Greetings!
If Mitsotakis’s choice for the President of the Republic (PoR) were being wagered by bookies today, the odds would likely stand at 70%-30% in favor of Tasoulas. This is because the weekend’s buzz that the Prime Minister is seriously considering—besides the well-liked President of the Parliament—Venizelos as well, has stirred up the deeper ranks of the “blue family.” They’re fed up with the PASOK crowd, as they feel this group has been nibbling away at their slice of the pie over the past five years of ND’s rule.

So, you ask, is it finally going to be Tasoulas? Yesterday, it seemed more likely, but all this predictability doesn’t really scream “Mitsotakis,” does it? Now, could he suddenly pull a third option out of the hat? I can’t entirely rule it out, but it doesn’t seem very likely either. Anyway, patience—by tomorrow or the day after, we’ll know. In the end, it’s not that big of a deal.

Parliament
If Kostas Tasoulas does get his marching orders for the presidency in a few weeks, it will open up a vacancy at the helm of Parliament. I’ve already written in past days about the scenario involving Nikitas Kaklamanis. If he becomes President, he’s expected to play a different role, working to “shape” the blue MPs. Other names being floated, albeit with slimmer odds, include Plakiotakis, Avramopoulos, and Tsiaras (though in his case, it would mean vacating the Ministry of Rural Development, triggering a mini-reshuffle). Alternatively, there might be an entirely different line of thinking.

The main thing, of course, is for the President to gain votes from across the political spectrum.

Swearing-In
Late last night, the Prime Ministerial delegation returned from AlUla, Saudi Arabia, where K.M., accompanied by ministers, met with Crown Prince MBS and his entourage. Upon returning to Athens, there’s a loose end to tie up—replacing Deputy Foreign Minister Kostas Fragogiannis, whose position is expected to be filled by Tasos Hatzivasileiou.

The Secretary for International Relations of ND has an excellent relationship with Giorgos Gerapetritis, and I’m told there’s already been an initial discussion. However, a conversation with K.M. is still necessary. In any case, by Wednesday afternoon, it’s expected that the swearing-in will have taken place.

Androulakis
Now, Nikos A. seems to have regained some confidence after hearing he might avoid Venizelos as a joint candidate with ND. That’s probably why he’s started saying things like the governing party’s candidate should ideally come from the center-left, and so on.

But imagine if Mitsotakis starts joking around and says, “Since the main opposition also wishes for it, let’s go with Venizelos and get it over with,” and we end up with a shocker…

However, yesterday Nikos also made a blunder on Tsemas (Skai), stating that “if no single-party majority government emerges in 2027, then either ND will govern with right-wing parties, or PASOK with center-left parties, but in no case will PASOK govern with ND.”

I think PASOK’s real issue isn’t whether it will co-govern with ND—its voters are more concerned about the idea of joining forces with SYRIZA, Zoi [Konstantopoulou], or maybe even Kasselakis if he makes it into Parliament. So, it’s a delicate line when you tell centrist voters that the country might be governed with a pinch of SYRIZA, huh?

Kasselakis
Before I get to yesterday’s developments with the charges over Stefanos’s wealth declarations (pothen esches), let me just note something that caught my attention. Here’s a guy—a politician or whatever other professional title he carries—writing a book about himself, his life, or some kind of personal adventure. Usually, you think, “I’ll write a book when I retire or when I wrap up a chapter of my career.”

But Kasselakis, having seemingly exhausted all other avenues of publicity—since he’s no longer newsworthy, not even with the Tayler gym selfies—decides, “I’ll have someone write a book for me to land a front-page story or some morning show feature.”

Seriously, man, you’ve only been on the scene for a year, and you’re already writing a book? His book, by the way, reportedly contains nothing of substance—unless, of course, there’s some big revelation about what he said in a bar in Pangrati with Gerovasilis. Or maybe something wild, like sniffing something in New York as a kid (!), though even that barely made headlines.

Anyway, it’s his right to do whatever he wants. But regarding his pothen esches, I have a feeling this won’t be so easy to clear up, as one question will lead to another, and so on. As a private individual, he’ll now have to comply with the obligation to submit wealth declarations—but honestly, even this isn’t all that interesting. Sadly, the spectacle is lost…

Katseli
Now that names are being tossed around for the presidency, let me ask the Famelos gang something—guys, where on earth did you dig up Louka? Wasn’t she the one who famously told that political genius GAP [George Papandreou] the iconic line, “Money exists”? Referring, of course, to the idle unpaid debts owed by individuals to the state—which obviously were never going to be collected?

Honestly, the political poverty of this country (and particularly of the Left) never ceases to amaze me.

