Greetings! Journalism does have its good moments, like yesterday when the relentless journalistic spirit of Frixos Drakontidis finally uncovered, after thorough investigations (more reliable than those in wiretapping cases), who Marigona is. Yesterday, Olympiakos almost lost at SEF because even the basketball players were probably staring at her instead of the ball. So, we found the German-Kosovar model Marigona, and the Greek political system is about to find its Genscher and save us all for a couple of decades. Yes, you guessed right — we’re talking about Kasselakis, whom I wrote about a few days ago as being marketed in the business world as the Greek Macron. However, my colleague Christina Korai (from Mega TV) called him Genscher the other day. We won’t argue about which title fits him better, but that’s how Stefanos sees it. As a mediator, with a party holding 8%-10%, and alongside the “chosen one” Nikolaos Androulakis from the Levent-born Crete, they might form a “patchwork government” that would delight the enemies of K.M. (and there are quite a few of them). They could end up governing together. Of course, you might say I’m jumping ahead, predicting Nikolaos “The Chosen” will get 25% and Stefanos 10%. Even then, the numbers don’t add up with the current electoral law. So what? It’s not like we pay for these speculations.
Heavy Matters: A discussion reminiscent of pre-Memorandum times opened these days about the “heavy and unhealthy” work benefits for National Health System (NHS) employees after a proposal was submitted by PASOK. The government, after examining it, concluded that it would allow over 7,500 NHS workers to retire at 62, thus creating more job vacancies, not to mention the 150 million euros in increased insurance contributions it would cost the public sector. PASOK, on the other hand, argues that no retirements would result because 12 years of insurance under “heavy and unhealthy” work are needed for eligibility. Meanwhile, Diamantopoulou stepped in during a morning interview, estimating that retirements would be fewer, possibly around 2,000. Adonis picked up on this, starting to lash out at PASOK members in Parliament over the differing views. In the afternoon, Diamantopoulou called it a “war of quips” and attended a planning meeting at the party offices before a dinner hosted by Androulakis for MPs at Il Giardino.
Azerbaijan Success: K.M. is now back to his usual business after his visit to Azerbaijan. Besides his meetings and comments about “measured” green transition (which sounded appealing to our industry), I heard there was quite a scramble among journalists for a statement or photo op, especially when he went to give an interview to the Bloomberg correspondent yesterday morning. Besides that, there were several one-on-ones, and UN Secretary-General Guterres spent quite some time chatting with him in a high-level discussion about early citizen alerts for high temperatures. We already have our 112 alert system ready here.
Mykonos – Urban Planning: Following an incident in Mykonos the other day in the presence of ND MP Monogiou, where local figures were cursing the government and Mitsotakis for tightening building regulations, I have some observations. First, the essence of the stricter building regulations is correct but only regarding business projects, not restricting someone from building a 200 sq.m. house on a 4-acre plot. They should enforce stricter rules — like 30, 40, or even 50 acres for hotel construction — whatever they think is stringent enough, provided the state upgrades the island’s infrastructure, which is insufficient. However, a single house on 4 acres shouldn’t be the issue. Anyway, there’s a long road ahead with much interest in what will be preserved in the unique Cyclades. More urban plans will follow for the rest of the islands. As for Monogiou, honestly, this is an unimportant matter for the general public.
The SYRIZA Debate: Amid all this, the four candidates for the SYRIZA presidency have decided to hold a debate. You may have already seen this; the debate is next Wednesday at eight in the evening (during the news broadcasts). Again, there will be two moderators: Apostolos Mangiadis, the main news presenter, and Christina Vidou from ERT’s morning show. The topics will cover four areas: economy, foreign policy, environment and climate crisis, and state-party relations. I must admit I’m eager to hear Gkletsos discuss foreign policy issues. There will be a lot of free dialogue between the candidates, so it promises to be a lively discussion.
