Athens News Agency: Daily News Bulletin in English, 97-05-31
From: The Greek Press & Information Office, Ottawa Canada <grnewsca@sympatico.ca>
ATHENS NEWS AGENCY BULLETIN (No 1200), May 31, 1997
Greek Press & Information Office
Ottawa, Canada
E-Mail Address: grnewsca@sympatico.ca
CONTENTS
[01] Simitis begins 3-day tour of Epirus, stresses Egnatia's
importance
[02] ND leader Karamanlis cites need for a strong, prosperous Bulgaria
[03] Greek-Romanian defense relations discussed during Tzoganis' visit
[04] Pangalos trip to Luxembourg, Tirana
[05] FM Secretary A. Filon trip to Morocco
[06] Mitsotakis to travel to Turkey for Ipekci award
[07] Gov't meeting focuses on EU's 'Santer package'
[08] Papoutsis to attend conference in Alexandroupoli
[09] Kranidiotis, Kasoulides cite need for coordination on Cyprus
problem
[10] Mediterranean news agencies' seminar gets under way today
[11] Pol. An's first congress begins with Samaras speech
[12] Papadopoulos calls for EU expansion to central, eastern Europe
[13] Gov't leans toward favoring proposal for simple majority
election of president
[14] 'November 17' claims responsibility for Peratikos killing
[15] Vartholomeos cancels official visit to Austria
[16] Greek, Italian architects present plan for better city planning
[17] Rostropovich to perform in Thessaloniki
[18] Thessaloniki. Several studies presented in light of Worldwide
Day Against Smoking
[19] Olive oil fraud nets businessman 13-year jail sentence
[20] IAAF's Nebiolo expresses satisfaction at preparations for World
Athletics Championship
[21] Athens bourse ends week with losses
[22] Drachma stabilizes
[23] Tourist arrivals rise in Rhodes
[24] Bulgarian initiative on Balkan friendship
[25] Big buyout in pasta business
[26] Pouliades' profits jump in 1996
[27] EU trade conference in Alexandroupolis
[01] Simitis begins 3-day tour of Epirus, stresses Egnatia's
importance
Athens, 31/5/1997 (ANA)
The under-construction Egnatia Highway across the breadth of
northern Greece will be one of the major projects marking
Greece's course early next century, Prime Minister Costas
Simitis said yesterday at the start of a three-day tour of the
northwestern Epirus region.
"Egnatia will provide an 'economic corridor' between east and
west. It is a project of vital geo-political priority. It
concerns a strategic axis which horizontally unites western with
eastern Greece. It consolidates Greece's economic significance
in Europe, the Balkans, the Mediterranean and the Black Sea
countries. It facilitates transport flows and promotes the
development of the region into a transport crossroads," he
stressed in a speech in Ioannina.
Noting that the present situation in the Balkans is perhaps the
most characteristic case of the extreme consequences of the new,
fluid international reality resulting from the collapse of
bipolarity in international relations, he said that the
strengthening of Greece's economy and its foreign policy would
make the country a strong political and economic pole in the
Balkans.
He added that Epirus - one of the poorest regions in the EU -
must play a leading role in this process, while the Egnatia
Highway, together with the upgraded port of Igoumenitsa and the
Aktion-Preveza underwater tunnel, will put the region into an
orbit o f development, opening the roads to the Balkans and
making Epirus a gateway to western Europe.
Greece's policy in the Balkans, and particularly regarding
Albania, is another factor that will promote the region's escape
from isolation, the premier added.
He said Greece has already made important efforts in restoring
conditions of normality in the neighboring country.
"Our aims have been and remain the immediate aversion of the
danger of the situation deteriorating and the protection of the
Greek minority. It was for this reason that we have supported
the efforts towards finding a political solution through an
understanding between the political forces. It was also for this
reason that we have proceeded to the adoption of preventive
measures in the border region for the likelihood of a mass
flight of refugees, and to the direct mobilization for the
provision of humanitarian and health aid," Mr. Simitis said.
The prime minister also referred extensively to the details of a
five-year, 700-billion-drachma government development plan for
Epirus.
[02] ND leader Karamanlis cites need for a strong, prosperous Bulgaria
Sofia, 31/5/1997 (ANA - N. Hios/A.Panagopoulos)
A strong and prosperous Bulgaria having close relations with
Greece is a prerequisite for development and peace in the
Balkans, visiting main opposition New Democracy leader Costas
Karamanlis said here yesterday.
