Global Greek Radio

CONTENTS
[01] New public-sector mergers
[02] Crackdown on uninsured labour
[03] Stocks end higher
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[01] New public-sector mergers

A government committee chaired by government Vice-President Theodoros
Pangalos on Wednesday decided on a series of new mergers of public
sector organisations and agencies whose operating costs are not
justified by the work that they do. The mergers are designed to improve
efficiency and better coordinate government policy.

The organisations to be merged include the National School of Public
Administration and the National School of Local Government that are to
become a single School of Public Administration and Local Government
Administration.

The Observatory for the Greek Information Society S.A. is to be made a
part of the Hellenic Statistical Authority (ELSTAT) and will also be
merged with the organisations Digital Aid SA and HDIKA (Electronic
Governance of Social Insurance S.A.).

The meeting further decided the merger, unification and reorganisation
of the Manpower Employment Organisation (OAED), the Labour Housing
Organisation OEK, the Home of Labour Organisation (OEE), the Employment
Observatory Research-IT SA and Professional Training SA into a single
National Labour Organisation (EOE).

Lastly, the meeting decided to set up a new SA company called
"Infrastructure, Transport and Development Networks Crete SA".

Apart from Pangalos, the committee included Minister of State Haris
Pamboukis, Deputy Interior Minister George Dolios, cabinet general
secretary Sotiris Lytras and several senior civil servants.


[02] Crackdown on uninsured labour

Labour Minister Andreas Loverdos on Wednesday announced the start of
intensive inspections of tourism enterprises on the island of Crete to
crack down on uninsured labour.

Speaking during a press conference, Loverdos said that teams of
inspectors will descend on the island's enterprises to check on whether
they were abiding by labour legislation and restrict very high reported
levels of uninsured labour on the island.

"It is a first action taken in cooperation with the Crete Regional
Authority and we will extend it to all tourist destinations of the
country. The phenomena reported by [Communist Party of Greece General
Secretary] Aleka Papariga about hotels employing trainee students from
the Balkans that come to Greece via fake agreements with Technological
Educational Institutes are phenomena that we want to restrict and
eradicate," he said.

Loverdos also gave assurances that all Labour Housing Organisation
(OEK) programmes underway will be completed and all promises made to
households by the organisation would be honoured, in spite of a planned
merger of OEK with other bodies into a single National Labour
Organisation.

According to Deputy Labour Minister George Koutroumanis, meanwhile, the
government appeared to be achieving cost-cutting targets in health,
where it hoped to save 800 million euro a year, while social insurance
fund revenues were seen rising by 850 million euro as a result of
inspections and favourable debt settlement measures.

"On the basis of the current course of things and the assessment of the
ministry, it appears that the target to restrict state spending is
being achieved by a percentage greater than 80 percent. This means that
the sum that will be required to close the second half based on the
forecasts will be between 350-700 million euros on the basis of the
best and worst scenarios," Koutroumanis added.


[03] Stocks end higher

Greek stocks managed to end higher for the third consecutive session in
the Athens Stock Exchange on Wednesday, as the market easily absorbed
some profit taking selling. The composite index of the market rose 0.43
pct to end at 1,777.55 points, with turnover at 86.790 million euros.

The Big Cap index rose 0.38 pct, the Mid Cap index was up 0.24 pct and
the Small Cap index rose 0.29 pct. Utilities (4.67 pct), Media (2.81
pct) and Insurance (2.76 pct) were top gainers, while Financial
Services (2.21 pct) and Industrial Products (1.43 pct) suffered
losses.

Broadly, advancers led decliners by 102 to 67 with another 47 issues
unchanged. Vovos (28.84 pct), NEL (14.29 pct) and Fintexport (10 pct)
were top gainers, while PC Systems (12.50 pct), Attica Publications
(9.72 pct) and Douros (9.60 pct) were top losers.