A.N.A. Bulletin, 27/06/96

From: "Greek Press & Information Office, Ottawa Canada" <grnewsca@sympatico.ca>

Athens News Agency Directory

ATHENS NEWS AGENCY BULLETIN,

Greek Press & Information Office

Ottawa, Canada

E-Mail Address: grnewsca@sympatico.ca

CONTENTS

[1] Greece, international community bid farewell to Andreas Papandreou

Hundreds of thousands of citizens from throughout Greece lined the streets of central Athens yesterday to give Andreas Papandreou an emotional farewell.

The late socialist leader was laid to rest at 6 p.m. amid an emotional swelling from supporters, political associates, friends, foreign dignitaries and family.

During eulogies, Prime Minister Costas Simitis, Interior, Public Administration and Decentralization Minister Akis Tsohatzopoulos, as well as PASOK secretary Costas Skandalidis vowed to carry on his Papandreou's legacy and give continuity to his work.

People on balconies along the entire funeral procession threw rose petals onto the funeral cortege as it passed through the heart of the city on its way to the Athens First Cemetery.

Officials and foreign dignitaries arriving at the Athens Metropolitan Cathedral were cheered by the huge crowd lining the streets, many chanting slogans such as "Andreas, you live, you lead us" and "PASOK is here, united and strong."

The funeral service began at exactly 2:30 p.m., officiated by Archbishop of Athens and All Greece Serapheim and assisted by the Archbishop of Tirana and All Albania Anastasios, Archbishop of Switzerland Damaskinos - representing Ecumenical Patriarch Vartholomeos - as well as a number of Metropolitans and members of the Holy Synod.

Two hours earlier, the first officials and representatives of foreign nations began to arrive at the Cathedral amid strict security measures, which was surrounded by thousands of people holding roses. One of the first to arrive was renowned London-based Egyptian heart surgeon Magdi Yacoub, who operated on Papandreou in 1988, performing a triple by-pass in London. He was followed by former Onassion Cardiology Center director George Skalkeas, former health minister and the late premier's personal physician Demetrios Kremastinos and the president of the General Confederation of Workers of Greece (GSEE) Christos Protopapas.

Two of Papandreou's sons, Andrikos and Nikos, arrived shortly afterward with their wives, followed by the delegation from the Socialist International (SI), including former Turkish foreign minister Erdal Inonu and SI president Pierre Mauroy, accompanied by Interior, Public Administration and Decentralization Minister Akis Tsohatzopoulos.

Next to arrive was the ruling PASOK party's Parliamentary group, the members of the cabinet and a delegation from the main opposition New Democracy party's Parliamentary group.

Other arrivals included former Spanish premier Felipe Gonzalez, a close friend of Papandreou, the members of PASOK's executive bureau, Serbian President Slobodan Milosevic and Foreign Minister Milan Milutinovic as well as Athens Mayor Dimitris Avramopoulos.

While walking to the Cathedral, former premier Constantine Mitsotakis shook hands warmly with Mr. Milosevic.

The Cyprus delegation, led by President Glafcos Clerides, arrived soon afterwards, with Political Spring leader Antonis Samaras and his wife.

Inside the Cathedral, German Foreign Minister Klaus Kinkel sat next to Bulgarian Premier Zhan Videnov.

Papandreou's wife, Demetra, warmly embraced Mr. Milosevic and Magdi Yacoub.

Education Minister George Papandreou and his sister Sofia arrived at the Cathedral with their mother, Margarita, Andreas Papandreou's ex-wife.

The last to arrive, in accordance with protocol, was New Democracy leader Miltiades Evert, followed successively by Parliament President Apostolos Kaklamanis, Prime Minister Costas Simitis and President of the Republic Kostis Stephanopoulos, who approached the Cathedral as a military band played the national anthem sung by the thousands of Greeks who had gathered.

After the last eulogy was delivered and those present in the congregation had extended their condolences to Papandreou's family, his coffin was placed on an artillery gun-carriage as an honor guard from all three military services presented arms.

