Athens News Agency: Daily News Bulletin in English, 11-01-05

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From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] FinMin: Greece will weather debt crisis

[02] Gov't: 'We're protecting our borders'

[03] Interior minister unveils e-governance draft law

[04] ND assails gov't VP Pangalos' statements

[05] Former ND deputy joins Democratic Alliance party

[06] Mass transit strike cancelled

[07] ND official on off-setting of VAT, debts

[08] New price list for 2,000 pharmaceuticals in mid-Jan.

[09] Geniki Bank completes 45-mln-euro share capital increase

[10] ASE capitalisation shrinks by 141.4 bln euros in 3 years

[11] Stocks significantly lower

[12] ADEX closing report

[13] Partial solar eclipse viewed in Greece

[14] 'Black market' warehouses raided in Athens

[15] Nobel laureate Orhan Pamuk in Athens

[16] More than half of younger Greeks choose to live with parents due to financial reasons

[17] Essay contest on 'Jewish sites in Thessaloniki'

[18] Illegal immigrants arrested in Igoumenitsa

[19] Escaped convict dead at home

[20] Armed robbery at pharmacy

[21] Super League results

[22] Rainy on Wednesday

[23] The Tuesday edition of Athens' dailies at a glance Politics

[01] FinMin: Greece will weather debt crisis

In an interview with Reuters, the Greek FinMin said the country has cut its debt and has met all obligations towards the IMF and the European Union in return for a 110-billion-euros bailout, and noted that the government was also promoting structural reforms.

He also denied reports that Greece was in talks with debt holders for extending the repayment period of the country's existing debt.

"There are no such talks," Papaconstantinou said, dismissing reports that Greece was in talks with creditor banks. "This would not help Greece, the Greek economy, Greek banks, Greek citizens or the European problem," he noted.

He stressed that Greece was making steady progress on cutting its fiscal deficit and was promoting unpopular reforms to ensure payment of the fourth tranche of a troika loan, worth 15 billion euros in March.

"We finished 2010 on target, with reforms meeting the time schedule," Papaconstantinou said, adding that there was no reason to doubt for the next tranche, or any other tranche of the loan, "as long as we did our job correctly".

He said privatisation proceeds were expected to total 1.0 billion euros this year, with an additional six billion euros expected in 2012-2013, including airports, public sector enterprises, real estate property and gaming. "We will use a very flexible methodology. We have a revenue target but was more important was to have the expertise and the dynamism that private investments would bring to these sectors. He reiterated that Greece would seek a return to capital markets this year, depending on market conditions, along with the issuance of a Diaspora bond loan to Greeks living abroad.

Papaconstantinou said talks with China over the purchase of Greek state bonds were progressing, but declined to say anything more specific over the amount or the time of the deal. He noted that Greece would like an extension of repaying its IMF/EU loans to cover not only outstanding tranches but those already paid. The European Commission was positive over this request but we have to wait for Eurogroup's final decisions, Papaconstantinou said.

Additionally, he sounded optimistic that the European Union would reach an agreement over joint issuance of euro bonds.

[02] Gov't: 'We're protecting our borders'

Othonas directly referred to "hypocrisy" on the part of the European Commission, which criticised the Greek government's intention to build a fence along a stretch of its land border with Turkey in the Evros prefecture -- a "favourite" spot for mostly Third World migrants and migrant smugglers attempting to enter Greece and the European Union.

Speaking to Athens radio station, the deputy minister charged that "Greek society's breaking points aren't up for hypocrisies," while he reiterated that the issue of illegal immigration is a European-wide problem and not just a Greek problem, "and Europe should assume its responsibilities".

Regarding the fence, the deputy minister said it will be constructed as soon as possible and will bring about "dramatic results".

"We're not going to erect a wall to separate migrants from the (local) residents; we're protecting our borders," he emphasised.

The project, announced by Papoutsis on Friday in an interview with the ANA-MPA, envisions a 12.5-kilometre fence on a stretch of land belonging to Turkey west of the Evros River, near the Turkish city of Edirne. It will be modelled on a similar barrier around the Spanish enclave of Ceuta on the North Africa coast of Morocco.

[03] Interior minister unveils e-governance draft law

A public debate on the draft law will open within the next few days while a vote in parliament will be held in March.

Ragoussis stressed that the implementation of e-governance will be mandatory for all public sector services allowing for transactions that are less time consuming and less costly. The cost of transactions in the public sector is expected to be reduced 25 pct.

Referring to the citizen's card, Ragoussis stated that it will include the national cadastre number, the tax registration number, the social security number (AMKA) and the police ID, underlining that all personal data will be fully protected.

