Athens News Agency: Daily News Bulletin in English, 97-11-06

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

ATHENS NEWS AGENCY BULLETIN (No 1333), November 6, 1997

Greek Press & Information Office
Ottawa, Canada
E-Mail Address: grnewsca@sympatico.ca

CONTENTS

[01] Social partners reach 'Confidence Pact towards 2000'

[02] GSEE

[03] Government satisfied with outcome of Crete summit

[04] Pangalos to brief EU on summit

[05] ... Cem

[06] Turkish press comments

[07] Yeltsin: Summit plays role in developing dialogue

[08] Yugoslav press

[09] Gligorov sees improvement in Greece-FYROM relations

[10] Violations of Greek air space continue

[11] EP urges EU to ratify Amsterdam Treaty

[12] Simitis to speak to foreign press

[13] ND leader to attend EPP meeting in France

[14] USS Oak Hill to visit Thessaloniki

[15] Issues concerning Greeks abroad to be discussed at PASOK conference

[16] EU Economy Ministers meeting ends in near failure

[17] Laliotis chairs meeting on protest march problems

[18] Seminar in the US on Greek language and culture

[19] British academic to give lecture

[20] European Commission approves joint business venture program

[21] Exchange outflows reach 300 mln. ECU

[22] Quakes rock Athens, Crete

[23] Greek freighter fired on off Corfu

[24] Patras flooding report due today

[25] Papantoniou slams 'irresponsible rumors' concerning the drachma

[26] Development of Balkan relations to benefit Greek tourism

[27] EU report: Greece to enter EMU in 2001

[28] EU cracks whip on telecoms liberalization

[29] Greek 1998 budget due November 12

[30] Greek bourse hit by rising interest rates

[31] Bank of Greece drains liquidity, raises interest rates

[32] Greek drachma parity strengthens in October

[33] Greek shipping registry declines in October

[34] Greece, Bulgaria sign cross-border agreement

[35] Philoxenia tourism fair opens in Thessaloniki

[36] Ethniki AXE registers highest turnover at ASE

[37] Tourist flow to Greece to record increase

[01] Social partners reach 'Confidence Pact towards 2000'

Athens, 06/11/1997 (ANA)

The agreement, achieved at yesterday's Coordinating Dialogue Secretariat meeting, is expected to be officially approved at a plenary session of social partners' representatives on Monday after previously undergoing the test of approval by the trade unions themselves where conflicts between the various trade union groupings are already emerging.

Labor Under-secretary Christos Protopapas, considered the architect of the agreement, said he felt optimistic and stressed that such an agreement constitutes a necessity for the economy, society and the country.

Agreement between the social partners was based on the text presented by Mr. Protopapas and whose finalized shape will be publicized today after observations and corrections accepted will be included.

According to the text, on the question of incomes policy, the government commits itself to "safeguard and gradually improve" labor income.

Secondly, with regard to taxation reform, it promises relief benefiting low-wage earners, although there is no specific commitment to increase the level of tax-free income or an index-linked salary scale.

Thirdly, on the question of unemployment, the agreement reached anticipates direct measures for unemployed people under 29 and the long-term unemployed over 55.

A change in the development law was also agreed in the direction of supporting investments, employment and incentives for expanding into the Balkans and new markets in eastern Europe.

The extension of partial employment in the public sector was consolidated and, indeed, with provisions excluding permanent status for newly-appointed employees lying outside processes stipulated by the relevant Peponis law. All reference to the "overall settlement of working time", pursued by the government, was erased, as was the 35-hour working week proposal supported by the trade unions.

General Confederation of Workers of Greece (GSEE) President Christos Polyzogopoulos said the commitment to safeguard and improve income is important, stressing that each side would also like something else but "only agreements are included in a pact."

He assessed that the report is far more advanced than the corresponding agreements, such as those in Spain and other European countries.

Civil Servants Union (ADEDY) President Yiannis Koutsoukos said unions will closely watch the implementation of policies agreed.

Federation of Greek Industries (SEB) Vice-President Nikos Analytis said a social institution was won which will contribute considerably towards social cohesion, adding that no government, either the present one or that which will succeed it, must undermine it.

Mr. Protopapas committed himself that the government will take all necessary action to implement all that has been agreed, meaning that at least three new laws are expected: for development, labor protection and contracts in the public sector.

