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A.N.A. Bulletin, 20/07/96

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

Athens News Agency Directory

ATHENS NEWS AGENCY BULLETIN (No 942), July 20, 1996

Greek Press & Information Office

Ottawa, Canada

E-Mail Address: grnewsca@sympatico.ca


CONTENTS

  • [1] Greece calls for end to on-going Turkish occupation of Cyprus

  • [2] Gov't spokesman, Arsenis remark on '74 invasion of Cyprus

  • [3] Simitis, Prodi agree on joint action in the Balkans

  • [4] Premier to make official visit to Cyprus in October

  • [5] Greece angrily rejects link to TWA crash

  • [6] Gov't response

  • [7] Reaction against media speculation

  • [8] FBI says it won't take over TWA crash probe

  • [9] Romeos calls MPs of Greek descent to meeting

  • [10] Avramopoulos, Iakovos in Atlanta

  • [11] Government comments on Karadzic resignation

  • [12] Stockbreeders end occupation after compensation agreed upon

  • [13] Cabinet meeting discusses public sector's modernization

  • [14] German deputy calls for deposition from Intracom boss

  • [15] Manos testifies in OTE contract inquiry

  • [16] Transport studies for Albanian road networks announced

  • [17] Albanian FM expresses satisfaction over relations with Athens

  • [18] Current accounts deficit widens in March

  • [19] Commercial banks reduce interest rates

  • [20] National Mortgage Bank approves two new loans

  • [21] European Financial Group acquires control of Interbank


  • [1] Greece calls for end to on-going Turkish occupation of Cyprus

    Athens, 20/7/1996 (ANA)

    Greece yesterday condemned the continuing 22-year occupation of 37 per cent of Cyprus by Turkish forces and the on-going division of the island republic.

    "Hellenism will continue to provide its undivided support for the attainment of a just and permanent solution to the Cyprus issue," President of the Republic Kostis Stephanopoulos said in a statement regarding the anniversary of the Turkish invasion of Cyprus in 1974.

    In a related development, Prime Minister Costas Simitis will pay an official visit on the island in the first half of October after accepting an invitation from Cyprus President Glafcos Clerides.

    "Twenty-two years after the Turkish invasion of Cyprus, the occupation of a large part of the island; the systematic infringement of human rights and liberties of the Cypriot people; the organized settlement and pillaging of the island's cultural and religious heritage are unfortunately continuing," President Stephanopoulos said.

    "It is high time that an end is put to this unacceptable situation. The international community should put well-wishing and simple proclamations aside and proceed decisively with the restoration of international legal order and justice. It should be made clear to Turkey, at last, that it cannot continue to ignore international law and the resolutions of the United Nations with no consequences for it," he added.

    "On its part, Hellenism in its entirety will continue to provide its undivided support for the achievement of a just and permanent solution to the Cyprus problem. The struggle of the Cypriots is the struggle of the entire nation and will be continued until its final vindication," he concluded.

    Main opposition New Democracy leader Miltiades Evert said on his part that "toleration of Turkey's behavior constitutes a stigma for modern civilization and the sensitivity of the international community, which shows provocative contempt for UN resolutions and those of other international organizations, as well as international law in general, while additionally, it has reached the point of being continuously accountable to international fora for mass and continuous violations of even the fundamental rights of mankind. However, promoting Turkey in its ranks, in particular, constitutes a stain for the European Union at a time when this country is not even a state of justice, as is demanded by European founding treaties."

    "In the face of the international community's inertia toward the position and behavior of Turkey, Hellenism can and must put up the sole safe and effective weapon it has at its disposal: the steadfast decision to maintain the national front indivisible and strengthen it with a long-term, long-standing and unified defense and foreign policy," he added.

    In his statement on the occasion, Political Spring party leader Antonis Samaras said "the selective memory of the powerful of the world has reached the point of even accepting without protest audacious statements by (Turkish Cypriot leader Rauf) Denktash on missing persons and equate unacceptably the legitimate Cypriot army with 'Attila'."

    "Therefore, all of us Greeks have the duty to fight the steadfast battle together for an end to the tragedy of Cyprus," he added.

    The Communist Party of Greece (KKE) said the "forces which undermine the Republic of Cyprus' entity want to transform the (character of) the problem, which is one of invasion and occupation, to a conflict between Greece and Turkey or to a problem between the two communities of the island".