The carriage was accompanied by long-time political associates and friends of Papandreou holding black funeral ribbons, followed immediately by members of his family and subsequently, Stephanopoulos, Simitis, Kaklamanis, Evert, other opposition political leaders, ministers, deputies of all parties and foreign dignitaries.

An enormous crowd of people from all corners of Greece then joined the funeral procession, following the carriage as it made its way through central Athens to Papandreou's last resting place at the First Cemetery.

At about 5 p.m., the cortege stopped in front of Parliament in Syntagma Square, with a minute's silence being observed as a 21-cannon salute was fired from Lycabettus Hill and F-16 and Mirage-2000 aircraft flew overhead.

Police cordoned off the final stretch of the route to the First Cemetery, but a few people in the crowd still managed to get through, including supporters holding the red flag of the Panhellenic Liberation Movement (PAK) - founded by Papandreou during h is early resistance days abroad against the 1967-74 junta.

He was buried near his father George Papandreou, with hardly anyone, especially his family and his widow Demetra, being able to contain the weight of the emotional moment.

An ornate cross from his widow was laid on the white marble.

[2] Important PASOK congress begins today

Ruling PASOK's fourth party congress, considered the most crucial in the party's history, is opening at the Athens Olympic stadium today, under the emotional weight and political vacuum left from the death of Andreas Papandreou on Sunday.

The party executive bureau will convene this morning in a last effort to strike a compromise deal concerning PASOK's leadership structure. However, according to all indications, it is the congress that will decide on the issue.

Prime Minister Costas Simitis is expected to announce his final decisions today. From discussions and deliberations in the last few days, it was deduced that Mr. Simitis remains put on his position for "clear and long-term solutions," meaning that he will contest the position of party president and the powers emanating from it.

Sources said Mr. Simitis is also expected to propose a new way of functioning for the party, with a new political council safeguarding a single center of policy for government and party. The prime minister is opposed to the introduction of the post of Vice-President, assessing that this will lead to a peculiar kind of dual leadership, and is said to be intending to seek the approval of collective functions but not of collective leadership.

The other main contender, Interior Minister Akis Tsohatzopoulos, supports the view that the scheme providing for different persons holding the posts of party president and prime minister can be more effective. He is reported as intending to propose a vote on a commitment that Mr. Simitis will be prime minister if PASOK wins the next election. Another unconfirmed proposal by Mr. Tsohatzopoulos is the introduction of an article in the party charter, establishing incompatibility between the positions of president and prime minister. There is also speculation that he intends to propose the election of two or three vice-presidents and the establishment of a political council, comprising the president, the vice-presidents, the Parliament president and party secretary.

[3] Papandreou's comrades remember their leading light

The first to address the congregation was Prime Minister Costas Simitis, who said PASOK may have lost its leader but had not lost its soul, adding "we will live up to our responsibilities and give continuity" to Papandreou's work.

"Today is a day of suffering for Hellenism," Mr. Simitis said, noting that Papandreou "lost the only battle which he could not win, the battle with death."

"PASOK has lost its founder and creator and we have lost the man who inspired us with his ideas, the man alongside whom we struggled to realize his visions. Our relationship with him, a relationship of love and respect, was based on common expectations and the deep belief that our dreams could become reality," he said.

Mr. Simitis praised Papandreou's courage and fighting spirit, and what he called his "un-conventional, unpredictable, unyielding and bold character."

"Andreas Papandreou had a restless mind and despite the fact that he had already succeeded in a bright academic career, he preferred the path of politics because he believed in humanizing visions and in the rebirth of Greece," the premier said.

"Andreas Papandreou went against the tide, demanding the regeneration of the political system, expressing the center-left for 35 years and marking the beginning of a new period in our political life and for the forces of progress. He symbolized the people's struggle for the radical modernization of the country, for its extrication from foreign influences, for the abolition of the post-civil war state and for social democracy. The people saw that Andreas Papandreou created new perspectives for Greece. PASOK's rise to power in 1981 was the great wager won by Andreas Papandreou, which put an end to the monopoly of power by the conservative front," Mr. Simitis added.

