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Athens News Agency: News in English (PM), 98-05-09

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

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

NEWS IN ENGLISH

Athens, Greece, 09/05/1998 (ANA)

NEWS HEADLINES

  • New Archbishop of Athens and All Greece Christodoulos enthroned
  • Moody's maintains Greece's long-term currency debt ceiling level
  • ECB chief comments on Greek economy
  • Inflation seen dropping to 2.5 pct in '98 - minister
  • ASE slumps on blue chip profit-taking
  • State Dept. criticism over alleged PKK Athens office revoked
  • Albanian Premier invites Greek investment
  • PASOK delegation on US tour
  • Arrested Piraeus mayor seeks release from prison
  • More earthquake activity in Crete
  • Premier reiterates commitment to EMU policy
  • ND says Greece now outside EU's nucleus
  • Transport Minister's Athens office firebombed
  • Fayum portraits highlight Cretan exhibition
  • Cabinet endorses SA status for key port authorities
  • Thessaloniki airport closes May 8-12 for maintenance
  • Ionian Bank under management of Commercial Bank ahead of ASE float
  • International shipping fair to be held in Piraeus
  • Weather
  • Foreign exchange

    NEWS IN DETAIL

    New Archbishop of Athens and All Greece Christodoulos enthroned

    The newly elected Archbishop of Athens and All Greece Christodoulos was enthroned this morning in a grand ceremony at the Athens Cathedral. The new Archbihop, who replaced the late Serapheim as head of the Orthodox Church in Greece, was greeted to his new position by the President of Parliament Apostolos Kaklamanis, the Minister for Education and Religious Affairs Gerasimos Arsenis and representatives of the church in Greece and abroad. Christodoulos in his speech outlined his positions on the administration and the work of the church as well as its relations with the state.

    Moody's maintains Greece's long-term currency debt ceiling level

    The Moody's international credit rating agency confirmed Thursday night that it will maintain Greece's ceiling of long-term currency debt at the current level of Baa1, while drachma-denominated Greek state securities also retained their A 2 rating.

    The recent devaluation of the drachma, in tandem with its incorporation to the European Exchange Rate Mechanism (ERM), is accompanied by a stronger commitment on the part of Athens to pursue the course of convergence with other European economies, the agency said in a press release.

    ECB chief comments on Greek economy

    The newly appointed first president of the European Central Bank (CEB), Wim Duisenberg, told a briefing session of the European Parliament yesterday that he was satisfied by the Greek government's decision to incorporate the drachma into ERM.

    He said CEB would cooperate closely with the Greek government so that the drachma would be integrated into ERM2, the mechanism that will succeed the present ERM on Jan. 1, 1999.

    Inflation seen dropping to 2.5 pct in '98 - minister

    The public deficit is expected to fall to 2.4 percent of the country's gross domestic product (GDP) and consumer price inflation is seen dropping to 2.5 percent this year, National Economy Undersecretary Christos Pahtas said yesterday.

    Addressing a two-day conference in Thessaloniki on economic and monetary union (EMU), Mr. Pahtas said that the government expected growth to accelerate to 3.7 percent in 1998 and public investments to double by 2001 against 1996 levels.

    Unemployment was also expected to drop to 7.5 percent of the country's workforce by 2001.

    ASE slumps on blue chip profit-taking

    Greek equities yesterday ended sharply lower on the last trading session of the week extending two previous days of losses to more than seven percent.

    Traders said investors decided to take profits from their blue-chip investments in bank and industrial stocks.

    Analysts noted that the market's underlying trend remained positive and that investors were awaiting fresh incentives to push prices higher again.

    State Dept. criticism over alleged PKK Athens office revoked

    The government yesterday rejected as "unjustified" US State Department criticism of Greece concerning Athens' alleged support for the Kurdistan Workers Party (PKK). "These accusations against Greece are not justified," government spokesman Dimitris Reppas said, adding however, that "we are pleased that our position was acknowledged, albeit belatedly".

    US State Department spokesman Lee McClenny said earlier this week that Washington was "seeking the Greek government's views" on whether or not a PKK office was being established in Greece.

    The government rejected the insinuations and on Thursday, US State Department spokesman Jim Foley expressed Washington's satisfaction over Greece's stance on the issue, after a briefing at the US embassy in Athens.

    However, the Turkish foreign ministry said that "we will examine to what extent the guarantee given by Greece concerning the existence of a delegation of the PKK coincides with reality" and that Athens' reaction "is not adequate or satisfactory."

    Albanian Premier invites Greek investment

    Albanian Prime Minister Fatos Nano last night invited Greek businesses to invest in Albania, assuring them that last year's violent outbreak was over for good.

    Addressing an event organised by the Federation of Northern Greek Industries (SBBE) in Thessaloniki, Mr. Nano said: "I can guarantee that situations similar to last year'sIwill never arise again."

    Mr. Nano said the state had restored order and was working hard to improve its economy and attract investments from abroad.

    Greece, Albania's second-ranking business partner after Italy, has offered its northern neighbour financial aid and help in restructuring its army and public services.

    PASOK delegation on US tour

    A ruling PASOK party delegation of government and party cadres arrived in the United States yesterday for a five-day visit and a series of contacts with the American and Greek-American leaders. Delegation head PASOK Secretary Costas Skandalidis said that during the visit they would discuss problems of expatriates' organisations as well as political issues. The delegation also met with Archbishop of America Spyridon, while their agenda includes a brief visit to Washington.

