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A.N.A. Bulletin, 28/05/96From: "Greek Press & Information Office, Ottawa Canada" <grnewsca@sympatico.ca>Athens News Agency DirectoryATHENS NEWS AGENCY BULLETIN (No 897), May 28, 1996Greek Press & Information OfficeOttawa, CanadaE-Mail Address: grnewsca@sympatico.caCONTENTS[1] OTE reveals plans to construct regional fiber optic cable network[2] Piraeus to host Europartenariat next year[3] CoE shows concern at reports of irregularities in Albanian poll[4] Greek reactions[5] CoE rejects Croatia's membership, demands it meet commitments[6] Romeos meets with Slovenian foreign under-secretary[7] Turkish comments at media forum cause protests from Greek side[8] Reppas: Gonensay statements not helping rapprochement[9] Constantopoulos meets with Holbrooke[10] Hungary's Goncz kicks off three-day official visit to Greece today[11] Pangalos, Romeos discuss EU issues with Council of Ministers official[12] Premier briefs European socialist deputies leader on current issues[13] Eastern Mediterranean deputies arrange to meet in Rhodes[14] President receives key to the city of Hania[15] Armenia thanks Greece for continuing to remember victims of 1915 genocide[16] Former chief prosecutor winds up testimony on Intracom-Siemens contract[17] ND leader Evert waits for the air to clear[18] Premier meets with Greek Jewish representatives[19] Event marks the revival of the Greek Jewish community[20] Beteniotis heads Greek delegation to Sofia meeting[21] Discussion held on GATT effects[22] Commercial Bank '95 profits take a dive[23] Bank of Central Greece report[1] OTE reveals plans to construct regional fiber optic cable networkAthens, 28/05/1996 (ANA)Greece's telecoms organization, OTE, yesterday announced an ambitious plan to construct an $80-million fiber optic cable network linking the wider Black Sea region with the Balkans, the Mediterranean and Africa, consolidating Greece's position as a main telecoms center in the eastern Mediterranean region. OTE's International Communications and Co-operations General Director Vassilis Manglaras yesterday announced the conclusion of a co-operation agreement to build the Black Sea Fiber Optic Fibers Cable System (BSFOCS). Countries participating in the network are Bulgaria, Ukraine, Russia, Georgia, Greece, Cyprus and possibly Armenia. "The existence of networks of Greek interests in the specific axis and the coordinating role of OTE S.A. in the BSFOCs network promotes the significance of the enterprise and renders the organization one of the most basic associates of telecommunication s agencies in Balkan and Black Sea countries, with all the particularly positive entrepreneurial and economic results this relation can have for OTE S.A. and Greece," an announcement by OTE said. The project will be completed in early 1998. BSFOCS will provide the possibility of linkage with the Trans-Asian European (TAE) Cable System Land Optic Fibers Network, which will link Germany with China, through the Baltics, and will cross and link the countries of Europe with the countries of Asia and with many other digital networks of SEA ME Southern and Western Europe, such as ARIANE-2, APHRODITE-2, WE-2, CADMOS, UGARIT, TET and TEL. Greece's position as a main telecommunications center in the region of the eastern Mediterranean is expected to be definitively consolidated through the axis.
[2] Piraeus to host Europartenariat next yearAthens, 28/05/1996 (ANA)Greece's European Commissioner Christos Papoutsis announced the holding of a Europartenariat exhibition for Piraeus in the spring of 1997. Addressing the 7th International Productivity Symposium organized by the Greek Productivity Center (ELKEPA) yesterday, Mr. Papoutsis said that more than 2,000 businesses from 60 countries would participate in the Europartenariat, whose representatives would have the opportunity of contacts based on business co-operation prospects. Mr. Papoutsis said organizing such events was part of activities developed by the EU to utilize the potential of European small and medium-size enterprises in the frame-work of the new business support programme (1997-2000). "European businesses can meet the challenge of competitiveness with positive steps," he said.