Opposition to the text was voiced by union groupings affiliated to the main opposition New Democracy party, the Communist Party of Greece and the Coalition of the Left and Progress.

[02] GSEE

Athens, 06/11/1997 (ANA)

The Executive Committee authorized Mr. Polyzogopoulos "after taking into consideration the skepticism and views set out at the meeting" to handle the issue of signing the "confidence agreement" at the plenary session of social partners on Monday.

This was mentioned in a press release by GSEE following a prolonged Executive Committee meeting which continued even after the press release was issued.

[03] Government satisfied with outcome of Crete summit

Athens, 06/11/1997 (ANA)

The meeting between the Greek and Turkish prime ministers, he added, had also been beneficial. He said the next meeting between the two would be held next year in Antalya at the next Southeast European Summit.

Asked whether Mr. Simitis had rejected an invitation from Mr. Yilmaz, the spokesman said that for another meeting between two prime ministers to take place there would first have to be a positive step. These conditions, he said, did not currently exist.

With regard to Mr. Yilmaz's reported proposal that he and Mr. Simitis appoint special envoys to maintain contact between them, Mr. Reppas stressed there was no agreement to appoint envoys.

However, he said nothing was rejected in general unless it harmed national interests. The idea of special envoys, he said, neither harmed nor benefited national interests but was not considered necessary at this point.

The government spokesman added that Turkey's habit of violating Greece's air space and infringing the Athens FIR cast a shadow over the effort to improve bilateral relations.

Mr. Simitis, he said, had raised the issue with the Turkish prime minister, who maintained that Turkey did not recognize the 10 mile limit for Greek air space. This, said Mr. Reppas, was an unbridgeable difference of opinion.

He denied that there had been any bad feeling on the part of the foreign ministry over the Simitis-Yilmaz meeting, saying that Foreign Minister Theodoros Pangalos himself had played a major role in organizing the summit.

He said the foreign minister was responsible for the exercise of foreign policy and could not be "marginalized" by anybody, responding to press questions on whether the Turkish side had attempted this.

The foreign minister would be briefing the government of the United States and other interested countries on the results of the meeting, as well as the president of the republic, Mr. Reppas said.

He added that the proposal for a secretariat to be established for the conference had not been rejected but the decision had been postponed. The foreign ministers will consider the issue in the near future, Mr. Reppas said.

Responding to a question regarding the comment by former New Democracy leader Constantine Mitsotakis that it was a mistake for Mr. Simitis not to broach the issue of Cyprus with Mr. Yilmaz, Mr. Reppas said if the issue had been brought up "we would have been playing Turkey's game, including Cyprus in 'Greek-Turkish differences'."

[04] Pangalos to brief EU on summit

Athens, 06/11/1997 (ANA)

The meeting was held in Crete with the participation of leaders of Albania, Bulgaria, the Former Yugoslav Republic of Macedonia, Romania, Turkey and Yugoslavia, and a representative of the government of Bosnia-Herzegovina.

Mr. Pangalos and Alternate Foreign Minister George Papandreou will represent Greece at the General Affairs Council.

[05] ... Cem

Istanbul, 06/11/1997 (ANA - A. Kourkoulas)

The Turkish foreign minister said: "no miracle was expected out of the bilateral contacts between Greece and Turkey. Everyone maintained their views, but good will assurances were given for de-escalating tension and resolving problems".

Meanwhile, Turkish Minister without Portfolio Sukru Sina Gurel, responsible for relations with Cyprus and the European Union, expressed the view yesterday that Greece was not ready for a "substantial dialogue".

The meeting in Crete, he said, was "beneficial in that it served to de-escalate military tension", adding that "the major step in developing relations between the two countries should begin with a substantial dialogue on all issues, irrespective of the manner in which they will be resolved.

Turkish foreign ministry spokesman Sermet Atazanli said the meeting between the two prime ministers had been a "positive development" and that neither side had expected to resolve all their bilateral problems in one meeting.

Mr. Atazanli called for the convening of the experts committee (on bilateral relations) for an exchange of views and to determine the next steps.

[06] Turkish press comments

Ankara, 06/11/1997 (ANA - A. Abatzis)

According to the newspaper "Sabah", Mr. Simitis had emphasized that Turkey had territorial claims (against Greece), and that the Turkish prime minister had denied this, saying that Turkey wanted "a permanent solution" and was therefore ready to talk unconditionally.

