Gentlemen, 

Following are my comments to the above guaranty:

1.   Enron does not, as a matter of practice, issue performance guarantees.  
Is there some compelling reason why performance is necessary?
2. In section 2, there has been added an interest penalty component if 
Guarantor fails to pay upon Payment Demand.  Under the Agreement, will Athens 
be required to  pay an interest penalty if it fails to pay?  If so, Enron 
could potentially be exposed to a double interest penalty, one for Enron and 
one for Athens.  Is this the intended  effect?
3. In section 6, paragrpah 4(b), what is the Counterparty's creditworthiness 
requirements?  

That's it.  Please give me a call to discuss.

Clement