[3] CoE shows concern at reports of irregularities in Albanian pollAthens, 28/05/1996 (ANA)Greek foreign ministry Secretary-General Professor Stelios Perrakis said yesterday that the CoE will "react" in the event that electoral legislation has been violated in Sunday's Albanian elections. Mr. Perrakis was speaking on the sidelines of the CoE Parliamentary Assembly meeting which began yesterday in Thessaloniki. The meeting was attended by 300 deputies from 39 countries. Asked about the stance of the assembly's political affairs committee - which had just ended a meeting - on the Albanian elections issue, Mr. Perrakis told reporters that a number of committee members had expressed their concern. He added, however, that no decision could be reached before official information was released on the results of the elections and on the positions of the Albanian government and political parties. Committee members have so far been briefed on the elections only by international news agency reports. Reliable sources said the matter would be discussed at today's session of the Parliamentary Assembly, which winds up its meeting tomorrow. Meanwhile, the president of the Council of Europe's Parliamentary Assembly, German deputy Leni Fischer, referring to Sunday's elections in Albania, said that "for the first time during the last few years, I have seen parties withdrawing on election day while election procedures are being carried out." Speaking to reporters during a visit to the Macedonia-Thrace ministry, where she met with the minister, Philippos Petsalnikos, Ms Fischer said that she did not know of the details regarding the manner in which the Albanian elections had been conducted. "I do know that there is a relevant report in the US Congress which was drawn up by the Helsinki Watch human rights protection organization," she said. "The most important thing is that the Council of Europe has sent 150 observers to Tirana and to the whole of Albania in order to observe the holding of the elections," she added. Ms Fischer said she can not comment on the truth of accusations regarding the manner in which the elections were carried out before she has been fully briefed. It was later announced that the Albanian elections would be discussed at the CoE's next political council session on June 13 in Strasbourg.
[4] Greek reactionsAthens, 28/05/1996 (ANA)Political Spring party spokesman Notis Martakis said yesterday that the rights of the ethnic Greek minority in Albania had been "crudely violated" and that there was "an organized plan" to exclude (the minority) during the general elections. Mr. Martakis called on the government "to condemn the regime of (Albanian President Sali) Berisha within the framework of international organizations and the European Union, for its unacceptable methods," and to "safeguard the rights of the Greek minority." The nine-member Coalition of the Left and Progress party delegation which traveled to Albania to observe the elections said it witnessed "an orgy of violations of electoral regulations on the part of the Berisha government." Party president Nikos Constantopoulos said the Greek government is also responsible "because it showed a lack of vigilance which essentially gave Berisha the possibility to take advantage of impressions and to create a framework for the promotion of anti-democratic methods which create a major problem."
[5] CoE rejects Croatia's membership, demands it meet commitmentsAthens, 28/05/1996 (ANA)The Council of Europe's Parliamentary Assembly yesterday rejected Croatia's application for membership to the organization, saying the Zagreb government had not met commitments signed by Croatian President Franjo Tudjman. The Vice-President of the Parliamentary Assembly's committee for political affairs, Mr. Van der Linden, made the announcement in Thessaloniki after the conclusion of the committee's session. The Parliamentary Assembly began its meetings in the northern Greek city yesterday. Speaking during a press conference afterwards, Mr. Van der Linden said the CoE requires full application of those commitments, especially those dealing with lifting of government measures against the mass media; direct municipal elections in Zagreb, as well as recognition of the International Court of Justice at The Hague's jurisdiction on the issue of handing over individuals accused of war crimes during the recent war in Bosnia. Mr. Van der Linden explained that the CoE committee will visit Zagreb next Wednesday so committee members can verify whether the above conditions have been met. A report from that visit along with yesterday's decision will be the basis for restarting talks on Croatia's potential admission into the organization, he said.