"As a trust, Andreas Papandreou leaves us his passion for life, his bold views, his courage and determination for freedom, social sensitivity and justice," the premier concluded.

[4] Skandalidis: Greece bows before Papandreou

In an emotion-charged funeral oration, PASOK central committee Secretary Costas Skandalidis said all of Greece was "here bowed before you, humbly holding a deep red rose, our eyes filled with tears, silently crying."

"All of us, your children, the comrades who worshipped you, who hurt you, who believed in you, who disappointed you, and who took the path of the sun from you, now stand bewildered in the middle of the road," Mr. Skandalidis said. "My great teacher... you brought the light to Greece and Hellenism, the light of ideas, of freedom, of democracy, of equality, of justice, of dignity, of solidarity," he added, likening Papandreou to mythic Prometheus.

"We give a pledge of unity, all of us here before you," he ended.

[5] PASOK will complete the vision, Tsohatzopoulos vows

Interior, Public Administration and Decentralization Minister Akis Tsohatzopoulos stressed that "all of PASOK feels the need to continue and complete that which you envisaged."

"We all feel lucky to have lived in the time of Andreas Papandreou. A time when all of us felt Greece had changed its course. It acquired its own voice. It came out of the margins where it had been for years. It freed itself from dependence and stood equal with the other countries. It won the respect of others. It opened new prospects for its future.

"In this course, which changed the fate of this country, Andreas was simultaneously its inspiration, its expression and its guarantor. In his face the nation found its lost pride; Democracy its fulfillment; the Greek citizen safety, security and optimism for a better future; the socially oppressed and excluded, the hope for liberation; the defeated of the civil war, honor and recognition."

He said Papandreou had given meaning and value to the principles of socialism, united the forces of progress, turned them into a majority current, and opened the way for Greece's participation in the European Union on an equitable basis.

Mr. Tsohatzopoulos also praised Papandreou's role internationally "which has today made all European socialists and politicians recognize the revolutionary, the humanitarian man of vision, the fiery democrat, Andreas Papandreou."

Mr. Tsohatzopoulos concluded by speaking of a debt being felt by all PASOK members "to continue, to complete what you envisaged; to work together united, with faith in the inexhaustible strength of Hellenism and with the assurance of your legacy, to draw up the new progressive course of the nation and our people."

[6] A 'man of the people'

Parliament President Apostolos Kaklamanis quoted a line from the famous poem "Epitaph" by Yiannis Ritsos to begin his tribute to Papandreou.

"Andreas Papandreou, who came close to a legend, was a true leader who was not fashioned in some public relations office but was awaited by the people," Mr. Kaklamanis said, stressing Papandreou's charisma as a popular leader who was able to show understanding even when faced with ingratitude.

[7] George Papandreou on his father

The late socialist leader's son, Education Minister George Papandreou, conveying "the news of the last three days" to his father, spoke of the people who had come from all corners of the earth to pay tribute to the great politician whom they loved.

"You cast a spell with phrases such as 'national independence', 'the people in power', 'Greece for the Greeks', and you protected the weak in our country and the world over," George Papandreou said.

He spoke of Papandreou as a loving father and remembered the moment when his father gave himself up to a security detachment on the night of the 1967 military coup, not wanting to risk his eldest son's safety. He mentioned the abiding love of his mother and Papandreou's wife of 38 years, Margarita, as well as referring to Papandreou's widow, Demetra Liani, "who stood by him with boldness in the last years of his life."

"You left as a fighter, upright, courageous and with dignity... you leave with the tumult of thousands of voices saying 'you live in our hearts, you unite us, you inspire us'... We have all become orphans," he added.

Papandreou's half-brother, George, spoke briefly:

"My brother Andreas, I bid farewell to you. I always loved you," he said.

