Athens News Agency: News in English (PM), 99-08-26

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

NEWS IN ENGLISH

Athens, Greece, 26/08/1999 (ANA)

MAIN HEADLINES

• Gov`t says will help Turkey but veto still in force
• Cem: Greek-Turkish dialogue proceeds well
• Athens mayor tours quake-stricken areas
• Onassis Foundation donation to Istanbul-based university
• Greek-Albanian economic committee to meet in October
• Free camping to be fined
• Three illegal immigrants killed in minefield
• Profit-taking halts rally on bourse
• Gov't, trade unions reach agreement on key points
• Inflation needs to drop below 2.0 pct for euro zone entry
• Weather
• Foreign exchange

NEWS IN DETAIL

Greece on Thursday reiterated that its policy concerning a long-standing veto of European Union aid to Turkey under a financial protocol had not changed.

Government spokesman Dimitris Reppas stressed however that Greece would help to ensure that the EU supports Turkey economically following the catastrophic earthquake which has claimed thousands of lives.

Reppas said Greece would contribute in this way in the same spirit that it immediately sent tonnes of humanitarian aid, medical and rescue teams to its quake-stricken neighbour.

Athens insists that Ankara must first improve its human rights record and abandon its often aggressive stance to Greece before it considers lifting its veto of EU funds allocated to Turkey in the past under a financial protocol.

Asked by reporters what Greece's stance on the aid issue would be at the Council of Ministers on September 4-5, Reppas replied that each foreign minister would undoubtedly have something to propose, "as too will Greece's foreign minister".

"Our position will be shaped after Foreign Minister George Papandreou has completed his round of talks with opposition party leaders," Reppas added.

Cem: Greek-Turkish dialogue proceeds well

In a related development, Turkish Foreign Minister Ismail Cem said Greek- Turkish dialogue has proceeded well to date and the same is expected in the future.

In an interview to a Kuwait-based newspaper, Mr. Cem said "dialogue with Greece has proceeded very well and there is no reason why its continuation may not be the same."

Athens mayor tours quake-stricken areas

The deputy mayor of Istanbul, Umit Ozerol, yesterday welcomed Athens Mayor Dimitris Avramopoulos here, saying that a "true friend appears in difficult times". Mr. Avramopoulos arrived in Istanbul to coordinate an earthquake relief initiative undertaken by Greece's five biggest municipalities.

Immediately after arriving, Mr. Avramopoulos toured the worst hit areas of Istanbul before meeting with his counterpart Ali Mufti Gurduna.

Mr. Avramopoulos toured the devastated areas of the city, where he received a warm reception from local residents.

Following the meeting with Mr. Gurduna, Mr. Avramopoulos announced their joint decision for the creation of a first camp for the earthquake victims within 10 days, comprised of three units that will provide shelter to 10, 000 people.

Onassis Foundation donation to Istanbul-based university

The Onassis Foundation's board of trustees has donated 32 million drachmas to Istanbul's Bosporus University for the relief of quake victims.

The Onassis Foundation, stated in a release, that the funds will be allocated by priority to the University's teaching staff, employees and students, as an expression of solidarity to the Turkish university.

Greek-Albanian economic committee to meet in October

The Greek-Albanian economic cooperation committee will convene in Athens in October, the National Economy Ministry announced on Thursday.

The announcement marks a further step in the improvement of bilateral relations following Prime Minister Costas Simitis' one-day visit to Tirana on Tuesday, during which two cooperation protocols were signed.

The ministry said the convening of the economic cooperation committee had been agreed by Albania's Economic Development Minister Ermelinda Mexi and Greece's Deputy National Economy Minister Rodoula Zissi.

Within the framework of bilateral talks, the ministry said, it had been decided to create new border crossings linking Konitsa and Premeti.

Greece will also be giving Albania 1.5 million US dollars in aid to help shore up the neighbouring country's budget.

Other decisions announced by the ministry include the speeding up of the rate of absorption of a Greek loan to Albania, regarding which Greece has agreed to finance the equipping of the Tirana maternity hospital at a cost of 1.5 billion drachmas.

Some 200 Greek undertakings currently have operations in Albania, representing invested capital of 100 million dollars.

In terms of number and size of investments in Albania, Greece ranks second.

Free camping to be fined

Development Minister Evangelos Venizelos on Thursday tabled an amendment to a bill which virtually outlaws free camping in Greece by introducing fines for transgressors.

The amendment to a bill on the establishment of a food control agency provides for a fine of 50,000 drachmas per person to be imposed on campers who put up their tents at archaeological sites, on the seashore, coastal and other areas.

