ECONOMY

ADEDY hardliner

The head of the civil servants’ union yesterday threatened not to participate in the dialogue over social security reform. Spyros Papaspyros, president of civil servants’ umbrella union ADEDY and a member of the central committee of the ruling Socialists, said that his union posed three conditions in order to participate in the dialogue: no change in the retirement age; pensions, as a percentage of employees’ salary, must not be lowered; pensions must increase overall. These conditions would negate the government’s efforts to ensure that the social security system remains solvent. Italian media had reported that the bank planned to raise its stake in Italy’s IntesaBci, but Credit Agricole said it would maintain its holding within its current 15-18 percent range. The French bank bought a 6.7-percent stake in Commercial for 94 billion drachmas ($247.6 million) in June 2000 and has an option to raise its stake by another 2.1 percent.