The total amount of the transaction was 47.1 million euro - specifically 6.1 million euro for the stocks' cost and 41 million euro for the increase of "Hellenic Shipyards" SA's stock capital - and was paid to corresponding bank accounts in ETBAbank in ca sh.

Immediately after the signing, the German Group representatives, headed by CEOs Mr. Lederer and Mr. Von Menges, the CEO of ETBAbank, Iakovos Georganas, as well as the rest of the members of the departing Board of Directors of "Hellenic Shipyards" SA, vis ited the Skaramagas shipyards facilities, where they met with worker representatives.

Minister of Economy and Finance, Nikos Christodoulakis, and Development, Akis Tsohatzopoulos, joined the meeting later and expressed their satisfaction with the completion of the agreement, and wished it every success. At the ceremony following the signi ng, Mr. Tsohatzopoulos expressed his belief that the Skaramagas shipyards are entering a new era. He also stated the shipyards will support defense, as well as Greece's construction potential, in the marine construction sector.

The Minister of Development thanked Mr. Georganas for his contribution to the successful completion of negotiations, while he assured the German company representatives that they made a good choice. "Here in Greece, a nautical repair, construction and te chnological base will be built, which will affect the entire Eastern Mediterranean and Eurasia regions, and will contribute to the dynamic promotion of European industry in this new era", he stressed.

Referring to the new plans and prospects of the shipyards, the new investors' representatives expressed their confidence in the prospects of Greece's economy, and their appreciation on major utilization of Greek technical potential in this new cooperatio n.

However, the Development shadow Minister of New Democracy, Athanasios Nakos, asked for the specifics of the terms by which the sale was made, while he made innuendoes concerning debts in the billions and made mention of a failed privatization.

Mr. Nakos called the Development Minister to tell him whether there are agreements apart from those in the declaration, for the repair of existing submarines or navy ships for example, and what will happen concerning the deficits from the initiation of t he tender, as well as if there are consequences from the criminal provisions on the delays in delivering the OSE rail material.

In any case, the first investment programme for modernization and expansion to be put into effect immediately, will absorb more than 44 million euro in capital.

"The regulation for the lifting of the cabotage on sea transportation between Greek islands, will not be lifted before January 1, 2004", pointed out Mrs. de Palazzio, in an interview to the "Naftermboriki" newspaper, reversing the image created so far an d according to which the liberalization was to start in November, 2002.

At the same time, in reference to EU shipping policy prospects, the community official expressed her deep concern on the constantly decreasing number of European sailors, which endangers European shipping policies. As far as security issues are concerned

after September 11, the EU Vice President pointed out that more measures are expected to be taken with consequences on shipping companies.

On the competitiveness of European shipping, Mrs. de Palazzio stressed that the EU's goal is to secure free access, as well as fair competition shipping worldwide.

Welcoming the Greek Prime Minister, Mr. Jieng Zeming recalled his official visit to Athens 2 years ago, and his meeting with the Prime Minister there: "We met in Athens and you are the first Greek Prime Minister to visit China in 16 years (the last was Andreas Papandreou in 1986). We welcome you very warmly."

The Chinese President had to leave for the Kasak Province immediately, but, as he told the Prime Minister, he wanted to meet with him before leaving.

In answering the Chinese President, Mr. Simitis stated: Mr. President, it is with great joy that I am here. In Greece we greatly respect China for its great cultural heritage. But upon coming here, we find China is an especially vigorous country, a very rapidly progressing country. And I believe that this is very positive, not just for China, but for the Chinese people, the Chinese nation, and the rest of the world as well. Because today's world needs more poles in order to develop.

As you said before me, you visited Greece about two years ago. The world has changed radically since then, especially after the September 11 events, and I will bring the example of NATO's relationship to the EU and the US".

