Hello, now don’t tell me the story about Catholic priests and nightclubs isn’t sexy. Not that we have a problem with Catholics, or all priests for that matter, but brother, it’s a bit odd to see hundreds of thousands being transferred from an Archdiocese (Syros) to some shady companies dealing in nightlife. Anyway, we repeat that in terms of money laundering, Vourliotis has been doing his job in recent years; the real issue is what happens next, that is, when these cases move forward…

Samaras – Unmasking

“Well, now I don’t know how far Samaras is willing to take it, or if he means ‘all the way’ even with us, but Mitsotakis, who keeps getting accused… well, he did take the Novartis thing all the way, unmasking the false witnesses.” This comment comes from my source in M.M., who also provided the legal explanation on how the unmasking of the witnesses was achieved. “In the law regarding witness protection (Article 218 of the Code of Criminal Procedure), there was no provision for what happens after the protection is granted. The government added a new paragraph 7 to Article 218 in the revised CCP, effective from May 1, 2024, stating: The suitability and necessity of protection measures are continuously reviewed by the competent prosecutor, who may modify or revoke them at any time, or recommend their modification or revocation when the reasons for their imposition change or no longer exist.” This provision allowed the interested parties in the Novartis case to submit requests to the prosecutors, who decided that the witness protection should be revoked. The first logical reaction expected from some will be that witness protection is being abolished. The response is that the protection system remains intact for witnesses — but not for false witnesses.**

The Crap Planes in Parliament

My source informed me that yesterday the case file for the “crap” P-3B Orion planes arrived in Parliament, a case under investigation for offenses within the jurisdiction of the economic crime prosecutor. And of course, it went to Parliament because certain people are implicated due to their roles at the time of the scandalous procurement — Tsipras, Kammenos, Panousis, Kotzias, and Dritsas. Now, let’s clarify something: just because the former Prime Minister and his ministers are implicated due to their positions back then, it doesn’t mean they are guilty. But the fact that 60-year-old planes (now 70) were sent for repair for 500 million dollars in 2015 (during capital controls, a massive fiscal crisis, etc.), and still none of them are flying, well, let’s just say it’s a problem. When I asked my source, I was told that “the offense is time-barred,” so not much can be done in Parliament. Sure, I hear that, but I have a question: why, then, was it sent to Parliament by the prosecutor? Randomly or out of ignorance of the law? Unlikely. But I do have an observation: This is an embarrassing, scandalous affair, as half a billion dollars of Greek taxpayer money was wasted and nothing was delivered. If this doesn’t have bribes, then what does? So we’ll wait and see what the political parties do and how they’ll find a way to cover this up, if they do. Especially the new main opposition of the revamped N.A., which, I repeat, sees this as the perfect opportunity to corner its political rivals in the center-left.**

Hellenic Olympic Committee

From M.M., it has been clarified to all interested parties that in the elections of the Hellenic Olympic Committee, “the government is not siding with anyone” because, as a rule, it does not take a stance in these matters. Just to avoid any misunderstandings…

Occupied with Other Things…

We received a genuinely polite protest letter from Bluehouse regarding what we wrote yesterday (“V. Pisante is accused of seizing funds from investment funds”). The letter reproaches us for publishing information damaging to them without seeking their opinion (click here for the letter). What strikes us is that Bluehouse and Mr. Pisante expend a few hundred words in their complaint to us but don’t say a word about the case itself. Since he went to the trouble of saying, “why didn’t you ask me,” he could tell us himself what’s really going on. So, we’re asking today — even if 24 hours late — what part of all the accusations against him isn’t true?

Real Estate, Prodea, and INTRAKAT

Rumors in the market suggest that Prodea, which is whispered to be seeking funds these days, is preparing to sell off a portfolio of real estate. Reportedly, these discussions concern a series of high-value properties with top-tier tenants, like Sklavenitis, National Bank, and the State. The same rumor mill claims that INTRAKAT is involved in these discussions, as part of strategic moves set to be announced next week, though recent statements from INTRAKAT offer no confirmation. Whatever the case, we’ll know more next week.

The SEV Cliques

Spyros Theodoropoulos made his debut as the new SEV president at the General Assembly yesterday. Theodoropoulos, who has attended all recent SEV assemblies, seemed slightly anxious for everything to go smoothly. He sat in the first row, with the President of the Republic and the Prime Minister on one side, and Papalexopoulos and Aikaterinari on the other. In the second row, T. Fessas, D. Daskalopoulos, and Eft. Vassilakis formed a little clique, along with Panteliadis, Veremis, and Siamisi. Meanwhile, Adonis, Kikilias, and Skertsos sat together, forming another group, while in the front row, Chryssochoidis and Androulakis sat side by side, chatting.

Sales Down by 10% to 20%

The news coming to this column about market activity isn’t very positive. Supermarkets may be seeing increased sales (thanks to tourism), but the outlook for retail chains is not as rosy. Reports indicate a nearly universal drop in sales by 10% to 20%, with even the best performers only managing to keep sales at last year’s levels.

Final Stretch for Avramar

Negotiations for the sale of Avramar have entered the final stage, with two prospective investors, the Spanish group Atitlan and the UAE-based Aqua Bridge Group. Banking consultants are reportedly engaged in parallel discussions with the interested parties regarding the binding offers they submitted recently, seeking the best possible agreement. The struggling fish-farming group urgently needs a new owner to inject fresh capital, management, and operations, as it’s in a critical state with significant production decline. There’s no set deadline for the outcome, but ideally, banks would like the preferred investor chosen within the next two weeks. Each investor’s offer varies, with the Spanish fund possessing substantial knowledge of the fish-farming industry, though the Emirates group is “deep-pocketed.” Regardless of who is chosen, additional time will be needed — bureaucracy, after all — before they fully take the reins of Avramar. A crucial factor will be whether they opt for bankruptcy proceedings or a direct stock sale.

