Completion of off-the-exchange transfer and settlement of Emporiki shares tendered by August 7, 2006 is expected to occur on 16 August 2006.

Finally, the Bank of Greece (central bank) has approved the acquisition by Crédit Agricole of control of Emporiki; and the offer was notified under a simplified procedure to the European Union's executive Commission, which is expected to issue a decision on 21 August at the latest 2006, the statement said.

Fitch upgrades Emporiki after Agricole takeover: Fitch Ratings on Wednesday upgraded Athens-quoted Emporiki Bank's Issuer Default rating (IDR) to A+ from BBB, its short-term rating to F1 from F3, and its support rating to1 from 2, also removing them from Rating Watch Positive. A Stable Outlook was assigned.

The bank's individual rating was affirmed at C/D, and its subordinated debt moved to A from BBB- in line with Fitch's notching policy. The IDR, short-term rating and support rating were placed on Rating Watch Positive on 13 June 2006, the global ratings agency said in a statement.

"The rating actions follow the acquisition of a controlling 71.97% stake in Emporiki by the French bank, Credit Agricole through its central body Credit Agricole S.A., which is the ultimate shareholder of the Greek bank. The degree of the upgrade of Emporiki's IDR, short-term and support ratings reflects Fitch's view of the extremely high probability of support from CA S.A. in case of need," the statement said.

"Fitch also indicates that there could be further uplift potential of Emporiki's IDR and Short-term rating should CA S.A. be upgraded or increase its participation in the Greek bank or if Emporiki were to become more integrated into the French group. Upside potential for Emporiki's individual rating is dependent on the bank consolidating its improving trend in its retail franchise, profitability and asset quality and the subsequent involvement of CA in the bank's management," according to the agency.

Emporiki's individual rating reflected its well-established position in the Greek banking system, healthy revenue generation and improved capital base.

"In Fitch's opinion, Emporiki will benefit from a strong international financial group such as CA as it should help it to further improve its retail franchise, risk management systems, operating profitability and productivity and cost efficiency. Fitch also recognizes Emporiki's efforts made in the last three years to improve its relatively lackluster profitability by overhauling the image of the bank, strengthening sales functions, simplifying procedures, upgrading IT systems, developing new products and rationalizing costs," the statement noted.

A more focused strategy for improving Emporiki's retail franchise and overall performance has yielded greater commercial dynamism, as evidenced in the results for 2005 and Q106. The latter was supported by rising revenues from solid growth in higher-margin retail lending and fee-based business, cost efficiency gains from voluntary staff early retirements and lower loan impairment charges, Fitch said.

[02] FM Dora Bakoyannis meets Arab League Secretary-General and her Qatar counterpart

NEW YORK, 10/8/2006 (ANA-MPA/A. Panagopoulos)

Greek Foreign Ministry Spokesman George Koumoutaskos told reporters that "also after today's (Wednesday's) meetings by the foreign minister, as well as from other information from the United Nations' headquarters, the procedures and consultations are culminating, in a rather heavy climate, in the effort for the blending of views on a draft resolution for the confrontation of the crisis in Lebanon."

Koumoutsakos underlined that Bakoyannis had a detailed discussion also with regard the aspects of the draft resolution, but also on the situation in the region for the coming period of time, mainly due to the undertaking by Greece of the Security Council presidency in September.

The discussions, the spokesman clarified, also concerned what the region will confront, but also how the problems which are being created will be dealt with.

Koumoutsakos reiterated the Greek position for a strong government in Lebanon.

The United States and France are continuing the consultations in an effort for an agreement to be reached, while there are rumors at the United Nations even of an eventual submittal by the French of a draft resolution of their own at the Security Council.

The difficulty which exists concerns the withdrawal of the Israeli troops from southern Lebanon and in which way and who will undertake, in a possible withdrawal, the control of the region.

[03] U.S. State Department spokesman on Bakoyannis-Rice telephone talks

WASHINGTON, 10/8/2006 (ANA-MPA/T.Ellis)

"Greece is a member of the Security Council, and they were talking about the current situation on the ground in the region, but they were also talking about the work on the Security Council resolution. They had a good discussion on it. I don't have any other details that I'm at liberty to share with you right now."

The Greek foreign minister is currently in New York to participate in a UN Security Council meeting expected to adopt a resolution on the war in Lebanon.

Greece is a non-permanent member of the Council for the 2005-2006 period and will assume its presidency, for the second time, on September 1.

[04] PM briefed by ruling ND party sec't

ATHENS, 10/8/2006 (ANA)

The ND secretary dismissed a press question on whether the government and the party are concerned over possible mobilizations during the Thessalonica International Trade Fair next month, while he stressed that the prime minister will mostly outline economic policies benefiting lower-income households and pensioners.