In a joint statement following a meeting with Bulgarian Prime
Minister and leader of the Union of Democratic Powers (UDP) Ivan
Kostov, both party leaders said they "share the view that more
efforts should be carried out towards a closer co-operation of
Balkan states based on European democratic principles and
traditions".
During his visit, Mr. Karamanlis stressed the need to retain
agreements related to Greek investments in Bulgaria and
discussed the possibility of increasing the number of Greek
businesses in the neighboring country.
He said that a strong economy in Bulgaria would create a climate
of trust and attract more investors.
Mr. Karamanlis also proposed that conservative parties of
southeast Europe convene in Sofia to discuss co-operation and
their common future.
"The congress will express our solidarity, enrich our
experiences and draw from the strength of those who won the
elections," he said.
Mr. Karamanlis also met with president of the Bulgarian
parliament Iordan Sokolov and the president of the UDP party
Ekaterina Michailova.
In addition, he said ND would support Bulgaria's efforts for
full membership of the European Union and NATO.
Mr. Karamanlis was due to attend a luncheon later in the day
hosted by Mr. Kostov and then meet with the Bulgarian defense
minister and members of the parliamentary committee on external
relations.
[03] Greek-Romanian defense relations discussed during Tzoganis' visit
Athens, 31/5/1997 (ANA)
National Defense General Staff chief Gen. Athanasios Tzoganis
discussed issues concerning co-operation between the armed
forces of Greece and Romania during his recent visit to the
Balkan nation.
Gen. Tzoganis held talks with his Romanian counterpart, Gen.
Constantin Degeratu, the presidents of the Romanian parliament's
and senate's defense committees, that nation's defense minister
and the presidential adviser on defense issues.
Gen. Tzoganis also discussed existing possibilities for military
co-operation, the situation in the Balkans, and Albania in
particular, as well as Romania's potential accession to the NATO
alliance.
[04] Pangalos trip to Luxembourg, Tirana
Athens, 31/5/1997 (ANA)
Foreign Minister Theodoros Pangalos will leave for Luxembourg on
Monday to participate in the European Union council of general
affairs. Next Tuesday he will land in Tirana for a one-day visit.
[05] FM Secretary A. Filon trip to Morocco
Athens, 31/5/1997 (ANA)
Foreign ministry general secretary Alexandros Filon will be in
Morocco today until June 6 to meet with the general secretary
and foreign under-secretary of Morocco. He will discuss
promotion of a bilateral co-operation between the two countries.
[06] Mitsotakis to travel to Turkey for Ipekci award
Athens, 31/5/1997 (ANA)
Former New Democracy prime minister Constantine Mitsotakis will
leave for Turkey next week to receive the 'Ipekci' Award for
promoting Greek-Turkish friendship and his "25-year-long efforts
in favor of rapprochement and co-operation".
Also to receive this year's award will be Alternate Foreign
Minister George Papandreou for his efforts as education minister
in promoting knowledge in schools; Coalition of the Left Euro-MP
Michalis Papayiannakis for supporting Turkey's application for
EU membership; Olympic weightlifting champions Valerios Leonidis
and Naim Suleymanoglu; composer Zulfi Livaneli; Greek cartoonist
KYR; journalist Ali Birant, and the Metropolitan of Kalymnos
Nectarios.
Mr. Mitsotakis will have a series of contacts with prominent
political and business leaders, including Turkish President
Suleyman Demirel on Friday.
[07] Gov't meeting focuses on EU's 'Santer package'
Athens, 31/5/1997 (ANA)
A meeting was held at the foreign ministry yesterday afternoon
at the initiative of Alternate Foreign Minister George
Papandreou and focusing on the "Santer package", namely,
European Union funding for EU member-states after 1999.
The meeting was attended by the relevant national economy
under-secretary Christos Pachtas, the secretary generals of the
foreign affairs and national economy ministries, Stelios
Perrakis and Ilias Plaskovitis respectively, and the prime
minister's economic adviser Tasos Yiannitsis.
According to press reports, an in-depth examination was made of
fiscal prospects in the EU based on both the needs of
member-states and financial commitments by the "15" towards
candidate countries.
The reports said that according to a European Commission
"scenario", enlargement will require at least ECU 30 billion.
Among others, this means the development plans of member-states
must start being prepared from now.
No decisions were taken and the meeting will be repeated.