    In an announcement, the Coalition of the Left and Progress stressed the need for the Cyprus issue to regain its position as the first and foremost issue in the classification of Greece's foreign policy hierarchy.

    [2] Gov't spokesman, Arsenis remark on '74 invasion of Cyprus

    Athens, 20/7/1996 (ANA)

    Government spokesman Dimitris Reppas late yesterday evening commented on the occasion of the 22nd anniversary of the Turkish invasion of Cyprus, saying: "Let today's anniversary be a painful reminder to bring the international community before its responsibilities. Because those responsibilities are great and cannot be soothed."

    National Defense Minister Gerassimos Arsenis noted that Hellenism today pays respect to the heroic fighters who faced the bloody "Attila".

    He also expressed the hope for reinforcement of Cyprus within the joint defense dogma between Athens and Nicosia, which he said will effectively contribute to a "permanent and just solution to the Cyprus tragedy."

    [3] Simitis, Prodi agree on joint action in the Balkans

    Athens, 20/7/1996 (ANA)

    Prime Minister Costas Simitis and his visiting Italian counterpart Romano Prodi yesterday agreed on joint action in the Balkans and the Mediterranean basin.

    "The problems of the Mediterranean are of vital importance to world peace, and we, the peoples of the region, must solve them. We have decided on a common aim to act in the Balkans and the eastern Mediterranean for the reconstruction of these areas," Mr. Prodi said after a two-hour meeting this afternoon.

    Mr. Simitis laid particular emphasis on their "common ideological and political positions" on social justice, peace and European co-operation, noting their decision to renew contacts in order to discuss specific programs for joint action in the Balkan s and the broader region.

    On his part, Mr. Prodi thanked Mr. Simitis for "his contribution to the unblocking of the problem" concerning approval of the Regulation for the European Union's Mediterranean Development Aid Programme (MEDA), adding he was pleased with the recent declaration of the "15" concerning Turkey's future stand in its relations with Greece.

    "We had the feeling that Greece sometimes felt alone, and this must not be so," the Italian premier added.

    Mr. Prodi highlighted the efforts of the Italian EU presidency in the first half of the year concerning Greek-Turkish relations and especially during the Imia crisis in late January.

    "The solution finally arrived at would not have been found, had there not been the intense diplomatic and political activity of the Italian presidency," he said.

    The meeting was attended by Alternate Foreign Minister Giorgos Romeos, the Secretary-General of the Italian foreign ministry Boris Biancheri, and Rome's ambassador to Athens Enrico Pietromarchi.

    [4] Premier to make official visit to Cyprus in October

    Athens, 20/7/1996 (ANA)

    Prime Minister Costas Simitis yesterday accepted an invitation from Cyprus President Glafcos Clerides to pay an official visit to the island republic in the first half of October.

    The invitation was conveyed to Mr. Simitis during a 30-minute meeting with Cyprus' Ambassador in Athens Charalambos Christoforou.

    Mr. Christoforou told the ANA that he had exchanged views with Mr. Simitis and discussed the recent visit to Athens and Nicosia of the US Ambassador to the United Nations Madeleine Albright.

    Government spokesman Dimitris Reppas later described the meeting between Mr. Simitis and Mr. Christoforou as "routine".

    Replying to reporters' questions, the spokesman said Mr. Simitis would visit Cyprus in the near future, adding that no specific date had yet been set.

    Commenting on a meeting to be held between the military commanders of the Cypriot National Guard and the Turkish forces occupying the northern part of the island, announced by Ms Albright yesterday, Mr. Reppas said its purpose would be to avert incident s.

    Tension between the two sides on the divided island rose last month when a Greek Cypriot soldier was shot and killed by a Turkish Cypriot on the cease-fire line.

    Mr. Reppas said the Cyprus government had already demonstrated its willingness to contribute to efforts aimed at averting incidents.

    [5] Greece angrily rejects link to TWA crash

    Athens, 20/7/1996 (ANA)

    Greece's civil aviation authority yesterday angrily dismissed overseas press speculation questioning security at Athens airport in relation to the crash of a TWA airliner shortly after take-off from JFK Airport in New York.

    "We cannot understand this organized attack on Athens airport," Dionysis Kalofonos, director of the civil administration service told ANA. "This foreign press speculation is an attempt to mislead public opinion.

    "We have always worked with US agencies to protect US citizens abroad. TWA has an agreement with Athens Hellenikon airport to conduct its own security checks on passengers and luggage on all flights to the United States," he added.