Regarding October's municipal and prefecture elections, Zagoritis said he is satisfied with the course of ND-backed candidates so far, stressing that, in general, there are no problems, while in referring to likely "rebel" ND candidates, he said they "always existed, exist and will continue to exist".

Finally, Zagoritis declined to comment on the expulsion of Yiannos Papantoniou from main opposition PASOK's Parliamentary group, saying that it is an internal party matter. However, he did charge that PASOK as a whole lacks proposals, positions, policy and framework.

[05] PM briefed on transportation issues by minister

ATHENS, 10/8/2006 (ANA)

Liapis told reporters afterwards that he briefed the prime minister on issues concerning urban transports and the impeccable operation, as he said, of airports across the country during the ongoing summer tourist season.

He said he also briefed the premier on railway infrastructure projects and the absorption rate of EU funding.

[06] Papantoniou stands by comments over Emporiki

ATHENS, 10/8/2006 (ANA)

Papantoniou, sacked over his positive comments regarding the sale of state-run Emporiki Bank to France's Credit Agricole -- the Karamanlis government's pre-eminent privatization to date -- also noted, as he did on Tuesday, that he does not question Papandreou's "institutional capacity" to reprimand or expel his party MPs.

Referring to his positions regarding the sale of Emporiki, he stressed that they were consistent with the policies - a reference to the previous Simitis governments -- exercised over previous years, adding that attacking those positions is not consistent with the operation of a modern democratic party.

On Monday, Papantoniou expressed support for the sale of Emporiki Bank but sharply criticized the sale price as very low, while at the same time voicing his disagreement with other PASOK cadres' vociferous criticism of the government over the specific matter.

Papandreou, in a statement on Tuesday evening, stressed that "the expression of personal views publicly, in an untimely manner, and without any understanding ... cannot be considered as a responsible stance."

[07] Australian PM thanks Athens for assistance in Lebanon

MELBOURNE, 10/8/2006 (ANA-MPA)

The Australian premier made the comment while addressing a Liberal Party congress in New South Wales.

[08] Synaspismos delegation meets Russian ambassador; Middle East crisis discussed

ATHENS, 10/8/2006 (ANA)

The Synaspismos delegation was comprised of deputy Thanassis Leventis, Panos Trigazis, who is responsible for foreign policy and is a member of the party's Political Bureau, and Soula Panaretou.

According to a Synaspismos announcement, Leventis said after the meeting that the party's delegation conveyed to ambassador Vdovin, Synaspismos' position that the under discussion resolution at the Security Council "must foresee the immediate ceasefire and the withdrawal of the Israeli army from Lebanon." He also said that presented to Vdovin was the statement of the delegation of the party of the European Left, which visited the Lebanese capital.

"We asked of the ambassador to convey to the Russian government the demand which was forwarded to us by all the political factions of Lebanon, for an immediate ceasefire, the withdrawal of the Israeli troops from Lebanon, the immediate aid to all the victims of the war but also to the inhabitants who are suffering, and of course for a final and permanent solution to be given through consultations, under the auspices of the United Nations and with the guarantees of the Security Council," Leventis said.

According to Leventis, the Russian ambassador stressed that "Russia also projects the demand for an immediate cessation of hostilities and the withdrawal of the Israeli troops" and that his country "is making efforts at the Security Council for a decision to be reached which will be acceptable by all the involved sides, so that it can be implemented, operate and be viable."

[09] Humanitarian aid to the population of Lebanon

ATHENS, 10/8/2006 (ANA)

The aid, as stated by a foreign ministry announcement, was collected by public agencies and non-governmental organizations (Macedonia-Thrace Ministry, "Greek Red Cross", "Doctors of the World" and "Solidarity"), and will be transported to Beirut by the Navy carrier "Chios".

The carrier "Chios" sailed to Beirut on Monday, August 7, transporting 32 tones of Greek and international humanitarian aid. It is expected on Wednesday to conduct a second route to Lebanon, transporting more than 60 tones of humanitarian aid: 14 tones of Greek aid, 45 tones of Cypriot aid (food, medicine and water), two tones of United Nations (UN OCHA) aid (tents) and four UN vehicles.

[10] Anti-war rallies in Thessalonica

ATHENS, 10/8/2006 (ANA)

Protesters marched to the buildings housing the consulates of France and the United States as well as to the local Jewish community offices, posting photographs of war victims on their entrances.

[11] Alogoskoufis-Tsitouridis meeting regarding social security draft law

ATHENS, 10/8/2006 (ANA)

The relevant draft law, according to Tsitouridis, will be submitted to Parliament immediately after the summer recess and will not include provisions on unification of supplementary pension funds.