The same newspaper reported that Mr. Simitis had suggested direct contacts between the two to avoid confusion resulting from third party mediation. It was this, according to the newspaper, that had led Yilmaz to suggest envoys. It said that Mr. Simitis had said he would reply within two weeks to this "sincere proposal".

[07] Yeltsin: Summit plays role in developing dialogue

Athens, 06/11/1997 (ANA)

In the message, dated October 31, 1997 and released yesterday by the Russian Embassy in Athens, Mr. Yeltsin said he hoped these countries would support a Greek-Russian initiative for a Summit Meeting of Heads of State and Government of Southeast Europe.

He suggested that UN Security Council permanent members and representatives of other organizations such as the European Union could participate in this meeting.

[08] Yugoslav press

Belgrade, 06/11/1997 (ANA - M. Mouratidis)

Serbia's state-run TV network said that a new page opened for the Balkans in Crete and a period of development and closer co-operation between the peoples in the region was starting.

The newspaper "Politika" said that in Crete Balkan leaders found the path to overcome the legacy of Balkan quarrels and work for regional co-operation, the development of peace and the building of relations of good neighborliness.

"Nasa Borba" said that one of the most specific results of the summit in Crete was probably the meeting between Yugoslav President Slobodan Milosevic and Albanian Prime Minister Fatos Nano, because it created a new framework to resolve the problem of Kosovo.

"D-Plus" said that those who gained from the Milosevic-Nano meeting were undoubtedly the Greeks, because by organizing the meeting they achieved on the one hand not to offend the friendly Serbs and gain the sympathy of the neighboring Albanians even more on the other.

Consequently, it added, Crete paved the way for the Balkans to be turned into an oasis of peace and co-operation.

[09] Gligorov sees improvement in Greece-FYROM relations

Upon his return here from Crete, were he participated in the Southeast European Leaders Summit, the President of the Former Yugoslav Republic of Macedonia, Kiro Gligorov spoke in favorable terms for his state's relations with Greece.

He said relations with Greece "have improved considerably and beyond any expectations".

Mr. Gligorov described his talks on Crete with Greek Prime Minister Costas Simitis as "fullhearted and in the right direction".

However, the FYROM president said Greece's refusal to accept the term 'Macedonia' as an official name for his state, could give rise to "a conflict at Balkan level".

[10] Violations of Greek air space continue

Athens, 06/11/1997 (ANA)

They also said there had been 35 violations of Greece's national airspace by the Turkish jetfighters, mainly between Kos and Rhodes islands, and also between Limnos-Lesvos, Hios-Lesvos and Hios-Samos.

In all instances the Turkish aircraft were intercepted by Greek F-16 and Mirage-2000 jetfighters. The sources said that in at least six instances the interception procedures had developed into mock dogfights.

They added that another six pairs of Turkish warplanes had infringed the Nicosia FIR.

[11] EP urges EU to ratify Amsterdam Treaty

Brussels, 06/11/1997 (ANA - M. Spinthourakis)

A debate at a plenary session will take place on November 19 and the vote to have the relevant text ratified by the European Parliament will be held in Strasbourg on November 20.

The draft resolution contains three points of particular concern for Greece. It contains an explicit demand for their prevention of threats and border violations in the future, a paragraph containing the observation of equality between all member-states when, after EU enlargement, votes are reassessed at the council of ministers on the basis of a population ratio.

Moreover, despite the overall desire for the future effect of the majority principle at the council of ministers, preservation of the veto is demanded.

One of the speakers on the issue, PASOK Eurodeputy Demetris Tsatsos said "success is greater than I expected and creates in me hopes for a similar success at the European Parliament's plenary session."

[12] Simitis to speak to foreign press

Athens, 06/11/1997 (ANA)

The prime minister will speak on government policy and answer questions by Greek and foreign journalists.

The event should be of interest as it is taking place after the Southeastern European leaders' summit on Crete and a few weeks before the EU summit in Luxembourg.

Main opposition New Democracy party leader Costas Karamanlis will be the guest speaker at a similar luncheon by the FPA on Tuesday, December 9, at 1:00 p.m., also at the Grande Bretagne Hotel.

