if the project goes ahead. Already 3,500 applicants had sought work at the unit, including residents of villages that oppose the scheme, Mr. Pratzas said.

    "If the investors leave, it will be a painful blow both to workers and the whole area."

    Unions would no longer tolerate protests from around 1,200 residents centered on Olympiada, the site originally scheduled for the production plant, Mr. Pratzas said.

    Local officials have attributed the protesters' motives to vested land interests, some involving tourism. President of the local miners union George Glyniadakis warned that workers would refuse to tolerate the use of violence.

    In the past protesters have blocked access roads to the plant in order to intercept supplies, threatened staff, and trespassed, according to company officials.

    [27] Greek firms in the running for FYROM road projects

    Skopje, 19/11/1997 (ANA)

    Some 23 companies, including Greek construction firms, have submitted letters of interest for concessions for the construction of three road projects, according to the Former Yugoslav Republic of Macedonia's news agency MAKFAX.

    Greek firms have shown overwhelming interest in the project to construct a 92.6km road linking Veles, Prileps and Bitola to the Greek border with FYROM.

    Sixty percent of the companies that submitted a letter of interest are Greek companies, according to Minister of Traffic and Communications Abdulmenaf Bexheti.

    The other two projects are the 35.7 km Skopje-Tetovo road and a 75.5 km road from Stobi to Gevgelija.

    According to an announcement, US Bechtel, an American-Australian consortium, companies from Turkey, Switzerland, Germany, Italy and Japan, and Greece, as well as a domestic consortium Granit - Mavrovo are interested in the construction of these roads.

    The value of the three projects is estimated at 393 million dollars, or, specifically: Skopje - Tetovo 66.9, Stobi - Gevgelija 196.2, and Veles - Greek border 130 million dollars.

    A decision on the concessions is expected by December 15.

    [28] Kurds in Patras - meningitis epidemic feared

    Athens, 19/11/1997 (ANA)

    Fears of a meningitis epidemic among 300-400 Kurdish refugees living in abandoned railway carriages in Patra have arisen after a 25-year-old man diagnosed with the disease left Patras' Aghios Andreas Hospital on 15 November, the day after being admitted.

    The man, who gave his name as Ae Ali, son of Mavin, has disappeared and it is feared he has not realized the gravity of his condition.

    Living standards at the makeshift camp are extremely poor. There have been cases of scabies that have been treated in hospital.

    Local authorities have repeatedly called for the removal of the refugees from the railway tracks to a place with proper sanitary conditions, however there has as yet been no response from authorities in Athens.

    Meanwhile the Kurds are not willing to move far from the area due to its proximity to the port, where they hope to stow away on ships to Europe to join relatives.

    End of English language section.


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