Athens News Agency: News in English (PM), 98-10-14
NEWS IN ENGLISH
Athens, Greece, 14/10/1998 (ANA)
MAIN HEADLINES
- Municipal elections no bearing on government's task
- Athens welcomes agreement to end Kosovo strife
- 1999 budget will see cuts in indirect taxation
- Traffic chaos in Athens in first rains
- Greek equities surge on govt consistency, rate cut
- Bank of France Governor in Athens on Monday
- Man threatens to jump 20 metres over meat protest
- Weather
- Foreign Exchange
NEWS IN DETAIL
Municipal elections no bearing on government's task
The government will continue its task undistracted until its four-year term
runs out in 2000 when it will be judged, government spokesman Dimitris
Reppas said on Wednesday. He was replying to reporters' questions on the
results of the first round of local elections on Sunday. Reppas said the
ruling PASOK party would analyse results after next Sunday's runoffs and
for the time being "simply expresses its satisfaction with the percentages
received by mayoral and prefectural candidates whom it supported".
Athens welcomes agreement to end Kosovo strife
The Greek government on Wednesday expressed satisfaction at the Western-
backed deal to end the conflict in the Yugoslav province of Kosovo.
Government spokesman Dimitris Reppas stressed that Greece was traditionally
in favour of the peaceful settlement of all problems. He added that the
agreement, reached by Yugoslav President Slobodan Milosevic and US
presidential envoy Richard Holbrooke early on Tuesday, included a proposal
put forward some time ago by Prime Minister Costas Simitis concerning the
despatch of an international group of observers to Kosovo.
1999 budget will see cuts in indirect taxation
Indirect taxes would be significantly reduced in next year's budget in an
effort to contain inflation, National Economy and Finance Minister Yiannos
Papantoniou said. An ministerial meeting, chaired by Papantoniou, confirmed
that this year's budget would be strictly implemented to achieve a target
of a budget deficit at 2.4 percent of the country's gross domestic product
(GDP). Achieving this target was a first step towards Greece's participation
in Economic and Monetary Union (EMU), Papantoniou said. Papantoniou
stressed that the second step to finalise the country's entry in EMU would
be next year's budget, which would provide for a budget deficit smaller
than 2.0 percent of GDP, completing a five-year fiscal restructuring plan,
and significant reductions in indirect taxes.
Traffic chaos in Athens in first rains
Traffic snarls and flooding on main roads caused havoc for Athens commuters
on Wednesday, following strong rains in the morning in the region. The
worst hit of Athens' main roads was the coastal road leading into the city,
where cars were backed up due to half-metre flooding in certain sections.
The fire brigade were called in to free one woman, whose car had stalled in
the flood waters, trapping her in her vehicle. A broken water company pipe
in Argyroupoli, on Vouliagmenis Avenue, also contributed to the flooding,
causing major congestion.
Greek equities surge on govt consistency, rate cut
Greek equities ended sharply higher on the Athens Stock Exchange pushing
the general index above the 1,800 level. The government's determination to
stick to its current economic policy, a Bank of Greece's decision to lower
its intervention rate by 25 basis points and a decision to float a third
tranche in Hellenic Telecoms, contributed in restoring confidence in the
Greek market. Traders also said that a freeze in a liquidation drive in
Greek blue-chips by foreign investors, also encouraged sentiment. The
general index ended 4.09 percent higher to 1,855.39 points, with turnover
at 33.1 billion drachmas.
Bank of France Governor in Athens on Monday
The governor of the Bank of France Jean-Claude Trichet will be in Athens
October 19-20, at the invitation of the French-Hellenic Chamber of
Commerce. Trichet will speak on the topic of "The French view of economic
and monetary union" at 8.30 p.m. on Monday at the Hilton Hotel.
Man threatens to jump 20 metres over meat protest
A 38-year-old father of four on Wednesday climbed on to the neon sign of a
hotel in Chania, Crete and for over three hours threatened to jump 20
metres to the ground. Passers-by began to gather on the street below and
tried to persuade the man, Ilias Tsourlakis, to come down. Tsourlakis
responded by throwing scores of leaflets accusing a former employer - a
Chania meat merchant - of distributing rotten meat in the market. He also
claimed that he had filed an official complaint with the police but that no
action had been taken.
WEATHER
Unsettled weather will prevail throughout Greece on Wednesday. Winds will
be variable, moderate to strong. Showers in Athens where temperatures will
range between 15-20C. Possibility of rain in Thessaloniki where temperatures
will be from 13-17C.
FOREIGN EXCHANGE
Wednesday's rates (buying) U.S. dollar 280.924
British pound 477.946 Japanese yen (100) 235.104
French franc 51.034 German mark 171.070
Italian lira (100) 17.285 Irish Punt 427.552
Belgian franc 8.293 Finnish mark 56.227
Dutch guilder 151.746 Danish kr. 44.991
Austrian sch. 24.327 Spanish peseta 2.014
Swedish kr. 35.766 Norwegian kr. 37.468
Swiss franc 210.939 Port. Escudo 1.667
Aus. dollar 174.939 Can. dollar 182.746
Cyprus pound 582.304
(M.P.)
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