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Macedonian Press Agency: News in English, 99-12-28
MACEDONIAN PRESS AGENCY NEWS IN ENGLISH
Thessaloniki, December 28, 1999
SECTIONS
[A] NATIONAL NEWS
[B] INTERNATIONAL NEWS
NEWS HEADLINES
[A] NATIONAL NEWS
[01] ASE UNDERGOES MIRACULOUS RECOVERY
[02] INTERIOR MINISTER: STATE HAS TAKEN ALL
MEASURES FOR Y2K
[03] STABILITY PACT FUNDING UNCERTAIN, U.S. HAVE
YET TO TAKE ACTION
[04] OPTIMISM REGAINED AT ATHENS STOCK EXCHANGE
[05] ACTION GROUP 2000 SAYS COUNTRY IS FULLY
PREPARED FOR Y2K
[06] FOREIGN UNDERSECRETARY UNVEILS DRAFT BILL
FOR REPATRIATES
[07] THESSALONIKI'S GREEK LANGUAGE CENTER HAS
OWN INTERNET SITE
[08] DECEMBER 31 A HOLIDAY THROUGHOUT ENTIRE
FINANCIAL SECTOR
[B] INTERNATIONAL NEWS
[09] FIERCE STORMS RIP THROUGH EUROPE, HUNDREDS
KILLED, INJURED
[10] RUSSIAN TROOPS ADVANCING INTO GROZNY,
ATTACKS INTENSIFY
[11] GREECE'S LARGEST PRIVATE BANK BUYS BANK IN
FYROM
[12] GREECE, ALBANIA TO COOPERATE IN ENERGY
SECTOR
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NEWS IN DETAIL
[A] NATIONAL NEWS
[01] ASE UNDERGOES MIRACULOUS RECOVERY
Greek stocks changed direction to end
sharply up yesterday as a wave of institutional
buying lifted the stock market above the 5,000
level, ending a recent free fall in prices.
The general index ended 3.76 percent higher
at 5,231 points with turnover rising to 193
billion drachmas, reflecting block trades in
Hellenic Sugar, Duty Free Shops and Agricultural
Insurance.
Buying focused on blue chip stocks
initially but gradually spread to smaller
capitalization shares.
The parallel market index for smaller
capitalization stocks soared 7.33 percent.
[02] INTERIOR MINISTER: STATE HAS TAKEN ALL
MEASURES FOR Y2K
Minister of the Interior Vasso Papandreou
stated today that the state has drawn all the
necessary measures for addressing any potential
malfunction in operations stemming from the so-
called "millennium bug" or Y2K, although she
stressed her confidence that Greece will not
face any problems.
Ms. Papandreou characteristically stated
that "we are not afraid of the virus, we are
afraid of the panic."
[03] STABILITY PACT FUNDING UNCERTAIN, U.S. HAVE
YET TO TAKE ACTION
Concerns abound over the future of the
Stability Pact, which concerns the
reconstruction of Southeastern Europe, as the
necessary funds for the application and
enforcement of the necessary projects are
nowhere in sight.
According to the Stability Pact, the S.E.
European reconstruction programs are to move
with speedy rates and adequate funds so as to
cover the 10-year worsening of the position of
countries in the region , compared to countries
in central and eastern
Europe.
While two international conferences have
been held so far for Kosovo, which amassed
approximately 2.5 billion dollars for civil
administration, there is apparently a shortage
of funds for the Stability Pact's application.
A Donors Conference is to be held in mid-
February in Brussels which is expected to
largely determine the pact's future.
Interestingly enough, the United States,
which have the greater capability to fund a
lion's share of the Pact's projects, have yet to
show any interest or express an intent to do so.
According to reports, Washington is awaiting
for the right opportunity, especially after
February's Conference, to enforce its well-
planned strategy in the region.
Greece, whose 180-billion-drachma
reconstruction plan for the Balkans has been
unanimously approved by all of the region's
countries and is widely applauded by the
European Union and Washington, is awaiting the
developments with heightened concern.
Meanwhile, all of the region's countries,
with the exception of Yugoslavia which has been
excluded until it changes government, have
submitted fund-allocation programs. Their
interest is focused on the establishment of new
infrastructures concerning natural gas, energy,
transportation, health, agriculture, etc.
The Stability Pact is divided into the
three sectors of human rights, democratization
and security.
[04] OPTIMISM REGAINED AT ATHENS STOCK EXCHANGE
Optimism was regained at the Athens Stock
Exchange yesterday where the General Price Index
closed at 5,040.95 points, marking a significant
increase of 4.98%. Total transactions volume
reached GRD 348.4 billion. The shift in
investors psychology contributed to the
turnaround of the negative trend noted in the
bourse's course last week.
[05] ACTION GROUP 2000 SAYS COUNTRY IS FULLY
PREPARED FOR Y2K
Action Group 2000, a task force comprising
Y2K experts from the Ministry of the Interior,
is reportedly fully prepared to handle any
potential problems arising in the country's
public and private sectors from the so-called
"millennium bug".