[8] Socialist International leader

Pierre Mauroy, the president of the Socialist International, expressed the organization's sorrow at the passing of Andreas Papandreou, and praised the struggles of the "inspired and indomitable politician" for a modern Greece, stressing the common efforts of the socialist leaders in southern Europe to overcome the marginalization of their countries, and join the great social democratic family of northern Europe.

Mr. Mauroy also referred to the dynamics of the socialist parties and Andreas Papandreou's contribution to their rise to power in southern Europe, and spoke of the late leader's endeavors toward European integration.

[9] Esteem of opponents - Greece's political leaders mourn Papandreou

Opposition leaders joined in praising Papandreou.

Main opposition New Democracy party leader Miltiades Evert said "Greece is today bidding farewell to Andreas Papandreou, is honoring the fighter of politics and of life, the political leader who colored a long period."

"We who disagreed with Andreas' basic choices, today recognize the size of his political presence," Mr. Evert said, adding "the esteem of opponents is perhaps a greater tribute for a political leader than the affection of friends".

He reiterated that the emptiness left by Papandreou could not be filled by another and that his followers were called on in the next few days to honor his legacy.

[10] Samaras

Political Spring leader Antonis Samaras said "we should all today honor Andreas Papandreou's split with the political past".

"We are here today, some out of admiration, others out of love, others out of gratitude, others for appearance's sake, and others - such as myself - out of a sense of duty," he said.

"They who leave behind great ideas and accomplishments do not die. They continue to live in the memories of friends and critics alike. And Andreas Papandreou has joined the elite ranks of these few... those few who conquered death," Mr. Samaras added.

[11] Papariga

Referring to Papandreou's role after the fall of the seven-year dictatorship, Communist Party of Greece (KKE) Secretary-General Aleka Papariga said "he gave hope to a people who had suffered because of the monopoly of power by a single party, from a long regime of emergency laws and prohibitions; a people thirsty for changes, democratization and independence."

[12] Constantopoulos

Coalition of the Left and Progress President Nikos Constantopoulos said Papandreou's life and work had "dominated decades, influenced developments and altered the political life of the country".

[13] Foreign dignitaries pay final respects

Foreign dignitaries in Athens yesterday for the funeral of former prime minister Andreas Papandreou, the founder and leader of the ruling Panhellenic Socialist Movement (PASOK) who died early Sunday of heart failure, paid tribute to the man they said left his imprint on Greece and Europe.

In statements on his arrival, Serbian President Slobodan Milosevic said he was grieved to be visiting Athens for the funeral of Andreas Papandreou.

"We came to express our deep sorrow for the loss of a great friend and a great European political figure," he said.

Bulgarian Prime Minister Zhan Videnov stressed Papandreou's contribution to the Balkans and the need to continue his work.

"We have lost a great friend of Bulgaria, a great political figure in the Balkans," he said. "Andreas Papandreou contributed a great deal to Bulgaria's rapprochement with Greece at a time when there was tension between NATO and the Warsaw Pact. With the end of tension in former Yugoslavia, we now see that there is a common base for Balkan co-operation. I believe that we Balkan politicians must continue the work of Andreas Papandreou. Bulgaria will contribute to this during the meeting of Balkan foreign ministers on July 6-7 in Sofia."

Mr. Videnov did not rule out the possibility of a private meeting with Prime Minister Costas Simitis. "I believe that we may have this chance, so that we may continue the discussions which began in Florence," he added.

Earlier, Turkish Foreign Minister Emre Gonensay said that he was in Greece for a sad reason. "Andreas Papandreou was admired as an economist for his knowledge and his analytical mind," he said. He added that he did not believe he would be meeting with h is Greek counterpart Theodoros Pangalos during his visit.

Dutch Premier Wim Kok, who was also representing the Dutch Social Democrat party, said that he had come to pay tribute to a great man who had left an impact for his efforts for democracy in post-junta Greece and for the prospects he shaped for the Greek people.

"We will always remember a very good friend and an exceptional political leader of Greece and Europe," he said.

