Macedonian Press Agency: News in English, 00-01-15

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From: The Macedonian Press Agency at http://www.mpa.gr and http://www.hri.org/MPA.

CONTENTS

[01] THE DRACHMA WILL BE REVALUED THIS AFTERNOON

[02] AN APOSTLE PAUL MANUSCRIPT DISCOVERED IN VIENNA

[01] THE DRACHMA WILL BE REVALUED THIS AFTERNOON

The European Union Monetary Committee in Brussels decides later this afternoon on the revaluation of the drachma within the European Exchange Rate Mechanism. In the meeting the Greek side was represented by Economic Specialists' Council president Yiannis Stournaras and Bank of Greece deputy governor Nikolaos Garganas.

The preliminary talks on the adjustment of the central exchange rate of the drachma started yesterday with a tele-conference between Bank of Greece governor Loukas Papadimos and European Central Bank president Vim Duizenberg.

The revaluation of the drachma is expected to have a very positive effect on the course of the Athens Stock Exchange, while it will also result in a considerable cut of interest rates. It is believed that it will contribute decisively to the return of the foreign institutional investors to the Athens stock market as big foreign capital is expected in the following period as the risk for institutional investors will be smaller. Also, the inflationary pressures will be limited leading to interest rates cuts as the Bank of Greece governor will be allowed to accelerate the de-escalation procedure.

However, there is another side to the revaluation as it will limit the competitiveness of the Greek economy. The more "expensive" drachma will affect mostly the Greek exporters as the "cheaper" national currency was making so far the prices of the Greek exports more attractive compared to others.

Meanwhile, prime minister Kostas Simitis, who is touring the prefecture of Achaia in southern Greece accompanied by government ministers and parliament deputies, stated that the revaluation of the drachma is a proof of the strength of the Greek currency. Mr. Simitis stressed that Greece changes rapidly and pointed out that the country's accession into the European Economic and Monetary Union, EMU will bring considerable benefits.

[02] AN APOSTLE PAUL MANUSCRIPT DISCOVERED IN VIENNA

A priceless manuscript of Apostle Paul written in Greek was found in the National Library of Vienna. It is a piece of papyrus measuring 5x3 centimeters and it is believed to be part of the letter written by Apostle Paul calling the Judaeans to become Christians.

The manuscript was discovered among thousands of papyruses kept in the National Library of Vienna by literature professor Amfilochios Papathomas. According to him, the letter must have been written in a monastery or a church in central or southern Egypt. The Apostle Paul letter is expected to be presented on the Internet in the following days.

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