According to the officials, public service
agencies are to be in a state of partial
preparedness on December 30, changing into a
mode of full alertness from December 31 to
January 2. A state of preparedness could also be
continued until January 15.
In case of malfunction in computer systems
and electronic devices and appliances, Action
Group 2000 advises the public to call the state
mechanism at the four-digit number 1720.
[06] FOREIGN UNDERSECRETARY UNVEILS DRAFT BILL
FOR REPATRIATES
The Undersecretary of Foreign Affairs
Grigoris Niotis unveiled the government's draft
bill on the legalization process of the Greeks
repatriated from the countries of the former
Soviet bloc, during his visit to the northern
city of Alexandroupolis.
The bill, which is to be voted in
Parliament on January 11, includes the donation
of land for building homes for repatriated
Greeks in eastern Thrace, the Aegean islands and
Macedonia, as well as the extension of the
Greek nationality to those of Greek descent but
residents elsewhere.
The provision of a special ID card for
ethnic Greeks facing difficulties in obtaining
Greek citizenship is also anticipated.
Mr. Niotis stated that even before the
bill has been ratified, the government has
approved 4,000 housing loans for ethnic Greeks
living in eastern Macedonia, Thrace and the
northern Aegean.
The loans, which start at 11 million
drachmas, will be paid off interest-free in 15
years, while 30 per cent of the amount
constitutes free subsidization by the state.
[07] THESSALONIKI'S GREEK LANGUAGE CENTER HAS
OWN INTERNET SITE
As of January 1, the website
http://www.greeklanguage.gr will provide
academic information as well as assistance for
anyone who wishes to learn Greek or read up on
the Greek language in general.
The site created by the Thessaloniki-based
Greek Language Center and will offer information
for teachers and students. The site also
includes an encyclopedic guide, lexicography
tools and on-line chat rooms for teachers and
scholars.
[08] DECEMBER 31 A HOLIDAY THROUGHOUT ENTIRE
FINANCIAL SECTOR
December 31, 1999 will be a bank
holiday for the Bank of Greece, the Athens Stock
Exchange, the Central Values Repository, the
Derivatives Bourse, the Transactions Settlement
Co., as well as the credit institutions and
branch offices of foreign banks, businesses
providing investment services, financing S.A.
companies and mutual funds S.A. companies.
The above decision will be regulated
through a relevant amendment which has been
tabled in Parliament to handle possible problems
which could be created in Greece and abroad in
electronic systems due to the so-called
"millennium bug."
[B] INTERNATIONAL NEWS
[09] FIERCE STORMS RIP THROUGH EUROPE, HUNDREDS
KILLED, INJURED
At least 60 persons were killed and
hundreds have been injured by the torrential
rains and fierce storms that continue to rip
through central Europe.
In France, where 52 were killed and 200
others were injured, gales of 220 kilometers an
hour, paralyzed the country's railways. In Great
Britain eight persons have been killed, while
Germany and Switzerland are mourning victims as
well. The hurricane has also borne an impact in
northern Italy where 10 persons lost their
lives.
[10] RUSSIAN TROOPS ADVANCING INTO GROZNY,
ATTACKS INTENSIFY
Russian troops have intensified their
offensive against the capital of Chechnya,
Grozny, according to the Moscow-based news
agency Interfax.
The wire report also states that
approximately 40,000 civilians remain trapped
inside the city while Chechen rebels entrenched
in Grozny are preparing stiff resistance.
Grozny's former mayor and presently the
Chechen militia chief Bislan Gantamirov said
that the federal forces suffered "minimal"
losses during 24 hours of fighting, while 50
Chechen rebel fighters were killed.
Chechen President Aslan Maskhadov has
called on his troops to defend the capital "to
the end".
[11] GREECE'S LARGEST PRIVATE BANK BUYS BANK IN
FYROM
Alpha Credit Bank, Greece's second largest
commercial bank and the largest private bank,
has acquired FYROM's Kreditna Banka ad Skopje,
following an agreement signed in FYROM's capital
last Thursday.
Alpha will hold a 65 percent stake in
Kreditna Banka, which has three branches - in
Skopje, Tetovo and Stroumitca.
The acquisition, announced in late
September, is part of Alpha Credit Bank's Balkan
expansion strategy. It is already present in
Romania, Bulgaria and Albania.
Kreditna Banka posted profits of 1.56
million deutch marks in the first half of 1999,
a 60 percent increase over the same period last
year.
[12] GREECE, ALBANIA TO COOPERATE IN ENERGY
SECTOR
Greece and Albania have taken a series of
initiatives of economic cooperation in the
energy sector, following a meeting held recently
between Greece's Minster of Development
Evangelos Venizelos and Albanian Prime Minister
Ilir Meta.
Greece will undertake all necessary actions
for the overall upgrading of the distribution
network in the Korce region (budgeted at about
five billion drachmas, which will be developed
over a period of three years) and paying all the
relevant expenditures which will be covered by
development aid funds and will be included in
Athens' Balkan reconstruction plan.
An acute problem exists in the region of
Korce with continuous stoppages in electric
power supply.
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