[08] Papoutsis to attend conference in Alexandroupoli
Athens, 31/5/1997 (ANA)
EU Commissioner Christos Papoutsis is attending a conference on
the prospects and future of commerce in the Union, opening in
the Thracian border town of Alexandroupoli today.
In statements after arriving yesterday, Mr. Papoutsis said he
would take into serious consideration the proposals to be
submitted to the conference, with a view to formulating an
action plan for the sector on a European-wide level.
Regarding Turkey's accession to the EU, the Greel Commissioner
said that although that country has upgraded its relations with
the Union since 1993, the reasons hampering its European course
are related both to the continued occupation of northern Cyprus
by Turkish troops, and to its expansionist designs expressed
through official statements.
[09] Kranidiotis, Kasoulides cite need for coordination on Cyprus
problem
Brussels, 31/5/1997 (ANA - M. Savva)
Foreign Under-secretary Yiannos Kranidiotis said yesterday that
Greece and Cyprus shared the same goals, struggle and effort,
adding that coordination between the two countries was necessary
in this critical phase of the Cyprus problem.
Mr. Kranidiotis was speaking after a meeting here with Cypriot
Foreign Minister Ioannis Kasoulides.
The meeting focused on the results of Mr. Kranidiotis' recent
visit to the UN headquarters in New York and Mr. Kasoulides'
talks with Community officials.
After the meeting, both ministers expressed reservations
regarding the results of bi-communal talks.
"The fact that talks are beginning without first establishing
common ground due to (Turkish Cypriot leader Rauf) Denktash's
inflexibility is not a positive one," Mr. Kasoulides said.
He added, however, that "the Cypriot government will enter talks
with an open spirit and constructive will."
"The Greek government agrees that all efforts on the part of the
international community must be reinforced," Mr. Kranidiotis
said, adding that "we will help, we will reinforce to the extent
of our abilities the good offices of the UN Secretary General. "
Meanwhile, disputing press reports alleging that he would be a
candidate in Cypriot presidential elections, Mr. Kranidiotis
said: "I've never had any intention to be candidate, this story
must end."
In another development yesterday, Mr. Kranidiotis had a
telephone conversation with EU Commissioner Hans van den Broek.
Mr. Kranidiotis asked Mr. van den Broek for a more active
participation on the part of the European Union in Greek Cypriot
and Turkish Cypriot UN-sponsored bi-communal talks in New York.
[10] Mediterranean news agencies' seminar gets under way today
Athens, 31/5/1997 (ANA)
A seminar for members of the Mediterranean News Agencies'
Alliance, held by the Athens News Agency, begins today at the
Divani Caravel Hotel. It will be opened by Press and Media
Minister Dimitris Reppas.
The seminar will explore new services and the changing needs of
subscribers, the use of Internet by media organizations,
satellite and on-line services, photo exchanges and marketing in
the new era.
Speakers from abroad include AFP Deputy Technical Director
Stephane Guerillot, ANSA Technical Director Ettore Franzini and
commercial Director Arduino Mancini, LUSA President Manuel Pedro
Marques, Prof. Bernd-Peter Lange, General Director, European
Institute for the Media, APA Marketing and Sales Director Konrad
Tretter, MENA Chief Consultant Mohamed El Biali, Reuters
Regional News and TV Manager Nikola Antonov, Dr. Wlodzimierz
Gogolek, Professor, Member of the Polish Telecommunications
Organization Board and EFE International Relations Director
Indalecio Diaz.
Greek media representatives who will address the seminar include
Athens University Professor Stelios Papathanasopoulos, the
editor-in-chief of Ta Nea, Pantelis Kapsis, university lecturer
Manolis Heretakis, OTEnet board member Antonis Lyrantonakis and
ANA Technical Director Takis Mantis.
The agencies represented at the seminar, apart from Greece's
ANA, are: AMI (Mauritius), Anadolu (Turkey), ANSA (Italy), ATA
(Albania), CNA (Cyprus), EFE (Spain), JANA (Libya), LUSA
(Portugal), MAP (Morocco), MENA (Egypt), NMA (Lebanon), SANA
(Syria), TA P (Tunis), WAFA (Palestine). FANA (Beirut), IPS
(Italy), AFP (France), and APA (Austria) are attending as
observers.
The seminar, sponsored by the Hellenic Telecommunications
Organization (OTE) and its subsidiary OTEnet, ends tomorrow at
11.30.