The €2 Billion Bet

The “My Home II” program, for which interested parties can start submitting their applications via Gov.gr starting tomorrow, represents a major challenge for the Minister of Social Cohesion and Family, Sofia Zacharaki. As you can imagine, the outcome of this program, which will inject over €2 billion into the market, will not resolve the housing problem faced by Greek society in one fell swoop. However, it will determine how effectively the government can intervene to “correct errors” caused by the market. Whether approximately 20,000 citizens manage to realize the dream of “a Greek putting a roof over their head” is not just a test for Zacharaki. Banks, on their part, will also need to grant housing loans exceeding €1 billion. This presents a great opportunity to “unfreeze” the housing credit market. After all, banks have already ramped up efforts in advertising and preparing their networks. Furthermore, if the program works, beyond the positive societal impact, it will contribute to improving the absorption rate of Recovery Fund resources.

Crowding Around the Growthfund

By the end of the month, the process to select the new head of the Growthfund is expected to be completed. The recruitment process is being managed by Stanton Chase, with interviews already underway. For the position of CEO, 70 resumes have been submitted, as the job listing was advertised not only in Greece but also internationally. As a result, there are applications from Greek-origin professionals working in major international corporations, in addition to some well-known market names. Once the interviews are completed (with shortlisted candidates undergoing two rounds), the list of preferred candidates will be handed to Minister Kostis Hatzidakis, who will then present his recommendation to the Prime Minister’s Office for final decisions. It is worth noting that the “new” Growthfund has merged with and absorbed the HFSF and HRADF and will officially transform into a National Investment Fund (sovereign fund) by spring. Apart from the CEO role, the Growthfund is also seeking to appoint four non-executive members, with candidates required to express interest by Friday, January 17, 2025.

€145 Million Goldmine for Ellaktor from Aktor Concessions

Aktor Concessions is opening its coffers and distributing profits from previous fiscal years to its parent company, Ellaktor. A general meeting held on January 9 decided to distribute profits from the years 2015 through 2023, amounting to a total of €145 million. The largest share pertains to the 2022 fiscal year, totaling €57 million, while €31.6 million relates to 2023. According to filings with the General Commercial Registry (GEMI), the company’s CEO, Giorgos Syrianos, has been authorized to take all necessary actions to implement the decision. Meanwhile, Ellaktor is preparing a major capital return to shareholders amounting to €0.85 per share, with a general meeting scheduled for January 30. Payments are expected to begin at the end of March. Additionally, the Dutch investors from Reggeborgh are preparing to increase their stake by 2.98%, bringing their ownership to 51.14%. Although their stake exceeds 50%, the company explains there is no obligation for a new public offer (the last one was in the summer of 2022) due to legal provisions (Law 3416/2006), as the stake increase is via a call option, involves less than 3%, and occurs more than six months after the previous offer (made in early July 2024).

Alpha Bank Eyes International Markets

Alpha Bank is boosting its firepower to strengthen its presence in international capital markets. Having completed the bank’s restructuring and finalized a strategic agreement with UniCredit, CEO Vassilis Psaltis is now focusing on enhancing the bank’s capitalization. This effort is supported by the recent hiring of Alevizos Alevizakos, who has joined as an advisor to the CEO. Alevizakos brings extensive experience from his studies at the LSE and a long career in London’s financial district, including roles as an analyst and head of research and analysis teams at firms like Deloitte, Mediobanca, HSBC, and ICAP. In Greece, he has served as managing director at Axia Ventures and CFO at Novibet. His expertise in engaging with and managing the international investment community represents another step in Psaltis’ strategy to enhance the bank’s global outreach.

Tsamaz’s New Business Ventures with “Former Colleagues”

In December, Michalis Tsamaz took over as Chairman of Uni Systems, part of the Quest Group. However, for the long-active former head of OTE Group, this position alone is not enough. Last Friday, a new company called “Doable S.A.” was established. The firm will focus on IT application services, business consulting (general and specifically related to IT), among other activities. With an initial share capital of €80,000 and headquartered on Pentelis Avenue in Halandri, the company’s key players are all familiar faces from the past. Tsamaz stands out, representing the company “Coresight S.A.” (founded on December 18, 2024, with himself as sole shareholder and manager). He is a board member of the new company, while Eleni Paraskevopoulou serves as Chair and CEO, and Georgios Athanasopoulos, former Chief Operations and IT Systems Officer of OTE Group, is Vice-Chair. The shareholders include Stefanos Theocharopoulos, former Chief Technology and Operations Officer of OTE Group. In essence, this is something akin to a “winter reunion” of former colleagues.