[04] ND assails gov't VP Pangalos' statements

ND spokesman Panos Panagiotopoulos pointed out that "Mr. Pangalos' serious missteps are repetitive" and "the prime minister should take action".

[05] Former ND deputy joins Democratic Alliance party

Financial News

[06] Mass transit strike cancelled

A court ruling on the lawsuits filed by the metro, electric railway (ISAP) and tram managements is expected later in the afternoon on Tuesday.

ISAP electric rail workers decided to suspend a 24-hour strike announced for Wednesday and instead will hold a four-hour work stoppage between noon and 4 p.m. Buses will also participate in the work stoppage, while trolley buses and the Proastiakos suburban railway will run as scheduled.

In a later decision, train drivers for the all-important Athens metro have decided to hold a work stoppage between noon and 4 p.m.

[07] ND official on off-setting of VAT, debts

The official reminded that "New Democracy had called for the creation, for all private persons and legal entities, of a mechanism for the automatic off-setting of all debts from and to the public sector, so that liquidity will increase in the market."

[08] New price list for 2,000 pharmaceuticals in mid-Jan.

As regards the price list, the ministry said 75 are originals and the rest generic.

[09] Geniki Bank completes 45-mln-euro share capital increase

The plan envisages the issuance of 10,000,000 new preference and convertible nominal shares - with no voting rights - at an offering price of 9.0 euros each.

[10] ASE capitalisation shrinks by 141.4 bln euros in 3 years

The Greek market's capitalisation shrank by 29.037 billion euros in 2010, falling to 54.935 billion euros on Dec. 31, 2010, down from 83.972 billion euros at the end of 2009.

The market's capitalisation is currently at record lows compared with the country's Gross Domestic Product, despite a significant decline in the GDP in the last two years. The capitalisation to GDP ratio has fallen to around 25 pct, down from 150 pct in 1999, although the Greek market did not seem to be undervalued in P/E terms because of a significant decline of listed companies' earnings.

Massive liquidations by foreign portfolios - worth around 2.0 billion euros - have also contributed to the decline in the market's capitalisation.

Coca-Cola Hellenic Bottling was the biggest capitalisation stock in the market, followed by National Bank, while bank shares' capitalisation fell significantly to 18.472 billion euros.

ASE's capitalisation as a percentage of GDP

Year	 ASE	 European average
1998	 54.9%	 73.3%
1999	 149.7%	 105.2%
2000	 85.3%	 108.4%
2001	 66.2%	 74.6%
2002	 42.0%	 53.8%
2003	 49.0%	 59.0%
2004	 49.7%	 64.4%
2005	 63.2%	 79.1%
2006	 75.2%	 85.9%
2007	 86.7%	 93.3%
2008	 28.9%	 61.3%
2009	 35.8%	 62.8%
2010	 25.8%	 66.9%

[11] Stocks significantly lower

The Big Cap index dropped 2.06 pct, the Mid Cap index ended 2.08 pct down and the Small Cap index fell 1.18 pct. The Telecoms (2.76 pct) and Media (0.90 pct) sectors scored gains, while Banks (3.65 pct) and Financial Services (5.14 pct) suffered the heaviest percentage losses of the day.

Broadly, decliners led advancers by 121 to 38 with another 43 issues unchanged.

Tzirakian (10 pct), Sidma (10 pct), Ideal (9.80 pct) were top gainers, while Altec (12.5 pct), Piraeus Bank (11.76 pct) and Viosol (11.11 pct) were top losers.

Sector indices ended as follows:

Insurance: -2.90%

Industrials: -2.09%

Commercial: -0.28%

Construction: -0.26%

Media: +0.90%

Oil & Gas: -0.07%

Personal & Household: -0.94%

Raw Materials: -1.17%

Travel & Leisure: -0.71%

Technology: -1.65%

Telecoms: +2.76%

Banks: -3.65%

Food & Beverages: -0.70%

Health: -2.66%

Utilities: -1.66%

Chemicals: +0.82%

Financial Services: -5.14%

The stocks with the highest turnover were Piraeus Bank, National Bank, OPAP and DEH.

Selected shares from the FTSE/ASE-20 index closed in euros as follows:

Alpha Bank: 3.74

ATEbank: 0.69

Public Power Corp (PPC): 10.78

HBC Coca Cola: 19.27

Hellenic Petroleum: 5.86

National Bank of Greece: 6.08

EFG Eurobank Ergasias: 3.55

OPAP: 12.85

OTE: 6.32

Bank of Piraeus: 3.15

Titan: 16.30

[12] ADEX closing report

Volume in futures contracts on equities totaled 11,092 contracts worth 5.168 million euros, with investment interest focusing on National Bank's contracts (3,050), followed by Eurobank (1,043), OTE (1,059), PPC (455), Piraeus Bank (2,906), Alpha Bank (598), Intralot (398), Cyprus Bank (388) and ATEbank (173).