[11] Pol. An's first congress begins with Samaras speech
Athens, 31/5/1997 (ANA)
Political Spring (Pol.An) party leader Antonis Samaras said in
his address to the first congress of the party yesterday that
Pol.An would pursue an "autonomous course."
"I will never be a career politician," Mr. Samaras said.
Despite pursuing an autonomous future, Mr. Samaras said that
Pol.An pursued and desired dialogue with all political forces in
Greece.
Referring to the party's defeat and exclusion from Parliament in
last September's general elections, Mr. Samaras said: "We may
have lost a battle but what's important is to win the mother of
all battles."
Mr. Samaras described Pol.An's first congress as a congress of
"political substance, prospect and political result," while
embarking on harsh criticism targeted at Greece's current
political scene.
Turning to economic and foreign issues, Mr. Samaras stressed the
need for a national economic strategy to battle
inflation-related problems and growth stagnation.
Mr. Samaras stressed the party's European orientation adding
that the European Union "is the only solution for Greece in view
of the new century."
Commenting on Greek-Turkish relations, the Pol.An leader said
that "we can't accept the status of the "gray zones" in the
Aegean, which Ankara tries to impose.
Regarding the issue of the Former Yugoslav Republic of
Macedonia's (FYROM) name, he said he opposed a solution "that
would be tantamount to recognition of Skopje's irredentist
designs against us."
The Pol.An congress opened in Athens with the participation of
1,500 party cadres, representatives of Greek and Cypriot
political parties, Eurodeputies and local government officials.
Hailing the sessions, PASOK Secretary Costas Skandalidis said he
viewed the Pol.An congress as a "positive factor in political
developments."
In also addressing the congress, main opposition New Democracy
party deputy Vassilis Mihaloliakos, attacked the government's
economic policy, accusing it of a "cruel attack against people's
incomes."
Communist Party of Greece (KKE) deputy Babis Aggourakis
elaborated on his party's position concerning Greek-Turkish
relations, stressing that the United States and the European
Union were resorting to a policy of "divide and reign."
Coalition of the Left and Progress (Synaspismos) president Nikos
Constantopoulos hailed Pol.An's struggle for "an autonomous
political survival," lashing out against what he termed "the
two-party framework."
A Democratic Social Movement (DHKKI) political bureau member
condemned the revised Maastricht Treaty.
[12] Papadopoulos calls for EU expansion to central, eastern Europe
Athens, 31/5/1997 (ANA)
Interior, Public Administration and Decentralization Minister
Alekos Papadopoulos said enlargement of the European Union with
central and eastern European countries is a political necessity
and historic opportunity "which must not slip out of our reach."
Mr. Papadopoulos, who was addressing a conference entitled
"Public Administration and European Integration" held in
Rotterdam over the past two days, said there should be a common
starting time for all countries which have concluded European
agreements.
He placed emphasis on the need to modernize the administrations
of candidate countries to enable them to meet the needs of equal
and active participation in the EU.
[13] Gov't leans toward favoring proposal for simple majority
election of president
Athens, 31/5/1997 (ANA)
The government appears to be finally endorsing a proposal by
which a candidate will be elected president of the republic in
the third round of voting with 151 votes during Parliament's
session, since government spokesman Dimitris Reppas said the
election of a president should not constitute a cause for
tensions or unforeseen developments.
He added that the government must not disregard the fact that a
wider consensus must be obtained.
The cabinet concluded the basic choices of the proposal made by
the ruling PASOK on revising the Constitution during its meeting
yesterday, while Mr. Reppas said PASOK's Parliamentary group and
judicial sector will convene to agree to a final formulation of
the proposal.
Justice Minister Evangelos Yiannopoulos said the target is
modernizing the state's institutions, while Mr. Reppas said that
issues which have surfaced in public life since 1986 must be
handled.
Culture Minister Evangelos Venizelos said the government has
reached the conclusion that the president of the republic does
not need more duties and that this was proved by experience
gained during the tenures of three presidents (Sartzetakis,
Karamanlis and Stephanopoulos) since 1986, stressing that
information such as the Karamanlis archives historically
vindicate the initiative taken in 1986 to limit a president's
duties.
Mr. Venizelos said that given the negative phenomena during the
election of a president in 1980, 1985 and 1990, and taking into
consideration that in the event of failure to elect a president,
which is followed by a proclamation of elections, the election
of a president also takes place with a simple majority.
