Athens News Agency: News in English, 00-11-01

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

CONTENTS

[01] 2004 Olympics - Broadcast coverage-New lead

[02] Greece-Turkey-Simitis-Parliament

[03] Greece - Britain - Yugoslavia

[04] Koumbas Holdings-equity purchase

[05] TEB-merger deal

[06] ASE-close

[07] Greece - Britain - Cyprus - EU

[08] Greece-foreign exchange

[09] Greece-2001 budget

[01] 2004 Olympics - Broadcast coverage-New lead

Athens 2004 (ATHOC) organisers awarded the upcoming Olympics radio-television coverage to the consortium International Sports Broadcasting (ISB) on Wednesday, thus apparently concluding one of the most urgent issues organisers face.

The ISB consortium, which covered the Atlanta and Sydney Games, will include Greeces state-run ERT network.

[02] Greece-Turkey-Simitis-Parliament

Greece gained international support and improved its image on the international stage by the policy it has pursued toward Turkey, Prime Minister Costas Simitis said in Parliament on Wednesday.

Responding to a question tabled in Parliament by main opposition New Democracy (ND) deputy Dora Bakoyianni on Greeces foreign and defence policy, Simitis also said that during NATOs military exercise ?Destined Glory 2000? Turkey showed that it created problems, stressing that NATO should now be mobilised.

?We are not being drawn into a general confrontation, a policy that would be welcomed by Turkey. We are moving ahead with efforts for the Confidence Building Measures (CBMs) within NATOs framework,? Simitis said.

[03] Greece - Britain - Yugoslavia

Foreign Minister George Papandreou on Wednesday noted that both Athens and London would work together within the European Union to alleviate a fuel shortage threatening Serbia.

Papandreou, who received visiting British Foreign Secretary Robin Cook, also said both countries will assist the Kostunica governments efforts at democratisation.

The situation in the Balkans and especially Yugoslavia was among the major topics both men discussed in their Athens meeting, in light of an EU-Balkan countries summit meeting scheduled for later this month in Zagreb.

[04] Koumbas Holdings-equity purchase

Koumbas SA Holdings announced the purchase of a 2.96 percent equity stake in Hellenic Investment Bank for 1.053 billion drachmas with the option to raise its stake in the bank to 4.6 percent by the end of the year.

Koumbas already owns a 20 percent equity stake in Sarros Securities and an 1.6 percent stake in Marfin Securities.

[05] TEB-merger deal

A TEB's general shareholders' meeting on Wednesday approved a merger deal with Mesogaea through a share swap.

TEB's equity capital, following completion of the merger, will rise to 8.8 billion drachmas. The share swap deal was agreed at 0.81 Mesogaea' share for one TEB's share.

TEB's shareholders had approved a share capital increase plan 11 months ago to support the company's activities, but the plan was not approved by stock market authorities.

The merger deal offers TEB's significant benefits, according to a valuation by PriceWaterhouse. Its assets will rise by 40 billion drachmas, of which 13 billion in cash, 8 billion in investments and securities and 19 billion from Mesogaea's equity participation in Kambas.

[06] ASE-close

Equity prices rebounded spectacularily on Wednesday as buying interest for blue chip stocks expanded in the smaller capitalisation sector, giving a further boost in turnover.

Shares in the construction sector were in demand, while Hellenic Telecom's share price fell 1.79 percent on profit-taking.

The general index ended 2.31 percent higher at 3,885.49 points at the day's highs. Analysts said the market would soon test the 3,900-3,970 resistance levels.

Turnover was an improved 97.29 billion drachmas. The FTSE/ASE 20 index for blue chip and heavy traded stocks ended 2.02 percent higher at 2,251.17 points, and the FTSE/ASE 40 index rose 3.39 percent to 459.92 points.

The parallel market index for smaller capitalisation stocks ended 1.97 percent higher at 428.38 points.

[07] Greece - Britain - Cyprus - EU

Visiting British Foreign Secretary Robin Cook on Wednesday reiterated here that a solution to the long-standing Cyprus problem is not a condition for the island republics European Union accession.

In regards to Cyprus unhindered course towards the Union, Cook referred to decisions taken at a seminal EU summit last December in Helsinki, the same top-level meeting that bestowed coveted candidate status on Turkey following Athens lifting of its objections.

He added that Britain anticipates that the EU will ?soon be able to accept a united and undivided Cyprus into its ranks.?

[08] Greece-foreign exchange

The drachma rebounded against the US dollar on Wednesday following a recovery of the euro currency's rate above the 85 cents level in international markets.

The Greek currency rose to 397.810 drachmas per dollar at Wednesday's fixing, up from 402.380 the previous day. The drachma was stable against the euro at 339.700 drachmas per euro from 339.660 drachmas on Tuesday.

[09] Greece-2001 budget

Greece's 2001 state budget, the first to be calculated in euro, was tabled in Parliament on Wednesday by National Economy and Finance Minister Yiannos Papantoniou.

Addressing the body, Papantoniou stressed the social dimensions of the government's economic policy in the coming year and the tax breaks for low and middle incomes, as well as the increased funds directed at education, health, pensions and employment.

He said the budget also aimed to increased public investments while containing consumer spending and to create a government surplus of 210 billion drachmas while further reducing public debt as a percentage of GDP.

He added that total spending envisaged under the 2001 budget was 12.6 trillion drachmas, an increase of 8.2 per cent. Among the tax breaks envisaged in the new budget is a 50 per cent tax rebate to farmers on Special Consumption Tax on fuel, which aims to cushion the impact of rising oil prices on their incomes, with an additional 30 per cent for greenhouse production because of its high dependency on fuel costs.

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