End of the Line for Tsantali Winery

The historic Tsantali Winery is officially nearing its end after 135 years. In the bankruptcy hearing held last Friday at the Thessaloniki Multi-Member Court of First Instance, creditors supported the company’s bankruptcy. The next step involves the appointment of a bankruptcy trustee, who will oversee the liquidation of the company’s assets to settle outstanding debts. The company owes approximately €41 million to banks and significant amounts to the government. Employee claims amount to around €3 million, while there is also a queue of suppliers and partners awaiting compensation. What they will ultimately recover remains to be seen once Tsantali’s assets go under the hammer. However, it’s clear that creditors expect to recoup more than the €11 million previously offered by “Hellenic Wineries,” owned by the Georgiadis brothers and Giannis Antetokounmpo.

Here is the English translation of the provided Greek text, maintaining idioms, terms, and humor as closely as possible:

The Council of State Rejected ONEX’s Request for Injunctive Measures Regarding Hellenic Defense Systems (HDS)

Yesterday, the Council of State issued its decision on the request for injunctive measures filed by ONEX, aiming to block the agreement for the joint venture between Hellenic Defense Systems (HDS) and the Slovak state-affiliated industry MSM EXPORT, part of the CSG Group. The decision was dismissive, ruling that ONEX does not have a legitimate interest in the matter. The reasoning behind the decision will be posted on the Council’s website in two days. As for the substance of the case—not the injunctive measures—it will be heard in early March.

How Much Are Spaces Rented for in the Thessaloniki Industrial Zone?

A detailed, multi-page letter was sent by the management of ETBA Industrial Zones S.A. to the businesses operating in the Industrial Area of Sindos, Thessaloniki. According to the letter, the average monthly charge per acre for 2024 was €36 for “reciprocal” services and €17 for security and other added-value communal expenses. For the vast majority of businesses, the total charge is at least 10% lower than in 2023. This means that 9 out of 10 businesses are charged up to €305/month, with €205 of that amount covering reciprocal fees. Additionally, 3 out of 4 businesses are charged up to €195/month, which includes €130 in reciprocal fees—roughly equivalent to the cost of a 100 m² apartment in an unheated building. The only losers are the few businesses that have not fully utilized the land allotted to them, as the expense distribution method has been based on land area since the 1968 Operational Regulation. Plans for 2025 include enhanced security measures with cameras and patrols, the establishment of a first-aid clinic with an ambulance to serve 28,000 employees and 7,000 daily visitors, road safety measures, and geolocation implementation to assist visitors (e.g., truck drivers).

The… Nerve of the Public Debt Management Agency (PDMA)

Just a few days before the inauguration of the new U.S. President—an event eagerly awaited by the markets—and only three days after the major sell-off in British bonds, the Hellenic Republic is heading to the markets with a 10-year bond aiming to raise €3 billion out of the €8 billion projected for the country’s annual borrowing program. At the same time, it sends a message to the… stingy Moody’s, which insists on keeping Greece below investment grade, at least until March. Greece presents healthy fiscal figures and steady growth rates. The PDMA is trying to (prove) demonstrate to the markets that the country stands out.

OPAP’s Jackpot Party with Joker

This past Sunday, OPAP achieved a minor record. A total of 4,346,692 tickets were filled, significantly boosting its revenues. Overall, by yesterday, 16.3 million tickets had been filled in January alone. Tonight, the Joker lottery will draw a winner after 26 consecutive jackpots, occurring from November 12, 2024, up until yesterday. The numbers are dizzying, and OPAP’s revenues during and after the holiday season are substantial. Many have pulled out their calculators to estimate the dividend the stock will distribute again. Last year, OPAP distributed €1.6/share as a dividend and an additional €0.45/share as a capital return. For this year, it has already announced €0.6/share, and many believe the total will surpass €2/share. In yesterday’s bearish session, OPAP closed with a positive sign (+0.26%) at €15.6, with a market capitalization exceeding €5.7 billion.

A Gray and Rainy Start at the Stock Exchange

The fading likelihood of interest rate cuts—first in the U.S. and then in Europe—combined with the… fear of the unexpected from Trump’s new term, has created a climate of cautious and defensive moves in stock markets across Europe and America. Yesterday, the non-banking stock with the highest trading volume was, unsurprisingly, Thessaloniki Port Authority’s (OLTH) share, which had a consistent buyer scooping up everything on offer. Out of the total 26,130,000 shares traded yesterday on the stock exchange, 18,755,000 were from the four systemic banks, which enjoy the “privilege” of high liquidity and substantial accumulated profits. The General Index abandoned the 1,500-point stronghold, closing at 1,490.22 points (-0.96%) with no signs of resistance. Only HelleniQ Energy, OPAP, and ELLAKTOR showed some momentum, while Coca Cola (-1.87%) at €32.5 was more affected by sales in London than by the local investment climate. The trading value stood at €117.8 million, with €12.5 million in block trades, without any other notable movements or fluctuations.