Manos’ Headache and the Cable Back-and-Forth
Despite the intergovernmental agreement where Greece and Cyprus shook hands 1.5 months ago to resolve disputes between ADMIE and the Cyprus Energy Regulatory Authority (CERA), very little has been implemented so far for the major energy project worth €1.9 billion. Last week, there were two teleconferences about the project’s progress (one with the European Commission and one between regulatory authorities and ADMIE), where the Cypriot side appeared unyielding on an issue critical to the operator. It concerns the recovery of the €48 million expense that ADMIE paid to acquire 100% of the shares of Euroasia Interconnector, initiated unsuccessfully by Cypriot businessman Nasos Ktorides for the electrical interconnection project. Cyprus insists on its original position to approve only €12 million, despite pressure from all sides to resolve the issue. If no other solution is found, ADMIE plans to resort to EU arbitration to rule on the fairness of the request, citing a Grand Thornton study that considers the price reasonable. However, the €48 million is not the only pending issue for the infamous cable, as neither the allowable revenue has been approved by RAAEY for ADMIE, nor has the survey ship advanced with the seabed measurements, pending approval from the Greek Ministry of Foreign Affairs. Moreover, full notice to proceed has not yet been given to Nexans for the project’s construction. Last week, Nexans had a meeting in Cyprus with the Minister of Energy, George Papanastasiou, during which it was reportedly reaffirmed that the project’s cost would not increase, one of the concerns of the Cypriot government. The entry of Cyprus into GSI’s share capital remains pending, with Papanastasiou stating in recent days that decisions will be made by the end of the month. With these delays and issues, the project lags visibly, with many hurdles at a time when CEO Manos Manousakis is waiting for the green light from the government and Chinese investors to remain at the helm of the operator.
Attica Bank Relocates
As part of the Attica Bank’s restructuring plan, the bank’s office spaces are being reorganized to improve operations and reduce costs. As a result, Attica Bank is leaving the building on Voukourestiou Street, previously used by HSBC, and moving its branch to Kolonaki Square, specifically at 3 Skoufa Street. This building is larger and will also accommodate some of the bank’s services in the future. The central offices of Attica Bank are moving from Klafthmonos Square to a larger building on Kifisias Avenue, near Filothei, where PwC was previously located. Internal renovations have been completed, and the move of departments will gradually begin by the end of the month. Meanwhile, the bank is retaining the offices previously used by Pancretan Bank on Mesogeion Avenue, next to Errikos Dynan.
PPC’s Artificial Intelligence and New Investment Plan
Today, the PPC management, led by George Stassis, will present the updated Strategic Plan of the Group for the period 2025-2027. The market and analysts have set high expectations following the company’s recent moves in Greece and abroad. Earlier this year, during the Capital Markets Day in London, the management targeted the Group’s EBITDA at €2.3 billion by 2026, revising the previous forecast from €1.7 billion in the last business plan. This increase is expected to come mainly from renewables, trading, and new activities. The management also assured that the group’s net debt would not exceed the 3.5x/EBITDA ratio, a projection yet to be validated. Speaking of PPC, one of the new activities is in the promising field of Artificial Intelligence (AI). PPC has established Olympus AI, through which the company will explore commercial uses related to data and AI in Greece and abroad, including AI As a Service (AiaaS) capabilities and applications in data centers. Recently, the initial capital of Olympus AI, amounting to €5 million, was confirmed.
Vivere in the Red (Not the Roulette) and the New Recovery Agreement
Vivere Entertainment, owned by K. Piladakis, reported another loss-making financial year, with pre-tax losses in 2023 reaching €2.4 million, despite an increase in turnover to €2.2 million from €1.5 million the previous year. The company’s debt obligations, exceeding €192 million, remain a significant issue. Furthermore, the auditor issued a disclaimer of opinion, reflecting the adverse financial state. The company has overdue liabilities, with short-term obligations exceeding total current assets, showing negative equity, and all loan obligations have become due and payable, indicating a significant possibility of default. The auditor also mentions a series of accounts that could not be verified and highlights the company’s successive unsuccessful attempts to enter a recovery regime. A new restructuring agreement has been submitted, proposing the transfer of the Thrace Casino to a new company named INVICTUS THRAKI AE, in which Invictus Holdings will participate as a shareholder. Following a postponement request, a new court date has been set for December 11, 2024, before the Alexandroupolis Multi-Member Court of First Instance. “However, the company’s ability to continue its operations depends significantly on the outcome of the above-mentioned events, which indicate substantial uncertainty regarding the smooth continuation of its activities,” the auditor notes. The management emphasizes its ongoing efforts to mitigate adverse effects, maintaining operational costs as low as possible to facilitate the smooth transfer of the Thrace Casino business to a new company controlled by the majority claimholder and new investor (Invictus Holdings AE).
