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Athens News Agency: News in English (AM), 99-09-30Athens News Agency: News in English Directory - Previous Article - Next ArticleFrom: The Athens News Agency at <http://www.ana.gr>NEWS IN ENGLISHATHENS, GREECE, 30/09/1999 (ANA)MAIN HEADLINES
NEWS IN DETAILGreek economy and markets resilient, Papantoniou tells IMFGreek government policy has led to resilient financial markets and growth rates above the European Union average, taking the country towards euro zone entry, National Economy and Finance Minister Yiannos Papantoniou said yesterday. "Our economy has been submitted to the test by the financial crises of the last few years. Our exchange rates, short-term interest rates, bond yields, stock market and real economy remained unaffected all but in the very short run," Mr. Papantoniou told the annual meeting of the International Monetary Fund and World Bank in Washington. He said that a policy combining stability and structural reform had prepared the ground for Greece's entry into the EU's economic and monetary union, expected on January 1, 2001. He added that Greece had lowered the general government deficit to 1.5 percent of gross domestic product in 1999 and 2.5 percent of GDP in 1998 from 13.8 percent of GDP in 1993, Mr. Papantoniou said. Set to boost the economy further were the 2004 Olympic Games to be hosted by Athens and the development of the northern port city of Thessaloniki into a centre for southeastern Europe. Mr. Papantoniou forecast a GDP growth rate of 3.7 percent in 2000 and more than 4.0 percent in 2001. Parl't approves part-float for Athens water board Parliament yesterday voted through a government plan for the partial privatisation of the Athens and Piraeus Water Board (EYDAP) through listing on the Athens Stock Exchange. The government wants to float up to 49 percent of EYDAP on the bourse, while a majority 51 percent of shares would remain under state control. The part-privatisation is part of a policy of shrinking the public sector and reducing the government's presence in business, mainly through part- listings on the bourse. Among corporations to have followed the same route are Hellenic Petroleum and Hellenic Telecommunications Organisation, both heavily traded stocks. Voting in favour of the article for EYDAP's privatisation were 51 deputies with 41 against and eight absent in a roll call vote sought by the New Democracy party, Democratic Social Movement and Coalition of the Left and Progress. Independent deputy Vassilis Kontoyiannopoulos voted in favour of the bill. Stocks end flat in jittery trade Equities yesterday finished flat in volatile trade dominated by retail investors in the wake of a slump and then a rebound in the previous session. The general index ended 0.10 percent higher at 5,596.84 points from 5, 591.28 points a day earlier, showing minor signs of consolidation after a jump in early trade followed by a decline. Turnover dropped to 370.259 billion drachmas from 430 billion drachmas in the previous session with 38,667,000 shares changing hands. The market was seeking to consolidate around 5,600 points, analysts said, declining to forecast the short-term outlook for equities after more than a week of abrupt shifts. Sector indices ended as follows: Banking (-0.81 pct), Insurance (+0.53 pct), Construction (+1.40 pct), Miscellaneous (+2.53 pct), Leasing (+5.30 pct), Investment (-1.17 pct), Industrials (+0.29 pct) and Holding (+2.90 pct). The parallel market index for smaller capitalisation stocks dropped 1.64 percent while the FTSE/ASE 20 index for blue chips and heavily traded stocks dropped 0.32 percent to finish at 2,981.15 points. Of 309 stocks traded, advances outpaced declines at 168 to 138 with three shares remaining unchanged. National Bank of Greece ended at 25,205 drachmas, Commercial Bank of Greece at 28,990, Alpha Credit Bank at 24,500, Minoan Lines at 7,595, Intracom (common) at 26,400, Titan Cement (common) at 36,000, Hellenic Petroleum at 6,220, Hellenic Telecommunications Organisation at 7,000 and Panafon at 8, 400 drachmas. Central bank steps in to nudge up drachma In the foreign exchange market, the drachma again was ruffled against the euro in sales of the national currency traders said were linked to a recent slump on the Athens Stock Exchange and institutional investors abroad closing their positions. The Bank of Greece intervened in the market to push up the drachma, selling 80 million euros when the European currency hit 329 drachmas. It had sold around 120 million euros on Monday and around 300 million euros in the