Global TeleSystems Group Plans Monaco Venture: The...

Global TeleSystems Group Plans Monaco Venture: The McLean, Va.-based company, backed by financier George Soros, set up a venture with the Monaco telephone company, Office Monegasque des Telephones, which plans to channel telephone calls into and out of Europe at cheaper rates than those of Europe’s phone companies. The venture, GTS Monaco Access, will also connect traffic to Hermes Europe Railtel, another Soros-backed telecom venture, which is building a trans-European fiber-optic phone network to compete with Europe’s phone companies. The European Commission has embarked on a plan to deregulate home markets in the European Union’s 15 member states by 1998.