[12] PASOK, SYN on social insurance system

ATHENS, 10/8/2006 (ANA)

On his part, Dimitris Stratoulis, Political Bureau member of the Coalition of the Left, Movements and Ecology (Synaspismos) and responsible for the party's Labor Policy, stated that "the New Democracy government, which uses the words 'social dialogue' and 'consensus' for the social insurance system and which sets up a dialogue committee for the economy and social security, does so with unilateral legislative initiatives."

[13] Transport Minister Liapis inaugurates new Athens-Kalymnos air link

ATHENS, 10/8/2006 (ANA)

An Olympic Airlines aircraft landed on Wednesday at Kalymnos' new airport and among the passengers were Liapis, Aegean and Island Policy Minister Aristotelis Pavlidis, Deputy Foreign Minister Yiannis Valinakis, Deputy Environment, Town Planning and Public Works Minister Themistoklis Xanthopoulos and other officials.

Speaking during the inauguration, Liapis stressed that the new airport of Kalymnos, the country's 41st, "will give a new breath of wind to the social, economic, commercial and tourist life of the island and of the Dodecanese in general, as it facilitates the movement of the inhabitants and the visitors."

Liapis said his ministry has shaped a new strategy as regards the airports development which attributes priority to the development of regional airports. In this framework, he said, investments amounting to 630 million euros until 2008 are foreseen, for the modernization of airport installations, while another 53 million euros will be disbursed for the upgrading of aeronautical systems for the same period.

[14] Tourist flow to Rhodes and other Dodecanese islands on good track

ATHENS, 10/8/2006 (ANA)

According to data released on Wednesday by the Civil Aviation Service, the arrival of foreign tourists in July was up 14.5 per cent compared to the corresponding month in 2005.

Last month, 289,219 tourists arrived in Rhodes with charter flights, compared to 253,375 in the same month last year. There were 3,491 flights compared to 3,002 in July 2005, marking a 16.29 per cent increase.

Britons, Germans and Italians top the list of arrivals, with a stable increase also marked in arrivals by Poles, Czechs, Russians, Hungarians, Slovaks, Hungarians and Romanians.

The announcement of the data by the Civil Aviation Service for July, simply confirms the assessment on this year's tourist flow to the island of Rhodes which had already marked an upward trend a long time before.

Also in July, the arrival of foreign tourists to the island of Kos marked a 10 per cent increase.

[15] Industrial output shows rise

ATHENS, 10/8/2006 (ANA)

Indices comprising the general index moved as follows versus June 2005:

[16] Exports, imports rise in value

ATHENS, 10/8/2006 (ANA)

The value of imports increased by 15.8% in comparison with June 2005, totaling 3,986.8 million euros, the GNSS said in a monthly statement.

[17] Fitch upgrades Piraeus Bank

ATHENS, 10/8/2006 (ANA)

Other ratings have been affirmed at Issuer Default BBB+, short-term F2 and support 3, the global agency said in a statement.

"The rating actions reflect PB's strengthening position within the Greek banking market, better profitability and cost efficiency, and improvements to its credit risk management and asset quality. The ratings also reflect its satisfactory capital base and its growing retail credit portfolio, which has yet to experience a full credit cycle," the statement said.

Should PB continue to grow its domestic franchise, maintain profitability and cost efficiency, and continue to build a longer track record in managing its retail credit exposure and expansion in South Eastern Mediterranean region, the Issuer Default rating is likely to be upgraded," it added.

[18] Athens Bourse Close: Stocks rise

ATHENS, 10/8/2006 (ANA)

The FTSE/ASE-20 index for high capitalization shares ended 0.43% up; the FTSE/ASE-40 for medium cap stocks closed 0.20% higher; and the FTSE/ASE-80 for small cap shares finished 2.80% up. Of stocks traded, advances led declines at 183 to 71 with 60 remaining unchanged.

Foreign Exchange Rates:

Reference buying rates per euro released by the European Central Bank:

U.S. dollar 1.298

[19] Environmental damage in Med from Middle East crisis detailed by Rome-based INFORAC

ROME, 10/8/2006 (ANA-MPA)

INFO/RAC again referred to 30,000 tons of spilled fuel oil - a toxic chemical mixture loaded with PCBs - that has caused a northward-moving black tide off the coast of Lebanon that stretches for some 120 kilometers, whereas UNEP/MAP (the UN Environment Program/Mediterranean Action Plan) has detected fuel oil residues as far away as Cyprus and Turkey.

UNEP/MAP also confirmed that the oil spill has definitely reached the Syrian coast.

INFO/RAC again warned of health risks for residents along the Lebanese and Syrian coasts, and of course, cited the massive damage done to marine mammals, fowl and fish population in the eastern Mediterranean.

[20] Onassis Foundation awards to La Trobe, Harvard

ATHENS, 10/8/2006 (ANA)

The specific prize is awarded to universities and research centers in Greece and abroad distinguished in the promotion of the Greek education, history and culture and for their overall contribution to Hellenism.