The provision will be enforced and the fine collected by the local government authority in the place of the offence.

Prior to the amendment, the ability to camp on public land in Greece largely depended on the degree of tolerance of local authorities.

Three illegal immigrants killed in minefield

Three persons were killed early on Thursday when they entered a minefield while trying to cross into Greece illegally in the region of the Evros river that marks the Greek-Turkish border in northern Greece, police said.

The three men, who have not been identified but are believed by police to be Iranians, entered the minefield through an opening in the barbed wire surrounding it.

"The minefield was marked, but apparently they did not see the warning signs," the police told ANA.

Profit-taking halts rally on bourse

A wave of profit taking halted the market's record rally and pushed equity prices sharply lower on the Athens Stock Exchange on Thursday.

The general index ended 1.94 percent lower at 5,122.57 points, reversing an early jump to new intra-day highs. Turnover was a massive 312.430 billion drachmas with 111,377,218 shares changing hands.

Traders noted that it was the first significant correction of the market in the last 17 sessions during which the general index jumped from 4,300 to the 5,200 level.

Analysts said the market needed some correction and described Thursday's fall as a healthy reaction of the market.

The Construction sector remained at the focus with five shares ended at the day's 8.0 percent limit up.

Sector indices ended as follows: Banks (-3.66 pct), Leasing (-0.36 pct), Insurance (-1.48 pct), Investment (-2.05 pct), Construction (+3.46 pct), Industrials (-0.37 pct), Miscellaneous (+2.01 pct) and Holding (-2.41 pct).

The parallel market index for smaller capitalisation stocks ended 1.40 percent higher, while the FTSE/ASE 20 index for blue chip and heavy traded stocks ended 3.20 percent down at 2,827.46 points.

A total of 33 shares ended at the day's 8.0 percent limit up, while another four ended at the day's limit down.

Broadly, advancers led decliners by 154 to 133 with another 10 issues unchanged.

Egnatia Bank and Duty Free Shops were the most heavily traded stocks while Egnatia, National Bank, Piraeus Bank and Duty Free Shops led the day's turnover.

Everest share price shot up 99 percent on the first day of trading in the market.

National Bank of Greece ended at 23,700, Alpha Credit Bank at 24,240, Commercial Bank at 29,500, Titan Cement at 35,540, Hellenic Petroleum at 3, 175, Intracom at 24,010, Minoan Lines at 7,300, Panafon at 8,880 and Hellenic Telecoms at 6,570.

Gov't, trade unions reach agreement on key points

The government and country's main trade union umbrella group yesterday reached agreement on issues central to the economy and industrial relations.

Prime Minister Costas Simitis, his economics ministers and leaders of the General Confederation of Greek Workers (GSEE) had met to debate their agenda.

After the meeting, a statement from the premier's office said that agreement between the two sides covered the following points:

Inflation needs to drop below 2.0 pct for euro zone entry

National Economy and Finance Minister Yiannos Papantoniou said yesterday that inflation would have to fall below 2.0 percent for Greece to qualify for euro zone entry by the target date of January 1, 2001.

The government's target of 2.0 percent inflation this summer would be met despite a rise in global oil prices, but it needed to fall further due to low inflation rates in Europe, Mr. Papantoniou said.

The minister called on businesses to cut their prices rather than freeze them, as bringing inflation below 2.0 percent would be tough.

He was speaking to reporters after a lengthy meeting with Prime Minister Costas Simitis and other economics ministers and deputy ministers to debate the budget for 2000 and changes in taxation.

Mr. Papantoniou did not say what new measures the government would take as part of its counter-inflationary drive. According to sources, being debated are cuts in indirect taxation and a reduction of Value Added Tax in public utility rates.

The meeting was followed by another on projects to be submitted for funding under the European Union's Third Community Support Framework, and another to discuss incomes policy.

WEATHER

FOREIGN EXCHANGE

Thursday's rates (buying)
U.S. dollar          309.950
Pound sterling       491.774
Japanese yen (100)   279.198
French franc          49.371
German mark          165.581
Italian lira (100)    16.725
Irish Punt           411.203
Belgian franc          8.028
Finnish mark          54.468
Dutch guilder        146.956
Danish kr.            43.565
Austrian sch.         23.535
Spanish peseta         1.946
Swedish kr.           37.258
Norwegian kr.         39.263
Swiss franc          202.160
Port. Escudo           1.615
Can. dollar          207.526
Aus. dollar          196.074
Cyprus pound         560.797
Euro                 323.848

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