Mr. Karamanlis will outline his party's basic positions and answer questions.

[13] ND leader to attend EPP meeting in France

Athens, 06/11/1997 (ANA)

On Sunday, Mr. Karamanlis will attend the Politburo meeting, while on Monday morning he will be making an address on the issue of employment in Europe.

On the sidelines of the session, Mr. Karamanlis will have contacts with the leaders of other parties belonging to the EPP.

[14] USS Oak Hill to visit Thessaloniki

Athens, 06/11/1997 (ANA)

The USS Oak Hill is a dock landing ship whose mission is to transport Marines ashore during amphibious operations. The ship carries a crew of 340 men including 21 officers with an additional complement of 450 Marines. The ship displaces about 16,000 tons and is 185 meters long by 26 meters wide. The USS Oak Hill was commissioned in September 1996.

Cdr. Durnan and senior officers will pay courtesy calls on local officials and business organizations and will host a reception on board for officials and other guests.

[15] Issues concerning Greeks abroad to be discussed at PASOK conference

Athens, 06/11/1997 (ANA)

The conference will focus on problems faced by Greeks living abroad, as well as the course of PASOK's restructuring in EU countries.

The meeting will be attended by a guidance delegation from PASOK headed by Costas Skandalidis, Paraskevas Avgerinos, a member of the Executive Bureau, Grigoris Niotis, secretary of the Expatriate Hellenism sector, as well as representatives of the Foreign Affairs, Education and Culture ministries.

[16] EU Economy Ministers meeting ends in near failure

Brussels, 06/11/1997 (ANA - G. Daratos)

The Council met to prepare the extraordinary summit conference on employment, to take place in Luxembourg in Nov. 20-21.

As it was obvious from the start of the session, a number of countries - headed by Germany, Greece and Portugal - were not willing to accept the Commission's proposals on tackling unemployment, stressing that aspired targets were unacceptably codified in numbers.

Germany complained, for instance, that French commissioner Yves Thilbaut de Silguy's speech to the council referred excessively to numbers.

The commissioner replied what his paper contained was the "Hows and trends" regarding unemployment, not specific figures.

Greece's National Economy Minister Yiannos Papantoniou eventually approved the idea of "Hows and trends", and asked that the text outlined the political will by member-states to deal with the problem of unemployment without reference to numbers.

Mr. Papantoniou also stressed the need to place special emphasis on going ahead with more investments, which as he said, was the only way to absorb the unemployed by creating vacancies.

[17] Laliotis chairs meeting on protest march problems

Athens, 06/11/1997 (ANA)

At the meeting, held at the initiative of Environment, Public Works and Town Planning Minister Costas Laliotis, it was suggested that during protest marches, bus lanes be kept open, that only one lane be closed to traffic, depending on the number of pro testers, and that the public order ministry be notified well in advance so as to warn the public.

The meeting was attended by Public Order Minister George Romeos, Transport Under-secretary Manolis Loukakis and representatives of various organizations and political parties.

National Commercial Confederation president Demetris Kapsalis drew attention to the fact that closing roads to traffic during demonstrations caused a significant drop in city stores' turnover.

[18] Seminar in the US on Greek language and culture

Athens, 06/11/1997 (ANA)

As part of this campaign and also in order to present Greek American writers, the publishing house 'Seaburn' organized a three-month seminar on the Greek language and culture. During the opening of the seminar, on Oct. 24 at the Bryant High School, Sea burn director Dr. Sam Chekwas presented to students a new English translation of poetry by Dionysios Solomos.

Further, Seaburn's annual exhibition of Greek books will open in Stamford, Connecticut, Nov. 16. The exhibition will then travel to many other states, including New York and Philadelphia.

[19] British academic to give lecture

Athens, 06/11/1997 (ANA)

The lecture, organized by the Athens University School of Economics, is to be held at the Antoniadou Amphitheater, 76 Patision Avenue at 4 pm.

Dr. Holland is the author of various books on foreign policy such as "Britain and the Revolt in Cyprus, 1954-1959".

There will be simultaneous translation into Greek.

[20] European Commission approves joint business venture program

Brussels, 06/11/1997 (ANA - M. Spinthourakis)

The JEV, approved by the Commission at the initiative of Greek Commissioner responsible for business policy Christos Papoutsis, is also aimed at encouraging new economic activities by those SMEs, in order to create new and viable job positions.