    "Security measures at Athens airport are the best in the world because we did not only go through a three-fold check; it went through a five-fold check with TWA."

    He also said that apart from stringent police checks, TWA conducted its own inspections of passengers and their luggage at the check-in counter. An additional TWA check on passengers and hand-luggage was conducted before the aircraft is boarded.

    According to reports, TWA aircraft are parked at a site chosen by TWA's security and guarded by anti-terrorist police, a regular police patrol and TWA security, who are the only personnel permitted aboard the plane while it is on the tarmac, having responsibility for supervising cleaning and other ground services.

    He said Greek authorities were satisfied that security on the flight was in accordance with regulations and that there was no reason to conduct any further inquiry at this end.

    The plane came down, he added, after the Athens-New York flight had terminated.

    "As far as we, and international law, are concerned, our duty ends when a flight leaves Athens," he said. The moment the plane was assigned to a new flight, the responsibility for it rested with Kennedy airport.

    TWA's head of customer services in Athens, Fotis Papageorgiou, told ANA that all checks foreseen by international and Greek law were stringently carried out on the aircraft, and ruled out the possibility of any explosive device on the plane originating from Athens.

    "Security checks at Hellenikon airport are impeccable," he said, adding that he and his staff were available for any inquiry from any quarter into their procedures.

    "The company's employees always carry out their duties with total conscientiousness. With this particular flight, all checks required were carried out both by airport employees and by the additional TWA security personnel."

    Meanwhile, the airport's director told ANA that security equipment at the Athens airport is the latest German technology dating from 1993, and is far superior to equipment used in US airports.

    Several foreign airline officials in Athens also added their views on the issue, saying Athens' airport is completely safe, while some said it is safer than many airports in the United States and Europe, a quick survey by ANA revealed.

    Airline representatives said it was unfair and absurd for Athens airport to be accused by some segments of the international media in an irresponsible manner and without a shred of evidence.

    The British Airways representative said the Greek government ought to sue all those who broadcast speculation regarding lax security at the airport, while his associate, K. Karamolegos added that "this is the first time in a plane crash that I have heard people accuse the airport from which the plane left before its six-hour stop-over in New York's airport, where TWA is based."

    An SAS employee characterized security measures at Athens' airport as "excessive", while Mr. Leonakis from Alitalia said security in the airport has progressed dramatically over the last few years, adding that Athens airport now has doubled the security measures of most other European airports.

    [6] Gov't response

    Athens, 20/7/1996 (ANA)

    "It is a shame, unjust and illogical to lose sight of the target merely to serve expediencies arising out of political and economic activities," government spokesman Dimitris Reppas said yesterday in response to certain foreign press statements attempting to link security at Athens airport with the TWA crash.

    Stressing that all media had the right to present their own version of events, Mr. Reppas said the memory of the victims would, however, be sullied if the main target was not served. The main target, the spokesman added, is to ascertain the causes of the crash.

    He underlined that foreign officials had accepted that Athens airport had the highest possible level of security.

    Asked whether Greek organizations might file legal actions for compensation for damages possibly incurred as a result of media claims of inadequate security at the airport, Mr. Reppas said that any party believing it had a grievance was entitled to have recourse to justice.

    He stressed, however, that Greece regarded the stance of the US government as "consistent".

    Main opposition New Democracy spokesman Prokopis Pavlopoulos characterized some articles in the US press speculating the TWA aircraft's stay in Athens is connected to its crash as being inaccurate and "probably tendentious".

    "It is obvious that if we examine the place from which the aircraft departed, the time that it remained in Kennedy Airport, it is impossible for anyone to presume any responsibility of the Greek authorities for this tragedy," Mr. Pavlopoulos said.

    "Besides, security measures in our airports and particularly in the Hellenikon are severe and complete," he added, noting that the US government has made only "wise" statements regarding this issue.

    The Archbishop of North and South America Iakovos expressed his condolences to the relatives of the victims of the TWA crash yesterday, an ANA dispatch from New York reported.

    However, the Archbishop condemned the defamation of Athens airport in the US' media.

    In a telegram sent to the presidential advisor on national security Anthony Lake, Archbishop Iakovos stated: "I protest the irresponsible defamation of Athens airport in Greece. I hope we should not expect some new 'travel advisory' against Greece, which this season expects thousands of visitors."

