Athens News Agency: News in English, 11-04-04

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

CONTENTS

[01] Hellenic Petroleum union calls strike

[02] Greek bond market closing report

[03] PM receives George Soros

[04] Court: Pending EL.PE strike legal

[05] FinMin: No 'horizontal measures'

[06] Stocks drop 2.24 pct 

[01] Hellenic Petroleum union calls strike

The employees at EL.PE, which controls three of the four oil refineries in Greece, are striking in demand of "the safe staffing of the new units that are commencing operation at the (EL.PE) industrial installations in Thessaloniki and Elefsina". (ANA-MPA)

Market sources told ANA-MPA that the problems are not expected to arise immediately, given that there are ample reserves in fuel stations and at the installations of the fuel marketing companies, while supply will be normal from the fourth refinery, that of Motor Oil. (ANA-MPA)

Given, however, that EL.PE controls three of the country's four refineries -- in Aspropyrgos, Elefsina and Thessaloniki -- and more than 60 percent of the market, the strike could cause fuel shortages, especially if there is a flurry of drivers rushing to fill their tanks, in which case the reserves will dry up earlier, the sources said. (ANA-MPA)

The EL.PE management has filed a petition in court asking that the strike be declared illegal. (ANA-MPA)

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[02] Greek bond market closing report

Turnover in the market was a low 23 million euros, of which 19 million were buy orders and the remaining 4.0 million were sell orders. The 30-year benchmark bond was the most heavily traded security with a turnover of 8.0 million euros.

In interbank markets, interest rates moved further up. The 12-month rate was 2.01 pct, the six-month rate 1.55 pct, the three-month 1.25 pct and the one-month rate 0.99 pct.

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[03] PM receives George Soros

No statements were made afterward, although sources said the meeting focused on the state of the global and European economies, especially in the eurozone, as well as the difficulties facing the Greek economy and developments in the wider region, especially in North Africa. (ANA-MPA)

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[04] Court: Pending EL.PE strike legal

The union has called for a 10-day strike at Greece's partially state-owned and largest petro-chemical group.

In a statement after the ruling, EL.PE's management charged that the industrial action aims at the hiring of personnel for the refinery in Thessaloniki and not over the signing of a new collective bargaining agreement.

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[05] FinMin: No 'horizontal measures'

"There will, of course, be a uniform pay scale. In the uniform pay scale the injustices that exist in the current pay scale for civil servants will be lifted. Whether this will take place immediately or over a transitional period is something to be examined but it is clear that these injustices will be lifted," the minister underlined. (ANA-MPA)

Speaking to the state-run radio broadcaster, the minister also ruled out another emergency levy and noted that a shortfall in revenue during 2011 had been covered in other ways, so that the deficit had actually been reduced by an additional 50 million euro above the original forecasts in the first two months of the year.

He announced that corrective measures to make up for the smaller revenue would target both spending and revenue increase and would not be sweeping horizontal reductions to pay and pensions, or general tax increases as in 2010. (ANA-MPA)

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[06] Stocks drop 2.24 pct

Speculation that Fitch will downgrade the countryâs credit rating again, combined with talk -officially dismissed- over a debt restructuring, are creating a very negative climate in the market, which moved downwards for the sixth consecutive session.

The Big Cap index dropped 2.59 pct, the Mid Cap index ended 2.66 pct down and the Small Cap index plunged 4.25 pct. Coca-Cola 3E (1.32 pct) was the only blue chip stock to end higher, while Ellaktor (7.81 pct), Hellenic Postbank (6.57 pct), Eurobank (5.75 pct), Piraeus Bank (5.76 pct) and ATEbank (4.29 pct) were top losers. The Food sector was the only one to end higher (1.11 pct), while Health (4.36 pct), Chemicals (3.97 pct), technology (3.87 pct) and Banks (3.21 pct) suffered the heaviest percentage losses of the day.

Broadly, decliners led advancers by 144 to 31 with another 27 issues unchanged. Vivere (17.74 pct), Unibios (14.29 pct) and Karamolegos (9.09 pct) were top gainers, while Vovos (18.9 pct), Alfa Grissin (18.81 pct) and Euromedica (16.41 pct) were top losers.

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