With a budget of five million ECU in 1997, the JEV program will provide funding to a part of the expenses involved in the establishment of a joint business by at least two European SMEs, with a maximum funding of ECU 100,000.

Mr. Papoutsis, presenting the initiative, said: "European Union SMEs are still facing problems in their effort to fully enter the unified market and globalize their activities".

Up to now, inter-state joint business ventures in the EU are very rare, mainly due to unwillingness by credit institutions to fund such plans.

Apart form essentially attaining its original targets for the establishment of joint business ventures in the EU, the JEV initiative is expected to contribute also to motivating credit institutions in funding proposals by vigorous firms wishing to utilize the immense potential created by the unified market.

[21] Exchange outflows reach 300 mln. ECU

Athens, 06/11/1997 (ANA)

However, at 5 p.m. when the Bank of Greece leaves the inter-bank market, exchange inflows in the region of 200 million ECU occurred, a fact also leading to an increase in the drachma's value as against the ECU since the parity was set at 309.50 drachmas as against 310.40 drachmas at noon.

According to the same sources, the country's exchange reserves yesterday ranged between 12.5 and 13.5 billion dollars.

[22] Quakes rock Athens, Crete

Athens, 06/11/1997 (ANA)

The tremor registered 4.6 Richter at 12:38 and was followed by two weaker aftershocks of 4.3 at 12:32 and 4.1 at 12:35 p.m., emanating from the same epicenter near Avlona.

Athens Geodynamic Institute director George Stavrakakis told the ANA that the seismic activity was weak, adding that such tremors did not cause damages. He anticipated that post-quake activity would continue at the same levels.

Shortly later, at 2:23, Crete was hit by a quake registering 5.2 and with an epicenter 310 kms south of Athens, between Sfakia, a town on the south coast of Crete, and the islet of Gavdos.

Residents on Gavdos said the 40 second tremor - preceded by a loud noise - caused fear among the residents and forced them to run out onto the streets.

There were, however, no reports of injury or damage.

Scientists at the Thessaloniki Aristotelion University's Geophysics Laboratory are reserved over the development of seismic activity centered in the Oinofyta region in past days.

Laboratory Professor Vassilis Papazahos said he is optimistic but pointed out, however, that a strong earthquake has not taken place in the area since 1938 and pondered whether this means an accumulation of energy in the fissure.

He said the Attica basin is not in the direction of the fissure, meaning that even if a strong earthquake does takes place energy will not be oriented in the direction of Athens.

The fissure in question starts from the Alkyonides islands area, passes from Thebes and ends in the southern Evoikos sea region.

[23] Greek freighter fired on off Corfu

Athens, 06/11/1997 (ANA)

It said the freighter "Ioanna" had been en route to Volos from Albania, without cargo but carrying an eight-member crew, when an unidentified speedboat opened fire on it 20 nautical miles north of the Peristeria region of Corfu.

The Coast Guard said the shots had come from Kalashnikov rifles, adding that none of the crew had been injured.

Two patrol boats rushed to the site after the freighter's captain sent out an SOS, the Coast Guard said, but the speedboat "disappeared in the direction of the Albanian shores".

The "Ioanna" continued its journey to Volos after the incident.

[24] Patras flooding report due today

Athens, 06/11/1997 (ANA)

The Achaia prefecture has meanwhile begun paying out 200,000 drachmas to each of the 130 flood victims who have applied for the assistance.

Separate arrangements have been made by the relevant ministries to offer financial assistance for repairing damage to businesses, homes and farms.

[25] Papantoniou slams 'irresponsible rumors' concerning the drachma

Brussels, 06/11/1997 (ANA)

The rumors, started from British sources in the money market sector in the morning, concerned the report that allegedly the issue was raised of devaluing the drachma, following the latest monetary crisis, during the session of the EU's Monetary Committee which met on Tuesday and yesterday.

On his part, professor Yiannis Stournaras, President of the National Economy Ministry's Economic Experts' Council (SOE), a leading adviser of Mr. Papantoniou who participated in the Monetary Committee's session, spoke of shameless lies and trash, assuring that in no way was such an issue discussed at the Committee.