    [7] Reaction against media speculation

    Athens, 20/7/1996 (ANA)

    Another ANA dispatch from New York reports that Greek-Americans have also complained of the portrayal of security at Athens airport and of speculation by US media that the crash was caused by a bomb planted in Athens.

    The dispatch said US television networks CBS, NBC, ABC, CNN and FOX have received thousands of complaints, as have the papers "New York Times", the "Daily News", the "New York Post" and "Newsday".

    Some callers accused the newspapers and TV networks of unfounded and irresponsible speculation, emphasizing that the aircraft in question had ended its flight in New York and had spent three hours in JFK Airport, where security checks are supposed to have been carried out.

    The 25-year-old TWA plane was one of the oldest aircraft in service. Although its engines had been replaced, its fuselage and wings were 25-years-old and were described by specialists as being particularly worn.

    A year ago, the US Federal Aviation Administration (FAA) announced that 85 per cent of US passenger aircraft in service did not meet standards, an FAA representative said.

    [8] FBI says it won't take over TWA crash probe

    Athens, 20/7/1996 (ANA)

    Meanwhile, according to a Reuter dispatch, the FBI announced yesterday that it was not prepared to take over the investigation of the crash of TWA flight 800.

    "We are not here to take over the investigation yet and we are not here to declare this is a terrorist event," according to Jim Kallstrom, the head of the FBI's New York office.

    The Boeing 747 apparently exploded in mid-air and plunged into the Atlantic off Long Island on Wednesday night, shortly after taking off from JFK International Airport bound for Paris.

    [9] Romeos calls MPs of Greek descent to meeting

    Athens, 20/7/1996 (ANA)

    On the initiative of the Alternate Foreign Minister George Romeos, who is responsible for Community and overseas Greeks affairs, all parliamentary deputies of Greek descent have been invited to Greece for a meeting to establish a "communications network".

    The deputies will meet with the whole of the Greek political and state leadership.

    The meeting has been scheduled for September 2-8.

    There are MPs and ministers of Greek descent in the parliaments of South Africa, Sweden, Latvia, Lithuania, Kenya, Cameroon, Australia, the Netherlands, Romania, Yugoslavia Switzerland, Mexico, Argentina, Peru, Ukraine and Canada.

    US representatives have not been invited due to the US elections this year, but will be invited to a subsequent meeting.

    [10] Avramopoulos, Iakovos in Atlanta

    Atlanta, 20/7/1996 (ANA)

    Mayor of Athens Dimitris Avramopoulos yesterday paid a visit to the Olympic Village, accompanied by members of the committee for Athens bid for the 2004 Olympics, and spoke with members of Greece's Olympic team.

    According to an ANA dispatch from New York, Archbishop of North and South America Iakovos has left for Atlanta, where he will take part in today's opening ceremony.

    Among the events in which the Archbishop will participate is the unveiling of a status of "Nike", the goddess of victory, in the city, a press announcement from the archbishop's office said.

    Meanwhile, churches around the US will hold special services on July 28 thanking Iakovos for his contribution and marking his retirement from active service.

    A new archbishop will be appointed by the Ecumenical Patriarchate on July 30.

    [11] Government comments on Karadzic resignation

    Athens, 20/7/1996 (ANA)

    The government commented yesterday on the resignation from all public offices of Bosnian Serb leader Radovan Karadzic saying that "any action which contributes to the consolidation of peace and stability in the region finds Athens in agreement".

    Government spokesman Dimitris Reppas added however that Mr. Karadzic was an important figure to his people "and the decision which he took was taken for reasons which he knows".

    [12] Stockbreeders end occupation after compensation agreed upon

    Athens, 20/7/1996 (ANA)

    Fifty stockbreeders from the Evros Delta region, whose livestock have been struck by foot-and-mouth disease, occupied the offices of the Evros Prefecture yesterday to press their demands for compensation equaling the real value of animals to be slaughtered.

    Representatives of the stockbreeders held a 90-minute meeting with Agriculture Under-secretary Apostolos Fotiadis and Evros Prefect Giorgos Dolios, ending the occupation afterwards, after previously being assured that they will receive compensation amounting to 100 per cent of the value of their animals, which will be determined by a three-member committee already created.

    According to reports, the committee will propose the payment of 400,000 drachmas per head for improved species of cattle and 350,000 drachmas for the rest, as well as 200,000 drachmas for large calves to be killed and 150,000 drachmas for the small ones .