final three sessions of last week, dealers said. At the central bank's daily fix, the euro rose against the drachma. The European currency was set at 328.320 drachmas from 327.900 drachmas in the previous session and 328.000 drachmas on Monday. Greece first to give EU regional development plan The government submitted its regional development plan to the European Union at the beginning of the week for funding under the Third Community Support Framework, Deputy National Economy Minister Christos Pahtas said yesterday. He added that Greece was the first member state to hand in its plan. The country is to receive 17 trillion drachmas in funding through the Third CSF, whose duration is 2000-2006. Lambrakis buys stake in Odeon The Lambrakis Press Group announced yesterday that it had acquired a 34 percent stake in Odeon SA, an agent for international film production corporations. Among Odeon's clients are 20th Century Fox, Universal and Paramount. The company also operates a chain of cinemas around the country. Rise in petrol prices Retail fuel sales prices will increase as of today. Super petrol will increase by 1.90 drachmas per litre; unleaded by 1.90 drachmas per litre; diesel by 1.90 drachmas per litre and heating oil by 1.50 drachmas per litre. In the Attica region and the Thessaloniki prefecture, super gasoline will cost 225.10 drachmas per litre and unleaded 209.30 drachmas per litre. Schroeder talks to focus on EU, Balkans and relations with Turkey A German government spokeswoman noted yesterday that German Chancellor Gerhard Schroeder, in Athens on Monday for talks with the Greek leadership, "wants with this visit to express his appreciation for reforms of Prime Minister Costas Simitis' government in the economy and social sector, which are already producing fruit." Mr. Schroeder's visit will focus primarily on three axes. Firstly, European policy issues including, according to reports, promotion of institutional reforms in the European Union - where Greece and Germany have diverging views - and the prospect of Greece's participation in the euro zone as of Jan. 1, 2001. Secondly, stabilisation in the Balkans after the Kosovo crisis through the Stability Pact and the European prospects of countries in the region. Finally, Greek-Turkish relations and the Cyprus issue, given the German chancellor's commitment for Turkey to be granted candidate status for EU accession at the Helsinki summit in December. Tsohatzopoulos calls for end to ethnic cleansing of Serbs in Kosovo National Defence Minister Akis Tsohatzopoulos stressed yesterday that the major problems at present in Kosovo were attempts by certain Albanian circles to divide the province by forcing Serbs in some areas to abandon their homes. The Greek minister made the remarks after meeting the UN Secretary General's representative in Kosovo, Bernard Kouchner, at the head of the European Socialist Party (ESP) delegation which sought to be briefed on efforts to normalise the situation in the troubled Yugoslav province. Further, the Greek minister urged the international community to act in compliance with the UN resolution envisaging autonomy within Yugoslavia and the safeguarding of the same rights for all ethnic groups in Kosovo. In his capacity as ESP vice-president Mr. Tsohatzopoulos said the target of the meeting was for European socialists to come into contact with corresponding political forces in the region to enable a common framework of action to be shaped. Mr. Tsohatzopoulos said it was deduced from talks that "protests exist on the part of representatives of the Balkan socialist and social democrat parties that what was decided by European countries and the UN Security Council is not proceeding quickly." Mr. Tsohatzopoulos said the Balkan countries, which asked for an end to the policy of ethnic cleansing against the Albanians, should demand an end to ethnic cleansing against the Serbs and the other ethnic groups living in Kosovo. Gov't: time is now right for Ankara to help solve Cyprus issue The time is right for Turkey to make a contribution to resolving the Cyprus issue, government spokesman Dimitris Reppas reiterated yesterday. Mr. Reppas was responding to questions about the focus of talks a day earlier in Washington, between US President Bill Clinton and visiting Turkish Prime Minister Bulent Ecevit. Noting that both Washington and the G8 nations had undertaken initiatives on Cyprus, Mr. Reppas said Turkey should help towards solving the island republic's long-standing problem through direct talks, without conditions and commitments. "Such a development would also