According to reliable sources, Education Minister Gerassimos
Arsenis expressed serious reservations, saying that the
increased prestige of the president must be safeguarded.
On the question of educational establishments and whether there
will be a possibility of private universities being created, Mr.
Reppas said that Mr. Arsenis will prepare a proposal based on
public education, free education and consolidating studies both
at home and abroad.
Strongly disagreeing with changes being discussed on the way of
electing the president, to be included in constitutional
reforms, the Coalition of the Left and Progress stressed in an
announcement that the change being attempted in PASOK's position
on processes for electing a president of the republic is
characteristic and has nothing to do with chance, adding that it
expresses the anxiety of a one-party control of political life
and degrades the prestige of the position.
[14] 'November 17' claims responsibility for Peratikos killing
Athens, 31/5/1997 (ANA)
The "November 17" terrorist group has claimed responsibility for
the murder of shipowner Costas Peratikos on Wednesday in an
eight-page letter retrieved by the Athens daily "Eleftherotypia"
and published yesterday.
Peratikos, 42, the elder of two sons of prominent London-based
shipowner Mihalis Peratikos, was ambushed and shot four times at
close range in a busy downtown Piraeus street outside his office
as he went to get his car from a garage. He was dead on arrival
at a nearby hospital.
The elusive urban guerrilla group said it had tried to
assassinate Peratikos twice in the past but without success.
Peratikos was accused by the group in the letter of mismanaging
the troubled Elefsina Shipyards, which the Peratikos family took
over in 1992 and closed down in 1995 after accumulating a debt
of an estimated 17 billion drachmas.
The terrorist group described the sale as a "major scandal",
saying their "action (to kill Peratikos) had been planned since
June 1995 when the Elefsina Shipyards were operating under the
ownership of the Peratikos shipping group."
November 17 has killed a total of 21 prominent Greek and foreign
individuals since it first struck in 1975.
Meanwhile, a meeting was held at the public order ministry
yesterday between FBI agents and senior Greek police officials
investigating the Peratikos murder.
Police sources said the US federal agency will make
state-of-the-art electronic equipment available to Greek police
to assist in the investigation.
Meanwhile, the counter-terrorist unit said yesterday that
Peratikos was shot by two of the three men who ambushed him, as
ballistics tests show both a .45 caliber handgun and a .38, both
of which had also been used in other attacks by the shadowy
group.
[15] Vartholomeos cancels official visit to Austria
Istanbul, 31/5/1997 (ANA)
Ecumenical Patriarch Vartholomeos canceled his official visit to
Austria and his participation in the second European Ecumenical
Congress, charging that the meeting was turning into a
confrontation between church leaders.
Vartholomeos was expected to arrive in Austria on June 17
following a state invitation in order to participate in an
ecclesiastical congress at Graz from June 23 to 29.
But in an announcement from Istanbul yesterday, the Patriarch
said he "does not wish to participate in a tug of war pitting
supremacies against one another".
According to informed sources, the cancellation follows alleged
attempts by the Vatican and the Moscow Patriarchate to exploit
the congress.
"The events in Graz aim at reconciliation between Christians and
should not be used to promote personal interests," the
announcement said.
The Patriarch thanked Austrian President Thomas Klestil "for his
many efforts and his special understanding". He also expressed
the hope Austria would "understand that given the unpleasant
situation that has been created, it is not possible to go
through it (the visit)".
Vartholomeos was scheduled to meet with Mr. Klestil and other
Austrian leaders.
[16] Greek, Italian architects present plan for better city planning
Athens, 31/5/1997 (ANA)
Greek and Italian architects presented their concept of how
urban planning could be different in Greece at an international
conference entitled "The Challenge of the Greek City", currently
being held at the National Research Institute.
Architects from both nations are participating in an AGET
Heracles cement company's Heracles program. The 10 architects
and town planners from the two countries have presented studies
for the improvement of five urban areas, Athens' two adjacent
railway stations, Patra's coastline and Volos' port, among
others.
Athens Mayor Dimitris Avramopoulos addressed the conference,
saying that "the city is a collective work and all have a share
of responsibility for what has happened, but particularly for
what happens from hereon in".
[17] Rostropovich to perform in Thessaloniki
Athens, 31/5/1997 (ANA)
Russian-born cellist Mstislav Rostropovich will appear at the
Philharmonic Orchestra of Nations in Thessaloniki on June 3 and
4, visiting the city as part of the Cultural Capital of Europe
events.
