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

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [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

    (ANA-MPA) - Employees of Hellenic Petroleum (EL.PA) on Sunday launched a 10-day strike that could potentially disrupt the smooth supply of the market with fuel in the coming days.

    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)

    More details on the subscriber's page of ANA-MPA | Subscription request form


    [02] Greek bond market closing report

    (ANA-MPA) -- The yield spread between the 10-year Greek and German benchmark bonds shrank to 922 basis points in the Greek electronic secondary bond market, from 936 bps on Friday, with the Greek bond yielding 12.59 pct and the German Bund 3.37 pct.

    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.

    More details on the subscriber's page of ANA-MPA | Subscription request form


    [03] PM receives George Soros

    (ANA-MPA) -- Prime Minister George Papandreou on Monday held a meeting with well-known investor and financier George Soros, who visited the premier at his office in Parliament. The meeting was later attended by Finance Minister George Papaconstantinou.

    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)

    More details on the subscriber's page of ANA-MPA | Subscription request form


    [04] Court: Pending EL.PE strike legal

    (ANA-MPA) -- An Athens first instance court on Monday declined to rule against a pending strike called by the union representing Hellenic Petroleum (EL.PE) employees.

    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.

    More details on the subscriber's page of ANA-MPA | Subscription request form


    [05] FinMin: No 'horizontal measures'

    (ANA-MPA) -- Finance Minister George Papaconstantinou on Monday said the government would not take any further "horizontal" austerity measures to rein in the deficit in 2011, such as those taken in 2010.

    "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)

    More details on the subscriber's page of ANA-MPA | Subscription request form


    [06] Stocks drop 2.24 pct

    Stocks came under strong pressure at the Athens Stock Exchange on Monday, pushing the composite index of the market below the 1,500 level for the first time since Jan. 18. The index ended at 1,492.44 points, off 2.24 pct, with turnover remaining a low 107.106 million euros.

    Speculation that Fitch will downgrade the countrys 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.

    More details on the subscriber's page of ANA-MPA | Subscription request form

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