The Onassis Foundation will also honor Harvard University, with both prizes to be presented by President Karolos Papoulias in a formal ceremony to take place at Athens' Megaron Hall on Oct. 18.

Each of the two awards is accompanied by a medal and a monetary prize of 200,000 US dollars.

The award ceremony will be held within the framework of the events scheduled to take place on the occasion of the foundation's 30th anniversary and the 100-year anniversary of the birth of shipping tycoon Aristotle Onassis.

[21] Pedestrian bridge linking Piraeus port with railway station opens

ATHENS, 10/8/2006 (ANA)

The pedestrian bridge constitutes a "breather" for the thousands of passengers of ferries in the port of Piraeus.

"A few months ago we had placed a great bet for the port of Piraeus. To change its image and to welcome millions of passengers which travel every year," Kefaloyiannis said in his address.

[22] Wildfire near Corinth reported

ATHENS, 10/8/2006 (ANA)

The efforts of some 200 firefighters to place the fire under control were hampered during the night by the strong winds in the region and the rough terrain.

[23] Spokesman points out Turkey has no say in Cyprus' agreements

NICOSIA, 10/8/2006 (CNA/ANA-MPA)

Invited to comment on Ankara's reaction to the military cooperation between Cyprus and France, Pashiardis said he would not comment on issues of a military or defense nature.

''I restrict myself to saying that it is our inalienable right to enter cooperation agreements of any form with any country, and this right does not undergo the recognition or approval either of Turkey or any other side,'' he said.

[24] Cyprus government denies T/C spokesman's allegations

NICOSIA, 10/8/2006 (CNA/ANA-MPA)

He was commenting on statements by the Turkish Cypriot leader's spokesman Hasan Ercakica that due to the method used in the discussions there is no progress during the meetings of the two leaders' representatives.

Pashiardes assured that "our side is sincerely interested and it is working for substantive progress, and is completely consistent with the commitment it undertook with the July 8th agreement", recalling that "only statements which have been agreed on can be made as regards the progress of the meetings under-way between the representatives of the two leaders."

The spokesman said "the so called spokesman of the so called presidency of the pseudo state tried again with statements he made yesterday (Tuesday) to provoke a reaction by our side."

"Nor this time we will react to Ercakica's provocation. We faithfully adhere to the commitment which both sides have undertaken not to comment or make public anything concerning the procedure agreed upon on July 8," he added.

Furthermore he noted that "if the leadership of the Turkish Cypriot community chooses to violate this commitment, our choice is to respect it and fulfill it in practice. The only thing our side is interested in is the full implementation of the agreement of July 8, to pave the way for substantive negotiations that will lead to a final settlement of the Cyprus question and towards this direction we will continue to work with good faith and good will."

As regards the method followed at the talks of the two leaders' representatives, Pashiardis said that the method used is the one agreed upon on July 8 and endorsed by the leaders of the two communities.

"The method which Mr. Ercacica uses to provoke is not included in the two leaders' agreement and surely does not contribute to promoting the implementation of the agreement," he said, adding that he will not comment whether there is progress or not at the ongoing talks.

"I will not reply or comment Ercakica's allegation. I will only say that our side is sincerely interested and is working for substantive progress, completely consistent with the commitment it undertook with the July 8th agreement", he added.

Invited to say if the Turkish Cypriot side is fulfilling what was agreed on July 8, Pashiardis said he does not want to answer that.

"But you can ask the UN to reply," he said.

Replying to another question, the spokesman said that no exact date for a new meeting between Cyprus President Tassos Papadopoulos and

Turkish Cypriot leader Mehmet Ali Talat has been set.

Papadopoulos and Talat agreed on the 8th on July, during a meeting here in the presence of UN Undersecretary General for political affairs Ibrahim Gambari to begin a process of bicommunal discussions on issues that affect the day to day life of the people and concurrently those that concern substantive issues, both contributing to a comprehensive settlement to the Cyprus problem.

[25] Bicommunal meetings on Cyprus problem continue

ATHENS, 10/8/2006 (ANA)

A pres release by the United Nations Peacekeeping Force in Cyprus (UNFICYP) said that "Rasit Pertev and Tasos Tzionis, principle aides to HE Mehmet Ali Talat and HE Tassos Papadopoulos respectively, met in the office of Special Representative of the UN Secretary General in Cyprus Michael Moller today (Wednesday) in continuation of their efforts to operationalize the 8 July agreement".

"The process continues to be carried out in a forward-looking and positive atmosphere", the press release adds.

[26] Cyprus ready to facilitate international effort for peace in Lebanon

NICOSIA, 10/8/2006 (CNA/ANA-MPA)

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