Other foreign dignitaries attending yesterday's funeral included Cyprus President Glafcos Clerides heading a delegation of the island republic's political leaders, German Vice-Chancellor and Foreign Minister Klaus Kinkel (representing Chancellor Helmut Kohl), FYROM Deputy Prime Minister Jane Miljovski, Prime Ministers Aleksander Meksi of Albania, and Arad Bagradian of Armenia, State Premier of Victoria (Australia) Jeff Kennett, Russian Deputy Premier Vitaly Ignachienko, Iranian Foreign Minister Ali Akbar Velayati, Croatian Foreign Minister Mate Granic, and US Treasury Secretary Robert Rubin.

Other arrivals included former Spanish premier Felipe Gonzalez, former French premier, president of Socialist International Pierre Mauroy, and French socialist party Secretary General and former minister Lionel Jospin.

Prime Minister Costas Simitis and Foreign Minister Theodoros Pangalos received condolences from the dignitaries in Athens at a reception at noon at a central Athens hotel.

[14] Papandreou's passing marked around the world

Sixteen British Labor Party MPs yesterday tabled a resolution at the House of Commons expressing the chamber's sorrow at the passing of Papandreou and noting his achievements and diplomatic efforts to bring "stability to the troubled region of the southern Balkans".

"The House of Commons noted with sorrow the death of Andreas Papandreou. It respects his political genius in the establishment of PASOK and his success in three electoral wins. It recognizes the confidence and faith the Greek people placed in their leader. It respectfully notes his recent diplomatic achievements which brought stability to the troubled region of the southern Balkans. It expresses its condolences to the Greek people at the loss of such a great and charismatic personality. It mourns his death," the resolution read.

An ANA dispatch from Ankara reported on former Turkish foreign minister Mumtaz Soysal, saying that the Turkish left had a lot to learn from Andreas Papandreou.

"Mr. Papandreou - although being a committed socialist - showed that socialism, internationalism, was completely compatible with the protection of the rights and interests of his nation," Mr. Soysal said. "Not only the Greek people but neighboring peoples will remember Andreas Papandreou for his struggles... for the protection of the working class."

A DPA dispatch from Tehran, meanwhile, reported that Iranian President Akbar Hashemi Rafsanjani had sent a message of condolences to his Greek counterpart Kostis Stephanopoulos.

Mr. Rafsanjani extended the sympathy of Iran to the Greek nation on the demise of Papandreou, whom he described as a "pro-minent Greek national figure," the Tehran Times reported.

Under Papandreou's premiership, Iran and Greece enjoyed suitable political and economic ties, Tehran radio reported.

In Melbourne, members of one of the largest Greek communities in the world braved rain and wind to attend a memorial service for the former premier at the city's oldest Greek Orthodox Church, where Andreas Papandreou had participated in a service in April 1974.

MPs - some of Greek descent- and representatives of major Greek community bodies and dignitaries joined the ethnic Greeks of Melbourne for a midnight mass.

Portuguese President Jorge Sabaio signed the book of condolences opened at the Greek Embassy in Lisbon in memory of former prime minister Andreas Papandreou.

Among others, the Portuguese president referred to Papandreou as "a great man and fighter for the ideals of democracy, freedom and for peace in Europe."

Former Portuguese president Mario Soares also visited the Greek Embassy and signed the book of condolences.

[15] Church service for Papandreou in New York

A church service attended by hundreds of ethnic Greeks was conducted yesterday by Archbishop of North and South America Iakovos in the Agia Triada Greek Orthodox Cathedral in New York.

After the service, Iakovos said "the presence in America and in New York of four bishops and a multitude of people around the cenotaph of Andreas Papandreou covered with the Greek flag was a reminder of the general Greek mourning. So many of us (are gathered here) despite the weekday, showing how great the gratitude, the respect is that we feel for Andreas Papandreou, a great and accepted by all national leader.

"Andreas Papandreou was a unique figure," Iakovos continued.