[6] Romeos meets with Slovenian foreign under-secretaryAthens, 28/05/1996 (ANA)Alternate Foreign Minister George Romeos held talks at the foreign ministry yesterday with Slovenian Foreign Under-secretary Peter Vencelij, who stressed his interest in the signing of a partnership co-operation agreement between the European Union and Slovenia as soon as possible. On his part, Mr. Romeos stressed the need to reactivate road transport through former Yugoslavia, and consequently Slovenia, adding that there should be no restrictive terms concerning the number of bilateral licensees.
[7] Turkish comments at media forum cause protests from Greek sideAthens, 28/05/1996 (ANA)Former Turkish foreign minister Ilter Turkmen yesterday called the recent Greek-Turkish crisis in the eastern Aegean in late January an "accident" caused by "irresponsible elements." Mr. Turkmen made the statement yesterday morning during the second day of an international conference in Athens on the mass media's role in shaping foreign policy. Remarks made earlier by another former Turkish foreign minister, Hikmet Cetin, who said Ankara does not have claims against Athens and that only dialogue can lead to peace, caused a flurry of protests by the Greek delegates to the conference. Former US Assistant Secretary of State for European and Canadian Affairs, Richard Holbrooke, as well as Greek Foreign Minister Theodoros Pangalos inaugurated the international forum on Sunday. According to press reports, yesterday's theoretical discussion over the influence of domestic policy on foreign policy and vice versa quickly centered on Greek-Turkish relations in general, and on the crisis over the uninhabited Imia islets specifically. Joining Mr. Turkmen and Mr. Cetin were three former Greek foreign ministers, Yiannis Kapsis and Karolos Papoulias from the PASOK governments and Mihalis Papaconstantinou from a previous New Democracy government. Former Cypriot foreign minister Georgios Iacovou, former defense minister and current ND Vice-President Ioannis Varvitsiotis as well as Turkish Ambassador Nasmi Akiman also participated. Speaking at the conference, Mr. Holbrooke called the actions by Turkish daily 'Hurriyet' during the Imia crisis "irresponsible," while noting that there is a great difference between a mayor placing a "flag on his territory," and what Hurriyet did, namely, to exercise foreign policy. Mr. Holbrooke criticized the press in both countries, however, saying they did not play a positive role in Greek-Turkish relations. He added that political differences should recede in the face of efforts for regional economic development. While Mr. Papaconstantinou originally accepted the view stating that dialogue between the two countries in the form of more frequent high-level contacts was necessary, Mr. Turkmen's clarification that preliminary discussions were necessary "even if we head toward international arbitration," and, secondly, Mr. Cetin's comments that Greece acquired "limited sovereignty" over the "demilitarized" Dodecanese through the 1947 Greek-Italian Agreement, gave rise to the Greek delegation's protests. Mr. Kapsis forwarded the view that the Imia crisis had been planned by Ankara for March, but was moved up to January, thus coinciding with Prime Minister Costas Simitis' assumption of the government's reins. He also called Ankara's latest calls for dialogue an effort to divert Greek public opinion. For his part, Mr. Varvitsiotis said dialogue can only occur if Turkey agrees that it will take place within a framework of international law and not dispute sovereign rights, adding that Mr. Cetin's statements over no claims do not fall in line when Ankara talks about "gray areas" in the Aegean and about casus belli.
[8] Reppas: Gonensay statements not helping rapprochementAthens, 28/05/1996 (ANA)Government spokesman Dimitris Reppas said yesterday that statements such as those made recently by Turkish Foreign Minister Emre Gonensay did not help the climate of communication between the two countries, and undermined all possibilities of rapprochement between them. Mr. Reppas was referring to a statement made by the Turkish foreign minister in which he had said that Greece must be the one to seek recourse to the International Court at The Hague. Mr. Reppas said a large number of such statements have been made recently, attributing them to the results of internal instability in Turkey.