[26] Development of Balkan relations to benefit Greek tourism

Athens, 06/11/1997 (ANA)

In an announcement yesterday, SETE assesses that there will be a two-way tourist wave between Balkan countries in the future from which Greece will benefit the most.

"An opportunity is provided for the utilization of the know-how of Greek tourist enterprises on issues concerning tourist development, a fact meaning that we can play the role of adviser and participate actively in joint or independent tourist investments," the announcement said.

[27] EU report: Greece to enter EMU in 2001

Athens, 06/11/1997 (ANA)

The report says even though considerable progress has been made in public finances in Greece, there are still many problems. Apart from not having been aligned to the rest of the EU member-states, the Greek economy is only in the middle of a long-term stability program, while exports are facing a serious problem as far as competitiveness is concerned.

The conclusion about Greece's participation in the EU monetary union (EMU) is that "under pressure for EMU, progress has been achieved, but there is still a long and tough way to go".

As far as the rest of the EU member-states are concerned, the report says that 10 out of 15 states will be admitted in the EMU in January 1999, according to the current timetable. These are Austria, Belgium, Luxembourg, France, Germany and The Netherlands, whose currencies have been retained stable in spite of some periods of uncertainty.

Finland and Ireland have already fulfilled the EMU participation criteria, while the economies of Spain and Portugal are converging at a fast pace.

Italy is foreseen to enter the EMU in 2001, mainly due to its enormous debt of 123.5 percent of its NGP, instead of the 60 percent limit set by the Maastricht Treaty.

[28] EU cracks whip on telecoms liberalization

Brussels, 06/11/1997 (Reuters/ANA)

Moving less than two months before the European Union's January 1, 1998 deadline for full telecoms liberalization, the Commission targeted Belgium, Denmark, Germany, Greece, Italy, Luxembourg and Portugal.

It said in a statement that it had also moved to the second stage of legal action against Spain, which it had earlier charged with failing to lift certain restrictions on companies providing telecoms infrastructure.

The EU executive opened "infrin-gement procedures" charging the seven governments with lagging behind in implementing one or more of the measures in the EU plan for opening up telecoms competition.

Belgium was at the top of the list, with seven violations of EU law, followed by Greece and Luxembourg with three each.

The Commission can ultimately take the cases to the European Court of Justice in Luxembourg.

Its list shows that the greatest barriers facing new telecoms operators are in the area of telecoms infrastructure.

Belgium, Greece, Italy, Luxembourg and Portugal were all charged with failing to comply with EU rules requiring them to allow companies to build telecoms networks to compete with the traditional monopolies in carrying some services.

The Commission said Greece lagged in removing barriers to GSM operators and Luxembourg had not properly implemented rules on telecoms licenses nor on procedures covering voice telephone network operators.

Portugal was charged with failing to en sure that Portugal Telecom set up a proper cost-accounting system, while Denmark was cited for TeleDanmark's failure to publish "inter-connection" terms and conditions.

[29] Greek 1998 budget due November 12

Athens, 06/11/1997 (ANA)

Mr. Papantoniou said the final recommendations of the government's economic staff had been formulated regarding 1998 incomes policy, which would go before the cabinet for approval on Friday, and would be contained in the new budget.

Also attending the meeting were Bank of Greece governor Lucas Papademos, finance undersecretaries George Drys and Nikos Christodoulakis, and National Economy under-secretary Christos Pachtas.

Mr. Papantoniou avoided answering questions on the specific measures the 1998 budget would contain.

The budget will include an increase in revenues by one trillion drachmas and drastic cutbacks in spending.

[30] Greek bourse hit by rising interest rates

Athens, 06/11/1997 (ANA)

The general index closed 2.07 percent down at 1,580.45 points, reflecting market worries over a new downturn in international markets and a sudden sharp rise in interbank rates by the Bank of Greece.

Trading was heavy with turnover at 26.1 billion drachmas.

Other sector indices suffered losses. Banks fell 1.27 percent, Insurance was 2.67 percent off, Leasing dropped 1.52 percent, Investment eased 1.91 percent, Construction plunged 3.48 percent, Industrials were 2.52 percent down, Miscellaneous fell 2.64 percent and Holding dropped 2.93 percent.

The parallel market index for small cap companies eased 0.52 percent.

Broadly, decliners led advancers by 82 to 59 with another 10 issues unchanged.