"He has not gone, he has left behind him a very bright radiance so that in the future when we start again to speak of the rights of the nation for the glorious days which await Greece..."

"All of you who came here today give the picture of Hellenism and the sadness of Greece, ensuring that we are also an inseparable part of the Greek people," the Archbishop concluded.

Meanwhile, the president of the World Council of Overseas Hellenism (SAE) Andrew Athens, sent his condolences yesterday on the death of Andreas Papandreou to the former prime minister's family and the PASOK secretary Costas Skandalidis.

Mr. Athens interrupted his visit to Alexandria, where he participated in the SAE's first regional convention of Asia and Africa in order to return to Greece and attend Papandreou's funeral.

[16] Cyprus: Church service to honor Papandreou

As former Greek premier Andreas Papandreou was laid to rest in Athens, the Cyprus branch of the party he founded, PASOK, held a church service here to honor him.

The Primate of the Church of Cyprus Archbishop Chrysostomos officiated the service at St. John's Cathedral, in Nicosia, in the presence of Acting President Nicos Anastasiades, Defense Minister Costas Eliades, Greek Ambassador to Cyprus Alexandros Sandis, MPs, dignitaries and scores of Greek Cypriots.

PASOK branch of Cyprus raised funds in Papandreou's memory for the Cyprus Defense Fund, in aid of infrastructure work for one of Papandreou's visions, a Greco-Cypriot joint defense pact, agreed between himself and Cyprus President Glafcos Clerides in November 1993.

In his obituary, General Secretary of the Cyprus PASOK Committee, Nikos Orologas, said "Papandreou's great loss comes at a very difficult period for Cyprus" and described him as "a charismatic leader in the international political arena."

He said through the defense pact Papandreou reversed the view that Cyprus was too far away from Greece to be offered protection. The defense pact provides for air, land and sea cover from Greece for Cyprus in the event of a fresh Turkish offensive.

Archbishop Chrysostomos called for adherence to Papandreou's position that the Cyprus question will only be solved when the national flag is hoisted in Turkish occupied Kyrenia, on the northern coast.

President Clerides represented Cyprus at Papandreou's funeral yesterday in Athens. Speaking at Athens airport the President said Papandreou had displayed decisiveness to "defend Cyprus' freedom".

"We are convinced that the manner in which he dealt with national issues would remain as guiding lines for the future," Mr. Clerides added.

Flags flew at half mast in all government buildings yesterday and today the House of Representatives will devote part of its regular session to Papandreou's memory, with speeches from party leaders.

[17] Gov't signs accord concerning European Human Rights Court

Greece's permanent representative at the Council of Europe (CoE) yesterday signed a European Accord on the participation of individuals in procedures of the European Human Rights Court, as anticipated by the European Human Rights Accord and the 11th Protocol.

The signing by Greek permanent representative Antonis Exarchos took place in the presence of the Organization's Secretary-General Daniel Tarschys.

According to the Accord, member-states signing it are committed to securing immunity for employees, advisers, lawyers, national representatives and experts involved in procedures anticipated for the implementation of the Court's duties.

The Accord has to be signed and ratified by 10 member-states to take effect and the 11th protocol has to take effect, which in turn should be signed and ratified by all member-states.

The 11th protocol anticipates the merging of the two current bodies, Committee and Court, into one.

The Accord has already been signed by Denmark, Luxembourg, Italy, the Netherlands and Sweden, but it has not been ratified by the Parliament of any country.

[18] Effort for Guiness Book attempted

A young Thessaloniki resident, Pavlos Pavlidis, aims to make it into the Guinness Book of World Records by attempting to assemble a giant puzzle with the Atlanta Olympic Games emblem in front of the city's Posidonio Sports Center.

The puzzle, if completed, will measure 17 meters by eight meters, with Mr. Pavlidis aiming to repeat his feat at Atlanta's Olympic Stadium as well.