[9] Constantopoulos meets with HolbrookeAthens, 28/05/1996 (ANA)Coalition of the Left and Progress leader Nikos Constantopoulos held talks with former US Assistant Secretary of State Richard Holbrooke at the Zappeion Mansion yesterday, stressing that pressure should be exerted on Turkey to resort to the international court at The Hague on the issue of the Imia islets. Mr. Constantopoulos said afterwards he briefed Mr. Holbrooke on his party's positions on US policy in the region and underlined the need to have Greek-Turkish problems resolved by the international court at The Hague as well as a settlement found to the Cyprus issue. He said planned moves were necessary in foreign policy to enable Greece to play a leading role in the Balkans and the Mediterranean.
[10] Hungary's Goncz kicks off three-day official visit to Greece todayAthens, 28/05/1996 (ANA)Hungarian President Arpad Goncz will arrive in Athens today on a three-day official visit, at the invitation of President Kostis Stephanopoulos, for talks on bilateral relations, Hungary's efforts for European Union and NATO membership and Greek backing f or this bid. The visit comes 40 years after the restoration of diplomatic relations between Greece and Hungary in July 1956, which had been broken off before the war. Immediately after his arrival, Mr. Goncz will hold private talks with Mr. Stephanopoulos (the two leaders will give a joint press conference in the afternoon) and meet immediately afterwards with Parliament President Apostolos Kaklamanis and Prime Minister Costas Simitis, who will host a working lunch for the Hungarian president. In the afternoon, Mr. Goncz will receive opposition party leaders at the Grande Bretagne hotel and then visit the Town Hall where he will be given the medal of the city of Athens. Mr. Goncz will visit the Acropolis and National Archaeological Museum tomorrow and meet with representatives of the Union of Greek Writers. In the afternoon he will fly to Thessaloniki. Embassies were opened in Athens and Budapest in August 1963 and bilateral relations were intensified after the restoration of democracy in Greece in 1974 when the exchange of visits started at various levels. In the framework of his tour of eastern European countries, the then Prime Minister Constantine Karamanlis officially visited Hungary in October 1979, as the first head of a Greek government after the war. The visit was reciprocated in July 1981 by the then Hungarian Prime Minister Giergi Lazar. In May 1983, the then Greek Prime Minister Andreas Papandreou officially visited Budapest. Mr. Papandreou and Mr. Lazar signed a series of agreements in Athens and Budapest at the time concerning, among others, a long-term programme of economic, scientific and technical co-operation, the avoidance of double taxation and the establishment of joint enterprises. At the beginning of last year, investments by Greek businessmen in Hungary exceeded $25 million and could, according to assessments, easily be quadrupled. In this sector the recent establishment of a Greek Chamber of Commerce in Budapest is expected to offer considerable impetus. The volume of commercial transactions registered a considerable increase in the past year and is expected to increase by a further 20 per cent this year. Hungary looks forward to the possibility of Hungarian companies participating in Greek infrastructure projects, such as developing the railway network, the widening of ports and mass urban transport. New cultural ties were created between the two countries when Greek political refugees settled after the Greek civil war. Modern Greek has also been taught at Budapest University as of 1985, for the first time in a former eastern European communist country. Orthodoxy was recognized as an official religion in Hungary last October, while the inauguration on May 19 of the first Greek Orthodox cathedral in the community "Nikos Beloyiannis", the "Greek village" created by Greek political refugees in 1952 southwest of Budapest, was considered a historic event.
[11] Pangalos, Romeos discuss EU issues with Council of Ministers officialAthens, 28/05/1996 (ANA)Foreign Minister Theodoros Pangalos and Alternate Foreign Minister George Romeos met yesterday with the European Union's Council of Ministers Secretary-General J0rgen Trumpf, who was on a one-day visit to Athens. Matters discussed included employment, Economic and Monetary Union and the inter-governmental conference (IGC). Mr. Trumpf was briefed on Greek views on the issues in view of the forthcoming EU summit to be held in Florence at the end of June. Greek-Turkish relations were not touched upon, although there was a general discussion on the MEDA programme, under which the EU provides funding to Mediterranean countries, including Turkey. According to information, the possibility of Turkey's funding under the programme being separated from that of the other countries is being examined, although this solution does not seem likely due to objections by other states. No speedy solution appears to be on the horizon regarding this matter and Turkey's customs union, and the problems will most probably be transferred to the Irish EU presidency, which assumes its duties on July 1.