be to the benefit of the neighbouring country (Turkey)," he said. US envoy to consider prospects for new intercommunal talks During their Tuesday meeting here, Mr. Clinton and Turkish Premier Bulent Ecevit agreed during a two-hour White House meeting that US presidential envoy Alfred Moses will visit the region next week to examine details for a resumption of intercommunal talks on the Cyprus problem, US officials stated. "The prime minister supported the president's idea to send his special envoy for Cyprus Al Moses to the region probably as early as next week to explore ways to moving forward a negotiated settlement," officials said. They added that the US president had reiterated his administration's position in favour of the G8 proposals for a start to UN-sponsored negotiations without preconditions. The officials also noted their agreement that any solution should not mean a return to the pre-1974 situation and should guarantee the security of all Cypriots. According to diplomatic sources, if the process goes ahead, proximity talks will start under UN mediation, will be interrupted when Mr. Clinton visits Greece and Turkey in November, and will continue if Turkey is granted candidacy status by the EU summit in December, a development to which the US expects Greece to contribute. Mr. Clinton expressed satisfaction over the improvement in Greek-Turkish relations before the recent earthquakes in both countries and told Mr. Ecevit that they should "tap the dynamics" of the situation in order to find solutions to the problems between them. Prodi-Karamanlis meeting on Greece's EMU prospects European Commission President Romano Prodi has a positive attitude towards Greece's prospects of joining the euro. Asked after meeting main opposition New Democracy leader Costas Karamanlis on the Commission's views in light of its opinion on the drachma joining the euro, Mr. Prodi stressed that "I will be pleased on the day that Greece, fulfilling criteria, will be come a member of the Economic and Monetary Union." He added that he himself was "always favourably disposed towards Greece's accession to the euro." Addressing the European Peoples Party's (EPP) Parliamentary group in Brussels yesterday, as well as in his talks with Mr. Prodi, Mr. Karamanlis underlined national issues (Turkey and Cyprus), as well as European ideals. Mr. Karamanlis said Cyprus, which fulfills all the accession preconditions, cannot be a victim of blackmailing by Turkish Cypriot leader Rauf Denktash. He said he considered it "paradoxical" that Turkey should be accepted as a candidate for EU membership in violation of its common decisions and without self-evident preconditions for Europe applying at the level of human rights and a state of law. PM lauds political theorist Poulantzas at conference opening Few Greek thinkers garnered the international recognition of Nikos Poulantzas, who made a decisive contribution to the formulation of a positive image for our country, Prime Minister Costas Simitis said yesterday in his opening address at an international conference organised by the University of Athens, the Greek Society of Political Science and University Paris VIII. The conference, entitled "Politics Today," was held to mark the 20th anniversary of the well-known Marxist thinker's death. "Nikos Poulantzas was one of the most important propagators of that great political and intellectual current which sought in the 1960s and 1970s to reset the terms for the radical reorganisation of the Left, rid of the shadows of Stalinist totalitarianism," the prime minister said, while also providing details of a close friendship with the late 'Euro-communist' in their school days. WEATHEROvercast weather with sunny spells will prevail throughout Greece today, with the possibility of local rain in the Ionian Sea, Epirus and western Macedonia. Winds northerly, light to moderate. Partly cloudy in Athens with temperatures from 18-30C. Same in Thessaloniki with temperatures from 17- 28C.FOREIGN EXCHANGEThursday's rates (buying) U.S. dollar 308.800 Pound sterling 508.301 Japanese yen (100) 288.652 French franc 49.652 German mark 166.524 Italian lira (100) 16.820 Irish Punt 413.545 Belgian franc 8.074 Finnish mark 54.777 Dutch guilder 147.793 Danish kr. 43.823 Austrian sch. 23.669 Spanish peseta 1.957 Swedish kr. 37.571 Norwegian kr. 39.698 Swiss franc 203.653 Port. Escudo 1.625 Can. dollar 210.998 Aus. dollar 202.239 Cyprus pound 562.821 Euro 325.693(C.E.) Athens News Agency: News in English Directory - Previous Article - Next Article |
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