Mr. Rostropovich will solo with works of Dvorak on June 3. The
next evening he will conduct the same orchestra with works by
Serge Prokofiev, as the National Ballet of Lithuania performs
Romeo and Juliet.
The performances will take place in the renovated
theater-in-the-Forest which holds 3,500 people.
[18] Thessaloniki. Several studies presented in light of Worldwide
Day Against Smoking
Athens, 31/5/1997 (ANA)
The Greek Cardiological Institute, in observance of today's
Worldwide Day Against Smoking, released several recent studies
on smoking conducted in the United States, which show that
individuals who quit smoking between the ages of 35-39 lived
five years m ore.
Researchers claimed that after 15 years of refraining from
smoking, the human body becomes completely free of the effects
of smoking.
According to recent research, Greeks remain first in cigarette
consumption in Europe. Men, however, seem to be quitting more
and more while the number of female smokers is increasing
dramatically.
According to the latest reports 20,000 smoking-related deaths
are caused in Greece annually.
Recent studies conducted in Greece show that 6,000 deaths are
caused annually by second-hand smoking.
Despite the fact that a large number of Greek high school
students still smoke, studies conducted on university students
show that the number of non-smokers is significantly increasing.
On his part, Health and Welfare Minister Costas Geitonas noted:
"It's time to consider smoking as one of the greatest dangers to
public health."
[19] Olive oil fraud nets businessman 13-year jail sentence
Athens, 31/5/1997 (ANA)
An Athens court yesterday sentenced Spyros Rodopoulos, a
businessman and owner of the OMELBA olive oil processing
company, to 13 years imprisonment for moral complicity to commit
fraud and forgery.
The decision concerns the case of OMELBA, which by using various
ruses managed to obtain high unrequited loans resulting in
losses for the National Bank exceeding five billion drachmas.
The court also handed down 11-year prison sentences each to
Theodoros Pelekanakis and Emmanuel Constantinidis, a former
director and deputy director, respectively, of the National
Bank's branch office in Irakleio, Crete, for criminal fraud
combined with incriminating clauses falling under law 1608/50
concerning embezzlement of the state.
Two more defendants in the case were acquitted, but the case of
Georgios Botis, a former OMELBA managing director, who has fled
abroad was separated.
The offenses against the National Bank were perpetrated during
the 1990-1992 period when Rodopoulos, lacking necessary
preconditions, was loaned hundreds of millions of drachmas by
the bank while providing forged bills of exchange as a guarantee
from unsuspecting olive oil producers in Crete.
[20] IAAF's Nebiolo expresses satisfaction at preparations for World
Athletics Championship
Athens, 31/5/1997 (ANA)
International Amateur Athletic Federation (IAAF) President Primo
Nebiolo yesterday expressed complete satisfaction at the
progress of preparations for this year's World Athletics
Championship to be held in Athens between Aug. 1-10. "I am
completely satisfied with the progress of preparations. There is
excellent co-operation between the IAAF and the organizing
committee. The details remaining will be cleared up in the
period left before the games start," Mr. Nebiolo said.
After a visit of IAAF members to the city's Olympic Center,
which will host this summer's event, he noted that "in contrast
to the Olympic Games in Atlanta, the main stadium is in
proximity with auxiliary installations".
Mr. Nebiolo arrived in Athens on Thursday to chair a three-day
IAAF council meeting which ends today. He is scheduled to meet
President of the Republic Kostis Stephanopoulos at noon, and
give a press conference at 1 p.m.
In a related development, 20 reporters, guests of the IAAF, who
arrived in Athens yesterday, were shown around the city's
Panathenian Stadium where the opening ceremony will take place
on Aug. 1.
[21] Athens bourse ends week with losses
Athens, 31/5/1997 (ANA)
Stock prices remained under heavy selling pressure for the
second consecutive session to end sharply lower during the last
trading session of the week.
Traders said the market seemed worried over developments in the
domestic money market as interest rates rose after a recent
slide in the drachma.
The general index closed 2.83 percent down at 1,635.31 points,
showing a loss of 5.35 percent during the week.
All sector indices ended lower. Banks slid 3.54 percent, Leasing
fell 2.92 percent, Insurance dropped 1.58 percent, Investment
ended 2.29 percent off, Industrials fell 2.48 percent,
Construction plunged 3.74 percent, Holding eased 0.34 percent
and Misce llaneous fell 2.72 percent. The Parallel Market index
fell 0.24 percent.