    After the agreement was reached between stockbreeders and the ministry that proposals made by the committee will be honored, 200 cows infected with the disease were slaughtered in the delta region yesterday morning, while another 400 animals will also be destroyed in the next few days. The veterinary department has decided that for purely preventive reasons wherever even one case of foot-and-mouth disease is ascertained the entire herd will be slaughtered.

    The agriculture under-secretary expressed the hope that the European Union's Standing Veterinary Committee, which will convene on Monday and Tuesday, will appreciate the extreme preventative and effective measures taken by Athens to combat foot and mouth disease and will accept the Greek proposal for "quarantine" to be imposed at regional level, namely only in the Evros region, where the three outbreaks were ascertained.

    A delegation of the Political Spring party, headed by the party's central council secretary Akis Gerontopoulos, visited the Makri and Dikella communities in the delta yesterday for talks with stockbreeders.

    [13] Cabinet meeting discusses public sector's modernization

    Athens, 20/7/1996 (ANA)

    The cabinet convened yesterday and discussed implementation of the "Kleisthenis" programme, aimed at a more effective operation of public administration.

    Government spokesman Dimitris Reppas said that as of September the government would be ready to negotiate with the Community, with the programme would be completed in three years.

    Interior, Public Administration and Decentralization Minister Akis Tsohatzopoulos said the programme will cost 92 billion drachmas, which will be funded from the Community Support Framework.

    He said yesterday's discussion at the cabinet meeting took place at the premier's initiative in order to specify targets and the further course of implementation for each ministry.

    Mr. Tsohatzopoulos said the program's interventions concerned specific sectors, such as the national economy ministry, the health and welfare ministry and in general public administration at ministries, rural areas, prefectures and municipalities.

    He said three major interventions were anticipated, namely, the monitoring of work at each ministry, the hiring of a management adviser and coverage of technical aid.

    [14] German deputy calls for deposition from Intracom boss

    Bonn, 20/7/1996 (ANA - P. Stangos)

    A Social Democrat (SDP) deputy and Vice-President of the Buntestag committee investigating the issue of properties of the former East German regime, Friedhelm Beucher, yesterday officially applied on behalf of his party for Intracom boss Socrates Kokkalis to be invited to make a deposition as a witness.

    The application is backed by the following argument:

    "Mr. Socrates Kokkalis manages the Greek companies Integra and Intracom S.A. Irrespective of the fact that DDR maintained close business relations with these companies, and that there is a suspicion that embargoed products were channeled to DDR through these companies by the Federal Republic of Germany, there are indications that perhaps DDR was a shareholder in these companies. His examination can contribute to the clearing up of the property regime of these companies, as well as the channels used and the volume of the imported embargoed products".

    The decision on the application will be made at the end of September, after the end of the summer recess.

    [15] Manos testifies in OTE contract inquiry

    Athens, 20/7/1996 (ANA)

    Former economy minister Stephanos Manos testified yesterday before the inquiry into the contract signed with Intracom and Siemens Hellas to provide the Hellenic Telecommunications Organizations (OTE) with one million digital switches.

    "I did not have and I do not have confidence in OTE," Mr. Manos told reporters after his two and a half hour testimony. "To reveal the truth and to clear up the issue of the digital switches, but also to clear up what the future of OTE's procurements are, it is necessary for the government, and not OTE, to appoint a consultant of international standing to assist. This is the clearest solution.

    "It remains to be seen if the Simitis government has clear solutions for the procurements to OTE, DEH, Olympic Airways and other public utilities," he added.

    [16] Transport studies for Albanian road networks announced

    Athens, 20/7/1996 (ANA)

    The national economy ministry's general secretariat for international economic relations will design four studies in the fields of transport and the development of road links, in the framework of the Greek-Albanian co-operation program.

    The studies will examine the development of the following road links: Kakavia-GjirokLster-Tepeleni-Fieri-Lousnie-Rogozina; and Sagia-Konispoli-Avlona.

    Based on the agreement between the European Union and the Albanian government, the studies will include a definitive examination of the preparations for the documents for works of part of the Gjirokaster-Tepeleni road.

    Each study is estimated at 60 million drachmas.