    Arrested Piraeus mayor seeks release from prison

    The lawyers for Piraeus Mayor Stelios Logothetis yesterday filed an application for his release from prison pending trial for seven offences including alleged embezzlement of one billion drachmas from muncipality funds. Mr. Logothetis was remanded in custody on Wednesday following a joint decision by the public prosecutor and investigating magistrate in the case. The reasoning for the decision was that there was a probability the mayor would commit further offences.

    More earthquake activity in Crete

    An earthquake measuring 4.6 on the Richter scale rocked the Lassithi region on the island of Crete early yesterday, but no damage or injuries were reported.

    The earthquake, which was felt throughout eastern Crete, was recorded by the Athens Geodynamical Institute at 6:38 a.m., with its epicentre in the Aghios Nikolaos Gulf, from where earthquakes of 4.5, 5.0 and 4.8 Richter originated three days ago.

    Premier reiterates commitment to EMU policy

    Prime Minister Costas Simitis told a Cabinet meeting that he is determined to proceed with his policy and continue the same course, government spokesman Dimitris Reppas stressed yesterday during a regular press briefing.

    Mr. Reppas said the premier stressed that the government will not discontinue its policy and must continue its efforts, underlining that no slackening is justified despite recent positive developments.

    ND says Greece now outside EU's nucleus

    The main opposition New Democracy party's political planning and programming secretariat strongly criticised Prime Minister Costas Simitis and the government yesterday on the occasion of the premier's interview on Thursday, stressing that Greece now lies outside the European Union's new nucleus.

    An announcement stated that Greece "now lies outside the new core nucleus of the European Union, an achievement it made in the past thanks to the historic initiative of Constantine Karamanlis.

    Transport Minister's Athens office firebombed

    A home-made incendiary device comprising of gasoline and several small gas cannisters exploded late yesterday afternoon at the sixth-floor office of Transport and Communication Minister Tassos Mantelis, in downtown Stournari St.

    A group called "The children of November" assumed responsibility for the attack. Similar explosions have occured at the political offices of Labour Minister Miltiades Papaioannou, Labour Undersecretary Chris tos Protopapas, former minister and Development Minister Vasso Papandreou.

    Fayum portraits highlight Cretan exhibition

    The municipality of Iraklion is putting the final touches to a unique exhibition that will showcase the art of the Early Christian period, including the rare and haunting Fayum portraits. The exhibits will be displayed from May 21 in the basilica of Aghios Markos in the Cretan port city and will include mummies, funerary portraits - many found in the oasis of Fayum - death masks, Coptic textiles and icons.

    The exhibition is called "From the Fayum Portraits to the beginning of Byzantine icon art" and covers the period from the time of Christ to the 7th century A.D.

    Cabinet endorses SA status for key port authorities

    The cabinet yesterday approved a proposal to convert port authorities of key ports into Societe Anonymes (SA), Merchant Marine Minister Stavros Soumakis told reporters.

    "(This is) so we can have ports that are competitive ... After today's decision we can go ahead with the move," Mr. Soumakis said.

    The cabinet for the first time covered the merchant marine sector, including passenger and cargo shipping, competitiveness and protecting the Greek flag.

    Thessaloniki airport closes May 8-12 for maintenance

    Thessaloniki's Macedonia International Airport closed yesterday for five days of maintenance with all domestic and international flights being re- routed to nearby Kavala airport.

    An airport spokesman said yesterday that the hundreds of passengers destined for Thessaloniki were served by Alexander the Great airport in Kavala, and transported to Kavala by coach.

    Ionian Bank under management of Commercial Bank ahead of ASE float

    State-owned Commercial Bank of Greece will undertake the management of Ionian Bank until a majority stake in Ionian, its subsidiary, is sold through the Athens Stock Exchange, government spokesman Dimitris Reppas said yesterday.

    The government has decided to sell Ionian Bank rather than merge it with Commercial Bank, which holds a 62 percent stake, in order to save around 3, 500 jobs, Mr. Reppas said.

    International shipping fair to be held in Piraeus

    A record 71 countries will be represented at Posidonia '98, a biennial international shipping fair held in Piraeus. The June 1-5 exhibition, at the Piraeus Port Authority's waterfront exhibition centre at Akti Miaouli, will feature 1,500 exhibitors.

    Their products and services, some of them new, are designed to make shipping safe, efficient and environmentally aware.

    The exhibition will reflect the increasing computerisation of ships with 75 companies specialising in the use of software applications and computer consultancy taking part.

    Weather

    Cloud, rain and local thunderstorms are forecast for most of the country for Sunday, although phenomena are expected to subside later in the day starting from the west. Northerly strong to very strong winds will reach gale force in parts of the Aegean before easing in the evening. Athens can expect heavy rain, especially in the morning, and moderate to strong northerlies with the temeperature ranging between 13 and 19 degrees centigrade. Similar conditions for Thessaloniki, with temperatures 12 to 18 degrees.

    Foreign exchange

    Friday's rates (buying) U.S. dollar 306.875 British pound 502.805 Japanese yen(100) 231.513 French franc 51.711 German mark 173.402 Italian lira (100) 17.576 Irish Punt 436.877 Belgian franc 8.406 Finnish mark 57.044 Dutch guilder 153.834 Danish kr. 45.493 Austrian sch. 24.641 Spanish peseta 2.042 Swedish kr. 40.295 Norwegian kr. 41.426 Swiss franc 207.760 Port. Escudo 1.691 Aus. dollar 195.523 Can. dollar 213.597 Cyprus pound 587.601

    (K.G.)


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