Kekrops, Agrinio Metalplastics, Heliofin, Athinea, Macedonian Mills scored the biggest percentage gains, while Papoutsanis, Nematemboriki, Remek, Sato and Klonatex suffered the heaviest losses.

National Bank of Greece ended at 29,400 drachmas, Ergobank at 16,870, Alpha Credit Bank at 18,970, Delta Dairy at 3,760, Titan Cement at 14,600, Intracom at 13,350 and Hellenic Telecommunications Organization at 5,840.

Greek telecom, Greek Sugar and Mytilineos traded in big volumes.

[31] Bank of Greece drains liquidity, raises interest rates

Athens, 06/11/1997 (ANA)

The Bank of Greece, the country's central bank, was forced to intervene again in the domestic money market offering to drain seven-day depos at 70 percent. Interbank rates were held at 15-30 percent on Tuesday.

The central bank reported outflows totaling 450 million ECUs, more than the total of inflows reported during the previous two days.

The drachma continued moving lower against the ECU in the domestic foreign exchange market. The Greek currency was lower against the US dollar and the DMark.

Meanwhile, Yiannis Stournaras, one of Greece's two representatives at the European Union's monetary committee said that the drachma never came up as an issue at the EU.

Mr. Stournaras dismissed as "absolute rubbish" rumors that the EU's monetary committee suggested that Greece should devalue the drachma.

He underlined that on the contrary the monetary committee congratulated Greece for its economic progress and its firm policy in defending the drachma.

[32] Greek drachma parity strengthens in October

Athens, 06/11/1997 (ANA)

The European Currency Union (ECU) was stable during a month which saw most foreign currencies ending lower against the drachma, with the Japanese yen losing substantial ground.

The DMark eased 0.17 percent against the drachma in October to show a 0.44 percent decline from the start of the year.

The French franc was stable although down 0.25 percent on the year.

The British pound eased 0.13 percent in the month but was 10.41 percent higher in the 10 month period from January to October.

The ECU was steady in October but 0.07 percent higher in the first ten months of the year.

Finally, the US dollar eased 1.88 percent against the drachma on a monthly basis but was 12.86 percent up on the year and the Japanese yen fell 2.10 percent in October to show a gain of 6.16 percent since the start of the 1997.

[33] Greek shipping registry declines in October

Athens, 06/11/1997 (ANA)

More specifically, four tankers, two freighters and one car/passenger ferry joined the Registry between October 1-31, of which three vessels are 19 years old and four are 11 years old. During the same period, 15 freighters and two tankers withdrew from the registry, of which three had an average age of 38 and the other 14 an average age of 20.

[34] Greece, Bulgaria sign cross-border agreement

Athens, 06/11/1997 (ANA)

The agreement was signed by Drama prefect Socrates Demetriades and the mayor of Gotse Deltsev, Vladimir Moskov and heads of trade commerce of the two regions.

[35] Philoxenia tourism fair opens in Thessaloniki

Athens, 06/11/1997 (ANA)

Tourism officials from Armenia, Ukraine, Romania, Yugoslavia and other central and eastern European countries will attend the opening ceremony of the annual Philoxenia tourism fair which ends November 9.

Philoxenia has attracted 360 exhibitors this y ear, up from 308 in 1996, with 32 foreign countries represented in the tourism fair.

[36] Ethniki AXE registers highest turnover at ASE

Athens, 06/11/1997 (ANA)

Ethniki AXE took over first position with a total turnover of 184 billion drachmas as against 214 billion drachmas in September controlling a share in the region of 14.40 per cent of the stock exchange market.

Sigma comes second with an 8.51 per cent share and Alpha third with 6.45 per cent.

[37] Tourist flow to Greece to record increase

Athens, 06/11/1997 (ANA)

The approximate projected percentage increases for the two years per country of origin are as follows:

Germany 5-7/4-5, USA 12/8-15, Austria 10/5, Australia minus 13/8-15, Japan 0/plus, France 0/plus, Canada 20/14, Britain 8.5/9, Holland 9-10/5, Russia 10-12/same, Belgium-Luxembourg 14/10, Switzerland 10/10, Israel 9/+, Spain 30/+. Increases of 2.6 and 4 8 per cent are projected from Norway and Finland respectively for this year, but slight falls next year.

End of English language section.

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