Trade was heavy, totaling 30.6 billion drachmas.
Broadly, decliners led advancers by 189 to 36 with 20 issues
remaining unchanged.
Piraeus Leasing, Klaoudatos, Tzirakian Profil and Selonda scored
the biggest gains, while Mediterranean Investment, Papoutsanis,
Ermis and Boutaris suffered the heaviest losses.
National Bank of Greece ended at 37,100 drachmas, Commercial
Bank at 13,500, Alpha Credit Bank at 20,150, Ergobank at 19,250
and Hellenic Telecommunications Organization (OTE) at 6,800
drachmas.
[22] Drachma stabilizes
Athens, 31/5/1997 (ANA)
The Greek money market returned to normal trade on Friday after
three days of turmoil that led to total outflows of around 1.5
billion drachmas and forced the Bank of Greece to step up
interventions in order to curb the drachma's slide.
The Greek currency rose against the ECU and most other foreign
currencies to end at 311 drachmas from Thursday's 312 drachmas
versus the ECU at the central bank's daily fix. Outflows were
minimal, totaling 30 million US dollars.
Interbank rates fell to around 10.50-10.70 percent, reversing an
early advance to 13 percent.
[23] Tourist arrivals rise in Rhodes
Athens, 31/5/1997 (ANA)
Tourist arrivals in the Dodecanese island of Rhodes rose by 12.4
percent in January to April compared with the corresponding
period last year to reach 111,697, according to figures released
by the Greek National Tourism Organization.
The data showed that foreign arrivals fell by 1.5 percent to
54,520 from 55,391 last year although domestic arrivals rose by
30.1 percent to 57,177 from 43.946 a year earlier.
Overnight stays totaled 593,534 during the first four months of
the year, up 10 percent from 1996, but significantly down from
710,830 in 1995.
[24] Bulgarian initiative on Balkan friendship
Athens, 31/5/1997 (ANA)
A group of 26 eminent Bulgarians including university
professors, journalists, businessmen and students have founded a
"Union of Balkan Friendship".
Jordan Poromanski, a university professor and a Greek scholar,
stressed that the Union will operate as a non-governmental
organization for the development of co-operation between Balkan
states in the economy, education, culture, media and sports.
The Union's statutes envisage co-operation between scientists,
students, businessmen and artists, as well as the organization
of joint seminars and educational and cultural projects among
Balkan countries.
[25] Big buyout in pasta business
Athens, 31/5/1997 (ANA)
St. George Mills SA acquired Stella SA, a pasta manufacturer,
the third biggest firm of its kind established in Greece and the
largest purely Greek concern.
Stella's 1996 sales reached 5.1 billion drachmas from 4.8
billion the year before and net profits rose to 36 million
drachmas from 27 million in 1995. St. George Mills reported
sales of 16.3 billion drachmas in 1994, down from 14.7 billion
the previous year, while pre-tax profits rose to one billion
drachmas from 803 million respectively.
The company is at an advanced stage of negotiations for the
buyout of similar businesses in Bulgaria and Romania.
[26] Pouliades' profits jump in 1996
Athens, 31/5/1997 (ANA)
Pouliades Associates SA, a Greek software company, reported a 31
percent increase in 1996 pre-tax profits totaling 1.2 billion
drachmas from 913 million the previous year, while profits after
tax reached 773 million drachmas.
The company announced a dividend payout of 632.5 million
drachmas, or 110 drachmas per share. Its 1996 turnover rose to
22.2 billion drachmas from 17 billion the year before, while
liabilities rose to 12 billion drachmas from 7.9 billion.
Pouliades Associates' gross profit margin increased by 0.5
percent to 16 percent last year.
[27] EU trade conference in Alexandroupolis
Athens, 31/5/1997 (ANA)
European Union Energy Commissioner Christos Papoutsis will open
an EU trade conference in the northern Greek city of
Alexandroupolis attended by representatives of trade groups from
the 15-member bloc. Delegates attending the weekend conference
will seek solutions to trade problems on a European and
international level.
Greek Development Minister Vasso Papandreou is to represent the
socialist government at the meeting.
Before heading for Alexandroupolis, Mr. Papoutsis toured the
towns of Xanthi and Komotini to monitor progress in EU-funded
projects, including damage repair works following severe floods
in November.
End of English language section.
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