Athens News Agency: News in English, 08-11-10

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

CONTENTS

[01] PM to meet with Employment Minister

[02] ASE opening: Strong rise

[03] Athens Newspaper Headlines

[01] PM to meet with Employment Minister

On Friday, Karamanlis stressed that the European Union has shown that it can contribute actively to the handling of the global credit crisis, with the means at its disposal adding that the EU's special summit in Brussels provided the opportunity for proposals, which the EU will be promoting at the Washington summit on reforming the international monetary system, to be shaped jointly.

Summing up the results of the special summit, Karamanlis said that the European Commission proposed on Friday, with the purpose of tackling the international economic crisis, an approach based on two pylons: Firstly, on a new monetary architecture in the framework of which a balanced intervention is required to support the banking sector. Secondly, on confronting the challenges of the crisis, namely in real economy.

The prime minister further said that the EU will act on the basis of a four-point proposal presented by the French Presidency with regard to the changes that must take place in the architecture of the international monetary system.

The new system that will be created must, as he stressed, have greater transparency and better supervision. Supervision must be entrusted to the International Monetary Fund, so that crises such as the present one will be avoided in the future.

"It is certain that we would not have reached the current serious crisis if the supervision of the monetary system had been better and its transparency had been greater," the prime minister said.

Commenting on recent economic predictions made by the European Commission, Karamanlis did not conceal the fact that "the news for the EU and for the eurozone countries in particular is not at all pleasant."

He noted, however, that as far as Greece is concerned, the Commission is predicting better performances than almost all the eurozone countries.

In parallel, the prime minister stressed that the Greek government is preparing specialised measures to relieve the financially weaker who, as he noted, are bearing a disproportionately big burden due to the repercussions of the crisis.

Karamanlis went on to say that a continuous effort and an integrated growth plan is necessary, which will support employment, small and medium-size businesses, households and incomes.

He reminded that Greece was among the first countries in the EU to guarantee citizens' bank deposits which, as he underlined, shielded confidence in the Greek monetary system.

He also recalled the plan to boost the economy's fluidity which aimed at the smooth funding of businesses, and with good terms, and which is being discussed in Parliament. Moreover, he referred to initiatives to back small and medium-size businesses, such as the guarantee fund guaranteeing 80 percent of their loans.

Referring to the role of banks in Greece, Karamanlis indirectly but clearly called on them once again to perform their task, stressing that no one has the right to convey the repercussions of the crisis to the citizens.

Lastly, he referred to the issue of high prices, saying that market checks have been intensified with the purpose of dealing a blow at profiteering and that those who have not received the message of government determination will pay the price of their options.

Caption: ANA-MPA file photo of Prime Minister Costas Karamanlis

[02] ASE opening: Strong rise

Individual sector indices were moving upward across the board, with the biggest gains in Banks, up 5.11 percent; Financial Services, up 4.41 percent; Raw Materials, up 4.03 percent; Construction, up 3.92 percent; and Public Utilities, up 3.89 percent.

The FTSE/ASE 20 index for blue chip and heavily traded stocks was up 4.27 percent, the FTSE/ASE MID 40 index was up 3.01 percent, and the FTSE/ASE-80 small cap index was up 3.05 percent.

Of the stocks moved, 107 were up, 6 were down, and 8 were unchanged.

[03] Athens Newspaper Headlines

The crucial meeting of the Association of Greek Banks and the latest opinion polls indicating a main opposition PASOK lead over ruling New Democracy (ND) dominated the headlines on Monday in Athens' newspapers.

ADESMEFTOS TYPOS: "Parapolitics via opinion polls - Secret poll gives the lead to ND by 0.3%".

APOGEVMATINI: "Bank borrowers homes to be saved - Bankers back down after Prime Minister Costas Karamanlis' ultimatum".

AVRIANI: "PASOK fears flurry of revelations on the Siemens slush funds".

CHORA: "The credit cards bubble bursts".

ELEFTHERI ORA: "Three polls indicate that the difference between PASOK and ND widens and is becoming permanent".

ELEFTHEROS: "The bells in Maximos mansion (government headquarters) are sounding mournfully".

ELEFTHEROS TYPOS: "The bank teller battle - Government's plan to exercise pressure on banks".

ELEFTHEROTYPIA: "Bait and bargaining with crumbs - Government and bankers negotiate the terms of the 28 billion euros".

ESTIA: "Dangerous rise in PASOK's popularity ".

ETHNOS: "Five bombs for Karamanlis".

TA NEA: "Heavy pressure on the bank cartel - 'Take measures for the borrowers'."

VRADYNI: "Government-Banks in bras de fer".

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