[12] Premier briefs European socialist deputies leader on current issuesAthens, 28/05/1996 (ANA)The inter-governmental conference (IGC), expansion of the European Union, and Greek-Turkish relations were discussed by Prime Minister Costas Simitis and the president of the European Socialist Party's parliamentary group, Pauline Green, in a meeting yesterday. Ms Green said afterwards that the premier had briefed her on Greek-Turkish relations, especially regarding his views on the necessity and prospects of improving these. Mr. Simitis referred to the need for coordination and co-operation between socialist parties. His talks with Ms Green, he said, had touched on what directions the European Socialist Party should take in the creation of a new Europe, policies to combat unemployment and on formulating common policies in foreign affairs and defense.
[13] Eastern Mediterranean deputies arrange to meet in RhodesAthens, 28/05/1996 (ANA)A meeting of deputies from eastern Mediterranean countries is to take place on the island of Rhodes on October 21-23, after a decision taken during yesterday's meeting of the Culture and Education Committee, the committee's president, British MP Russel Johnson, announced. The meeting was held within the framework of the Council of Europe's Parliamentary Assembly, which began yesterday in Thessaloniki. The proposal for the meeting was submitted by New Democracy deputy and member of the committee Aristotelis Pavlidis. He said the meeting will be attended by deputies from Cyprus, Egypt, Greece, Israel, Jordan, Lebanon, Malta, Palestine, Syria and Turkey . The agenda for discussion will be set during the next Council of Europe meeting which is due to be held in Strasbourg.
[14] President receives key to the city of HaniaAthens, 28/05/1996 (ANA)President of the Republic Kostis Stephanopoulos received the key to the city of Hania, Crete, yesterday at the end of his four-day visit to the island to attend events marking the 55th anniversary of the Battle of Crete. Stressing the need for national unity in order to achieve the country's goals and the importance of Greece's participation in NATO and in the European Union, the president added that the country's allies were not always prepared to offer their support. Mr. Stephanopoulos said it is a particular honor for him to be declared an honorary citizen of the home town of Greek statesman Eleftherios Venizelos. During his speech, the president characterized Turkey's proposals for the islets as being "unjust" an d said they hide many traps. He said the country's security is based on the will of all Greeks to protect their national rights, and expressed his satisfaction that all the country's citizens are united. Mr. Stephanopoulos said Greece has the ability to excel and underlined the country's leading role in the Balkans. The Greek president left for Athens last night.
[15] Armenia thanks Greece for continuing to remember victims of 1915 genocideAthens, 28/05/1996 (ANA)Armenia's Ambassador to Athens Arman Kirakosian delivered a message of thanks to Parliament President Apostolos Kaklamanis from Armenian Parliament President Babken Ararktsian yesterday, expressing the profound gratitude of the Armenian people to the Greek Parliament for proclaiming April 24 as a day of remembrance for the genocide of Armenians in 1915. Mr. Kaklamanis said the recognition of the Armenian genocide constituted a duty for the Greek people who were linked to the Armenian people with common struggles, a common religion and common sacrifices. The Armenian ambassador briefed Mr. Kaklamanis on the upcoming opening of an Armenian Genocide Museum in Yerevan, the situation in Nagorno-Karabakh and the visit the president of Armenia will pay to Greece next month. In parallel, he renewed an invitation by Mr. Ararktsian to Mr. Kaklamanis to visit Yerevan. The Greek Parliament's move has drawn may expressions of thanks and support from other Armenian representatives all over the world.