The journalists left after Mr. Simitis speech, and discussions continued with the participation of the Greek delegation, comprising of Foreign Minister Giorgos Papandreou, Deputy Foreign Minister Andreas Loverdos, Deputy Development Minister Dimitris Geo rgakopoulos, the Director of the Prime Minister's diplomatic office, Ambassador Thodoros Sotiropoulos, the Director of the Prime Ministers financial office, Gikas Chardouvelis, the Prime Minister's consultant, Nikos Themelis, the Press spokesperson of the

Foreign Ministry, Panagiotis Beglitis and various officials.

Undersecretary of Press Tilemachos Hitiris stated that Mr. Asimiadis resigned in response to the escape and his resignation was accepted.

The latest developments in Kashmir were among the issues discussed in the meeting with the ambassador of India. The diplomat called on the international community to exert pressures on Pakistan to stop the tactic it follows, pointing out that for 20 year s India is the victim of terrorism.

Mr. Kaklamanis also met with the Turkish ambassador to Athens, stressing that the Cyprus issue remains the thorn in the Papandreou-Cem efforts which are aimed at the Greek-Turkish rapprochement. The Turkish ambassador stated that the Papandreou-Cem effor t must continue expressing the hope that the results will be positive. He also suggested a rapprochement of the two parliaments through Friendship Groups.

Mr. Kaklamanis stated that actions should be undertaken that will respect the feeling of the public opinion and will be effective. He also underlined that the Greek parliament has helped in the promotion of the Greek-Turkish relations through the immedia te ratification of the "low policy" contracts that promote bilateral cooperation.

Of the stocks trading today, 105 recorded gains and 204 had losses, while the value of 64 stocks remained unchanged.

The peculiar absence of government continues, said Mr. Karamanlis, and accused Prime Minister Simitis of following a tactic that brings division among the Greek people. The government does not operate in unity, while the government ministers are unable t o communicate with each other and every day the Prime Minister is proved to be unable to govern.

Referring to his leading party members, he said that the roles they have today do not mean that they have secured specific government posts.

Mr. Karamanlis stated that unity on issues of national importance is given and launched an attack on the Prime Minister because he did not brief him enough on the changes that were made on the Euro-army text.

He also expressed concern on the course of the economy and spoke about a mismanagement in the materialization of the 3rd Community Framework of Support, stressing that New Democracy will begin to govern the country by making a fiscal inventory.

Tomorrow, Mr. Simitis will speak at the Chinese and Greek Businessmen Forum in Beijing and will then meet the President of the National People's Congress, Mr. Lee Peng in the People's House, where he will speak to teachers and students.

On Wednesday, he will visit the Xian Province and then Shanghai on Thursday, where on the following day, he will meet with the Forum of Greek and Chinese Businessmen. The Prime Minister will also visit the Shanghai development zone and the Latsis Group m arble factory.

Mr. Simitis is accompanied by Foreign Minister Giorgos Papandreou and Minister of the Press Christos Protopapas, as well as Deputy Ministers of Foreign Affairs, Andreas Loverdos, and Development, Dimitris Georgakopoulos. There are also 50 Greek businessm en on the trip with them.

Mr. Simitis gave an emphasis to bilateral economic cooperation and stated that the sector of the economy will become a bridge between Greece and China.

The Chinese Prime Minister welcomed Mr. Simitis, pointing out that it is the first visit of a Greek Prime Minister to China in the last 16 years and stressed that it coincides with the 30th anniversary of the bilateral diplomatic relations. He also stres sed that Greece's long history and ancient civilization as well as the successes of modern Greece in every sector have made a great impression to the Chinese.

In the meeting with his Greek counterpart, Mr. Nathan expressed interest in the development of bilateral economic and cultural relations.

In statements to MPA, Undersecretary of Foreign Affairs Yiannis Magriotis, who is accompanying the President, stated that the talks focused on the economic cooperation potential as Singapore is the economic center of a wider zone. The two Presidents disc ussed the likelihood of joint actions for the promotion of investments from Singapore to Eastern Europe and from Europe to the region of Singapore, as well as cooperation issues in the sectors of culture and tourism.

President Stephanopoulos will depart for Australia tomorrow morning and he is expected in Melbourne later that afternoon.

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