Athens Macedonian News Agency: News in English, 16-06-08

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

CONTENTS

[01] FinMin Tsakalotos to speak at Brussels Economic Forum on Thursday

[02] BoG governor: Completing review will significantly lower borrowing cost for Greek banks

[03] ForMin sources reject 'baseless' Turkish criticism over Muslim rights

[04] All islands to have fully developed asylum services by end June, says refugee service spox

[01] FinMin Tsakalotos to speak at Brussels Economic Forum on Thursday

The panel discussion is scheduled for 13:30-15:00 (Brussels time).

In an interview with Bloomberg published earlier today, the minister said Greek bonds will soon become eligible for the European Central Bank's asset-purchase program (known as QE) which will open the way for an easing of capital controls and a gradual restoring of investor confidence. "QE could follow as soon as July's maturing debt is paid … I feel confident Greek debt will be eligible" by September, he noted.

[02] BoG governor: Completing review will significantly lower borrowing cost for Greek banks

Addressing an event organized by the graduates of London Business School and Stanford Club in Athens, the Greek central banker underlined that with a successful completion of the first review, a series of benefits could arise for the banking system, such as restoring a waiver on Greek bonds by the European Central Bank, allowing Greek state bonds to be accepted as collateral in refinancing transactions in the Eurosystem. Additionally, Greek banks are expected to participate in a new funding tool offered by ECB, offering long-term refinancing (TLTRO). These developments, combined will significantly reduce funding costs for Greek banks, he stressed, adding that Greek bonds could become eligible for ECB's QE programme.

Stournaras said that a decline in bond yield spreads (yield difference between Greek and German benchmark bonds) will positively affect the banking system as the borrowing cost for the state determines largely the interest rate in the money market.

"However, there is no room for complacency. The system continues facing challenges, as macro-economic environment remains fragile, limitation in capital movements (capital controls) remain valid and the market is characterized as largely unstable," Stournaras said.

[03] ForMin sources reject 'baseless' Turkish criticism over Muslim rights

"If Turkey has not yet understood or is not making efforts to respect its commitments for the protection of world cultural heritage monuments, this means that the country has not yet reached the 21st century," the ministry sources said.

It was widely known that there is equality before the law and respect for citizens in Thrace, where democracy functions in a model fashion and more than 320 mosques operate without hindrance, they added.

The sources were reacting to a Turkish foreign ministry announcement saying that Greece "has for years not permitted the construction of a mosque in its capital" and accusing Athens of "constantly interfering with the religious freedoms" of a Muslim minority in western Thrace and "confusing opposition to Islam with modernisation". The Turkish side was in turn reacting to Greek foreign ministry condemnation of the Koran readings in Hagia Sophia for the purposes of a Turkish Ramadan television programme as "regressive" and "not compatible with modern, democratic and secular societies."

"Obsessions, verging on bigotry, with Muslim rituals in a monument of world cultural heritage are incomprehensible and reveal a lack of respect for and connection with reality," the Greek foreign ministry said about the 'sahur' programmes in the Byzantine monument, which was secularised and made a museum in the 1930s by the Kemalic state.

[04] All islands to have fully developed asylum services by end June, says refugee service spox

Kyritsis said that from this week and by the end of the month, the now underperforming asylum services on the Aegean islands of Chios and Samos will be reinforced. The government's aim was for every hotspot to examine 200 cases a day after the end of June.

The spokesman admitted that the extended stay of refugees and migrants on the island created problem, but noted that there was no other way to handle the problem apart from speeding up the process of examining asylum applications.

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