[16] Former chief prosecutor winds up testimony on Intracom-Siemens contractAthens, 28/05/1996 (ANA)The former head of the appellate court prosecutor's office, Christoforos Tzanakakis, concluded a three-hour supplementary deposition yesterday, held after Supreme Court Prosecutor Athanasios Sioulas ordered an investigation into Mr. Tzanakakis' recent controversial statements regarding a massive digital telephone contract. Mr. Tzanakakis, who has been criticized for not filing criminal charges and for not convening an appellate court judges' plenum to investigate allegations of improprieties over the Hellenic Telecommunication Organization's (OTE) awarding of the contract to the Greek firm Intracom and to Siemens Hellas, stated on at least two occasions that "if I talked, many will lose their sleep." The former high-ranking prosecutor made the last reference one day before retiring. Leaving a prosecutor's office yesterday, Mr. Tzanakakis said his deposition took up some 20 pages and said he had ordered a further investigation into a preliminary report he had ordered a subordinate prosecutor to carry out. He added that from the evidence he had been presented so far, no indications or suspicions of guilt had arisen to justify a request that a plenary session of appellate judges meet or a filing of criminal charges. Mr. Tzanakakis said he also does not know what information appellate prosecutor Lambros Karabelas has accumulated during his latest investigation into the OTE-Intracom-Siemens Hellas affair. Asked by reporters if after his deposition certain individuals will indeed "lose their sleep," Mr. Tzanakakis replied that "I believe if they are moral individuals they should be deeply moved..."
[17] ND leader Evert waits for the air to clearAthens, 28/05/1996 (ANA)The air has yet to clear within the main opposition New Democracy party following last Thursday's stormy session of the central committee, with ND leader Miltiades Evert apparently awaiting the outcome of the party's national conference before he makes his decisions. Asked whether there was room for dissenters in the party, he avoided stating a position, but has warned that he will not tolerate internal bickering after the party's conference. Stephanos Manos, who served as national economy minister for the last ND government, said the problems arose through "concerning ourselves with personalities rather than policies." Supporters of former ND leader Constantine Mitsotakis, who stood down after losing elections in 1993, do not seem inclined to stop criticism of the party's current leadership, however, despite warnings. Typical is the response of former minister Theodoros Anagnostopoulos, who said such criticism "is to the benefit of the party." Asked if he was afraid he might be expelled, he said "No, because I do my job properly." A number of ND cadres, however, appealed to all sides to stop making statements and counter-statements so the party's unity can gradually be restored. Meanwhile, former minister and New Democracy deputy Dora Bakoyianni said in an interview with the 'Ethnos' newspaper that Miltiades Evert will be ND's party president during the next general elections. "No-one has doubted Mr. Evert, but, if someone wants to doubt him, all they have to do is to follow the procedures foreseen by the (party) charter," she said. Replying to a question regarding whether there will be a party leadership issue if ND loses the next elections, Ms Bakoyianni said "it is logical in democracies for politicians, deputies, leaders to be judged. We are judged by the people at regular intervals and they will reward or condemn us. It is natural therefore, for our further course to depend on the judgment of the Greek people." Referring to the possibility of a rift appearing in New Democracy, the former minister said the party leader always has the main responsibility to ensure unity within New Democracy.
[18] Premier meets with Greek Jewish representativesAthens, 28/05/1996 (ANA)Prime Minister Costas Simitis met yesterday with President of the Jewish Council of Greece Nissim Mais and with a representative delegation of foreign Jewish organizations. The meeting was held in view of events due to take place in Thessaloniki to mark the anniversary of the holocaust and the revival of Greek Jewry. A statement issued by the prime minister's press office said that during the meeting, those present stressed the "harmonious, non-discriminatory, co-existence of Jewish Greek citizens in our country and for this reason, the representatives of the Jewish organizations expressed their deep satisfaction to the prime minister." Mr. Simitis announced that the building of a memorial for the Thessaloniki Jews who were executed by the Nazi during W.W.II has already been scheduled and is proceeding apace. The representative delegation also met with Foreign Minister Theodoros Pangalos later in the day.