[19] Conference of Balkan foreign ministers set for first week of July

A conference of Balkan nations' foreign ministers will take place in Sofia on July 6-7.

The Bulgarian foreign ministry announced that all countries had accepted the date for the conference, adding that Croatia and Slovenia, which originally said they would not participate, will now send observers to the conference after all.

Issues to be discussed primarily cover the improvement of regional co-operation, unification with the European Union and the contribution of Balkan countries to the rebuilding of Bosnia-Herzegovina.

The conference will be attended by the foreign ministers of Turkey, Bulgaria, Romania, Albania, the Former Yugoslav Republic of Macedonia (FYROM), Yugoslavia, Bosnia and Greece.

[20] Seminar on natural gas installation regulations held

A one-day seminar entitled "Pro-totypes and Installation Regulations of Natural Gas in Industries" was held in Thessaloniki yesterday in the lecture hall of the city's chamber of commerce.

Speakers during the seminar spoke of the pricing policy of the Public Natural Gas Enterprise (DEPA) regarding the industry and presented security regulations for the installation of natural gas networks.

The head of the Commercial-Pricing Policy Planning Department Theodosios Theodosiou concentrated on the characteristics of a five-year contract for the provision of natural gas to industrial consumers offered by DEPA. Its pricing will be based on the ma in alternative fuel, crude oil. The contract has an exceptionally low "take or pay" policy (50 per cent).

A special discount will be offered as a motive for industries' faster connection with the natural gas network as well as subsidies being provided for the cost of facility conversion by 60 per cent in the price of the natural gas.

The representative of the Association of Mechanical and Electrical Engineers of Northern Greece, stressed the lack of technical regulations and added that there are very few prototypes of the Greek Standardization Organization and the European Standardization Committee (CEN) regarding natural gas installations.

The representative of the Union of Exporters of Northern Greece, noted the need for supporting the use of natural gas through pricing policy, as well as the implementation of regulations for use of the fuel, stressing that necessary measures for fire detection and safety in facilities must be studied for the introduction of natural gas, and underlined the necessity for technical controls for the initial installation of the internal network.

[21] ASE listing of companies based in Macedonia, Thrace being prepared

In a bid to attract investors from northern Greece, the Athens Stock Exchange plans to list upcoming companies based in Macedonia and Thrace. It is also examining the possibility of allowing the listing of those Balkan enterprises that fulfill necessary prerequisites.

The onus for achieving this goal has fallen on the Thessaloniki Stock Exchange center, which, according to its director George Petridis, has for the past two weeks been compiling a comprehensive list of companies based in northern Greece.

The introduction of Balkan firms to the Greek capital market is being examined by a subsidiary of the Athens Stock Exchange.

According to Mr. Petridis, difficulties that may arise concern the incentives offered to Greek investors, dealing with foreign exchange risk, information of a company's activities and overcoming problems arising from different legislation.

"These are real problems, but there are ways of dealing with them," Mr. Petridis said.

Within Greece, however, there are a number of companies that satisfy conditions for entry into the stock exchange, according to Mr. Petridis. Their induction to the capital market, in conjunction with the operation of the stock exchange in Thessaloniki, will provide northern Greek investors with incentives to invest in the stock exchange that were previously lacking, he points out.

"The Thessaloniki Stock Exchange today covers about 6-7 per cent of the volume of transactions at the Athens Stock Exchange," Mr. Petridis said.

"In a month's time our report will be completed, and after August, on the basis of the information we have collected, we will select the companies with which we will come into contact regarding their entry to the exchange," Mr. Petridis added.

[22] Petrol prices fall slightly

The sales prices of gasoline and diesel decreased by 1.20 drachmas per liter as of midnight yesterday, the Public Petroleum Corp. (DEP) announced yesterday.

The decrease is due to a fall in international prices and the preservation of the US dollar parity with the drachma at last week's levels.

In the Attica region and in Thessaloniki sales prices will reach 208-209 drachmas per liter for super gasoline and 191-193 drachmas per liter for unleaded.

End of English language section.