General News

[13] Partial solar eclipse viewed in Greece

The eclipse was partially visible in the greater Athens area and parents took their children to the Athens Planetarium where members of the Hellenic Astronomical Society and amateur astronomers had set up telescopes and were on hand to explain the phenomenon'

The partial solar eclipse commenced in Athens shortly before 9:00 a.m., peaked at around 10:20, and was completed at noon.

[14] 'Black market' warehouses raided in Athens

Three warehouses were located on Menandros Street and one on Platia Theatrou Street, in the "heart" of central Athens' downgraded "black market" district, an area that plagued over the recent period by petty crime, drug dealing and the presence of thousands of illegal migrants.

A total of 9,000 items, including handbags, wallets, belts, scarves, sunglasses, all knock-off brands, were found stored in the Menandros Street warehouses, while 7,000 fake brand name watches and bracelets were discovered in the Platia Theatrou Street warehouse.

[15] Nobel laureate Orhan Pamuk in Athens

According to Pamuk, "the modern world can conquer a deeper self-awareness through literature which serves as a mirror that reflects its contradictions, deceptions and dead ends".

The Nobel laureate's meeting with his fans in Greece was initially scheduled to take place last March but it was cancelled for personal reasons.

Orhan Pamuk was born in Istanbul in 1952. After graduating from Robert College in Istanbul, he studied architecture at Istanbul's Technical University. He also studied journalism. His first novel, entitled "Cevdet Bey and His Sons", was published in 1982.

[16] More than half of younger Greeks choose to live with parents due to financial reasons

Vassiliou responded to a question by main opposition New Democracy (ND) MEP Georgios Papanikolaou concerning young peoples' inability to achieve economic independence as a result of the ongoing economic crisis.

On the average, 46 pct of young adults in the EU, aged 18-34, live at least with one of their parents, while it appears that younger generation Greeks (61 pct), Hungarians (64 pct) and Portuguese (62 pct) tend to cite the lack of financial means more often than their piers in other member states.

[17] Essay contest on 'Jewish sites in Thessaloniki'

The essays can focus on the suggested topic from various perspectives, including historical, sociological, architectural etc., and the top three will receive monetary prizes.

The three best essays will be read out in public during a conference to be hosted by the university on Oct. 2011.

The essay contest is held under the auspices of the ministry of culture within the framework of the events entitled "Thessaloniki, Crossroads of Cultures".

[18] Illegal immigrants arrested in Igoumenitsa

[19] Escaped convict dead at home

The victim was found with a head wound while weapons and a grenade were by his side, while police said a shot had been heard from the residence earlier.

A medical examiner said the possibility of an accident has been ruled out and it is being probed with ballistic tests, along with the possibility of suicide to avoid arrest or being struck in an exchange of fire with police.

[20] Armed robbery at pharmacy

The incident took place in the first hours of Tuesday at a pharmacy in the Acharnon district.

Soccer

[21] Super League results

The games between Asteras Tripoli-Ergotelis Crete, AEK Athens-Kerkyra, Olympiacos Volos-Panionios Athens, Olympiacos Piraeus-Iraklis Thessaloniki and Panseraikos Serres-PAOK Thessaloniki will be played on Wednesday January 5.

Weather Forecast

[22] Rainy on Wednesday

[23] The Tuesday edition of Athens' dailies at a glance

ADESMEFTOS TYPOS: "Hiring, dismissals, wages".

AVRIANI: "We're heading to (early general) elections on April 3".

ELEFTHERI ORA: "Islam: Blow up the churches of the Christians".

ELEFTHEROS: "What Simitis (PASOK former prime minister) fears and is threatening to set off a 'bomb' in the government".

ELEFTHEROS TYPOS: "Pangalos' (government vice-president) abusive delirium".

ELEFTHEROTYPIA: "How hirings will (not) take place this year".

ESTIA: "The exit from the crisis".

ETHNOS: "New Tax Bureau rules for professionals".

IMERISSIA: "When the reduction of salaries is legal".

KATHIMERINI: "Tough policy line on the closed-shop professions".

LOGOS: "Fire in our pockets - New wave of price hikes in wide range of staple goods due to rise in 11 percent VAT to 13 percent".

NAFTEMPORIKI: "Fewer loans to businesses, households".

NIKI: "Greek society collapsing - Pictures of destitution on the streets of Athens".

RIZOSPASTIS: "Tax privileges for capita, tax vise for the people".

TA NEA: "Imprisonment for non-payment to state of VAT collected".

VRADYNI: "Settlement of debts in court for those unable to pay".

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