In November, the Gigabit Voucher

Those anticipating the Gigabit Voucher subsidy, announced months ago, will need to exercise patience. Speaking on the TV station SKAI, Deputy Minister of Economy and Finance, N. Papathanasis, stated it is expected after November 15, likely towards the end of the month. Telecommunications providers, who were concerned about the delay, already have campaigns prepared to promote fiber-to-the-home (FTTH) connections, as the Gigabit Voucher will subsidize the cost of upgrading a standard connection to broadband, with a total subsidy cost of €80 million.

For Rent: 17,191 sq.m. on Piraeus Street at €115,000 (if you have €15 million)

Among the asset utilization tenders from social security funds, the one from e-EFKA for the property at 64 Piraeus Street has garnered considerable interest due to the capital investment required from the contractor. The bid submission deadline is February 5 of next year. This is a reissued tender for the lease of the historic property on Piraeus Street 64 in Athens, for a period of 40+10 years. The tenant must carry out construction-renovation work at a minimum cost of €15 million (including VAT), with the initial rent set at €115,000. This building has two basements, a ground floor, and eight floors, totaling 17,191 sq.m. According to a 2007 Ministry of Culture decision, the property has been designated a monument due to its shell and essential typological and architectural elements.

The Next Step for Sakellariou

It’s been a while since we last heard from her. However, according to this column’s sources, Anastasia Sakellariou, who entered the domestic banking sector a few years back with notable vigor, is now forging her own path. Recently, she established “AS Business Consulting IKE,” with the initials likely taken from her own name. The company specializes in business consulting, capital management (capital structure, investments, liquidity), strategy, and more. The company’s capital of €5,000 was fully paid by Sakellariou herself at its formation. With distinguished academic credentials and postgraduate studies in International Banking, and after more than a decade at top multinational investment banks in London, A. Sakellariou returned to Greece in 2013 as CEO of the Hellenic Financial Stability Fund. She later became involved with Credicom and was a key figure in the ill-fated Praxia Bank project, which aimed to be Greece’s first fully digital bank and was eventually acquired by Viva. In April 2020, she became Chief Transformation Officer at Alpha Bank, and later a member of the bank’s Executive Committee. In February 2024, after the “completion of Alpha Bank’s core transformation,” A. Sakellariou announced her decision to step down from her role, remaining in an advisory capacity on transformation matters.

Transfers

According to reports, Konstantinos Angelopoulos, Director of Major Asset Utilization at the Public Properties Company (ETAD) and a board member at ADMIE Holdings since July 2020, is changing positions. He is being transferred to the role of General Director at EFKA, with a specific mission to manage the vast real estate assets of the organization.

In Search of Knights and the Cavalry…

Yesterday marked the fourth consecutive declining session on the Stock Exchange, in a market where few were willing to take investment risks ahead of an unpredictable three-day period with possible geopolitical developments. Sellers struggled to find buyers, keeping the transaction value at €122.68 million, with €17.1 million in bulk deals. By 2 PM, the General Index tried to hold a positive score up to 1,415.7 points (+0.61%), but as in the previous three sessions, it fell after 2 PM and fought to maintain the 1,400-point mark, closing at 1,402.6 points (-0.32%). At 12:30 PM, a transaction valued at €2.1 million was made, with a package of 280,000 shares of “Eleftherios Venizelos” at €7.55 per share. This transaction turned out to be intentional, as it was followed by two more packages, suggesting that the buyer was likely the same institutional investor showing renewed interest. Sixty-two percent of yesterday’s transactions again involved the banking sector, but at prices significantly lower than the previous day’s (down over 2.3%), with the sole exception of Eurobank, which closed with modest gains of +0.5% at €1.9. Positive contributions from Cenergy, DEI, and Metlen helped keep the index above 1,400 points, which might have been the only gain from yesterday’s session.

Signs of Recovery from Germany

During times of turbulent waters, those swimming look desperately for a lifeline of hope. The Frankfurt Stock Exchange opened yesterday with unexpected enthusiasm, responding to news that business activity is showing signs of life and hope. The Flash Purchasing Manager Index (PMI) rose to 48.4 in October, up from 47.5 in the previous month. This increase is positive but still below the 50-point threshold that distinguishes business expansion from contraction. The manufacturing PMI rose to 42.6 from 40.6 in September, exceeding the expected 40.8. Meanwhile, the services PMI climbed to 51.4 from 50.6 in September, also above the anticipated 50.6. This brought the DAX index above 19,580 points, lifted the euro-dollar exchange rate to 1.08054, and pushed the French CAC 40 stock index into positive territory.

Threat of a Housing Crisis in America

The American Dream demands homeownership. Americans typically buy homes with a 30-year fixed-rate mortgage. This means most current homeowners have loans with interest rates ranging from 3% to a maximum of 5%. In contrast, those looking to buy a home today are finding, for the first time since August 8, that the average interest rate on a 30-year mortgage is back above 7%. Remarkably, since the Federal Reserve’s surprise rate cut—originally expected to lead to further reductions in borrowing costs—mortgage rates have actually increased by over half a percentage point.With mortgage rates at 7%, current homeowners have no reason to move to a better or larger home, thus avoiding a higher monthly payment, while those needing a new home struggle to find options that match their financial situation. Data show that the selling price of a mid-sized home in the U.S. today exceeds $420,600. For the average homebuyer, this means a mortgage payment of $2,261 per month, not including taxes and other expenses. The amount of $2,261 represents more than 36% of the median household income (pre-tax) in the United States.