[19] Event marks the revival of the Greek Jewish communityAthens, 28/05/1996 (ANA)The fiftieth anniversary of the revival of Greek Jewry following its virtual decimation was celebrated yesterday afternoon with an event at the old parliament building, attended by government representatives and many personalities from the diplomatic, political, ecclesiastical and intellectual world. A message from President of the Republic Kostis Stephanopoulos was read out at the event, which was held under the auspices of UNESCO and the foreign ministry, while Foreign Minister Theodoros Pangalos and Education Minister George Papandreou also spoke . In his message, Mr. Stephanopoulos characterized the killing of six million European Jews as a crime against humanity, and noted that "unfortunately even today there are senseless people who are seeking to rekindle racial or religious discrimination." Mr. Papandreou said that racism can develop in schools, the family, the state and the media. The education minister spoke of the positive role the church played in the protection of Greek Jews, particularly by Archbishop Damaskinos, who clashed with German General Struf during the German occupation of Greece. The president of the Central Jewish Council of Greece Nissim Mais said the purpose of the event was to honor those who assisted in the revival of the Greek Jewish community after the disastrous Nazi occupation.
[20] Beteniotis heads Greek delegation to Sofia meetingSofia, 28/05/1996 (ANA - N. Hiou)The 18th meeting of the joint Greek-Bulgarian inter-governmental committee is to take place in Sofia today. The Greek delegation will be headed by National Economy Under-secretary Emmanuel Beteniotis, while the Bulgarian delegation will be headed by Commerce and International Economic Relations Under-secretary V. Kerpatsev. Matters to be discussed during the two-day meeting will include the exchange of information regarding economic developments in the two countries, while bilateral commercial and economic relations will be examined, as will the possibilities for further development of co-operation.
[21] Discussion held on GATT effectsAthens, 28/05/1996 (ANA)A discussion on the subject of the consequences on Greece of the implementation of the GATT Uruguay round was organized yesterday by the Greek European Studies Center. Those speaking at the event referred to the consequences of the recent GATT agreement on various sectors of the Greek economy, particularly those of industry, agriculture and services. Speakers stressed that the implementation of the GATT agreement is not expected to greatly influence these sectors since Greece, as a European Union member, has already adapted to many of the relevant adjustments.
[22] Commercial Bank '95 profits take a diveAthens, 28/05/1996 (ANA)The Commercial Bank of Greece registered considerably reduced profits in 1995, amounting to 26.2 billion drachmas compared to 39.4 billion drachmas in 1994. An announcement by the second biggest state-controlled bank yesterday said the decrease was due to extraordinary factors and to the non-inclusion of revenues from interest not accrued from the sale of interest shares, contrary to what had taken place in 1994. If one were to consider that 2.6 billion drachmas of such interest received in 1995 had been registered as revenues in the balance sheet for 1994, the bank's real profits amounted to 28.8 billion drachmas last year compared to 36.8 billion drachmas in 1 994. Conjunctural factors also played a role in reduced profits such as negative exchange differences, the absence of extraordinary revenues and a reduction in commissions from state securities.
[23] Bank of Central Greece reportAthens, 28/05/1996 (ANA)Profits garnered by the Bank of Central Greece remained relatively stable in 1995, decreasing slightly to 1.85 billion drachmas compared to 1.9 billion drachmas in 1994. Loans increased by 14.8 per cent and amounted to 54.2 billion drachmas and own capital increased from 13.6 billion drachmas to 14.2 billion drachmas. The bank's board decided to propose to the general assembly of shareholders on June 27 dividends amounting to 100 drachmas per share as well as the creation of supplementary reserves totaling 318 million drachmas to support its solvency indicator.
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