    [17] Albanian FM expresses satisfaction over relations with Athens

    Rome, 20/7/1996 (ANA - L. Hatzikyriakos)

    Albanian Foreign Minister Tritan Sehu, concluding a two-day official visit to Rome, stressed that the Albanian government was very satisfied with its relations with Greece.

    "Our relations with Greece are very good now. I would say excellent. There is a will on both sides to maintain them at this good level and in the framework of stability in the Balkans," Mr. Sehu replied to a questioner.

    He said that the Kosovo issue was a factor of destabilization since there was no respect for the Albanian minority, while the situation was more quiet with the Former Yugoslav Republic of Macedonia (FYROM) where the rights of the minority were respected .

    Mr. Sehu held talks with his Italian counterpart Lamberto Dini, who expressed satisfaction over Italian investments and excellent relations with Rome.

    [18] Current accounts deficit widens in March

    Athens, 20/7/1996 (ANA)

    The current accounts deficit grew to 901 million dollars in March, compared to 818 million dollars in the same month last year, according to figures released today by the Bank of Greece.

    In the period January-March this year, the current accounts deficit stood at 1.229 billion dollars, compared to 675.7 million dollars in the corresponding three-month period of 1995.

    According to central bank figures for the first quarter of 1996, imports totaled 5.807 billion dollars (+2.4 per cent), exports 1.448 billion dollars (-1.2 per cent) and the trade deficit reached 4.359 billion dollars (+3.7 per cent).

    In the same period, tourist exchange totaled 492 million dollars (+8 per cent), shipping exchange 525 million dollars (+2.3 per cent), emigrants' remittances 655 million dollars (-0.3 per cent), net inflows from the European Union 1.678 billion dollars (-15.7 per cent).

    Inflows of business capital rose 67.6 per cent to reach 1.973 billion dollars and inflows of exchange from overseas Greeks wishing to purchase property dropped 2.1 per cent to 230 million dollars.

    The servicing of the public debt cost a total of 1.539 billion dollars while net short-term borrowing reached 1.887 billion dollars.

    At the end of March this year, the country's exchange reserves stood at 16.175 billion dollars.

    [19] Commercial banks reduce interest rates

    Athens, 20/7/1996 (ANA)

    As a result of last month's drop in the yearly inflation average a number of commercial banks yesterday announced reductions in their interest rates as of July 29.

    National Bank of Greece and General Bank reduced their savings account rates from 12.25 per cent to 12 per cent, with the former also bringing down its lending rate for working capital from 19 per cent to 18.75 per cent. Current accounts at the two bank s will offer rates of 10.5 and 10 per cent, respectively. The National Mortgage Bank of Greece is reducing its savings rate from 13 to 12.5 per cent, while term deposit account rates are also to come down by half a percentage point.

    Reductions came in the wake of Alpha Credit Bank's announcement Wednesday of a reduced savings rate of 11.75 per cent, with the rate for large amounts remaining steady at 12.75 per cent.

    Other public sector banks are considered likely to also bring down their savings rates to 12 per cent.

    [20] National Mortgage Bank approves two new loans

    Athens, 20/7/1996 (ANA)

    The board of the National Mortgage Bank yesterday ratified two new decisions giving the bank the possibility of providing the latest banking services and new loan packages.

    New loans are a joint venture loan and a "basket" of bonds for the German market. On the question of the joint venture loan from Euromarket, it was revealed that there will be two parts of up to 34 billion drachmas each, with a three-year duration. It w ill be concluded in co-operation with the banks Sanwa and Barclays.

    The bonds basket, issued in co-operation with Barclays as a sponsor, is called SPV Crisps and is the result of a technical grouping between two or more securities. It will be sold through the Mortgage Bank in Germany and converted into German deutschmarks. The bonds will have a three-year duration, totaling up to 100 million deutschmarks, with the yield listed as a stable 5 per cent per year and a minimum participation 10,000 deutschmarks.

    [21] European Financial Group acquires control of Interbank

    Athens, 20/7/1996 (ANA)

    Consolidated Holdnigs SA, a member of shipping tycoon Yiannis Latsis' European Financial Group, has acquired 95 per cent of the shares of Interbank, controlled by the French Banque Worms.

    Market analysts estimate that the development of Eurobank and Interbank will be independent of each other, with the former possibly undertaking private banking services.

    Eurobank's assets are valued at 375 billion drachmas, and the joint assets of the two banks at 530 billion.

    Banque Worms and European announced their intention to co-operate in the development of common interests.

    End of English language section.

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